FOSUN PHARMA has achieved a strategic upgrade in its internationalization process, moving from "product globalization" to "system globalization." On March 24, FOSUN PHARMA released its 2025 annual report. The Group reported revenue of 41.662 billion yuan, a year-on-year increase of 1.45%, demonstrating steady growth against the backdrop of normalized volume-based procurement. Net profit attributable to shareholders reached 3.371 billion yuan, surging 21.69% year-on-year. The profit growth rate significantly outpaced revenue growth, reflecting improved profitability driven by business structure optimization.
In terms of revenue composition, income from innovative drugs reached 9.893 billion yuan, a substantial increase of 29.59% year-on-year. This segment now accounts for 33.16% of pharmaceutical revenue, up 6.77 percentage points from the previous year. Overseas revenue amounted to 12.977 billion yuan, growing 14.87% year-on-year and representing 31.15% of total revenue, an increase of 3.64 percentage points year-on-year.
Cash flow performance also confirms the improvement in operational quality. Net cash flow from operating activities was 5.213 billion yuan during the reporting period, up 16.45% year-on-year, primarily due to increased out-licensing income. Concurrently, by持续推进 the divestment and integration of non-strategic, non-core assets, the Group recouped nearly 3 billion yuan in funds during 2025, optimizing its asset structure and accelerating cash flow.
The company's total R&D investment for 2025 reached 5.913 billion yuan, an increase of 6.46% year-on-year. Of this, investment related to innovative drugs was 4.303 billion yuan, a significant rise of 15.98%, accounting for 72.77% of total R&D expenditure, up 5.97 percentage points year-on-year. This intensive, targeted investment is translating into密集 commercialization outcomes. During the period, seven innovative drugs, covering 16 indications, received approval for launch in domestic and international markets. Marketing applications for six innovative drug varieties were accepted, and nearly 40 clinical trials for innovative drugs were approved by regulatory authorities in China, the US, and Europe.
The self-developed small molecule innovative drug Fumaning (Luvomecitinib Tablets) received domestic approval for two indications, addressing an unmet need in rare tumor treatment in China. The CDK4/6 inhibitor Futuoning (Fulvestrant Citrate Capsules) was launched with two indications, providing a new treatment option for breast cancer patients. In oncology, Serplulimab Injection (anti-PD-1 monoclonal antibody) has been approved in over 40 countries and regions globally. It became the first anti-PD-1 mAb approved in the European Union for the first-line treatment of extensive-stage small cell lung cancer (ES-SCLC). Its bridging study in the US has completed patient enrollment, with a Biologics License Application (BLA) planned for submission to the FDA in 2026. Furthermore, antibody/ADC drugs such as HLX43 (PD-L1 ADC) and HLX22 (HER2 mAb) have entered key clinical stages. The marketing application for the second CAR-T product, Breyanzi (lisocabtagene maraleucel), has been accepted.
Regarding前沿 technology platforms, the Group established a new Radiopharmaceutical Therapy (RLT) platform during the reporting period, focusing on precision oncology diagnosis and treatment. The radiopharmaceutical project SRT-007 has successfully initiated Phase I clinical trials,初步 establishing an integrated "imaging diagnosis-targeted therapy" R&D pathway.
In 2025, FOSUN PHARMA's internationalization strategy升级 from product出海 to system出海. The company has built a global operational network covering markets including China, the US, Europe, Africa, India, and Southeast Asia across dimensions such as innovative R&D, production quality, regulatory准入, commercialization, and academic influence. Regarding its production quality system, 17 domestic workshops/production lines have obtained GMP certifications from major regulatory markets like the US, EU, and WHO. The biologics production base has achieved regular supply to markets in Europe, Latin America, Southeast Asia, and India. Controlled subsidiary Gland Pharma, one of India's largest injectable-focused manufacturers, has multiple injectable production lines certified by mature regulatory markets including the US, EU, Japan, and Australia, supplying the global market.
In terms of regulatory准入 capabilities, products such as Denosumab Injection and a Pertuzumab biosimilar have successively gained approval from the US FDA and the EU, signifying international认证 of the biologics platform's quality system and regulatory capabilities. The small molecule innovative drug Fumaning received "Breakthrough Therapy" designation in Saudi Arabia, serving as a key leverage point for the Middle East and global markets. During the period, the company established a marketing network covering over 40 countries and regions in Africa. Controlled subsidiary SISRAM MED's marketing network spans more than 110 countries and regions.
FOSUN PHARMA's capability for global resource integration was significantly enhanced in 2025. The company concluded six out-licensing/authorization deals during the reporting period, with total upfront payments exceeding $260 million and potential milestone payments totaling over $3.8 billion for the full year. Notably, the Group licensed the oral GLP-1 drug YP05002 to Pfizer, receiving an upfront payment of $150 million and a potential total deal value of $2.085 billion. Beyond YP05002, FOSUN PHARMA is advancing global collaborations on several innovative pipelines, including the small molecule inhibitor FXS6837 and Serplulimab Injection. The Group has established a mature dual-track globalization model combining "self-operation + licensing."
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