Fourchette de valorisation composite · prudent HK$58–HK$64 / raisonnable HK$75–HK$117 / optimiste HK$130–HK$145. À HK$98.6, Dans la fourchette de valeur intrinsèque raisonnable.
À la publication HK$87.5 (24 juin 2026)
Ivonescimab-chemo showed a 34% death-risk reduction in a Phase III lung cancer trial, but investors questioned global applicability.
Possible impact:May affect expectations for ivonescimab's overseas approval odds and global sales potential.
Summit said ivonescimab plus chemotherapy did not show statistically significant PFS improvement at an interim analysis.
Possible impact:May affect expectations for overseas indication success and licensing value of ivonescimab.
Ivonescimab received multiple upgraded CSCO 2026 NSCLC guideline recommendations across first-line and later-line settings.
Possible impact:May support domestic adoption expectations and reinforce the valuation narrative for Akeso's core asset.
Akeso reported 2025 commercial sales revenue of RMB3.0331 billion, up 51.48%, with key indications included in NRDL.
Possible impact:May affect expectations for commercialization ramp-up, NRDL-driven uptake, and 2026 revenue growth.
China's CDE cleared Phase II trials of AK146D1 and AK138D1 combinations with ivonescimab, cadonilimab and other assets.
Possible impact:May influence expectations for pipeline depth and mid-stage catalysts in Akeso's IO 2.0 plus ADC 2.0 strategy.
Automatically summarized from public sources; for context only, not investment advice.
Données EODHD, présentées dans la devise de reporting ; à titre indicatif uniquement, ne constitue pas un conseil en investissement.
Akeso, Inc., a biopharmaceutical company, engages in the research, development, manufacture, and commercialization of antibody drugs worldwide. The company develops AK104, a PD-1/CTLA-4 bi-specific antibody to treat cervical cancer, gastric cancer, lung cancer, and liver cancer; and AK112, a PD-1/VEGF bi-specific antibody to treat lung cancer, biliary tract cancer, head and neck squamous cell carcinoma, breast cancer, colorectal cancer, and pancreatic cancer. It is also developing AK117, a CD47 monoclonal antibody to treat myelodysplastic syndrome, acute myeloid leukemia, and recurrent or refractory classical Hodgkin lymphoma; AK109, a PD-1 monoclonal antibody to treat G/GEJ patients; penpulimab, a PD-1 for the treatment of recurrent or metastatic nasopharyngeal carcinoma (NPC); and tagitanlimab, a PD-L1 for treating recurrent or metastatic NPC. In addition, the company develops AK102, a PCSK9 monoclonal antibody to treat hypercholesterolemia and mixed hyperlipidemia; AK101, an IL-12/IL-23 monoclonal antibody to treat moderate-to-severe psoriasis and ulcerative colitis; AK111, an IL-17 monoclonal antibody to treat moderate-to-severe psoriasis and ankylosing spondylitis; and AK120, an IL-4R monoclonal antibody to treat moderate-to-severe atopic dermatitis. Further, its preclinical product includes AK120 to treat moderate-to-severe atopic dermatitis. The company was founded in 2012 and is headquartered in Zhongshan, the People's Republic of China.
Akeso traces its operating history to March 2012, when Akeso Biopharma was founded in Zhongshan by Dr. Xia Yu and co-founders, with senior co-founders Baiyong Li, Maxwell Wang, and Peng Zhang covering scientific direction, discovery, and clinical operations. From the start it was built as a science-and-development company around an end-to-end antibody discovery platform (later branded the ACE platform) and a family of bispecific and multispecific technologies, rather than a shell around a single imported molecule. Its first major external validation came in 2015, when it out-licensed its CTLA-4 antibody AK107 to Merck for consideration of up to US$200 million. Akeso listed on the HKEX in April 2020 at HK$16.18 per share. Its first commercial transition followed: penpulimab was approved in China in 2021, and cadonilimab gained China approval in 2022 for recurrent or metastatic cervical cancer, lifting 2022 sales to RMB1.10 billion. In late 2022 Summit licensed ivonescimab, with the deal closing in early 2023 at US$500 million upfront (US$474.9 million in cash plus 10 million Summit shares in lieu of US$25.1 million), which pushed 2023 revenue to RMB4.53 billion and operating cash flow to a positive RMB2.47 billion on the one-off licensing economics. Ivonescimab won China approval in May 2024 in EGFR-mutated non-squamous NSCLC after TKI progression and beat pembrolizumab in the HARMONi-2 head-to-head, while cadonilimab expanded into gastric cancer. In 2025 penpulimab won FDA approval for nasopharyngeal carcinoma, ivonescimab was approved as first-line monotherapy in PD-L1-positive NSCLC, cadonilimab expanded into first-line cervical cancer, and commercial sales rose to RMB3.03 billion. Akeso financed this rerating through placements of 24.8 million shares in March 2024 at HK$47.65, 31.7 million shares in October 2024 at HK$61.28, and 23.55 million primary placing shares in August 2025 at HK$149.54. In 2026, HARMONi-6 showed an overall-survival benefit for ivonescimab (hazard ratio 0.66) and was selected for the ASCO plenary session.
Akeso is a commercial-stage Chinese antibody innovator with seven products in the commercial stage, anchored by the bispecific antibodies cadonilimab (PD-1/CTLA-4) and ivonescimab (PD-1/VEGF), alongside non-oncology assets such as ebronucimab and ebdarokimab. Its differentiation against the crowded me-too PD-1 field comes from combining targets inside a single molecule to improve efficacy rather than offering another broad checkpoint antibody. The company describes a portfolio of over 50 programs and 94,000L of production capacity, including 55,000L of operating capacity at the Greater Bay Area Technology Park, having moved beyond a virtual-biotech model. Its closest reference peers include Innovent, a larger Chinese commercial biologics company with a bigger domestic sales base; BeOne, a Chinese-origin company with a global commercial oncology organization anchored by BRUKINSA; Summit, the ex-China partner that holds ivonescimab rights across the United States, Canada, Europe, Japan, and (after a 2024 amendment) Latin America, the Middle East, and Africa; BioNTech, whose BNT327 pursues a PD-L1/VEGF-A mechanism in the same next-generation immuno-oncology race; and Merck, whose pembrolizumab is the incumbent first-line lung-cancer standard and Akeso's earlier licensing partner. Akeso's competitive position rests on validated innovation plus execution infrastructure: a scientific track record of multiple approved products, out-licenses to Merck and Summit, head-to-head China data and an FDA approval for penpulimab; speed of internal translation from discovery through trials, filings, and market access; and manufacturing plus China commercialization capacity. Its moats are weaker in company-level brand, network effects, and switching costs, which strengthen only once oncology guidelines and reimbursement lock in. The company is founder-led, with Dr. Xia serving as both chairwoman and chief executive officer.
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