Akeso Biopharma (HKG: 9926) has announced its financial results for 2023, reporting a record revenue of RMB 4.526 billion (USD 629 million), marking a staggering 440% year-on-year increase. The company, based in China, posted its first annual profit with net earnings reaching RMB 1.942 billion (USD 269.7 million). Innovative drugs contributed RMB 1.631 billion (USD 226.5 million) to the top line, an increase of 48% year-on-year.
Cadonilimab (AK104), a bispecific antibody targeting PD-1 and CTLA-4, was the revenue driver, generating sales of RMB 1.358 billion (USD 188.6 million), up 149% year-on-year. The drug received conditional approval in China in June 2022 for the treatment of recurrent or metastatic cervical cancer and is under regulatory review for a first-line gastric cancer indication.
Licensing and collaboration deal revenues stood at RMB 2.923 billion (USD 406 million), primarily from an upfront payment by Summit Therapeutics for Akeso’s ivonescimab (AK112), a PD-1 and VEGF targeting bispecific antibody. Akeso’s total R&D investment for the year reached RMB 1.254 billion (USD 174.2 million), with the net loss from regular operations significantly reduced. The company’s cash reserves at the end of the reporting period were approximately RMB 4.9 billion (USD 681 million).
Ivonescimab is under priority review in China and is poised to become a global first-in-class PD-1/VEGF bispecific antibody, with Akeso leading the way as the first company to secure market approvals for two bispecific antibodies. Additionally, Akeso’s PD-1 inhibitor penpulimab (AK105) received approval for the first-line treatment of squamous non-small cell lung cancer and has a pending market filing for first-line nasopharyngeal carcinoma. In April 2023, Akeso licensed the marketing rights for penpulimab to Specialised Therapeutics for Australia, Singapore, and South-East Asia.
Beyond oncology, Akeso saw New Drug Applications accepted for review in China for ebronucimab, a PCSK9 inhibitor for hypercholesterolemia, and ebdarokimab (AK101), an IL-12 and IL-23 targeting monoclonal antibody for plaque psoriasis. Meanwhile, the IL-17A mAb AK111 is in a Phase III study for ankylosing spondylitis and has met all primary endpoints in another Phase III study for plaque psoriasis.- Flcube.com
