Everest Medicines reports strong revenue growth, narrowed loss in H1 2025

Everest Medicines Limited reported a substantial 48.0% increase in revenue, reaching RMB446.1 million for the six months ended 30 June 2025, up from RMB301.5 million in the prior year. This growth was primarily driven by the continued ramp-up of NEFECON® and XERAVA® in commercialized markets, with NEFECON®’s inclusion in China's National Reimbursement Drug List (NRDL) being a key factor. Despite a decrease in gross profit margin to 67.1% from 76.6% due to NRDL price reductions and product cost optimization, the company's operating loss significantly narrowed to RMB262.6 million from RMB671.8 million in the corresponding period last year.

The net loss attributable to equity holders decreased by RMB382.6 million to RMB249.8 million, attributed to strong product sales, improved operational efficiency, and the absence of a one-time impairment loss related to mRNA COVID-19 vaccines recorded in the prior year. Adjusted loss for the period also narrowed to RMB146.9 million. Research and development expenses decreased to RMB195.2 million, reflecting a strategic focus on core pipeline breakthroughs, while distribution and selling expenses increased to RMB314.7 million due to expanded commercial activities and market penetration efforts.

As of 30 June 2025, cash and cash equivalents and bank deposits stood at RMB1,585.9 million. The company continued to advance its pipeline, securing full approval for NEFECON® in Taiwan and progressing with EVER001 clinical trials. Everest also made a strategic equity investment in I-Mab, increasing its ownership to approximately 16.1%, becoming its largest single shareholder.