Sino Biopharm Reports Strong H1 2025 Results with 27% Growth in Innovative Drug Sales and Strategic LaNova Acquisition
核心洞察
Sino Biopharm achieved RMB17.57 billion in revenue for H1 2025, representing a 10.7% year-on-year increase, with innovative product sales reaching RMB7.8 billion, up 27.2%.
The company secured NMPA approval for two innovative products, Putanning and Anqixin, while maintaining a robust pipeline of 63 innovative drug candidates across four therapeutic areas.
Sino Biopharm completed the acquisition of LaNova Medicines (搜索) in July 2025, gaining access to world-leading antibody discovery and ADC technology platforms to enhance R&D capabilities.
Sino Biopharmaceutical Limited reported robust financial performance for the first half of 2025, with revenue reaching RMB17.57 billion, marking a 10.7% year-on-year increase. The Chinese pharmaceutical conglomerate's profit attributable to owners from continuing operations surged 140.2% to RMB3.39 billion, driven by strong revenue growth and increased investment returns.
Innovative Products Drive Revenue Growth
The company's innovative drug portfolio demonstrated exceptional performance, with sales reaching RMB7.8 billion in the first half of 2025, representing a 27.2% year-on-year increase. During the reporting period, Sino Biopharm secured NMPA approval for two innovative products: Putanning (Meloxicam Injection II) and Anqixin (Recombinant Human Coagulation Factor VIIa N01 for Injection). Additionally, five generic drugs received marketing approval from the NMPA, with generic drug revenue achieving positive growth.
Oncology drugs remained the company's largest revenue contributor, generating RMB6.69 billion in sales, a 24.9% year-on-year increase, accounting for 38.1% of total revenue. Surgical and analgesic medications also showed strong performance with RMB3.11 billion in sales, up 20.2% year-on-year, representing 17.7% of total revenue.
Comprehensive Pipeline Across Four Therapeutic Areas
As of June 30, 2025, Sino Biopharm maintained an extensive pipeline with 63 innovative drug candidates across its four core therapeutic areas. The oncology portfolio includes 37 innovative drug candidates, with 11 in Phase III clinical trials and 2 in the marketing application stage. The company also has 7 innovative candidates for liver/metabolic diseases, 13 for respiratory conditions, and 6 for surgery/analgesia applications.
Focus V (Anlotinib Hydrochloride Capsules), a multi-target tyrosine kinase inhibitor, has secured approval for nine indications with three additional indications currently in the marketing application stage. The drug has multiple new indications in Phase III clinical studies, including first-line non-squamous non-small cell lung cancer and first-line pancreatic cancer, with marketing applications planned within the next two years.
Breakthrough Therapy Designation for MASH Treatment
Lanifibranor, a pan-PPAR (搜索) agonist, represents a significant milestone as China's first MASH (metabolic dysfunction-associated steatohepatitis) drug to enter Phase III clinical trials. The orally available small molecule drug received Breakthrough Therapy Designation from the CDE in July 2023 and has completed enrollment of patients in the global main cohort for worldwide Phase III trials. The drug is expected to fill the gap in China's MASH market.
Strategic Acquisition Enhances R&D Capabilities
In July 2025, Sino Biopharm announced the full acquisition of LaNova Medicines (搜索), gaining access to world-leading antibody discovery and ADC technology platforms. These include the Tumor Microenvironment Specific Antibody Development Platform (LM-TME™), the Targeted Antibody Discovery Platform (LM-Abs™), the New Generation ADC Platform (LM-ADC™), and the T-cell Engager Platform (LM-TCE™). The acquisition is expected to enhance the company's innovative R&D capabilities and accelerate growth in the innovative business segment.
Substantial R&D Investment
Sino Biopharm maintained its commitment to innovation with R&D costs of RMB3.19 billion for the six months ended June 30, 2025, representing 18.1% of revenue. Including capitalized R&D expenditure, approximately 95.7% was recognized in the statement of profit or loss, demonstrating the company's dedication to advancing its pipeline.
Advanced Oncology Pipeline Progress
The company's oncology portfolio includes several promising candidates progressing through clinical development. The EGFR (搜索)/cMet (搜索) bispecific antibody TQB2922 is preparing to initiate Phase III clinical trials for second-line NSCLC, while the EGFR/cMet bispecific antibody ADC TQB6411 is currently enrolling patients for Phase I trials. The CDK2/4/6 (搜索) inhibitor Culmerciclib Capsule (TQB3616) has potential to become a best-in-class therapy for HR+/HER2 (搜索)- breast cancer.
The HER2 (搜索) bispecific ADC TQB2102 demonstrates potentially superior safety compared to DS-8201, with multiple indications being explored simultaneously, including three breast cancer Phase III trials advancing rapidly. LM-108 (CCR8 monoclonal antibody) and TQB2868 (PD-1 (搜索)/TGF-β bifunctional fusion protein) are progressing at the fastest pace globally, with clinical data showing significant potential.
Strong Financial Position
The company maintains robust liquidity with total fund reserves of RMB30.49 billion at the end of the period, including cash and bank balances of RMB11.1 billion, non-current bank deposits of RMB10.1 billion, and wealth management products of RMB9.29 billion. The Board of Directors recommended an interim dividend payment of HK5 cents per share, compared to HK3 cents in the first half of 2024.