Akeso (9926) H2 2025 earnings summary

Executive summary

• Revenue grew 43.9% year-over-year to RMB3,056.3 million, driven by strong commercial sales of bispecific antibodies included in the NRDL and new product launches.

• Gross profit increased 31.0% to RMB2,404.0 million, with higher sales volumes offsetting price reductions.

• Loss for the year widened to RMB1,140.8 million, mainly due to non-cash items including equity investment loss in SUMMIT and increased share-based compensation.

• Adjusted non-IFRS loss was RMB584.7 million, and adjusted non-IFRS EBITDA loss narrowed to RMB191.9 million.

• Major R&D and commercial milestones achieved, including multiple Phase III trial advancements and FDA acceptance of BLA for ivonescimab.

Financial highlights

• Commercial sales rose 51.5% to RMB3,033.1 million; license income declined to RMB23.2 million.

• Cost of sales increased 125.7% to RMB652.3 million due to higher sales volumes.

• R&D expenses grew 32.6% to RMB1,575.1 million, but R&D to sales ratio improved to 51.9%.

• Selling and marketing expenses increased to RMB1,436.3 million, with the expense ratio dropping to 47.4%.

• Administrative expenses rose to RMB296.3 million, with a lower expense ratio of 9.8%.

• Finance costs nearly doubled to RMB131.0 million due to increased borrowings.

• Net cash and equivalents at year-end were RMB1,279.8 million, with total current assets of RMB11,277.3 million.

Outlook and guidance

• Focus on expanding global clinical development and commercialization of core bispecific antibodies, especially cadonilimab and ivonescimab.

• Continued investment in R&D and new technology platforms, including ADCs, mRNA, and AI-driven drug discovery.

• Strategic alliances and licensing agreements to maximize product value and global reach.