RemeGen (9995) Q3 2025 earnings summary

Executive summary

• Achieved strong revenue growth with Q3 2025 revenue at RMB 621.88 million, up 33.13% year-over-year, and YTD revenue at RMB 1.72 billion, up 42.27% year-over-year, with consistent loss reduction and improved commercialization efficiency.

• Net loss attributable to shareholders narrowed to RMB 101.13 million for Q3 and RMB 550.70 million YTD, reflecting a significant reduction in losses compared to the prior year.

• Revenue growth was driven by increased sales volumes of telitacicept and disitamab vedotin, as well as technology licensing income.

• Telitacicept continues to expand its commercial and clinical footprint, with approvals in SLE, MG, and RA in China and multiple Phase 3 trials ongoing for additional indications.

• Disitamab Vedotin solidifies its position as the first domestic ADC drug approved in China, with ongoing trials to expand its patient pool.

Financial highlights

• Revenue increased from RMB 475 million in Q1 2024 to RMB 622 million in Q3 2025.

• Gross margin improved as R&D expenses decreased 22.8% YTD, with total R&D spending at RMB 890.58 million.

• Net cash flows from operating activities turned positive at RMB 217.06 million YTD.

• Cash and cash equivalents stood at RMB 1,450 million at the end of Q3 2025.

• Total assets increased to RMB 5.98 billion, and owners’ equity rose 16.81% to RMB 2.32 billion as of September 30, 2025.

Outlook and guidance

• Anticipates sustained growth from new indications for Telitacicept and potential China approvals for IgAN, SS, RC48 in 1st line UC, and RC28 for DME in FY2026.

• Multiple data readouts and regulatory milestones expected in the remainder of 2025 and FY2026.

• Losses are expected to continue narrowing due to increased product sales and reduced R&D expenditures following pipeline optimization and licensing agreements.