#China #Shanghai #Everest Medicines #NEFECON #VELSIPITY

Everest Medicines Reports Impressive Growth in 2025 Interim Results

Introduction

On August 28, 2025, Everest Medicines (HKEX: 1952.HK) shared encouraging interim results for the first half of the year, underscoring its ambition to become a leading global biopharmaceutical company. The company has made substantial progress fueled by its innovative dual-engine strategy that leverages its commercialization capabilities and cutting-edge R&D in in vivo CAR-T and mRNA therapeutic cancer vaccine platforms.

Financial Performance Highlights

The company posted total revenues of RMB 446 million for the first half of 2025, marking a robust increase of 48% compared to the previous year. Operating expenses as a percentage of revenue decreased by an impressive 40.1 percentage points, displaying enhanced operational efficiency. Notably, Everest narrowed its non-IFRS loss by 31% while maintaining a commendable gross margin of 76.4%. A strong cash balance of RMB 1.6 billion as of June 30, 2025, was further bolstered by a successful share placement that raised approximately HK$1.553 billion.

Key Product Highlights

NEFECON®

NEFECON® continues to shine as a core product, achieving remarkable revenue growth of 81% year-over-year, totaling RMB 303 million in the first half of 2025. Due to a prior supply constraint exacerbated by increasing market demand, the revenue was previously held back. However, since the approval of its supplemental application for production scale-up on August 1, 2025, the company reported substantial sales, with RMB 520 million generated in August alone, signaling strong future projections. Total expected revenue for NEFECON® in the full year is anticipated to reach between RMB 1.2 to 1.4 billion, with indications of continued growth into 2026.

XERAVA®

XERAVA®, the first fluorocycline antibiotic, also demonstrated solid growth, earning RMB 143 million in the first half of 2025, a 6% increase from the previous year. Sales in hospitals surged by 37% year-over-year, showcasing the effectiveness of Everest's core hospital strategy that has enhanced market access.

VELSIPITY®

On the horizon, VELSIPITY® (etrasimod), expected to be a key growth driver, has received NDA under review in mainland China, with approval anticipated in the first half of 2026. A project for localized production was launched, reinforcing Everest's commitment to support future commercialization endeavors.

Strategic Developments

Everest’s dual-engine strategy is clearly visible in its ongoing clinical programs. The company is fast-tracking the clinical development and potential commercialization of its proprietary pipeline assets. The EVM18 in vivo CAR-T program has completed several trials in non-human primates with first-in-human data expected by the end of the year. Meanwhile, EVM16, a personalized therapeutic mRNA vaccine, has initiated human trials in China, with preliminary data showing promise in T-cell activation.

Additionally, regulatory momentum has been gained with EVM14, an off-the-shelf tumor-associated antigen vaccine, that has received IND approval from the U.S. FDA, with patient enrollment expected in September 2025. Similarly, EVER001, a second-generation BTK inhibitor targeting autoimmune renal diseases, has reported encouraging results, leading to steady advancement in global development.

Conclusion

In summary, Everest Medicines' interim results reflect a vigorous transformation facilitated by strategic advancements in its product pipeline and operations. The company's focus on addressing unmet medical needs through innovative therapies, alongside a robust commercial infrastructure, positions it well for continued growth in the biopharmaceutical market. Looking ahead, Everest is committed to pursuing its vision to deliver breakthrough therapies while ensuring long-term value for its stakeholders. With NEFECON®, XERAVA®, and VELSIPITY® leading the charge, Everest Medicines stands at a pivotal moment of action and opportunity.