Revenue growth remains highly erratic, evidenced by a 113.0% surge in 2025Q4 following a 71.6% contraction in 2025Q2, while deep negative operating margins of -191.8% highlight the disconnect between commercial scale and R&D costs.
| Sales/Revenue | 558.48M | 980.65M | 221.98M | 209.71M | 27.91M | 12.45M | 14.51M | 6.81M | 6.33M | 7.67M |
| Revenue Growth % | -43.05% | 341.77% | 5.85% | 651.38% | 124.18% | -14.21% | 113.21% | 7.57% | -17.46% | - |
| Cost of Goods Sold | 131.73M | 29.09M | 30.54M | 22M | 3.33M | 1.97M | 2.1M | 0 | 0 | 261K |
| COGS % of Revenue | 23.59% | 2.97% | 13.76% | 10.49% | 11.92% | 15.79% | 14.44% | - | - | 3.4% |
| Gross Profit | 426.75M | 951.57M | 191.44M | 187.71M | 24.58M | 10.48M | 12.42M | 6.81M | 6.33M | 7.41M |
| Gross Margin % | 76.41% | 97.03% | 86.24% | 89.51% | 88.08% | 84.21% | 85.56% | 100% | 100% | 96.6% |
| Gross Profit Growth % | -55.15% | 397.05% | 1.99% | 663.62% | 134.47% | -15.57% | 82.42% | 7.57% | -14.56% | - |
| Operating Expenses | 1.61B | 1.32B | 1.06B | 1.04B | 957.75M | 674.42M | 595.1M | 333.33M | 137M | 122.03M |
| OpEx % of Revenue | 287.55% | 134.74% | 479.35% | 494.74% | 3431.57% | 5417.07% | 4100.48% | 4896.93% | 2164.92% | 1591.6% |
| Selling, General & Admin | 522.67M | 383.12M | 376.46M | 328.02M | 191.26M | 64.06M | 98.85M | 89.72M | 13.4M | 17.71M |
| SG&A % of Revenue | 93.59% | 39.07% | 169.59% | 156.41% | 685.28% | 514.52% | 681.13% | 1318.01% | 211.84% | 230.95% |
| Research & Development | 1.08B | 947.25M | 706.97M | 743.1M | 766.49M | 564.57M | 463.88M | 249.56M | 118.81M | 102.69M |
| R&D % of Revenue | 193.96% | 96.59% | 318.48% | 354.35% | 2746.3% | 4534.71% | 3196.33% | 3666.3% | 1877.61% | 1339.4% |
| Other Operating Expenses | 7 | -9.07M | -19.36M | -33.6M | 0 | 45.8M | 32.37M | -5.95M | 4.78M | 1.63M |
| Operating Income | -1.18B | -369.73M | -872.64M | -849.81M | -869.84M | -663.94M | -582.68M | -345.44M | -130.67M | -114.62M |
| Operating Margin % | -211.14% | -37.7% | -393.11% | -405.23% | -3116.57% | -5332.86% | -4014.92% | -5074.83% | -2064.92% | -1495% |
| Operating Income Growth % | -218.92% | 57.63% | -2.69% | 2.3% | -31.01% | -13.95% | -68.68% | -164.37% | -14% | - |
| EBITDA | -1.1B | -276.56M | -779.44M | -802.39M | -852.65M | -646.98M | -578.86M | -326.26M | -118.17M | -113.54M |
| EBITDA Margin % | -196.08% | -28.2% | -351.12% | -382.62% | -3055.01% | -5196.59% | -3988.56% | -4793.03% | -1867.37% | -1480.85% |
| EBITDA Growth % | -295.95% | 64.52% | 2.86% | 5.89% | -31.79% | -11.77% | -77.42% | -176.1% | -4.08% | - |
| D&A (Non-Cash Add-back) | 84.12M | 93.17M | 93.19M | 47.42M | 17.18M | 16.96M | 3.83M | 19.18M | 12.5M | 1.08M |
| EBIT | -1.18B | -330.8M | -836.8M | -834.39M | -815.52M | -669.19M | -1.48B | -345.44M | -62.18M | -117.32M |
| Net Interest Income | 27.29M | -26.61M | -63.65M | -43.06M | -9.63M | -1.04M | 8.63M | -29.86M | -57.63M | -3.25M |
| Interest Income | 79.89M | 37.84M | 32.41M | 9.73M | 7.11M | 5.22M | 12.91M | 7.06M | 304K | 13K |
| Interest Expense | 52.6M | 64.45M | 96.06M | 52.78M | 16.73M | 6.25M | 4.27M | 36.92M | 57.94M | 3.26M |
| Other Income/Expense | -23.21M | -25.52M | -60.23M | -37.36M | 37.59M | -11.51M | -899.63M | -15M | 10.55M | 6.78M |
| Pretax Income | -1.2B | -395.25M | -932.86M | -887.17M | -832.25M | -675.45M | -1.48B | -360.44M | -120.12M | -107.84M |
| Pretax Margin % | -215.29% | -40.31% | -420.24% | -423.05% | -2981.9% | -5425.29% | -10213.71% | -5295.15% | -1898.17% | -1406.53% |
| Income Tax | 6.75M | 10.43M | -7.15M | -4.25M | -49.83M | 2.16M | -1.6M | -1.6M | -1.6M | 0 |
| Effective Tax Rate % | -0.56% | -2.64% | 0.77% | 0.48% | 5.99% | -0.32% | 0.11% | 0.44% | 1.33% | 0% |
| Net Income | -1.21B | -405.43M | -925.64M | -882.92M | -782.42M | -677.61M | -1.48B | -345.31M | -118.51M | -107.84M |
| Net Margin % | -216.47% | -41.34% | -416.98% | -421.02% | -2803.38% | -5442.62% | -10202.67% | -5072.82% | -1872.85% | -1406.53% |
| Net Income Growth % | -198.18% | 56.2% | -4.84% | -12.84% | -15.47% | 54.24% | -328.81% | -191.36% | -9.9% | - |
| Net Income (Continuing) | -1.21B | -405.68M | -925.71M | -882.92M | -782.42M | -677.61M | -1.48B | -345.31M | -118.51M | -107.84M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 9.76M | 9.97M | 10.21M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -13.56 | -5.36 | -52.48 | -53.60 | -49.12 | -50.24 | -112.04 | -26.68 | -9.16 | -8.32 |
| EPS Growth % | -152.99% | 89.79% | 2.09% | -9.12% | 2.23% | 55.16% | -319.94% | -191.27% | -10.1% | - |
| EPS (Basic) | -13.56 | -5.36 | -52.48 | -53.60 | -49.12 | -50.24 | -112.04 | -26.68 | -9.16 | -8.32 |
| Diluted Shares Outstanding | 89.03M | 75.52M | 17.64M | 16.48M | 15.91M | 13.49M | 13.22M | 12.94M | 12.94M | 12.94M |
| Basic Shares Outstanding | 89.03M | 75.52M | 17.64M | 16.48M | 15.91M | 13.49M | 13.22M | 12.94M | 12.94M | 12.94M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
Clinical milestone dependency
As indicated by the company's historical financial statements, revenue growth remains highly erratic, characterized by a 113.0% surge in 2025Q4 following a 71.6% contraction in 2025Q2, suggesting a business model heavily reliant on non-recurring licensing milestones rather than consistent, predictable commercial product sales volume.
The extreme variance in quarterly revenue figures implies that the company has not yet achieved a stable commercial baseline for its core oncology assets. Investors should interpret these fluctuations as a reflection of project-based accounting rather than a sustainable organic growth trend in the Chinese market.
According to recent income statement data, Ascentage maintains a high-cost structure where R&D expenditures reached $587.5M in 2025Q4, significantly exceeding the $334.1M in revenue, which highlights the company's aggressive investment phase and its current inability to cover operational costs through existing commercial product sales.
The persistent gap between R&D spend and revenue suggests that the firm is prioritizing long-term pipeline development over immediate profitability. This cost discipline appears secondary to the necessity of funding late-stage clinical trials, which may continue to pressure net margins until a broader portfolio reaches commercial maturity.
Based on reported figures, the company consistently maintains gross margins above 75%, with a 79.4% margin in 2025Q4, yet this efficiency is overshadowed by deep negative operating margins, indicating that the underlying manufacturing economics are favorable while the broader operational structure remains fundamentally unprofitable.
While the high gross margin is a positive indicator of the potential profitability of its small-molecule inhibitors, it does not currently translate to bottom-line success. The disparity between gross and operating margins suggests that the company's current scale is insufficient to absorb the heavy overhead required for global clinical operations.
As observed in the provided financial data, the company's reliance on sporadic licensing payments creates a precarious income profile, as evidenced by the 2024Q2 period where a rare profitable quarter was followed by a return to significant net losses in subsequent reporting periods, warranting investor caution.
Short-term profitability spikes appear to be artifacts of one-time events rather than operational improvements. This pattern suggests that the company may face significant liquidity risks if future licensing milestones fail to materialize or if the commercial ramp of its primary assets continues to underperform expectations.
Quick answers to the most common questions about buying AAPG stock.
For fiscal year 2025, Ascentage Pharma Group International (AAPG) reported total revenue of $558.5M. This represents a 7184.2% increase compared to $7.7M in 2016.
Ascentage Pharma Group International (AAPG) reported a net loss of $1.21B for the fiscal year ending 2025.
Ascentage Pharma Group International (AAPG) reported an operating income of $-1179.2M, resulting in an operating profit margin of -211.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Ascentage Pharma Group International (AAPG) generated $426.7M in gross profit for the year, representing a gross profit margin of 76.4%. This demonstrates the company's core pricing power and production efficiency.