Everest Medicines (1952) H2 2025 earnings summary

Executive summary

• Achieved record revenue of RMB1,706.7 million in 2025, up 141.5% year-over-year, driven by NEFECONⓇ's strong commercial ramp-up and NRDL inclusion in China.

• Significant progress in commercialization, R&D, and pipeline expansion, including launches and regulatory milestones for NEFECONⓇ, VELSIPITYⓇ, and XERAVAⓇ across Asia.

• Launched 2030 Strategy, outlining a five-year roadmap to deepen the product pipeline, maximize commercial platform value, and globalize R&D and commercialization.

Financial highlights

• Revenue rose to RMB1,706.7 million from RMB706.7 million in 2024, mainly due to NEFECONⓇ's NRDL inclusion.

• Gross profit margin decreased to 69.3% (from 74.6% in 2024), primarily due to NRDL pricing; adjusted margin (excluding amortization) was 74.1%.

• Net loss narrowed to RMB297.8 million from RMB1,041.4 million in 2024, reflecting strong revenue growth and operational efficiency.

• Adjusted profit swung to RMB187.2 million from a loss of RMB537.6 million, excluding non-recurring items.

• Cash and cash equivalents plus bank deposits totaled RMB2,731.5 million at year-end.

Outlook and guidance

• NEFECONⓇ expected to remain a key growth driver in 2026, with expanded hospital coverage and new diagnostic tools.

• Plans to advance localized production and NRDL negotiations for XERAVAⓇ and VELSIPITYⓇ, and to scale commercial and R&D platforms.

• Anticipates further clinical data and regulatory milestones for mRNA cancer vaccines, in vivo CAR-T, and new in-licensed assets.