Akeso Biopharma (HKG: 9926) has released its financial report for the first half of 2023, marking the company’s first period of positive earnings. The firm expects to achieve profits of RMB 2.3 billion (USD 321.8 million) during this period.
Contributing Factors to Positive Earnings
The positive earnings are attributed to several key factors:
- A USD 500 million upfront payment received from US partner Summit Therapeutics as part of a USD 5 billion deal.
- Increasing sales of cadonilimab (AK104), a bispecific antibody targeting PD-1 and CTLA-4, and penpulimab (AK105), a PD-1 inhibitor.
- Effective cost control measures implemented by the company.
Future Expectations and Commercial Momentum
Looking ahead, Akeso anticipates further indication approvals for cadonilimab, which will bolster its position in the market. Additionally, the company is expecting a first market approval for ivonescimab, another bispecific antibody, providing further commercial momentum over the medium term. This is complemented by anticipated approvals for non-oncology products, including the PCSK9 monoclonal antibody ebronucimab and the IL-12/IL-23 monoclonal antibody ebdarokimab.-Fineline Info & Tech
