Estados financieros detallados de Ascentage Pharma Group International (AAPG): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Ascentage Pharma Group International registró ingresos de $558.5M en el último ejercicio fiscal, con un CAGR de 5 años del 114.0%.
Márgenes de los últimos 12 meses: margen bruto 81.6%, margen operativo -218.8%, margen neto -228.7%.
Al precio actual de $15.40, AAPG presenta beneficios negativos (P/E no significativo) y un ROE del -153.85%. La capitalización bursátil es de $1.4B.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $7.7M | $6.3M | $6.8M | $14.5M | $12.4M | $27.9M | $209.7M | $222.0M | $980.6M | $558.5M |
| Coste de Ventas | $261000 | 0 | 0 | $2.1M | $2.0M | $3.3M | $22.0M | $30.5M | $29.1M | $131.7M |
| Beneficio Bruto | $7.4M | $6.3M | $6.8M | $12.4M | $10.5M | $24.6M | $187.7M | $191.4M | $951.6M | $426.7M |
| I+D | $102.7M | $118.8M | $249.6M | $463.9M | $564.6M | $766.5M | $743.1M | $707.0M | $947.2M | $1.08B |
| Generales y Administrativos | $17.7M | $13.4M | $89.7M | $98.9M | $64.1M | $191.3M | $328.0M | $376.5M | $383.1M | $522.7M |
| Gastos Operativos | $122.0M | $137.0M | $333.3M | $595.1M | $674.4M | $957.8M | $1.04B | $1.06B | $1.32B | $1.61B |
| Beneficio Operativo | -$114.6M | -$130.7M | -$345.4M | -$582.7M | -$663.9M | -$869.8M | -$849.8M | -$872.6M | -$369.7M | -$1.18B |
| EBITDA | -$116.2M | -$49.7M | -$326.3M | -$1.47B | -$652.2M | -$798.3M | -$787.0M | -$743.6M | -$237.6M | -$1.10B |
| Gastos por Intereses | $3.3M | $57.9M | $36.9M | $4.3M | $6.3M | $16.7M | $52.8M | $96.1M | $64.5M | $52.6M |
| Beneficio Antes de Impuestos | -$107.8M | -$120.1M | -$360.4M | -$1.48B | -$675.4M | -$832.2M | -$887.2M | -$932.9M | -$395.3M | -$1.20B |
| Impuestos | 0 | -$1.6M | -$1.6M | -$1.6M | $2.2M | -$49.8M | -$4.2M | -$7.2M | $10.4M | $6.8M |
| Beneficio Neto | -$107.8M | -$118.5M | -$345.3M | -$1.48B | -$677.6M | -$782.4M | -$882.9M | -$925.6M | -$405.4M | -$1.21B |
| BPA | $-8.32 | $-9.16 | $-26.68 | $-112.04 | $-50.24 | $-49.12 | $-53.60 | $-52.48 | $-5.36 | $-13.56 |
| BPA Diluido | $-8.32 | $-9.16 | $-26.68 | $-112.04 | $-50.24 | $-49.12 | $-53.60 | $-52.48 | $-5.36 | $-13.56 |
| Acciones en Circulación (Diluidas) | $12.9M | $12.9M | $12.9M | $13.2M | $13.5M | $15.9M | $16.5M | $17.6M | $75.5M | $89.0M |
Cuenta de Resultados (Trimestral)
| Año | 2024-Q4 | 2025-Q2 | 2025-Q4 | 2026-Q2 |
|---|
| Ingresos | $156.9M | $233.7M | $334.1M | $298.9M |
| Beneficio Bruto | $142.9M | $212.0M | $265.4M | $250.9M |
| Beneficio Operativo | -$566.8M | -$554.0M | -$640.9M | -$744.0M |
| EBITDA | -$528.5M | -$514.0M | -$599.0M | -$701.1M |
| Beneficio Neto | -$568.4M | -$590.8M | -$640.0M | -$807.7M |
| BPA | $-7.28 | $-6.92 | $-6.92 | $-8.68 |
| BPA Diluido | $-7.28 | $-6.92 | $-6.92 | $-8.68 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $294.5M | $14.8M | $957.1M | $878.5M | $1.02B | $1.71B | $1.48B | $1.07B | $1.24B | $2.47B |
| Inversiones a Corto | $157.4M | $384.2M | $14.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cuentas por Cobrar | $8.3M | $7.9M | $5.3M | $2.5M | $480000 | $54.1M | $61.5M | $163.5M | $99.1M | $253.1M |
| Inventario | 0 | 0 | 0 | 0 | 0 | $3.9M | $9.4M | $16.2M | $6.6M | $28.6M |
| Activos Corrientes | $463.7M | $414.7M | $990.2M | $909.1M | $1.08B | $1.89B | $1.64B | $1.34B | $1.47B | $2.95B |
| Inmovilizado Material | $4.5M | $25.3M | $34.0M | $110.2M | $477.0M | $854.3M | $650.0M | $957.2M | $905.9M | $829.6M |
| Fondo de Comercio | $24.7M | $24.7M | $24.7M | $24.7M | $24.7M | $24.7M | $24.7M | $24.7M | $24.7M | $24.7M |
| Activos Intangibles | $87.1M | $80.7M | $108.5M | $104.3M | $97.4M | $60.4M | $84.3M | $85.4M | $76.0M | $66.0M |
| Activos Totales | $593.3M | $581.7M | $1.23B | $1.21B | $1.73B | $2.94B | $2.83B | $2.50B | $2.62B | $3.97B |
| Cuentas por Pagar | $156000 | $3.8M | $5.1M | $13.1M | $23.4M | $70.9M | $95.6M | $72.4M | $92.0M | $106.8M |
| Deuda a Corto | 0 | 0 | $35.0M | $85.0M | $44.8M | $39.8M | $510.3M | $606.6M | $769.6M | $1.22B |
| Pasivos Corrientes | $77.6M | $79.5M | $105.3M | $202.1M | $276.1M | $361.1M | $881.2M | $934.2M | $1.17B | $1.64B |
| Deuda a Largo | 0 | 0 | 0 | 0 | $473.1M | $1.03B | $1.27B | $1.17B | $868.6M | $742.8M |
| Pasivos Totales | $607.9M | $713.5M | $2.24B | $314.6M | $884.4M | $1.71B | $2.42B | $2.43B | $2.34B | $2.63B |
| Reservas | -$152.0M | -$270.5M | -$615.8M | -$2.10B | -$2.77B | -$3.56B | -$4.44B | -$5.37B | -$5.77B | 0 |
| Patrimonio Neto | -$14.6M | -$131.8M | -$1.01B | $890.5M | $846.6M | $1.23B | $408.7M | $60.4M | $264.2M | $1.33B |
| Deuda Total | $830000 | $4.9M | $42.0M | $101.4M | $529.7M | $1.08B | $1.79B | $1.80B | $1.67B | $1.98B |
| Deuda Neta | -$451.1M | -$394.1M | -$929.4M | -$777.1M | -$490.3M | -$622.6M | $317.1M | $726.3M | $431.9M | -$490.7M |
| Capital Circulante | $386.1M | $335.2M | $885.0M | $707.0M | $802.9M | $1.52B | $755.3M | $410.0M | $307.6M | $1.30B |
Balance (Trimestral)
| Año | 2024-Q4 | 2025-Q2 | 2025-Q4 | 2026-Q2 |
|---|
| Caja y Equivalentes | $1.24B | $1.66B | $2.47B | $1.90B |
| Activos Totales | $2.62B | $3.05B | $3.97B | $3.24B |
| Pasivos Totales | $2.34B | $2.37B | $2.63B | $2.68B |
| Patrimonio Neto | $264.2M | $666.0M | $1.33B | $556.6M |
| Deuda Total | $1.67B | $1.72B | $1.98B | $2.10B |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$112.8M | -$120.1M | -$346.9M | -$741.2M | -$675.4M | -$832.2M | -$887.2M | -$932.9M | -$395.3M | -$1.24B |
| Amortizaciones | $164369 | $12.5M | $18.5M | $3.8M | $27.4M | $28.3M | $62.9M | $93.2M | $93.2M | $86.5M |
| Compensación en Acciones | $65.0M | 0 | $27.6M | $70.8M | $74.0M | $47.0M | $22.1M | $31.5M | $20.9M | $20.9M |
| Cambio en Capital Circulante | $2.1M | $10.5M | $27.1M | $11.1M | -$55.3M | -$74.9M | $104.4M | -$9.1M | $111.0M | -$143.5M |
| Flujo de Caja Operativo | -$45.9M | -$108.0M | -$237.7M | -$460.3M | -$610.0M | -$604.7M | -$653.9M | -$726.1M | -$111.4M | -$1.17B |
| Inversiones (CapEx) | -$3.4M | -$20.5M | -$49.5M | -$81.4M | -$251.5M | -$436.6M | -$237.0M | -$56.8M | -$24.3M | -$27.6M |
| Adquisiciones | $6.1M | 0 | -$33.4M | 0 | 0 | -$36.2M | -$20.0M | -$20.0M | -$25.5M | -$43.3M |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | -$25.9M | -$26.8M | -$5.9M | 0 | -$9.0M |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$49.3M | -$128.5M | -$287.1M | -$541.7M | -$861.4M | -$1.04B | -$890.9M | -$782.9M | -$135.6M | -$1.20B |
Flujo de Caja (Trimestral)
| Año | 2024-Q4 | 2025-Q2 | 2025-Q4 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | $243.0M | -$432.1M | -$779.7M | -$600.6M |
| Inversiones (CapEx) | -$7.8M | -$20.0M | -$7.7M | -$11.7M |
| Flujo de Caja Libre | $235.3M | -$452.2M | -$787.4M | -$612.3M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $12.2M | $26.1M | 0 | 0 |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | -17.5% | +7.6% | +113.2% | -14.2% | +124.2% | +651.4% | +5.9% | +341.8% | -43.1% |
| Crecimiento Beneficio Neto (anual) | | -9.9% | -191.4% | -328.8% | +54.2% | -15.5% | -12.8% | -4.8% | +56.2% | -198.2% |
| Crecimiento BPA (anual) | | -10.1% | -191.3% | -319.9% | +55.2% | +2.2% | -9.1% | +2.1% | +89.8% | -153.0% |
| Cambio en Acciones (anual) | | +0.0% | +0.0% | +2.1% | +2.1% | +17.9% | +3.6% | +7.1% | +328.0% | +17.9% |
| Crecimiento FCF (anual) | | -160.9% | -123.4% | -88.7% | -59.0% | -20.9% | +14.4% | +12.1% | +82.7% | -785.9% |
| Margen Bruto | 96.6% | 100.0% | 100.0% | 85.6% | 84.2% | 88.1% | 89.5% | 86.2% | 97.0% | 76.4% |
| Margen Operativo | -1495.0% | -2064.9% | -5074.8% | -4014.9% | -5332.9% | -3116.6% | -405.2% | -393.1% | -37.7% | -211.1% |
| Margen EBITDA | -1516.0% | -785.0% | -4793.0% | -10157.9% | -5238.8% | -2860.4% | -375.3% | -335.0% | -24.2% | -196.1% |
| Margen Neto | -1406.5% | -1872.9% | -5072.8% | -10202.7% | -5442.6% | -2803.4% | -421.0% | -417.0% | -41.3% | -216.5% |
| Margen FCF | -642.5% | -2031.0% | -4218.1% | -3732.7% | -6919.1% | -3730.9% | -424.8% | -352.7% | -13.8% | -215.2% |
| Tasa Impositiva Efectiva | -0.0% | 1.3% | 0.4% | 0.1% | -0.3% | 6.0% | 0.5% | 0.8% | -2.6% | -0.6% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-3.81 | $-9.93 | $-22.19 | $-40.98 | $-63.84 | $-65.44 | $-54.06 | $-44.37 | $-1.80 | $-13.50 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $12.9M | $12.9M | $12.9M | $13.2M | $13.5M | $15.9M | $16.5M | $17.6M | $75.5M | $89.0M |
Qué mirar en Biotech
La mayoría de biotechs pequeñas pierden dinero. Analizarlas con P/E no tiene sentido — mira caja y pipeline.
- Cash Runway — Meses de caja al ritmo de gasto actual. <18 meses = riesgo de dilución urgente
- Cash burn anual — Ritmo al que queman caja operativa. Comparar con posición de caja para proyectar runway
- Total Debt — Biotech sin ingresos + deuda = receta para bancarrota
- I+D / Capitalización — Cuánto invierten en pipeline vs lo que vale la empresa — indicador de intensidad investigadora
- Market cap / Cash — Si cotiza cerca de su caja, el mercado le da ~0 valor al pipeline — puede ser oportunidad o trampa
Rentabilidad
| Rentabilidad sobre capital | -153.85% |
| Rentabilidad sobre capital invertido | -48.88% |
| Rentabilidad sobre activos | -44.65% |
| Margen bruto | 81.56% |
| Margen operativo | -218.76% |
| Margen neto | -228.69% |
Salud financiera
| Deuda / Patrimonio | 3.76 |
| Ratio corriente | 1.22 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -14.50 | -12.34 | -4.48 | -1.08 | -2.26 | -2.25 | -2.24 | -2.35 | -23.67 | -13.53 |
| P/VC | -106.92 | -11.10 | -1.53 | 1.80 | 1.81 | 1.42 | 4.83 | 36.02 | 36.26 | 12.33 |
| P/V | 203.69 | 231.27 | 227.20 | 110.20 | 122.92 | 62.95 | 9.42 | 9.80 | 9.77 | 29.25 |
| Margen Bruto | 96.6% | 100.0% | 100.0% | 85.6% | 84.2% | 88.1% | 89.5% | 86.2% | 97.0% | 76.4% |
| Margen Operativo | -1495.0% | -2064.9% | -5074.8% | -4014.9% | -5332.9% | -3116.6% | -405.2% | -393.1% | -37.7% | -211.1% |
| Margen Neto | -1406.5% | -1872.9% | -5072.8% | -10202.7% | -5442.6% | -2803.4% | -421.0% | -417.0% | -41.3% | -216.5% |