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Akeso, Inc.
(9926)
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Rating:51Neutral
Price Target:
HK$102.00
▲(8.28% Upside)
Action:Reiterated
Date:09/06/26
The score is driven mainly by financial performance: strong revenue growth and high gross margins are outweighed by renewed heavy losses and a sharp shift to negative operating/free cash flow, elevating funding risk. Technicals are mixed (short-term strength but still below longer-term averages with slightly negative MACD), while valuation is weak due to loss-making earnings (negative P/E) and no dividend yield support in the provided data.
Positive Factors
Revenue rebound and high gross margins
The 2025 revenue rebound shows renewed commercial momentum after a weaker 2024, while very high gross margins indicate substantial product-level economics. If maintained, this combination can provide resources for continued development and support stronger operating leverage as revenue scales.
Negative Factors
Renewed and deepening losses
The shift from profit in 2023 to sizable losses in 2024 and 2025 shows that revenue growth is not yet translating into sustainable earnings. Persistent negative operating and net margins could limit self-funded investment and make future profitability dependent on execution improvements.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue rebound and high gross margins
The 2025 revenue rebound shows renewed commercial momentum after a weaker 2024, while very high gross margins indicate substantial product-level economics. If maintained, this combination can provide resources for continued development and support stronger operating leverage as revenue scales.
Read all positive factors
Akeso, Inc. (9926) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$88.43B
Dividend YieldN/A
Average Volume (3M)11.99M
Price to Earnings (P/E)―
Beta (1Y)0.48
Revenue Growth42.47%
EPS Growth-15.80%
CountryHK
Employees3,761
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-1.04
Shares Outstanding921,143,200
10 Day Avg. Volume16,296,776
30 Day Avg. Volume11,986,527
Financial Highlights & Ratios
PEG Ratio-0.85
Price to Book (P/B)10.12
Price to Sales (P/S)30.78
P/FCF Ratio-50.18
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$160.14Price Target Upside70.00% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering13
EPS Forecast (FY)-0.19
Revenue Forecast (FY)HK$4.69B
Akeso, Inc. Business Overview & Revenue Model
Company Description
Akeso, Inc. is a biopharmaceutical enterprise dedicated to the discovery, development, manufacturing, and commercialization of therapeutic solutions. The company boasts a diverse pipeline, with a significant focus on oncology. Its cancer-focused t...
How the Company Makes Money
Akeso makes money primarily through (1) product sales of any therapies it commercializes itself (where revenue is recognized from selling approved drugs into the market through its commercial channels), and (2) collaboration and licensing arrangem...
Akeso, Inc. Financial Statement Overview
Summary
Income Statement
54
Neutral
Balance Sheet
63
Positive
Cash Flow
42
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.40B | 2.98B | 2.12B | 4.53B | 837.66M | 225.63M |
| Gross Profit | 2.58B | 2.34B | 1.83B | 4.39B | 734.54M | 195.41M |
| EBITDA | -821.23M | -663.11M | -604.99M | 2.17B | -1.27B | -1.32B |
| Net Income | -952.25M | -1.08B | -514.51M | 2.03B | -1.17B | -1.07B |
Balance Sheet | ||||||
| Total Assets | 16.22B | 16.01B | 12.75B | 9.18B | 5.50B | 4.81B |
| Cash, Cash Equivalents and Short-Term Investments | 9.16B | 9.18B | 7.32B | 4.88B | 2.29B | 2.65B |
| Total Debt | 4.98B | 4.56B | 3.95B | 2.99B | 1.88B | 859.42M |
| Total Liabilities | 7.86B | 7.06B | 6.00B | 4.66B | 2.95B | 1.53B |
| Stockholders Equity | 8.48B | 9.05B | 6.81B | 4.69B | 2.64B | 3.16B |
Cash Flow | ||||||
| Free Cash Flow | -848.38M | -1.83B | -1.11B | 1.59B | -2.02B | -1.71B |
| Operating Cash Flow | -560.97M | -1.11B | -527.62M | 2.47B | -1.24B | -1.00B |
| Investing Cash Flow | -3.30B | -4.17B | -1.52B | -4.00B | -889.75M | -579.59M |
| Financing Cash Flow | 3.46B | 3.72B | 3.39B | 960.89M | 1.49B | 1.59B |
Akeso, Inc. Technical Analysis
Positive
94.20
Price Trends
95.55
Positive
104.85
Negative
110.59
Negative
Market Momentum
-0.31
Negative
51.96
Neutral
76.83
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:9926, the sentiment is Positive. The current price of 94.2 is above the 20-day moving average (MA) of 93.61, below the 50-day MA of 95.55, and below the 200-day MA of 110.59, indicating a neutral trend. The MACD of -0.31 indicates Negative momentum. The RSI at 51.96 is Neutral, neither overbought nor oversold. The STOCH value of 76.83 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HK:9926.
Akeso, Inc. Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | HK$67.05B | 11.82 | 128.12% | ― | 305.94% | ― | |
64 Neutral | HK$35.74B | 35.47 | 20.41% | ― | 32.63% | 8.87% | |
63 Neutral | HK$176.65B | 121.12 | 6.06% | ― | 42.64% | 9.67% | |
52 Neutral | HK$22.80B | -14.63 | -27.40% | ― | 5.38% | 16.86% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | HK$88.43B | -79.15 | -10.86% | ― | 42.47% | -15.80% | |
46 Neutral | HK$33.87B | -76.96 | -7.32% | ― | 34.83% | 58.94% |
* Healthcare Sector Average
HK:9926
Akeso, Inc.
96.20
-37.30
-27.94%
HK:1801
Innovent Biologics
100.20
0.60
0.60%
HK:9688
Zai Lab Ltd
20.00
-4.60
-18.70%
HK:9995
RemeGen Co. Ltd. Class H
78.00
-23.40
-23.08%
HK:1877
Shanghai Junshi Biosciences Co., Ltd. Class H
17.86
-17.06
-48.85%
HK:2696
Shanghai Henlius Biotech, Inc. Class H
65.90
-15.20
-18.74%
Akeso, Inc. Corporate Events
Akeso’s Ivonescimab Tops Pembrolizumab in Key Lung Cancer Survival Trial
Sep 2, 2026
Akeso, Inc. reported that its PD-1/VEGF bispecific antibody ivonescimab delivered a statistically significant and clinically meaningful overall survival benefit over Merck’s pembrolizumab in the Phase III HARMONi-2 trial. The study, involvin...
Akeso Narrows Interim Loss as Revenue Jumps Nearly 28%
Aug 27, 2026
Akeso, Inc. reported that its revenue for the six months ended June 30, 2026 rose 27.92% year-on-year to RMB1,805.7 million, driven mainly by a 28.65% increase in commercial sales to RMB1,803.2 million and a modest contribution from license income...
Akeso’s Ivonescimab Delivers Phase III Survival Gain in Biliary Tract Cancer
Aug 25, 2026
Akeso, Inc., a Hong Kong-listed biopharmaceutical developer, has built its oncology franchise around ivonescimab, a first-in-class PD-1/VEGF bispecific antibody. The drug already has multiple approved and reimbursed indications in non-small cell l...
Akeso Schedules Board Meeting to Approve 2026 Interim Results
Aug 17, 2026
Akeso, Inc. has scheduled a board meeting for August 27, 2026, to review and approve the interim results for the six months ended June 30, 2026, and to authorize their publication. The announcement signals the upcoming disclosure of the company...
Akeso Wins Third NMPA Nod for Ivonescimab in Advanced Lung Cancer
Aug 12, 2026
Akeso has secured National Medical Products Administration approval in China for a third major indication of its bi-specific antibody ivonescimab, branded 依達方, as a first-line treatment in combination with chemotherapy for adv...
Akeso Grants New Share Options to Boost Long-Term Incentives
Jul 26, 2026
Akeso, Inc. has granted 3,603,500 share options and a batch of restricted share units to 167 grantees, including seven directors and 160 non-connected employees, under its share option scheme. The move is intended to recognize past contributions a...
Akeso Shareholders Approve All Resolutions at 2026 AGM, Renewing Board Mandates and Capital Powers
Jun 29, 2026
Akeso, Inc. reported that shareholders approved all ordinary resolutions at its annual general meeting held on June 29, 2026, in Zhongshan, Guangdong. The meeting adopted the audited consolidated financial statements for the year ended December 31...
Akeso Wins China NMPA Approval for IL-17 Antibody Gumokimab in Psoriasis
Jun 12, 2026
Akeso has secured approval from China’s National Medical Products Administration for gumokimab, branded 奇佑康, for treating moderate-to-severe plaque psoriasis, following a pivotal Phase III study and three supportive tria...
Akeso Launches HK$200 Million Share Purchase as Leadership Boosts Stakes
Jun 11, 2026
Akeso, Inc. has authorized the use of up to HK$200 million of its existing cash resources to purchase its own shares on the open market through the trustee of its 2021 restricted share unit scheme, arguing that the current share price undervalues ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.