On March 26, 2026 Innovent Biologics, Inc. (Innovent) (HKEX: 01801), a world-class biopharmaceutical company that develops, manufactures and commercializes high-quality medicines for the treatment of oncologic, autoimmune, cardiovascular and metabolic, ophthalmologic, and other major diseases, reported its 2025 annual results and long-term strategic blueprint.
Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:
Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing
Schedule Your 30 min Free Demo!
Dr. Michael Yu, Founder, Chairman of the Board and CEO of Innovent, stated: "2025 marks the most successful year in Innovent’s history. We achieved historic breakthroughs across three areas: business scale, financial strength, and global innovation. We successfully upgraded our strategy from an oncology-focused leader to a ‘dual-engine growth model’ driven by oncology and general biomedicine portfolio.
Encouragingly, we delivered our first full year of net profit, marking a formal entry into an era of sustainable profitability. Our robust cash reserves and positive operating cash flow will provide strong support for strategic growth. On the innovation front, three global high-potential assets advanced into or near global registrational clinical development, targeting a combined addressable market value of over US$60 billion. Meanwhile, we accelerated the global value realization of our pipeline through multiple landmark strategic collaborations, laying a solid foundation for global expansion. Total deal value reached over US$22 billion in the past year, accounting for more than 10% of China’s innovative pharmaceutical sector outbound licensing value in 2025[1].
These achievements not only validate the foresight of our strategy but also highlight our uniqueness of strong growth and high certainty within China’s biopharma industry. Guided by our Vision 2030 to become a global premier biopharmaceutical company, we will continue to drive progress across four core pillars: revenue, profitability, innovative pipeline and organizational capabilities, creating sustainable value for patients, shareholders and society."
Revenue Set New Height, Achieved Full-Year Profitability with Strong Cash Position
Total revenue reached RMB 13.0 billion, representing a year-on-year increase of 38.4%. Product revenue amounted to RMB 11.9 billion, up 44.6% year-on-year. From the commercial launch of its first product in 2019 to 18 approved products and surpassing RMB 10 billion revenue milestone, Innovent accomplished this in only 7 years, setting a new growth benchmark for China’s innovative biopharmaceutical industry.
The Company achieved its first full year of net profit. IFRS net profit reached RMB 814 million, and Non-IFRS net profit rose to RMB 1.72 billion, marking a structural inflection in profitability and entry into a sustainable earnings era.
Operating efficiency continued to improve. Gross margin improved 2.3 percentage points to 87.2%. Selling and administrative expense ratio declined 2.9 percentage points to 48.0%. EBITDA surged to RMB 1.99 billion (2024: RMB 412 million). As of December 31, 2025, cash reserves totaled RMB 24.3 billion (~US$3.5 billion). Additionally, the Company also generated positive operating cash flow, providing strong financial support for long-term development. [2]
Dual-Engine Strategy Fully Implemented, Commercial Foundation Strengthened
China Leading Oncology Brand with Synergistic Value of Innovative Portfolio
Innovent has established a leading oncology brand in China. Cornerstone products including TYVYT (sintilimab injection), BYVASDA (bevacizumab injection) and HALPRYZA (rituximab injection) have benefited millions of Chinese cancer patients.
In addition, five small-molecule targeted oncology drugs—Limertinib (EGFR TKI), DOVBLERON (Taletrectinib, ROS1i), Dupert (fulzerasib, KRAS G12Ci), JAYPIRCA (Pirtobrutinib, BTKi), and Retsevmo (selpercatinib, RETi) — were successfully included in the 2025 National Reimbursement Drug List (NRDL), further strengthening the competitiveness and commercial performance of Innovent’s oncology portfolio.
General Biomedicine Franchise Emerged as a New Growth Engine
Benefiting from forward-looking strategic layout, Innovent’s general biomedicine portfolio delivered strong momentum in 2025.
SYCUME (Teprotumumab, IGF-1R antibody), China’s first innovative therapy for thyroid eye disease in 70 years; Mazdutide, the world’s first and only approved GCG/GLP-1 dual-receptor agonist for obesity and type 2 diabetes; and SINTBILO (tafolecimab injection), the first China-domestic PCSK9 inhibitor included in the NRDL—all exhibited robust performance. PECONDLE (picankibart injection, IL-23p19 antibody), the anchor asset in autoimmune diseases, was also approved at the end of 2025.
Within a single year, the general biomedicine portfolio has become a second core engine driving high-speed growth. Today, Innovent possesses one of the highest-quality commercial portfolio and pipeline in the industry, supported by a fully established commercial network, reinforcing its solid commercial foundation.
Year of Globalization: Pipeline Value Unlocked, Growth Potential Expanded
2025 marked a breakthrough year for the Company’s globalization strategy, unlocking substantial long-term growth potential. Innovent successfully advanced three core assets into or near global Phase 3 clinical trials. According to its partner estimates, these late-stage assets target a combined total addressable market (TAM) of over US$60 billion, including:
IBI363 (PD-1/IL-2α-bias): Next-gen IO cornerstone, potential TAM over US$40 billion for first wave of indications
In collaboration with Takeda, IBI363 is being advanced globally. The first global MRCT Phase 3 in IO-resistant squamous NSCLC has been initiated. PoC in IO-resistant non-squamous NSCLC is completed, with a new global Phase 3 planned subject to the PoC results and regulatory communications. A Phase 3 trial in 3L colorectal cancer (CRC) in China is planned for 2026. A Phase 2 trial in IO-naïve mucosal/acral melanoma is underway in China. PoC studies in 1L NSCLC and 1L CRC are ongoing.
IBI343 (CLDN18.2 ADC): Cornerstone for gastrointestinal cancers, potential TAM over US$8 billion
Interim analysis from the China-Japan Phase 3 clinical trial in 3L gastric cancer is expected in 2026. Phase 3 in 3L pancreatic cancer in China was initiated in 2025. PoC studies in 1L gastric and 1L pancreatic cancer are ongoing.
IBI324 (VEGF/ANG2): Potential best-in-class retinaltherapy, potential TAM US$15 billion
Our partner Ollin Biosciences reported positive top-line results from the Phase 1b JADE head-to-head study against faricimab in wAMD and DME patients in the US. Innovent is working closely with Ollin to engage global regulators in 2026 and advance IBI324 into global Phase 3 trials.
Diversified Partnerships to Accelerate Global Innovation
Total deal value from Innovent’s global collaborations reached over US$22 billion in 2025, representing over 10% of China’s innovative pharma outbound licensing value. These partnerships not only accelerate global pipeline development but also help build core capabilities for Innovent to become a truly world-class biopharma.
With Takeda: Landmark "IO + ADC" collaboration under a co-development and co-commercialization ("Co-Co") model for IBI363 to build its global R&D and commercialization capabilities.
With Eli Lilly: Seventh partnership with an end-to-end innovation model to jointly develop novel oncology and immunology molecules, enhancing full lifecycle R&D frameworks and decision-making from a multinational perspective.
With Roche: Leveraging global oncology resources to advance IBI3009 (DLL3 ADC) worldwide.
With Ollin: Utilizing global ophthalmology expertise to accelerate IBI324’s clinical development and market positioning.
High-Quality Manufacturing Standards
Total operational capacity of 140,000 liters, accounting for 20% of China’s total biologic manufacturing capacity. Site 1 houses 60,000 liters of antibody capacity and ADC commercial lines; Site 2 has 80,000 liters of antibody capacity, supporting global supply and CDMO services.
Sustainable Development and ESG Commitment
8,000 employees worldwide, with global R&D centers in San Francisco Bay Area, Shanghai and Suzhou.
Over 3,000 new cancer patients initiate Innovent therapies daily; more than 6 million patients have benefited to date.
Maintained MSCI ESG AAA rating, leading China’s biopharmaceutical industry.
First innovative biopharma constituent of the Hang Seng Index ("blue-chip" status).
Launched community health initiatives including the MV ‘Weight Management Made Easy’ and documentary ‘Down in Weight, Up in Life’ to promote science-based healthy weight management.
Published patient education materials on thyroid eye disease and weight management to enhance public health awareness.
Implemented multiple patient assistance programs, benefiting over 200,000 patients with drug donations valued at over RMB 3.6 billion.
Received honors including "Healthcare Public Welfare Pioneer" and "China Public Welfare Enterprise".
Created over 2,200 jobs for new graduates.
Cumulative taxes and contributions exceeding RMB 6 billion.
Vision 2030: From China Leader to Global Premier Biopharma
Entering 2026, Innovent celebrates its 15th anniversary. Building on its strong foundation, the Company reaffirms Vision 2030: to evolve into a global premier biopharmaceutical company.
Revenue: Target RMB 20 billion by 2027 with continued expansion thereafter. International revenue will become a new growth driver in the future.
Profitability: Maintain high-quality growth while steadily improving profit margins benchmarking industry-leading levels.
Pipeline: Focus on advancing high-value assets including IBI363, IBI343 and IBI324. Push next-generation oncology and general biomedicine molecules into global early-stage and PoC studies. Target at least 5 molecules in global MRCT Phase 3 by 2030.
Organization: Established a US R&D and operating team of nearly 100 people. Through deep partnerships with Takeda, Lilly, Ollin, Roche and others, Innovent is rapidly building global R&D, regulatory and commercial capabilities. These growing global competencies will further support independent development, enabling Innovent to leap forward into a fully independent, world-class biopharmaceutical enterprise.
(Press release, Innovent Biologics, MAR 26, 2026, View Source [SID1234663957])