LEPU BIO-B (02157) announced its annual results for the period ending December 31, 2025. The group recorded revenue of 935 million Chinese yuan, representing an increase of 154.19% compared to the previous year. Profit attributable to owners of the company was 261 million yuan, marking a turnaround from a loss to a profit year-on-year. Basic earnings per share were 0.15 yuan.
For domestic commercial operations, the group generated approximately 501 million yuan in revenue from sales of Puyouheng® (Puteplimab Injection) and Meiyouheng® (Injection of Vebecotumab). This signifies a significant increase of 66.8% compared to the sales revenue achieved in 2024 (2024: 300 million yuan). Furthermore, Meiyouheng®, a new product approved by the National Medical Products Administration in October 2025, contributed initial revenue during the reporting period. This has further enriched the group's portfolio of commercialized products and laid a solid foundation for substantial future growth.
Regarding its licensing business, the group obtained revenue of approximately 424 million yuan (2024: 22 million yuan), primarily derived from the out-licensing of MRG007 and TCE assets. The group remains committed to advancing its global licensing strategy and actively engages in out-licensing collaborations. In January 2025, the company entered into an exclusive licensing agreement with ArriVent, granting ArriVent exclusive rights to develop, manufacture, and commercialize MRG007 outside Greater China. Under the agreement terms, besides tiered royalties on net sales, the company is eligible to receive upfront, development, regulatory, and sales milestone payments totaling up to $1.2 billion.
Additionally, on August 1, 2025, the company executed a licensing transaction with Excalipoint concerning the out-licensing and/or transfer of certain intellectual property related to two preclinical assets developed from its proprietary T-cell engager platform, TOPAbody. The company is eligible to receive a total upfront cash payment of $10 million, plus 10% of the enlarged issued share capital of Excalipoint Cayman (to be issued to a wholly-owned subsidiary of the company), cash development and commercial milestone payments of up to $847.5 million, and tiered sales royalties. These transactions demonstrate the company's growing expertise in its global partnership strategy and its continued accumulation of experience in seeking strategic partners worldwide to advance its pipeline assets in international markets.
Most notably, in 2025, the group's first-in-class EGFR-targeting ADC, Meiyouheng®, received marketing approval in China. Concurrently, a greater number of the group's drug candidates have entered key clinical stages, and progress towards earlier lines of treatment has been achieved through the development and optimization of combination therapies.
Comments