Lepu Biopharma released its 2026 interim report showing revenue rose 12.10% year-on-year to RMB522.41 million, driven by accelerating commercial uptake of MEIYOUHENG (Becotatug Vedotin) and PUYOUHENG (Pucotenlimab). Product sales surged 146% to RMB371.30 million, while milestone and licence income fell to RMB148.74 million from RMB309.04 million a year earlier as prior-year figures included larger upfront payments.

Gross profit increased 8.40% to RMB475.38 million, yielding a margin of 91%. Selling and marketing expenses nearly doubled to RMB149.00 million as the domestic sales force expanded. R&D spending was broadly stable at RMB208.26 million, reflecting continued investment in the oncology pipeline. Net finance costs rose to RMB16.66 million, mainly on higher borrowings and lower FX gains. Profit attributable to shareholders declined 34% to RMB27.39 million; total profit for the period slipped to RMB24.85 million.

Cash and cash equivalents stood at RMB684.57 million, down RMB168.46 million from year-end 2025, after net operating cash outflow of RMB100.32 million and capital expenditure of RMB172.70 million. Total assets reached RMB3.17 billion, equity RMB1.39 billion and the gearing ratio was 56.2%. Undrawn bank facilities amounted to approximately RMB607 million.

Pipeline advances included: • MEIYOUHENG—Phase III trials in recurrent/metastatic NPC and HNSCC; combination with pucotenlimab granted CDE breakthrough therapy designation. • CMG901 (AZD0901)—AstraZeneca initiated two global Phase III studies in Claudin18.2-positive gastric cancers; first-patient-in triggered a US$45 million milestone recognised in 1H26 licence revenue. • MRG007—Phase Ib trials in China and the US for GI tumours; July 2026 IND clearance for combination therapy. • CG0070—Domestic pivotal trial under way for BCG-unresponsive NMIBC; international partner CG Oncology published positive Phase III data in The Lancet Oncology. • MRG006A—Phase II HCC study progressing; IND cleared by the US FDA with fast-track and orphan designations.

Manufacturing capacity includes a GMP 2,000-litre line in Beijing and 12,000-litre facilities in Shanghai; CDMO services contributed RMB2.37 million.

The board declared no interim dividend. Management reiterated plans to accelerate pivotal trials, deepen domestic commercial penetration of approved products, and pursue additional out-licensing opportunities following prior transactions with AstraZeneca and ArriVent.