On March 15, GENSCRIPT BIO (01548) released its full-year financial results for 2025. The past year showcased a clear and robust growth trajectory for the company. As a rapidly expanding enterprise in the biopharmaceutical sector, GENSCRIPT BIO has demonstrated strategic foresight and long-term planning. By maintaining leadership in its core operations, building a diverse product portfolio, and fostering internally-driven incubation, the company has continued to solidify its leading industry position, injecting strong momentum for sustained growth.
Financial performance serves as a reliable indicator of success. According to the report, the company's continuing operations generated revenue of approximately $960 million in 2025, a significant increase of 61.4% year-over-year. Gross profit for the year reached $553 million, surging 103.3% compared to the previous year. More notably, after excluding non-operational and non-cash items, the company achieved an adjusted net profit of $230 million, a dramatic increase of 285.0% year-over-year.
From a business segment perspective, the three core divisions—Life Science, Biologics CRDMO, and Industrial Synthetic Biology—each demonstrated distinct growth drivers in 2025, forming a solid foundation for the company's medium to long-term high-quality and efficient development.
The three core businesses have fortified their competitive moats, showing significant synergistic growth results. A detailed breakdown reveals that the Life Science business maintained steady growth, continuously strengthening its global leading position. Platform flywheel effects have become evident, generating an internal "second growth curve." The蓬勃生物 segment exhibited strong growth momentum, becoming the group's core growth driver and achieving a milestone breakthrough in its business model. Meanwhile, the百斯杰 business progressed steadily, accumulating strength for medium to long-term growth.
The Life Science business, as GENSCRIPT BIO's longest-standing operation, has contributed substantial revenue and profit throughout the company's over 20-year history. In 2025, this division successfully transformed from a "leader in gene synthesis" into a "global ecological platform." As a core growth engine, the Life Science business group demonstrated comprehensive development, achieving annual revenue of $522 million, surpassing the $500 million mark for the first time, representing a 14.8% year-over-year increase. Adjusted gross profit reached $267 million, up 12.5% compared to the previous year.
Throughout the year, the company continued to advance the synergistic development of multiple platforms and actively explored new growth avenues, forming an integrated "Gene-to-Protein Platform." This has enabled it to maintain a leading position through systemic competitive advantages. During the period, the delivery volume for protein preparation supported by genes increased by over 160%, while revenue from protein-related services grew by more than 50% year-over-year.
Concurrently, through brand rejuvenation and targeted marketing, the company expanded its customer base. New customer sales grew by over 34% in 2025. Market share in Europe and the Asia-Pacific region further expanded, indicating not only enhanced customer loyalty but also revenue diversification through global deployment. This has steadily increased its global competitiveness and risk resilience.
Looking ahead, GENSCRIPT BIO emphasized active capacity expansion for its Life Science business. According to plans, its four major global production bases have achieved fully automated production, including AI-driven "lights-out" manufacturing. By the end of 2026, 60% of its global production is expected to be handled by autonomous, AI-driven smart manufacturing centers, enabling 24/7 uninterrupted operation with industry-leading cost efficiency. This will significantly shorten delivery cycles, improve product and service stability, and support the steady fulfillment of global orders and scale expansion.
Of particular note is the subsidiary蓬勃生物, which has emerged as a standout performer during a period of rapid growth. This segment achieved annual revenue of $389 million, a surge of 309.1% year-over-year. Adjusted gross profit skyrocketed from $14 million the previous year to $258 million, with adjusted EBITDA reaching approximately $224 million.
As one of the few platforms in the industry with independent drug discovery R&D capabilities,蓬勃生物 attributed this explosive growth to a substantial increase in licensing revenue—specifically, sub-licensing income from an authorization agreement with礼新医药. This continues to validate the commercial value of its technology licensing model.蓬勃生物 is empowering client success and creating long-term value through more efficient innovation capabilities.
At present, the breakthrough monetization of this model has not only contributed to current performance but, more importantly, has enabled the company to move beyond the traditional CRDMO reliance on service fees, opening up a new growth path characterized by high margins and a high growth ceiling.
Beyond this,蓬勃生物 also demonstrated resilience amid the industry recovery for CRDMO. Excluding the礼新 transaction, its Fee-for-Service business revenue achieved organic growth exceeding 21%.
In recent years, leveraging its platform advantages in integrated antibody drug discovery, cell and gene therapy development, and production,蓬勃生物 has precisely met strong client demand for the development and manufacturing of complex biologic molecules. It has established strong core competitiveness, now ranking among the top tier in the domestic biologics CDMO field and gradually expanding globally.
In 2025,蓬勃生物 secured 41 new CDMO projects in the antibody protein drug sector, a 46% year-over-year increase, with 40% originating from overseas clients. It assisted clients in obtaining 14 new IND approvals, cumulatively supporting 62 IND approvals, and completed multiple GMP batch deliveries for two multinational pharmaceutical companies, marking milestone progress in its internationalization efforts.
In the cell and gene therapy field, the company secured 60 new CDMO projects during the same period, an 82% increase year-over-year, obtained 20 new IND approvals for a cumulative total of 87, and newly acquired 6 in vivo CAR-T projects within the year, fully reflecting global clients' high recognition of蓬勃生物's technological innovation.
The industrial synthetic biology subsidiary,百斯杰, adapted to market trends by continuously advancing its "AI + Synthetic Biology" R&D system and accelerating the commercialization of innovative products. In 2025,百斯杰's revenue was approximately $58 million, a 7.9% increase year-over-year. Adjusted gross profit was about $23 million, growing at a rate 5% higher than the industry average, reaching a critical inflection point for growth.
Simultaneously, benefiting from enhanced efficiency of its AI R&D platform,百斯杰 reached a record high in patent applications, achieving a historic breakthrough in R&D efficiency and laying a solid foundation for the global promotion of innovative products. Its innovative sweet protein product, Mellia®, after receiving FDA GRAS certification in the US, is actively pursuing market access in China, with commercial launch expected by mid-year, injecting new vitality into business growth.
Furthermore, as an important associate of GENSCRIPT BIO, Legend Biotech significantly narrowed its adjusted net loss to $33 million. The promotion of its core product, CARVYKTI®, continued to show positive trends, with the product line achieving profitability in 2025. Legend Biotech is anticipated to achieve overall operational profitability in 2026. In the long term, improved operating profits from the associate, Legend, will positively impact GENSCRIPT BIO's profitability.
Looking ahead to 2026, the company provided clear guidance for each business: Life Science revenue is projected to grow 15-18%, with the adjusted operating profit margin expected to rise to approximately 19%. Fee-for-Service revenue for the CDMO business is forecast to grow 20-25%, with the potential to achieve EBITDA breakeven by 2027. Synthetic Biology revenue is anticipated to grow 10-15%.
It is evident that the company has established a full industrial chain ecosystem characterized by "underlying technology support - core business monetization - frontier sector layout." Amid the global wave of biopharmaceutical innovation, its long-term growth certainty and value creation capabilities continue to strengthen.
Systemic competitive advantages are pronounced, and intrinsic value is being progressively realized. Driven by the logic of translating technological advantages into market advantages, GENSCRIPT BIO has achieved sustained and verifiable growth in recent years. As the pharmaceutical sector enters a phase of differentiation, its long-term value can be reassessed from the following perspectives.
Firstly, behind GENSCRIPT BIO's complex operations spanning multiple industrial chains lies highly forward-looking strategic vision. The company boasts extensive business coverage and a diverse product portfolio. More notably, whether in life science services, the CRDMO sector, or full industrial chain technology reserves, its布局 consistently remains at the industry forefront.
In 2025, GENSCRIPT BIO continued to focus on cutting-edge areas such as AI-driven drug研发, CGT, and antibody therapies, advancing its Gene-to-Protein platform upgrade.蓬勃生物 made前瞻性布局 in plasmid, lentiviral vector, AAV, and in vivo CAR-T technologies.百斯杰 intensified R&D and talent acquisition in new synthetic biology tracks, reinforcing core competitiveness. These efforts are expected to gradually reflect in the company's future growth trajectory.
Secondly, GENSCRIPT BIO's core competitive barriers in the biopharmaceutical field are rooted in a systematic industrial layout based on underlying technologies, further supported by long-term, substantial investment in hardcore innovation. These two elements synergistically create a differentiated industry advantage.
At the industrial layout level, despite its broad business scope, all of GENSCRIPT BIO's initiatives follow a clear logical thread—anchored in technological innovation and leveraging deep experience accumulated across the entire industrial chain to build a systematic industrial system. As a rare, systematic life science innovation leader domestically, the company not only masters key upstream core technologies in biopharmaceuticals but also possesses strong internal incubation capabilities. This capability serves as a core barrier distinguishing it from most biopharmaceutical enterprises.
Simultaneously, GENSCRIPT BIO's sustained innovation capability is powered by high-intensity, long-term R&D investment. In 2025, the company's R&D expenditure reached $71.23 million, a 32.4% increase year-over-year. From a medium to long-term development perspective, this strategy of tackling superior technologies, developing high-quality products, and competing in the core global biopharmaceutical market has endowed GENSCRIPT BIO with significant differentiating characteristics among investment targets.
Today, through industrial focus, economies of scale, business model optimization, and continuous innovation, GENSCRIPT BIO has charted a competitive path with a clear growth trajectory and strengthening leading effects. Technological leadership, industrial synergy, and R&D capabilities complement each other, with each business segment forming a clear development direction, collectively driving the group's rapid scale growth.
It is precisely based on these deepening "moats" that GENSCRIPT BIO is poised to attract increasing attention and recognition from top-tier domestic and international investment institutions. Its vast growth potential and continuously demonstrated profitability are showcasing to the capital markets the immense imaginative space created by systematic competition.