RemeGen (9995) Q4 2025 earnings summary

Executive summary

• Achieved strong revenue growth in 2025, with total revenue reaching RMB 3,251 million, up from RMB 1,540 million in 2024.

• Achieved a turnaround to profitability in 2025, with profit for the year of RMB709.7 million versus a loss of RMB1,468.4 million in 2024.

• Commercialization efficiency improved, with gross margin and selling expense as a percentage of revenue trending favorably.

• Expanded product pipeline in autoimmune, oncology, and ophthalmology, with multiple regulatory and clinical milestones achieved.

• Secured major global licensing deals for RC18 (Vor Bio) and RC148 (AbbVie), enhancing international presence and financial strength.

Financial highlights

• Revenue increased to RMB 3,251 million in 2025 from RMB 1,540 million in 2024, driven by both BD-related and non-BD incomes.

• Gross profit rose to RMB2,816.1 million in 2025.

• Cash and cash equivalents stood at RMB 1,493 million as of December 31, 2025.

• Net profit after deducting non-recurring gains and losses reported for 2025, indicating sustainable profitability is in sight.

• Research and development expenses decreased by 20.9% to RMB1,218.7 million.

Outlook and guidance

• Anticipates continued revenue growth from new indications and expanded commercialization of Telitacicept and Disitamab Vedotin.

• Multiple pivotal and Phase III trials ongoing or planned for key pipeline assets in China and globally.

• Expects regulatory approvals for new indications and geographies in 2026 and beyond.

• Will collaborate with global partners (Vor Bio, Pfizer/Seagen, Santen China, AbbVie) to advance clinical and commercial activities.