On August 27, 2025 Innovent Biologics, Inc. (Innovent) (HKEX: 01801), a world-class biopharmaceutical company that develops, manufactures and commercializes high-quality medicines for the treatment of cancer, cardiovascular and metabolic, autoimmune, ophthalmology and other major diseases, reported its 2025 interim results and major business updates (Press release, Innovent Biologics, AUG 27, 2025, View Source [SID1234655531]).
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Dr. Michael Yu, Founder, Chairman of the Board and CEO of Innovent, stated: "We delivered an outstanding performance in the first half of 2025, driven by the comprehensive acceleration of our dual-engine growth model and global innovation strategy. Supported by our oncology leadership and successful commercial launch across our general biomedicine portfolio, we have expanded our product portfolio to 16 drugs and achieved a notable improvement in revenue and profitability, maintaining strong business momentum.
On the innovation front, several core pipeline candidates with global potential achieved key proof-of-concept data, and are entering global registration trials. This demonstrates the depth of Innovent’s innovation capabilities and lays a solid foundation for globalization.
We firmly believe that a clear strategic vision combined with excellent execution will continue to drive Innovent’s growth. Looking ahead, we will further consolidate our leadership in oncology, continue exploring and implementing diversified commercialization strategies across our general biomedicine product portfolio, and accelerate the global development of our next-generation innovative pipeline. Anchored by our strategic goals of achieving RMB 20 billion in product revenue by 2027 and advancing five pipeline programs into global Phase 3 trials by 2030, Innovent will continue striving to become a world-class biopharmaceutical company."
Dual-driven revenue growth with execution excellence
Robust revenue growth and substantial profit improvement[1]
Total revenue: RMB 5.95 billion, up 50.6% year-on-year
Product revenue: RMB 5.23 billion, up 37.3% year-on-year
Net profit: RMB 1.21 billion; EBITDA: RMB 1.41 billion
Gross margin: 86.8%, up 2.7 percentage points year-on-year
Selling and administrative expenses ratio: 44.2%, down 7.9 percentage points year-on-year
R&D investment: RMB 903 million
Cash on hand: approximately USD 2 billion[2]
Dual-engine growth supported by comprehensive and diversified product portfolio
Expansion of oncology product portfolio with three new launches
Dovbleron (taletrectinib) : Potentially best-in-class ROS1 inhibitor
Limertinib: Third-generation EGFR TKI
Jaypirca(pirtobrutinib) : First non-covalent BTK inhibitor
Strengthening general biomedicine portfolio with innovative pipeline
SINTBILO (tafolecimab injection): First PCSK-9 inhibitor successfully included in the NRDL, received approval by Macau ISAF in May 2025
SYCUME (teprotumumab N01 injection): First approved anti-IGF-1R monoclonal antibody, ending a 70-year drought of no new treatment options for thyroid eye disease (TED) in China
Mazdutide (GCG/GLP-1) : Globally first and only GCG/GLP-1 dual receptor agonist for weight management, with another NDA for glycemic control of T2D adults under NMPA review
Innovative commercial strategy with multi-channel coverage
Actively responding to the national "Year of Weight Management": Participating in the development of the weight-loss industry ecosystem, promoting the concept of scientific weight management, and advancing obesity prevention and chronic disease management
Deepening hospital presence and academic influence: Strengthening academic coverage in public hospitals, with the GLORY-1 study published in The New England Journal of Medicine, significantly enhancing academic influence
Innovative multi-channel coverage: Leveraging a comprehensive sales team of over 1,000 people, integrating public hospitals, retail pharmacies, online medical platforms, and private clinic networks to facilitate convenient access to medications for chronic disease patients
Emphasizing disease education and patient management: Integrating digital tools and professional activities to establish a patient-centric disease management system, enhancing chronic disease education and patient adherence
Enhancing brand strength through the establishment of a lifecycle management system
TYVYT: NDAs for renal and colorectal cancer are under regulatory review; Phase 3 study of neoadjuvant treatment in lung cancer is underway
SYCUME (teprotumumab N01 injection): new Phase 3 studies in plan for inactive TED and head-to-head comparison with steroid therapy in TED
Mazdutide (GCG/GLP-1): second NDA for glycemic control of T2D adults is under regulatory review, alongside with two new Phase 3 studies for obstructive sleep apnea (OSA) and obesity with metabolic dysfunction-associated fatty liver disease (MAFLD, head-to-head with semaglutide 2.4mg). Additional PoC studies are ongoing for adolescent obesity, metabolic dysfunction-associated steatohepatitis (MASH), heart failure with preserved ejection fraction (HFpEF), etc.
Picankibart (IL-23p19): a potent and long-acting IL-23p19 for moderate-to-severe plaque psoriasis pending NMPA approval; Phase 3 studies are ongoing for treatment withdrawal maintenance and psoriasis with prior inadequate response to IL-17 biologics
Emerging value from globalization strategy, prioritizing novel pipeline’s global R&D
Flagship pipeline showcased at top-tier conferences, entering global registration studies
IBI363 (PD-1/IL-2α-bias): Unleashing potential as a next-generation IO therapy with global first-in-class design
Three oral presentations at ASCO (Free ASCO Whitepaper) highlighted breakthrough PoC data across difficult-to-treat tumors such as IO resistant cold tumors and low PD-L1 expression, demonstrating the unique advantages of dual immune activation and long-term survival benefits
Three pivotal studies are underway or in plan: the first global Phase 3 study is initiating in China and the U.S. to address unmet needs in IO-resistant squamous NSCLC; the first pivotal Phase 2 study in melanoma was initiated, challenging Keytruda in first-line setting; and the first Phase 3 study in late-line colorectal cancer is about to initiate
Continuous exploration in first-line settings and more cancer types, including first-line lung cancer, first-line colorectal cancer, neoadjuvant lung cancer, EGFR-mutated lung cancer, platinum-resistant ovarian cancer, and more
BI343 (CLDN18.2 ADC): two registration trials in GC and PDAC; globally the first ADC to enter a Phase 3 trial in PDAC
First MRCT Phase 3 study of GC has been initiated in China and Japan
First Phase 3 study of PDAC has been initiated
Global MRCT of PDAC is in plan
NMPA CDE Breakthrough Therapy Designation (BTD) and FDA Fast-track Designation (FTD) granted
Over 10 next-generation programs advancing into global development
Oncology: IBI3009 (DLL3 ADC), IBI3001 (EGFR/B7H3 ADC), IBI3003 (GPRC5D/BCMA/CD3), IBI3005 (EGFR/HER3 ADC), IBI3014 (PD-L1/TROP2 ADC), IBI3020 (CEACAM5 dual-payload ADC), etc
CVM: IBI3016 (AGT siRNA), IBI3032 (oral GLP-1), etc
Autoimmune: IBI356 (OX40L), IBI3002 (TSLP/ IL-4Rα), etc
Hybrid models to accelerate innovation
IBI3009 (DLL3 ADC): global rights granted to Roche, to benefit SCLC patients worldwide
Enhance global presence with broader market access
Six products (TYVYT, BYVASDA, Pemazyre, Dupert, SINTBILO, SYCUME) have been launched in markets including Hong Kong, Macau, Taiwan, and Southeast Asia
More launches planned Brazil, Mexico, Columbia, India, etc
Research innovation showcased at medical conferences
Oncology pipeline: AACR (Free AACR Whitepaper), ASCO (Free ASCO Whitepaper), Nature Medicine
General biomedicine pipeline: ADA, NEJM
Facilities and manufacturing capacity adhering to high-quality standards
7,500 employees globally
Global R&D centers located in the San Francisco Bay Area, Shanghai, and Suzhou
To date, Innovent has a total of 140,000L of operational capacity, accounting for 20% of China’s total biopharmaceutical production capacity
First manufacturing site: 60,000L antibody and ADC production capacity in operation, ensuring high-quality supply
Second manufacturing site: first phase of 80,000L antibody production capacity in operation, for global supply and CDMO operations
Committed to responsible business practices and enhancing ESG management practices
Over 3,000 new oncology patients begin treatment with Innovent-developed therapeutics each day, and to date, more than 5 million patients have benefited from Innovent’s innovative drugs
Innovent has been graded ‘AAA’ rating in MSCI ESG rankings, positioning us at the forefront of the biotechnology industry
We have supported over 200,000 patients through our dedicated patient assistance programs, with drug donations totaling RMB 3.6 billion
Our commitment to medical philanthropy has been recognized through prestigious awards, including the "Medical Philanthropy Promoter" title and designation as a "China Philanthropic Enterprise"
Provided over 2,200 job opportunities for recent graduates
To date, Innovent Biologics has contributed more than RMB 6 billion in taxes and fees