RemeGen (09995) reported an unaudited net profit of RMB4.66 billion for the six months ended 30 June 2026, reversing a RMB0.45 billion loss a year earlier. The swing was driven by a quintupled revenue base and tightly controlled expenses.
Revenue surged 435.74 % year on year to RMB5.85 billion. Technology-licensing income contributed RMB4.46 billion, chiefly from a USD650 million (about RMB4.52 billion) upfront payment received from AbbVie for global rights (ex-Greater China) to bispecific antibody RC148. Product sales added RMB1.35 billion, fuelled by strong uptake of autoimmune therapy telitacicept (泰愛) and oncology drug disitamab vedotin (愛地希) following expanded hospital listings and reimbursement coverage.
Gross profit reached RMB5.58 billion, implying a margin of 95.4 %. Total operating expenses rose 2.4 % to RMB1.23 billion, but R&D spending fell 36.0 % to RMB414.10 million as external development costs eased after out-licensing. Selling and distribution outlays inched up 4.5 % to RMB549.60 million, while administrative expenses rose 69.9 % to RMB262.40 million, reflecting higher consulting fees linked to licensing transactions.
Cash and cash equivalents stood at RMB1.53 billion on 30 June 2026, up from RMB1.15 billion at end-2025. The gearing ratio improved to 15.6 % from 50.2 % after debt repayments and license inflows. The company placed RMB2.05 billion of surplus funds into short-term wealth-management products and held USD80 million in Vor Bio warrants, revalued at RMB1.53 billion.
Operational milestones included:
• Telitacicept: Chinese approvals for Sjögren’s syndrome and IgA nephropathy; Phase III starts in ocular myasthenia gravis and CTD-ILD. The drug entered China’s 2026 National Essential Medicines List.
• Disitamab vedotin: Chinese approvals for HER2-low metastatic breast cancer with liver metastases and for combination therapy in urothelial cancer; breakthrough therapy designation and Phase III enrolment as first-line treatment for HER2-high gastric/GEJ cancer. Sixteen RC48 studies were highlighted at ASCO 2026.
• RC28-E: Ongoing Phase III trials in wAMD; DME filing withdrawn for additional safety data per regulator guidance; regional licensing agreement with Santen includes up to RMB1.30 billion in milestones and royalties.
• RC148: Multiple Phase III studies advancing in China and the US for NSCLC and colorectal cancer; AbbVie collaboration progressing post-upfront receipt.
• Early-stage assets: IND clearance and first dosing for PSMA/B7H3 bispecific ADC RC288; Phase I expansion for CDCP1-targeting ADC RC278.
Post-period events feature additional wealth-management placements and a modest A-share buy-back of 41,040 shares for future employee incentive plans. No interim dividend was declared.
Management aims to deepen domestic penetration of telitacicept and disitamab, accelerate indication expansion, and support global partners Vor Bio, Pfizer/Seagen, Santen, and AbbVie in advancing clinical and regulatory programmes.