GRAND PHARMA (00512) announced its 2025 financial results on March 26. The company recorded annual revenue of approximately HKD 12.28 billion, representing a year-on-year increase of about 14.8% after adjusting for the impact of centralized procurement. Adjusted operating profit attributable to shareholders was approximately HKD 1.49 billion. Throughout the year, the company's core products in the nuclear medicine anti-tumor diagnosis and treatment segment continued to gain market traction, with segment revenue reaching about HKD 950 million, a significant increase of roughly 61% compared to the previous year. Over four years, this segment has achieved nearly a fifteen-fold growth.
With the continuous realization of technological innovation, the impact of centralized procurement policies on the company has been fully mitigated, demonstrating strong resilience across industry cycles. A clear inflection point in performance has been established. Based on this performance, the company proposed a dividend distribution of approximately HKD 600 million, marking the eighth consecutive year of dividend payments.
After years of dedicated innovation, the optimization of the company's product portfolio continues to yield results, accelerating the research, development, and commercialization of innovative, high-barrier products. In 2025, GRAND PHARMA achieved 32 milestone advancements in R&D innovation and international expansion, highlighting its outstanding global innovation capabilities and clinical development prowess. The revenue contribution from innovative and high-barrier products exceeded 50% for the first time, establishing itself as a key driver for future growth. These high-barrier products, characterized by greater technological sophistication, stronger market competitiveness, and broader profit margins, provide a solid foundation for the company's long-term sustainable development.
The nuclear medicine segment's nearly fifteen-fold growth over four years is underpinned by a comprehensive global industrial chain, creating a competitive advantage. GRAND PHARMA has established a leading position in nuclear medicine, achieving a fully integrated, global layout encompassing R&D, clinical research, production, and sales. Both the commercial value of its product pipeline and the completeness of its industrial chain indicate that the company's nuclear medicine anti-tumor segment has entered a new phase of development. The path for GRAND PHARMA to grow into a large multinational pharmaceutical company, leveraging its strength in nuclear medicine, is becoming increasingly clear.
In the nuclear medicine field, GRAND PHARMA has nearly comprehensive coverage of highly promising targets such as PSMA, SSTR, and FAP, giving its pipeline an absolute leading advantage. It is noteworthy that the market potential for Yigan Tai® extends further; with approvals for expanded indications in the US and Europe, the product's market reach is expected to achieve strategic expansion. Additionally, the company has 16 innovative nuclear drugs in registration-stage clinical trials, including six innovative RDCs approved for registration clinical studies, with four products already in Phase III clinical stages. Multiple pipeline candidates are steadily advancing through clinical research, poised to accelerate the expansion of the company's commercial nuclear medicine portfolio from a single product to a broader range.
The company's diagnostic nuclear drug for prostate cancer, TLX591-CDx, successfully entered the new drug approval application stage in early 2026 and is expected to become the next innovative nuclear medicine product launched domestically. This product's overseas sales data for 2025 increased by over 20% year-on-year, with annual revenue reaching approximately USD 600 million, and its commercial performance in the domestic market is highly anticipated. Furthermore, a therapeutic nuclear drug for prostate cancer was approved in China in 2025 to join an international multi-center Phase III clinical study, potentially redefining the treatment standard for patients with PSMA-positive metastatic castration-resistant prostate cancer (mCRPC). The integrated diagnostic and therapeutic product combination formed by these two products will further enhance GRAND PHARMA's competitive edge in the nuclear medicine segment and help it capture a share of the nearly CNY 50 billion domestic prostate cancer drug market.
While advancing domestic clinical progress, GRAND PHARMA is also accelerating the global out-licensing of its innovative nuclear medicine pipeline to realize higher value. In 2025, the company's self-developed diagnostic radiopharmaceutical GPN02006 was presented at the Society of Nuclear Medicine and Molecular Imaging (SNMMI) in North America. Its clinical studies demonstrated excellent safety and imaging efficacy, potentially making it the world's first GPC-3-targeted diagnostic RDC product for hepatocellular carcinoma (HCC). Another self-developed nuclear drug, GPN01530, officially entered Phase I/II clinical studies in the US. Its FAP-targeted pan-solid tumor diagnostic characteristics provide core competitiveness distinct from traditional tumor diagnostic tools and grant it a broader market space. Notably, GPN01530 is GRAND PHARMA's first self-developed product to enter the FDA clinical stage. Its early research, registration batch production, and quality control release were all completed independently by the company, showcasing the achievements of its nuclear medicine technology platform, international R&D and registration strategies, and global production base layout. It also provides an important model for the international development of the company's nuclear medicine products.
GRAND PHARMA has established a nuclear medicine system with advantages in both full industrial chain capability and global presence. Its global nuclear medicine industrial layout spans R&D, production, and sales, featuring internationally leading tumor intervention and RDC drug R&D platforms, with a sales network covering over 50 countries and regions. The company's Chengdu nuclear medicine R&D and production base, the world's first fully closed-loop nuclear medicine industrial chain platform, enables 100% independent production, overcoming critical supply challenges, with related facilities and production quality reaching globally leading standards. This deep global industrial chain layout lays a solid foundation for GRAND PHARMA to compete in the global nuclear medicine market. As the global nuclear medicine market continues to expand, GRAND PHARMA is poised to secure a significant position in this blue ocean market leveraging its first-mover advantage and complete industrial chain. According to Precedence Research data, the global nuclear medicine market was valued at USD 10.7 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 11.5% to reach USD 22.8 billion by 2030.
If the爆发 of the nuclear medicine segment results from forward-looking布局 and deep cultivation, then the clinical breakthrough of STC3141 reflects the company's commitment to pioneering innovation and tackling global medical challenges. In 2025, GRAND PHARMA's first-in-class drug STC3141 achieved a key breakthrough. Its Phase II clinical study in China for the treatment of sepsis successfully met its primary endpoints, validating the product's efficacy, safety, and tolerability in sepsis treatment. This also signifies the company's transition from following innovation to pioneering innovation in the critical care segment. Based on these positive clinical results, GRAND PHARMA is actively communicating with international regulatory authorities like the FDA to optimize the clinical protocol and advance preparations for its international multi-center clinical trials. Currently, the product has received seven clinical approvals across five countries on three continents—China, Australia, Belgium, the UK, and Poland—and has completed four patient clinical studies, all successfully meeting their endpoints. Relevant research data indicates that STC3141 showed positive signals in efficacy indicators such as helping patients wean off ventilators, discontinue vasopressors, and shorten ICU stays.
The promising clinical data of STC3141 has attracted significant industry attention. With its unique mechanism of action, it has the potential to be a breakthrough for sepsis, one of the most challenging indications globally for drug development. Reportedly, the product diverges from existing symptomatic treatment approaches for sepsis—such as anti-infection, fluid resuscitation, and organ support—and instead precisely modulates the core pathophysiology of immune dysregulation, helping the body restore balance. It represents the world's first sepsis treatment方案 centered on重建 immune homeostasis, achieving a major upgrade in treatment维度 by targeting the cause. Against the backdrop of frequent failures in global sepsis drug development, the success of STC3141 in meeting the endpoints of its domestic Phase II study not only marks a major breakthrough for GRAND PHARMA in pioneering innovation but also brings new hope to sepsis patients worldwide. Sepsis is one of the most common causes of death in ICUs globally, resulting in over 10 million deaths annually. Treatment options are limited and costly, with treatment costs in the US projected to exceed USD 38 billion by 2027, indicating an extremely urgent clinical need.
Leveraging its unique causal treatment mechanism, STC3141 is expected to break through the current clinical bottlenecks in sepsis treatment. It is also noteworthy that, in addition to sepsis, STC3141 is advancing clinical studies for conditions like ARDS. Patients with ARDS account for up to 10% of ICU admissions, with an overall in-hospital mortality rate of about 34%, and also face a clinical dilemma due to the lack of effective treatments. The huge market demand, combined with the steady progress of clinical studies for multiple indications, continuously strengthens the commercial prospects for STC3141. If successfully launched in the future, it could become a core product supporting the company's globalization and high growth. Some institutions predict that STC3141 could achieve peak sales of up to CNY 10 billion.
From the full industrial chain layout in nuclear medicine to the groundbreaking global breakthrough of STC3141, GRAND PHARMA's innovation strategy is evolving from "multiple blooms" to "core breakthroughs." The two complement each other, forming a dual-engine drive for the company's innovative development. This not only makes the company's innovation layout more comprehensive but also endows its growth with greater momentum and global competitiveness.
Alongside breakthrough progress in innovative R&D in segments like nuclear medicine, GRAND PHARMA is also entering a period of innovation realization in multiple other segments, including respiratory & critical care and ophthalmology & otorhinolaryngology. In 2026, several of the company's重磅 innovative products are expected to achieve commercial scale, continuously enriching and perfecting the product pipeline. The successful launch of products such as the globally innovative compound nasal spray Laitalin® for allergic rhinitis, the world's first dry eye treatment innovation OC-01 (varenicline tartrate nasal spray), the world's first eye drop GPN01768 (TP-03) for Demodex blepharitis, and the first epinephrine nasal spray You Minsu® (Neffy®),标志着 the company's product portfolio has fully entered a harvest period, establishing a diversified and sustainable growth ecosystem.
Specifically, Laitalin® compound nasal spray was approved for market with "zero supplement," a testament to its recognized strength within the industry. Targeting allergic rhinitis, which affects up to 250 million patients, this product fills the clinical gap for compound formulations for children over six years old in China and has the potential to become a blockbuster product in the rhinitis treatment field. In the innovative ophthalmic drug sector, the commercial potential of the company's world-first dry eye nasal spray OC-01 and the world's first Demodex blepharitis treatment GPN01768 (TP-03) has been validated in overseas markets. Since its launch in the US in 2023, TP-03 has experienced explosive sales growth, generating approximately USD 450 million in revenue in the US in 2025, a surge of over 150% year-on-year. Its global peak sales are anticipated to exceed USD 2 billion. The launch of TP-03 in the domestic market addresses the treatment gap for Demodex blepharitis, offering a new treatment option for over 50 million patients in China, making its commercial prospects in the domestic market highly promising.
Looking back at 2025, GRAND PHARMA delivered a high-quality performance report, leveraging nuclear medicine as a strategic pivot, STC3141 as an innovation benchmark, and multi-segment synergy as a growth engine. The full industrial chain advantage built in the nuclear medicine field has been translated into tangible commercial value. The continued scaling of Yigan Tai®, coupled with the sequential advancement of the follow-up pipeline, outlines a development trajectory for the nuclear medicine segment evolving from single-point breakthroughs to cluster operations. The pioneering innovation breakthrough of STC3141 in tackling the global challenge of sepsis demonstrates the company's determination and capability to challenge first-in-class drugs. The simultaneous progress across multiple segments further validates the effectiveness of the company's strategy focused on differentiation and innovation iteration. GRAND PHARMA has entered a new stage where both "products" and "ecosystem" mutually empower development. In the future, as product benefits are steadily released, combined with the continued deepening of the "Go Global" strategy, the core value of GRAND PHARMA will be further validated.
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