Viva Biotech reported 2025 revenue of RMB 1.73 billion, down 12.90% year on year, as weaker CDMO sales offset steady CRO growth. However, gross profit margin widened to 37.90% from 34.60%, lifting gross profit to RMB 655.60 million and driving a 21.30% increase in net profit to RMB 269.27 million.
Adjusted non-IFRS net profit rose 6.60% to RMB 335.30 million after normalising for amortisation, impairments and other non-recurring items.
Key operating metrics 1. CRO revenue advanced 4.70% to RMB 848.60 million, supported by a wider client roster of 1,866 and increased AI-driven projects, which contributed 12.0% of CRO turnover. 2. CDMO and commercialisation revenue fell, pulling consolidated top-line lower; Langhua Pharmaceutical posted revenue of RMB 880.80 million, affected by workshop upgrades, supply-chain volatility and customer inventory adjustments. 3. Geographic split: USA accounted for 48.00% of group revenue (RMB 830.80 million), while EU represented 26.70% (RMB 461.28 million). Mainland China revenue expanded 27.70% to RMB 259.65 million, lifting its mix to 15.00%.
Profit drivers • Business-mix optimisation and operational efficiencies in Langhua Pharmaceutical added 3.3 percentage points to the group’s gross margin. • Fair-value gains on equity stakes in incubated biotech companies contributed RMB 150.54 million to earnings. • Net finance costs contracted 30.40% to RMB 37.52 million after loan repayments.
Balance-sheet highlights • Cash and cash equivalents increased 15.60% to RMB 1.09 billion, while total borrowings edged up to RMB 1.30 billion. • Gearing (total liabilities/total assets) eased to 44.40% from 45.90%. • Unused bank facilities stood at RMB 672.90 million at year-end.
Operational updates • Over 98,885 protein structures have been delivered cumulatively, maintaining a global lead in structure-based drug discovery. • Two new CDMO commercial projects were launched; one completed PPQ batches and the other entered PPQ manufacturing. • The in-house AI drug-discovery platform (“V-Scepter”, “V-Orb”, “V-Mantle”) was unveiled, underpinning future service orders. • Total headcount reached 2,169, including 1,123 CRO R&D staff and 787 employees at Langhua Pharmaceutical.
Outlook Management expects CRO growth to hold near current levels in 2026, supported by a healthy order backlog and expanded AI capabilities, while CDMO revenue should recover once upgraded facilities resume full production and new commercial projects ramp up.
Dividend No final dividend was proposed for 2025.
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