[ 메디채널 김갑성 기자 ] Innovative Achievements Continue to Come to Fruition, Revenue from Innovative Drugs Exceeding RMB6,700 Million in The First Three Quarters of 2025
SHANGHAI, Oct. 28, 2025 -- On October 28, 2025, Shanghai Fosun Pharmaceutical (Group) Co., Ltd. ("Fosun Pharma" or "the Group"; SSE: 600196, HKEX: 02196), a leading innovation-driven global healthcare company, announced its financial results for the first three quarters of 2025. In the first three quarters of 2025, Fosun Pharma achieved operating revenue of RMB29,393 million, net profit attributable to shareholders of RMB2,523 million. The revenue from Innovative Drugs grew steadily, exceeding RMB6,700 million in the first three quarters of 2025, up by 18.09% period-on-period, implying a continued optimization of revenue structure. Fosun Pharma
Meanwhile, Fosun Pharma continued to deepen lean operations, drive cost reduction and efficiency enhancement, and advance asset-light strategies to optimize assets and financial structure, actively strengthen supply chain management and operational efficiency, and achieve healthy operating cash flow. In the first three quarters of 2025, the net cash flow from operating activities of Fosun Pharma amounted to RMB3,382 million, up by 13.23% period-on-period, representing a sustained improvement in operational quality.
Revenue from Innovative Products Maintains Steady Growth
Fosun Pharma's innovative products focus on core therapeutic areas such as solid tumors, hematologic tumors, and immune-inflammatory disorders, while emphasizing core technology platforms including antibodies/ADCs, cell therapy, and small molecules, building a synergistic, open, and global innovative R&D system.
In the third quarter of 2025, several self-developed Innovative Drugs from Fosun Pharma achieved key milestones in major markets. Notably, 1 additional indication for the innovative small molecule CDK4/6 inhibitor Fovinaciclib Citrate Capsules (Chinese trade name:复妥宁®), of which Fosun Pharma owns independent intellectual property rights, was approved in Chinese Mainland. The inhibitor is for the treatment of adult patients with hormone receptor (HR)-positive, human epidermal growth factor receptor-2 (HER2)-negative breast cancer, bringing more diverse treatment options to breast cancer patients in China.
In September 2025, the self-developed denosumab injection (project no.: HLX14), in both 60 mg/mL and 120 mg/1.7 mL presentations, was approved for launch successively in the United States and the European Union, becoming the first domestically developed denosumab to be approved overseas, covering all original indications. This provides additional therapeutic options in multiple areas related to bone loss, including osteoporosis.
In the hematology tumors field, the drug registration application of Brexucabtagene Autoleucel Injection (project code: FKC889) of Fosun Kairos was accepted by the National Medical Products Administration (NMPA) in September 2025. The declared indication for this application is for the treatment of adult patients with relapsed or refractory B-cell precursor acute lymphoblastic leukemia (ALL).
Strengthening Original Innovation Capability, Building a High-Value Pipeline Portfolio
Fosun Pharma committed to innovation-driven sustainable growth, emphasizing the rational allocation of R&D resources and efficiency enhancement. The Group has gradually built a high-value pipeline portfolio and deployed radiopharmaceuticals, RNA, gene therapy, AI drug R&D and other cutting-edge technologies in order to facilitate the R&D process. Meanwhile, Fosun Pharma continuously strengthens its fundamental innovation capabilities and advances the deep integration of scientific and industrial innovation.
In terms of R&D investment, in the first three quarters of 2025, Fosun Pharma's R&D investment amounted to RMB3,998 million in total, up by 2.12% period-on-period. In particular, R&D expenses amounted to RMB2,730 million. In the third quarter of 2025, R&D expenses amounted to RMB1,013 million, up by 28.81% period-on-period. The investment primarily focused on cutting-edge technology platforms such as radiopharmaceuticals and cell therapy, as well as global multicenter clinical trials of high-value pipelines, including HLX22 (recombinant humanized anti-HER2 monoclonal antibody injection) and HLX43 (PD-L1-targeted antibody-drug conjugate).
Fosun Pharma's self-developed innovative anti-PD-1 monoclonal antibody (mAb) Han Si Zhuang (serplulimab injection) is making steady progress across multiple clinical studies. Among them, the phase 3 clinical study of Han Si Zhuang in combination with chemotherapy for the neo-/adjuvant treatment of gastric cancer has met the primary endpoint, supporting an early new drug application submission. Han Si Zhuang has become the world's first perioperative (pre-/post-surgical) treatment regimen for gastric cancer in which an immunotherapy monotherapy replaces postoperative adjuvant chemotherapy, marking a major breakthrough in this field. In October, the U.S. bridging study of serplulimab injection in combination with chemotherapy for the first-line treatment of extensive-stage small cell lung cancer (ES-SCLC) has completed enrollment of all 200 patients, laying a solid foundation for the subsequent submission of a Biologics License Application (BLA) to the U.S. Food and Drug Administration (FDA). As the world's first anti-PD-1 mAb approved for 1L treatment of ES-SCLC, serplulimab has been approved in nearly 40 countries and regions including China, the U.K., Germany, Singapore and India, serving as a high-quality example of Chinese innovation drugs reaching global markets.
In October 2025, HLX43 (PD-L1-targetede antibody-drug conjugate) for injection was granted Orphan-Drug Designation (ODD) by the U.S. FDA for the treatment of thymic epithelial tumors (TETs). This designation will facilitate the subsequent R&D, registration, and commercialization of the product for the relevant indication in the United States. HLX43 is a potential best-in-class (BIC) broad-spectrum anti-tumor antibody-drug conjugate (ADC) that combines dual mechanisms of action—immune checkpoint blockade and payload-mediated cytotoxicity. As the world's first PD-L1 ADC developed for TETs, HLX43 has demonstrated promising preliminary efficacy in the later-line treatment of patients with TC. It is positioned to address the unmet clinical need for ADC therapies in this rare and highly aggressive malignancy. Currently, Fosun Pharma's subsidiary, Henlius, is advancing the clinical development of HLX43 at full speed, with over 400 patients enrolled globally.
In September 2025, Fosun Pharma established a radiotherapy business platform, Xingrui Jingxuan, which will deploy diagnosis-therapy integrated radiopharmaceuticals development in pan-tumor through both independent R&D and collaborative pathways, bringing more benefits to patients.
Launching Share Incentive Scheme, Successfully Issuing First Medium-to-Long Term Sci-Tech Innovation Bond in Private Pharmaceutical Industry
In addition, in the first three quarters of 2025, Fosun Pharma completed its A-share and H-share repurchase plans on schedule and proposed adoption of the 2025 A share option incentive scheme and the H share restricted share unit (RSU) scheme, further strengthening its long-term incentive mechanism. In August 2025, the Group successfully issued RMB 1 billion of medium-to-long-term Sci-Tech Innovation Bonds with a maturity of two years, becoming the first private pharmaceutical company to issue such bonds after the joint announcement of the People's Bank of China and the China Securities Regulatory Commission in May 2025 regarding support for Sci-Tech Innovation Bonds. The bonds carry a coupon rate of 2.70% and will provide strong funding support for Fosun Pharma as it deploys in key scientific innovation areas, accelerating the transformation and commercialization of innovative products.
Looking forward, Fosun Pharma will continue to adhere to innovation-driven development, optimize R&D resource allocation, accelerate the clinical progress and commercialization of high-potential pipeline, and remain committed to delivering higher-quality and more accessible healthcare products and services to patients worldwide.
***
About Fosun Pharma
Founded in 1994, Shanghai Fosun Pharmaceutical (Group) Co., Ltd. ("Fosun Pharma"; SSE: 600196, HKEX: 02196) is a leading innovation-driven global healthcare company operating in the fields of pharmaceuticals, medical devices & diagnostics, and healthcare services. Through its strategic alliance with Sinopharm Group Co., Ltd., Fosun Pharma further extends its capabilities in pharmaceutical commerce.
Over the past 30 years since its establishment, Fosun Pharma has maintained deep roots in China while strategically expanding its global presence. The company has been actively implementing its "4IN" strategy - Innovation, Internationalization, Intelligentization, and Integration, with core business operations now spanning major overseas markets including the United States, Europe, Africa, India, and Southeast Asia. At present, Fosun Pharma has established an open and globally integrated pharmaceutical R&D ecosystem, focusing on core therapeutic areas including oncology (solid tumors and hematologic malignancies) and Immune-inflammatory disorders. The company is strategically enhancing its technological leadership in antibody/ADC platforms, cell therapies, and small molecule development, while collaborating with industry funds to pioneer next-generation modalities such as radiopharmaceuticals, RNA therapeutics, gene editing, and AI-powered drug discovery. This multidimensional approach accelerates the translation of innovative therapies into clinical practice, systematically addressing critical unmet medical needs worldwide.
Looking ahead, Fosun Pharma remains anchored in its core values of "Care for life, Continuous innovation, Pursuit of excellence, and Sustainable partnership". By advancing its global innovation engine and operational excellence, the company strives to be a global leader to integrate pharmaceutical and healthcare innovations, creating better health for families worldwide.
