China-based Akeso Biopharma (HKG: 9926) reported RMB 163 million (USD 23.8 million) in revenue for H1 2022, up 26.8% year-on-year (YOY), with losses amounting to RMB 692 million (USD 23.7 million). The growth was primarily driven by sales of its PD-1 inhibitor penpulimab, which generated RMB 297 million (USD 43.2 million) in revenue after distribution costs.
Key Drivers
- Penpulimab Sales: The company’s flagship PD-1 inhibitor contributed RMB 163 million (USD 23.7 million) to H1 revenue.
- AK104 Approval: The bispecific antibody (BsAb) targeting PD-1 and CTLA-4 received marketing approval, securing a RMB 100 million (USD 14.5 million) upfront payment.
- AK103 Out-Licensing: The third commercialized product, AK103 (pcotenlimab), was approved in China last month after being licensed to Lepu Biopharma’s Hansi Bio in 2012.
R&D and Fundraising
Akeso invested RMB 595 million (USD 86.6 million) in R&D by June 2022. Its pipeline includes six products in Phase III or later stages and 13 at the pivotal/Phase III stage. The company raised HKD 580 million (USD 73.9 million) via a private placement of 24 million shares to support product development and commercialization.-Fineline Info & Tech
