Akeso sees revenue climb but losses widen in first half of 2025

Akeso, Inc. announced its interim results for the six months ended June 30, 2025, with revenue climbing 37.75% to 1,411.5 million yuan, up from 1,024.7 million yuan in the same period of 2024. This growth was primarily fueled by a 49.20% surge in commercial sales, reaching 1,401.6 million yuan, largely attributed to the inclusion of cadonilimab (PD-1/CTLA-4) and ivonescimab (PD-1/VEGF) in the NRDL in January 2025, alongside contributions from newly approved first-line indications. Gross profit also increased by 18.82% to 1,120.7 million yuan.

Despite the revenue growth, the company reported an increased loss of 588.3 million yuan for the period, compared to a loss of 249.3 million yuan in H1 2024. Key factors contributing to this were a 191.7 million yuan equity investment loss on Summit Therapeutics, a significant rise in R&D expenses to 731.2 million yuan (up 136.8 million yuan), and increased equity incentive expenses of 27.2 million yuan. License income decreased to 9.9 million yuan from 85.3 million yuan in the prior year.

Akeso's pipeline progressed with several milestones, including the NMPA approval of cadonilimab for first-line cervical cancer in May 2025 and ivonescimab for first-line PD-L1-positive NSCLC in April 2025. The company’s commercial team expanded to over 1,200 members, and its total production capacity reached 94,000L across its facilities.