Innovent Biologics, Inc. reported its first full-year profit in 2025, supported by record revenue and continued expense discipline.

Financial Performance • Revenue reached RMB 13.04 billion, up 38.4% year on year. • Product sales contributed RMB 11.90 billion, a 44.6% increase, while licence fee income declined to RMB 957.30 million. • Gross profit rose 42.6% to RMB 11.29 billion, lifting the gross margin to 86.5% (2024: 84.0%). • IFRS net profit stood at RMB 813.57 million versus a RMB 94.63 million loss a year earlier. • On a non-IFRS basis, net profit surged to RMB 1.72 billion and EBITDA to RMB 1.99 billion. • R&D expenditure held broadly flat at RMB 2.62 billion; selling and marketing costs climbed to RMB 5.71 billion, but fell to 43.8% of revenue (2024: 46.1%).

Balance Sheet and Liquidity • Cash, term deposits and other liquid investments totalled RMB 24.35 billion at year-end, versus RMB 10.22 billion in 2024, bolstered by a US $1.20 billion upfront from Takeda and a HK$4.27 billion equity placement. • Net current assets expanded to RMB 13.63 billion; gearing remained negligible.

Commercial Highlights • The marketed portfolio grew to 18 products, 12 of which are now on China’s National Reimbursement Drug List. • Newly launched oncology agents included limertinib, DOVBLERON (taletrectinib), JAYPIRCA (pirtobrutinib) and TABOSUN (ipilimumab N01). • The general biomedicine franchise added mazdutide (GCG/GLP-1), SINTBILO (tafolecimab), SYCUME (teprotumumab N01) and PECONDLE (picankibart).

Pipeline and Partnerships • Three late-stage assets advanced to, or prepared for, global Phase 3 trials: IBI363 (PD-1/IL-2α-bias), IBI343 (CLDN18.2 ADC) and IBI324 (VEGF/ANG2). • Takeda acquired global co-development rights to IBI363 and IBI343, paying US $1.20 billion upfront plus up to US $10.20 billion in milestones; the deal included a HK$0.78 billion equity investment. • Additional collaborations were signed with Eli Lilly (US $350 million upfront), Roche (US $80 million upfront) and Ollin Biosciences.

Outlook and Dividend Innovent targets RMB 20 billion revenue by 2027 and aims to have at least five molecules in global Phase 3 by 2030. The board proposed no dividend for 2025.