InnoCare Pharma reported full-year 2025 revenue of RMB 2.37 billion, a 135.30% surge from 2024, driven by strong growth in drug sales and new licensing income.

• Drug revenue grew 43.40% year-on-year to RMB 1.44 billion, supported by continued uptake of BTK inhibitor Orelabrutinib and the fourth-quarter launch of Tafasitamab. • Licensing and collaboration income contributed RMB 904.04 million, reflecting deals with Zenas BioPharma and Prolium. • Gross profit reached RMB 2.18 billion, lifting gross margin to 92.0% (2024: 86.3%).

Total operating expenses rose 22.40% to RMB 1.74 billion, mainly from: – Selling and distribution costs of RMB 579.96 million (+38.10%), linked to expanded commercial activities and the Tafasitamab launch. – R&D outlays of RMB 951.62 million (+16.90%) as clinical programs and technology platform investment accelerated. – Administrative costs of RMB 203.51 million (+10.70%).

After turning around from a RMB 452.86 million loss in 2024, InnoCare posted a net profit of RMB 644.18 million, marking its first profitable year. Adjusted profit, excluding foreign-exchange effects and share-based compensation, was RMB 675.45 million.

Cash and related balances stood at RMB 7.81 billion on 31 December 2025, providing ample liquidity for pipeline and commercial expansion.

Strategic highlights during the year included: 1. Hemato-oncology franchise—new first-line approval and NRDL inclusion for Orelabrutinib in CLL/SLL, China approval and launch of Tafasitamab, and advancement of next-gen BCL-2 inhibitor Mesutoclax into three registrational trials. 2. Autoimmune pipeline—positive Phase IIb lupus data for Orelabrutinib and Phase III enrolment completion for ITP; expanded TYK2 portfolio with Soficitinib and ICP-488. 3. Solid tumors—China approval of TRK inhibitor Zurletrectinib and clinical progress of proprietary ADC platform, led by B7-H3-targeted ICP-B794.

Management expects 2026 to be catalyst-rich, citing upcoming data readouts, regulatory submissions and the first full-year sales contribution from Tafasitamab.