Ascentage Pharma Group International (NASDAQ: AAPG, HKG: 6855) reported 2025 financial results, with revenue declining 41.5% YoY to RMB 574 million (USD 83.16 million) due to a non-recurring RMB 678 million IP income item in 2024. Excluding this, product sales and commercialization rights revenue surged 90% YoY, driven by olverembatinib (BCR-ABL inhibitor) NRDL inclusion and lisaftoclax (Bcl-2 inhibitor) July 2025 launch. Annual loss widened to RMB 1.243 billion, with RMB 2.47 billion cash supporting continued “dual-engine” oncology execution.
Financial Highlights
Metric
2025 Result
YoY Change
Adjusted Commentary
Total Revenue
RMB 574M (USD 83.16M)
-41.5%
Excluding 2024 one-time IP income: +90% product/commercialization growth
Investment in commercial infrastructure and pipeline
Cash Position
RMB 2.47B (USD 357M)
—
3+ years runway for dual-engine execution
“Dual-Engine” Commercial Progress
Asset
Mechanism
2025 Milestone
Revenue Impact
Olverembatinib
BCR-ABL inhibitor (3rd-gen TKI)
All approved indications NRDL-included (January 2025)
81% growth to RMB 435M – volume acceleration
Lisaftoclax
Bcl-2 inhibitor
China approval July 2025 – CLL/SLL post-BTK failure
RMB 70.58M in 5 months – rapid uptake in relapsed setting
Strategic Context: NRDL Transformation
Factor
Implication
Olverembatinib Positioning
Only 3rd-gen BCR-ABL TKI in China NRDL; addresses ponatinib-resistant/intolerant CML patients; ~10,000 addressable CML patients in China
Lisaftoclax Differentiation
First China-approved Bcl-2 inhibitor post-BTK failure; competes with venetoclax (AbbVie) but oral convenience + CLL-specific label supports market share capture
Dual-Engine Synergy
Both assets target hematologic malignancies with resistance mechanisms; shared oncology sales force and KOL relationships
Profitability Pathway
NRDL pricing pressure offset by volume expansion; break-even targeted 2027–2028 with dual-asset contribution
Pipeline Expansion: APG-2449 (FAK/ALK/ROS1), APG-5918 (MDM2-p53) in clinical development; out-licensing potential to extend cash runway
Global Strategy: NASDAQ listing (AAPG) supports U.S. clinical trials and ex-China partnerships for olverembatinib CML resistance indication
Forward‑Looking Statements This brief contains forward‑looking statements regarding 2026 revenue growth, lisaftoclax market penetration, and profitability timeline for Ascentage Pharma. Actual results may differ due to NRDL pricing dynamics, competitive entry from other Bcl-2 inhibitors, and CML market saturation with generic TKIs.-Fineline Info & Tech
By Fineline Cube 