Cspc Innovation Pharmaceutical Co., Ltd. (300765.SZ) has released its semi-annual report for the first half of 2026, showing a significant turnaround. The company achieved operating revenue of 3.24 billion yuan, a year-on-year increase of 208.72%. Net profit attributable to shareholders of the listed company reached 1.261 billion yuan, while net profit excluding non-recurring gains and losses stood at 1.226 billion yuan. Basic earnings per share were 0.9056 yuan.
During the first half of 2026, the company's biopharmaceutical business generated revenue of 2.2624955 billion yuan, representing a staggering 2319.52% increase from the same period last year. The report notes that Cspc Innovation Pharmaceutical's commercialized biopharmaceutical products continued to deepen hospital access and channel coverage, achieving sales revenue of 174.9313 million yuan, up 87.07% year-on-year. The company's Ustekinumab injection (Enake®) received a drug production approval in May and officially entered the commercialization phase in June, with expectations of continued contributions to product revenue.
In the reporting period, out-licensing (BD) business became the main driver of the company's revenue growth. In January 2026, the company's controlling subsidiary, Jubi Stone Biotech, signed a strategic collaboration and license agreement with AstraZeneca, focusing on innovative peptide drug development. Under the agreement, Jubi Stone Biotech is entitled to receive an upfront payment of $420 million, along with development milestone payments, sales milestone payments, and royalties based on the actual progress of the licensed pipeline. The full $420 million upfront payment was received by Jubi Stone Biotech in May 2026.
In the first quarter of 2026, the company successfully achieved the Phase II clinical trial initiation milestone for its collaboration with Corbus, receiving a $10 million milestone payment during the first half of the year. On July 1, 2026, Cspc Innovation Pharmaceutical entered into another global collaboration agreement with AstraZeneca, this time for small interfering RNA (siRNA) innovative drugs. Under this agreement, Jubi Stone Biotech is entitled to a $30 million upfront payment, with total future milestone payments potentially reaching up to $1.74 billion. The full $30 million upfront payment was received by Jubi Stone Biotech in August 2026.
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