On August 26, 2025 Shanghai Fosun Pharmaceutical (Group) Co., Ltd. ("Fosun Pharma" or "the Group"; SSE: 600196, HKEX: 02196), a leading innovation-driven global healthcare company, reported its operating performance for the first half of 2025 ("the Reporting Period") (Press release, Fosun Pharma, AUG 26, 2025, View Source [SID1234655494]).
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During the Reporting Period, Fosun Pharma continued to push forward its innovation transformation and the development and commercialization of innovative products, enhance global operations, and further strengthened its global commercialization capacity and infrastructure. Fosun Pharma also deepened its digitalization and AI strategy, progressively building a digital and intelligent system covering R&D, operation, and product application.
In the first half of 2025, Fosun Pharma achieved operating revenue of RMB 19,514 million, net profit attributable to shareholders amounted to RMB1,702 million. The revenue from innovative drugs grew steadily, exceeding RMB 4,300 million, representing an increase of 14.26% as compared to the same period last year. The operating cash flow amounted to RMB 2,134 million, representing a period-on-period increase of 11.90%. Meanwhile, the Group continued to divest and integrate non-strategic and non-core assets, and gathered resources on core businesses so as to optimize asset structure, improve asset efficiency and accelerate cash return. Since 2025, the cash inflow from asset disposals from contracts signed of the Group have exceeded RMB 2,000 million in aggregate.
Building a High-value Innovative Pipeline with Breakthroughs in Core Therapeutic Areas
Fosun Pharma always takes innovation as a core driving force in its development. Fosun Pharma has established a diversified and multi-level innovative model that integrates independent R&D, co-development, licensing, fund incubation, and industrial investment. the Company continuously enhances its capabilities across four key technology platforms: antibodies, ADCs, cell therapy, and small molecules, accelerating the translation of innovative technologies and products.
During the Reporting Period, Fosun Pharma’s total R&D expenditure amounted to RMB 2,584 million, of which R&D expenses amounted to RMB 1,717 million. The R&D expenditure in the pharmaceutical manufacturing segment amounted to RMB 2,295 million, accounting for 16.51 % of pharmaceutical business revenue. In particular, the R&D expenses amounted to RMB 1,469 million, accounting for 10.57% of the segment’s revenue. Focusing on core therapeutic areas including solid tumors, hematologic malignancies and Immune-inflammatory disorders, Fosun Pharma has gradually built a high-value pipeline portfolio and is actively expanding into chronic diseases (cardiovascular, renal, and metabolic) and the neurological field.
In the field of solid tumors, Fosun Pharma has established a robust innovative product portfolio, represented by Serplulimab injection and Trastuzumab Injection to deal with lung cancer and breast cancer. During the Reporting Period, the approval of the innovative small molecule CDK4/6 inhibitor Fovinaciclib Citrate Capsules, of which Fosun Pharma owns independent intellectual property rights, further enriched the breast cancer treatment portfolio; the first independently developed innovative small molecule drug Luvometinib Tablets was approved for two indications, addressing unmet needs in rare oncological diseases; and Serplulimab Injection was approved in the EU, UK, India, and other regions. Fosun Pharma continuously advanced international multi-center clinical trials of HLX22 (recombinant humanised anti-HER2 monoclonal antibody injection) and HLX43 for injection (PD-L1-targeted antibody-drug conjugate), while introducing HLX701 (SIRPα-Fc fusion protein) and FXB0871 (PD-1-targeted IL-2 fusion protein) to further enrich the pipeline.
In the hematologic tumor area, Fosun Pharma continued to expand access and affordability for its CAR-T therapy product Yi Kai Da (Ejilunsai injection). As at the end of the Reporting Period, Yi Kai Da was included in over 110 urban customized commercial health insurances and over 90 commercial insurances, while the number of treatment centers on record exceeded 200, covering more than 28 provinces and municipalities across China. In the immune inflammation area, the dipeptidyl peptidase 1 (DPP-1) inhibitor XH-S004 achieved overseas licensing in all regions globally except Chinese Mainland, Hong Kong SAR and Macau SAR, demonstrating international recognition of its clinical value.
In the chronic disease area, products such as Yi Xin Tan (sacubitril valsartan sodium tablets), Pang Bi Fu (etelcalcetide hydrochloride injection), Bei Wen (keverprazan hydrochloride tablets) and Wan Ti Le (Tenapanor Hydrochloride Tablets) were launched, further strengthening Fosun Pharma’s presence in cardiovascular, renal, and metabolic disorders. In the neurological area, Fosun Pharma licensed in AR1001, a small molecule oral therapy designed to slow disease progression in Alzheimer’s disease, leveraging synergies with Fosun Pharma’s medical device and diagnostics businesses to explore integrated solutions for neurodegenerative diseases.
During the Reporting Period, Fosun Pharma also advanced the R&D and launch of its vaccine pipeline, with its self-developed quadrivalent influenza virus split vaccine approved in Chinese Mainland for individuals aged three and above, enriching its vaccine portfolio.
In 2025H1, a total of 4 innovative drugs (either self-developed or licensed-in) gained approval for 5 indications, and a total of 57 generic drug varieties were approved for launch; a total of 4 innovative drugs with a total of 22 generic drug varieties were applied for launch. In addition, nearly 20 clinical trials of innovative drugs (calculated by approval) were approved to be conducted by domestic and overseas regulatory institutions during the Reporting Period. During the Reporting Period, a total of 142 patents had been applied for in the pharmaceutical manufacturing segment of the Group, including 3 U.S. patent applications and 3 PCT applications 27 licensed invention patent authorization were obtained.
Additionally, in the professional medical device sector, the Ion Bronchial Navigation Operation Control System ("Ion System") successfully achieved commercial launch. Together with innovative devices represented by the Da Vinci Surgical Robot, it has jointly improved medical accessibility in tumor surgeries. As of the end of the Reporting Period, the "Da Vinci Surgical Robot" had been installed in over 370 hospitals in Chinese Mainland, Hong Kong SAR and Macau SAR, with a cumulative installation volume exceeding 450 units, serving more than 760,000 patients. Among them, the Da Vinci Xi Surgical System achieved the highest bid-winning rate and maintained the leading market share in the industry.
Strengthening Global Operation Capabilities and Continuously Enhancing Global Market Presence
Guided by the 4IN strategy (Innovation, Internationalization, Integration, and Intelligentization), Fosun Pharma continues to enhance operational efficiency, strengthen global market presence, and promote the building of production system with international quality standards, thus laying a solid foundation for the overseas distribution of preparations. Fosun Pharma’s businesses primarily cover major overseas markets, including the United States, Europe, Africa, India, and Southeast Asia. In the first half of 2025, Fosun Pharma’s overseas revenue reached RMB 5,478 million, accounting for 28.07% of total revenue.
Since 2025, the global academic influence of Fosun Pharma’s pipeline and marketed innovative products continued to grow. Notably, Luvometinib Tablets gained recognition from the internationally authoritative academic journal Drugs, which published a report in its August 2025 issue systematically outlining the drug’s development process and key clinical data. In July 2025, Luvometinib Tablets have entered Phase 3 clinical trial for the treatment of pediatric low-grade glioma (pLGG) in Chinese Mainland, marking the first MEK-targeted drug in Chinese Mainland to enter Phase 3 clinical trial for this therapeautic area. With the increasing quality of its innovation pipeline, Fosun Pharma achieved breakthroughs in global business development (BD) for innovative drugs, strengthening global two-way license cooperation during the Reporting Period. Focusing on unmet clinical needs and core therapeutic areas, the Group enhanced its innovation pipeline through licensing and co-development while also securing multiple out-licensing agreements through Fosun Pharma and its subsidiary Henlius, accelerating product entry into markets in Europe, the United States, and Asia-Pacific.
Fosun Pharma has established a mature commercialization system covering pharmaceutical and medical device businesses, including an overseas commercial team of over 1,000 people. The pharmaceutical manufacturing segment covered markets such as the United States and Africa, while steadily expanding into emerging markets, including ASEAN and the Middle East. In the U.S. market, Fosun Pharma has established the U.S. innovative drug team, and initiated the commercialization preparations before the launch of serplulimab injection and the preliminary preparations for the license-in projects of innovative drugs. Meanwhile, the Group has also built a clinical operations team, advancing a U.S. bridging trial for serplulimab injection in combination with chemotherapy for first-line treatment of extensive-stage small cell lung cancer (ES-SCLC), with over 100 trial centers activated. In emerging markets such as Africa, the Group has set up 6 regional drug distribution centers to provide one-stop services consisting of registration, circulation, academic promotion and post-launch safety alert and other services for customers. The medical devices segment has continued expanding its global marketing network. Sisram Medical, Fosun Pharma’s holding subsidiary, has set up12 direct-sales offices to globally, with marketing network now covering over 110 countries and regions worldwide. Meanwhile, Breas continued to deepen its presence in key markets such as Europe, the U.S., China, Japan, India, and Australia, steadily strengthening its global business layout.
With years of profound cultivation, Fosun Health, Fosun Pharma’s holding subsidiary, has formed a healthcare services platform centered on the Greater Bay Area, with the provision of general and specialized medical disciplines and the integration of online and offline services. The medical institutions controlled by Fosun Health had a total of 6,600 authorized beds, and held 9 internet hospital licenses. In terms of international and consumer-driven healthcare, Fosun Health is actively expanding into markets such as Indonesia, Hong Kong SAR, and Macau SAR, with four of its Greater Bay Area hospitals establishing international medical centers to form a high-quality medical hub with global reach. Among them, Foshan Fosun Chancheng Hospital and Heng Seng Hospital, as designated institutions under the "Hong Kong and Macau Medicine and Equipment Connect" program, introduced 15 new drugs and devices from the program’s catalogue.
ESG Rating Upgraded to AA and Sustainability Achievements Widely Recognized
While maintaining steady operations, Fosun Pharma prioritizes sustainable development, enhancing the global accessibility and affordability of innovative products. In the latest MSCI ESG rating, Fosun Pharma ascended to an ‘AA’ rating, reflecting its leadership position within the domestic pharmaceutical industry and its progress in sustainability management and performance. Fosun Pharma has been recognized in multiple prestigious lists, including the 2024 China ESG 50 List (Forbes), the China ESG Listed Company Pioneers 100 (CMG), and the China Best Managed Companies (Deloitte). Fosun Pharma was also listed on the 2025 Fortune China ESG Impact List, becoming the only Chinese pharmaceutical company featured, demonstrating broad societal recognition.
"In the second half of 2025, Fosun Pharma will continue to implement the 4IN strategy, enhance innovation capabilities and R&D efficiency, actively lay out products in core therapeutic areas with significant unmet needs, and focus on the internal development and external introduction of high-value pipelines." Chen Yuqing, Chairman of Fosun Pharma, said. "We will vigorously develop strategic products, seize global market opportunities, optimize asset allocation, and further improve internal operational quality and efficiency to optimize the financial structure and solidify the foundation for the Company’s long-term stable development."