Everest Medicines reports strong revenue growth, narrowed net loss in first half 2025

Everest Medicines announced a 48.0% increase in revenue to RMB446.1 million for the six months ended June 30, 2025, up from RMB301.5 million in the same period of 2024. This growth was primarily fueled by strong sales performance of NEFECON in mainland China following its inclusion in the NRDL, and the continued ramp-up of XERAVA. The company's gross profit margin, excluding intangible asset amortization, decreased from 83.0% in 2024 to 76.4% in 2025, mainly due to the NRDL price reduction for NEFECON and product cost optimization.

The company's net loss significantly narrowed to RMB249.8 million for the period, a substantial improvement from RMB632.4 million in 2024, attributed to robust product sales and enhanced operational efficiency. R&D expenses decreased to RMB195.2 million from RMB253.2 million, reflecting a strategic focus on core pipeline breakthroughs. Distribution and selling expenses, however, increased by RMB114.4 million to RMB314.7 million, driven by expanded market coverage and commercial activities for NEFECON and XERAVA.

Key pipeline advancements include positive Phase 1b/2a clinical trial results for EVER001, IND clearance for EVM14 mRNA cancer vaccine in the U.S., and the successful launch of VELSIPITY in Singapore. Everest also completed a HK$1.55 billion top-up placement and increased its equity investment in I-Mab, becoming its largest shareholder. Cash and cash equivalents stood at RMB1,585.9 million as of June 30, 2025.