Grand Pharma (00512) disclosed its 2025 financial report on March 26. The company reported annual revenue of approximately HKD 12.28 billion, representing a year-on-year increase of about 14.8% after excluding the impact of centralized procurement. Profit attributable to owners, adjusted for operating items, was approximately HKD 1.49 billion. Revenue from innovative, high-barrier products accounted for about 50% of total revenue for the first time, a significant increase of nearly 10 percentage points compared to the previous year. This milestone marks the company's successful deep transformation towards innovation-driven development.
In terms of innovation and R&D, the company achieved 32 milestone advancements throughout the year in research innovation and international expansion, demonstrating outstanding global R&D capabilities and clinical development strength. Against the backdrop of continuous technological innovation delivery, the company proposed a dividend of approximately HKD 600 million, marking the eighth consecutive year of dividend payments.
In 2025, Grand Pharma's nuclear medicine oncology diagnostics and therapeutics segment experienced leapfrog development. Revenue from this segment reached approximately HKD 950 million, a substantial year-on-year increase of about 61.0%. Segment revenue has grown nearly fifteen-fold over four years, continuously consolidating its leading position. A core product in this segment, Yitai (90Y) Microsphere Injection, achieved new breakthroughs during the year, gaining new indications approved in both the United States and Europe. It has become the world's first and only selective internal radiotherapy product approved by the FDA for the dual indications of unresectable hepatocellular carcinoma (HCC) and colorectal cancer liver metastases. This positions the product for further strategic expansion of its market potential.
Simultaneously, the company's nuclear medicine pipeline continues to be enriched. Two self-developed radiopharmaceuticals, GPN02006 and GPN01530, have gained recognition on the international stage. GPN02006 has the potential to become the world's first RDC diagnostic product for HCC targeting GPC-3. The innovative FAP-targeting product GPN01530 received FDA approval to initiate Phase I/II clinical studies for solid tumors. It is expected to reshape the landscape of solid tumor diagnosis with its higher sensitivity and provide an important paradigm for the international development of Grand Pharma's nuclear medicine products.
Furthermore, several other nuclear drugs, including TLX591-CDx, TLX591, and ITM-11, achieved new clinical milestones. TLX591-CDx has formally entered the New Drug Application stage. Upon successful approval, this product is expected to replicate its strong overseas market performance, where sales exceeded USD 600 million in 2025, becoming another growth engine for the company following Yitai.
The company's nuclear medicine industry chain layout has also become more comprehensive. In June 2025, Grand Pharma's Chengdu nuclear medicine R&D and production base officially commenced operations. This base not only fulfills a critical link in the company's global nuclear medicine strategy but also achieves the leap from laboratory research to industrial-scale production. It signifies that the company has successfully established a closed-loop system covering the entire "R&D-Production-Sales" industrial chain, fully realizing a global, end-to-end layout for nuclear medicine.
These developments collectively indicate that Grand Pharma's nuclear medicine oncology segment has evolved from breakthroughs in single products into a global, fully-integrated, and diversified high-barrier business. This transformation serves as a core pillar supporting the company's growth from a local pharmaceutical enterprise into a large multinational corporation.
While the nuclear medicine segment demonstrates leadership through its comprehensive ecosystem, the successful achievement of the primary endpoint in the domestic Phase II clinical study for the company's global first-in-class product, STC3141, validates Grand Pharma's innovative strength. This innovative drug tackles the global medical challenge of sepsis with a pioneering treatment approach focused on rebuilding immune homeostasis, breaking through the long-standing industry problem of lacking specific causal treatments for sepsis. Its unique mechanism of action and significant clinical value have been fully demonstrated in clinical studies.
STC3141 not only addresses a vast unmet clinical need in its core sepsis indication but also holds potential for expansion into other critical care areas such as acute respiratory distress syndrome. It is reported that the company is actively communicating with international regulatory authorities like the FDA to optimize the clinical development plan and is comprehensively advancing preparations for international multi-center clinical trials. Upon market approval, this product is expected to establish a significant market exclusivity advantage, unlocking a global market potential valued in the tens of billions, and becoming a crucial pivot point for the company's global strategy.
Concurrently with its sustained R&D efforts, Grand Pharma has successfully launched several innovative products, continuously providing strong momentum for long-term growth. Laite Ling Compound Nasal Spray, for allergic rhinitis, has been successfully launched, filling a gap in compound treatment for moderate-to-severe allergic rhinitis in children aged 6 and above in China. It offers a world-leading treatment option for nearly 250 million allergic rhinitis patients in the country.
Additionally, high-potential products such as the world's first innovative dry eye treatment, varenicline tartrate nasal spray, and the world's first treatment for Demodex blepharitis, GPN01768 (TP-03), have been introduced into the domestic market. Both products are mature innovations validated in overseas markets. TP-03, in particular, achieved a 150% year-on-year sales growth in the US in 2025 and is projected to reach a global sales peak of USD 2 billion. Following its approval in China, it is expected to replicate its excellent overseas performance, becoming a new major growth driver for Grand Pharma.
From the global, full-industry-chain breakthroughs in nuclear medicine oncology to the significant progress of STC3141, Grand Pharma has transcended the cyclical fluctuations of single drugs, reinforcing its development resilience through a comprehensive ecosystem layout. The successful market launches of multiple products also indicate that the company's product portfolio has fully entered a commercialization and value-realization phase.
In 2025, the company profoundly demonstrated its core capability to navigate cycles and achieve sustained growth. Looking ahead, with the continuous volume increase of high-barrier innovative products, the密集兑现 of core pipeline assets, and the deepening of its global layout, Grand Pharma is poised to return to a high-growth trajectory in 2026.
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