Innovent Biologics achieves its first full-year profit, stating that steady growth in weight loss drug sales meets expectations.

“Since its official launch in July 2025, the overall performance of Masutide has been quite good, maintaining a relatively healthy trend in recent months with a steady growth trajectory, basically in line with the company’s sales expectations.” On March 27, a relevant person in charge of Innovent Biologics stated during the 2025 annual performance conference call that the company will continue to monitor changes in the weight loss market, comprehensively assess, and dynamically balance the overall sales strategy for this year.

On the evening of March 26, Innovent Biologics (1801.HK) announced that for the fiscal year ending December 31, 2025, the company’s total revenue was 13.042 billion yuan, a year-on-year increase of 38.4%; the net profit under International Financial Reporting Standards (IFRS) reached 814 million yuan, and the Non-IFRS net profit grew to 1.723 billion yuan. The Non-IFRS earnings before interest, taxes, depreciation, and amortization (EBITDA) rose to 1.991 billion yuan, with cash reserves approximately equivalent to 3.5 billion USD.

Innovent Biologics stated that since the launch of its first product seven years ago, this is the first time the company’s revenue has exceeded 10 billion yuan, and it has also achieved its first annual profit. Regarding this performance report, Innovent Biologics founder Yu Dechao stated on the conference call that the company’s development goal from 2020 to 2025 is to survive, strengthen its domestic base, and achieve self-profitability, becoming a leading enterprise in the domestic industry in terms of both products and market value. Looking at the financial report for 2025, this goal has been achieved.

Innovent Biologics was founded in 2011 and listed on the main board of the Hong Kong Stock Exchange in October 2018. Its first product was launched in 2019, and its product portfolio has now expanded to 18 products, 12 of which have been included in the medical insurance catalog. The GCG/GLP-1 drug Masutide is Innovent Biologics’ star product, which has been approved for two major indications: weight management and type 2 diabetes. The financial report did not mention specific sales data for the drug but emphasized its research status.

Specifically, based on the results of the GLORY-3 study of the 9mg dosage, the third marketing application for Masutide is currently under review. The company has completed five phase clinical trials for Masutide and has initiated four additional phase III clinical trials, expanding to new indications such as adolescent obesity, obstructive sleep apnea (OSA), metabolic associated fatty liver disease (MAFLD), and hypertension. Additionally, the company has launched new clinical studies for Masutide targeting metabolic-associated fatty liver disease (MASH) and heart failure with preserved ejection fraction (HFpEF).

The aforementioned responsible person pointed out that the potential of the weight loss market in China is very large, stating, “We believe that the core competitiveness of the current industry is not about seizing existing market shares, but rather jointly expanding the market size and increasing public awareness of diseases and product penetration.” Strategically, the company will focus this year on building brand awareness for Masutide and highlighting its differentiated advantages. Masutide has a unique target combination, and there are no new competitive products expected in the next three to five years, allowing the company to effectively establish a differentiated concept.

From the overall revenue structure, Innovent Biologics’ product revenue for 2025 reached 11.896 billion yuan, a year-on-year increase of 44.6%. This growth is primarily attributed to the continued leading advantage in the oncology field and the rapid expansion of the comprehensive product line, with licensing fee revenue amounting to 957 million yuan. Innovent Biologics stated that as the collaboration pipeline increases and strategic collaborations progress, licensing fee revenue has become an important source of income for the company.

In the past two years, several BD collaborations announced by Innovent Biologics have garnered industry attention. For example, in October 2025, Innovent Biologics announced a $11.2 billion collaboration with Takeda, showcasing the co-co model in the domestic pharmaceutical industry, which involves joint development and joint commercialization; at the beginning of 2026, Innovent partnered for the seventh time with Eli Lilly to jointly advance global R&D of innovative drugs in oncology and immunology, with Innovent receiving a $350 million upfront payment and a maximum collaboration value of $8.85 billion.

On March 25, before releasing the financial report, Innovent Biologics announced that the strategic cooperation agreement with Eli Lilly had come into effect on March 24, 2026, with all preconditions met. The cooperation aims to promote new drug development in oncology and immunology. The announcement specifically mentioned that some media mistakenly interpreted the effectiveness of this strategic cooperation agreement as an acquisition of the company. The company clarified that it has not and does not intend to engage in such transactions.

Regarding the BD goals for 2026, Innovent Biologics executives pointed out during the conference call that Innovent’s R&D capabilities are increasingly being recognized, and the company will continue to actively work on the existing foundation in 2026, hoping to have further collaborations with various companies to ensure the company’s global progress.