30 Mar 2026 CMB International Global Markets | Equity Research | Company Update Akeso (9926 HK) Akeso (9926 HK) - Eyes on Eyes on pivotal ivonescimab readouts In FY25, Akeso delivered strong product sales of RMB3.0bn (+52% YoY), tracking closely with our previous estimates of RMB3.1bn. This top-line momentum was primarily driven by the Jan 2025 NRDL inclusions of cadonilimab for 2L+ CC and ivonescimab for 2L+ EGFR-mutated NSCLC. Looking ahead to FY26, we anticipate a further acceleration in revenue growth, ...