RemeGen (9995) Q1 2025 earnings summary

Executive summary

• Operating revenue for Q1 2025 reached RMB 525.97 million, up 59.17% year-over-year, driven by increased sales of telitacicept and disitamab vedotin.

• Commercialization efficiency improved, with gross profit margin rising and expenses to sales ratio declining.

• Net loss attributable to shareholders narrowed to RMB 254.14 million from RMB 348.92 million in Q1 2024.

• Basic and diluted EPS improved to -0.46 from -0.65 year-over-year.

• Cash and cash equivalents stood at RMB 940 million at quarter-end.

Financial highlights

• Revenue increased sequentially each quarter, reaching RMB 525.97 million in Q1 2025.

• Gross margin improved as revenue growth outpaced cost increases.

• R&D spending remained high at RMB 328.88 million, but as a percentage of revenue, it decreased to 62.53% from 100.23% year-over-year.

• Net cash outflow from operating activities was RMB 188.32 million, a significant improvement from RMB 426.29 million outflow in Q1 2024.

• Owners' equity attributable to shareholders decreased by 10.81% to RMB 1.77 billion.

Outlook and guidance

• Multiple upcoming catalysts include BLA submissions and approvals for key indications such as RC18 for MG, IgAN, and PSS, and RC48 for HER2+ BC with liver metastasis.

• Sustained growth expected from new indications and expanded commercialization of Telitacicept and Disitamab Vedotin.

• Revenue growth is expected to continue, supported by strong sales momentum in key products.