CSPC Pharmaceutical Group (CSPC Pharma) reported strong interim results for the six months ended 30 June 2026, underpinned by soaring licence income and expanding innovative drug sales.
Financial Performance • Revenue climbed 40.10% year-on-year to RMB 18.59 billion, led by a 56.70% jump in finished-drug sales to RMB 16.06 billion. • Licence fee income—principally from recent deals with AstraZeneca—rose 448.50% to RMB 5.90 billion, accounting for 36% of finished-drug revenue. • Reported profit attributable to shareholders more than doubled, up 139.20% to RMB 6.09 billion; underlying profit advanced 165.80% to RMB 6.16 billion. • Gross margin expanded 10.6 percentage points to 76.2%; basic EPS increased 139.80% to RMB 0.5345. • Operating cash inflow reached RMB 10.89 billion versus RMB 3.19 billion a year earlier; cash, bank and structured deposits totalled RMB 22.66 billion. • The board declared an interim dividend of HK 18 cents per share, up 28.60%.
Segment Review • Finished drugs: Revenue RMB 16.06 billion; growth fuelled by licence fees and solid sales of NBP, Jinyouli and Anfulike. • Bulk products: Revenue fell 20.00% to RMB 1.66 billion amid lower vitamin C and antibiotic prices. • Functional food & others: Revenue slipped 8.20% to RMB 0.87 billion on weaker glucose and caffeine demand.
R&D and Partnerships • R&D spend increased 12.90% to RMB 3.03 billion, representing 29.80% of finished-drug sales excluding licence fees. • Six innovative drugs received China marketing approval; 30 INDs cleared and 18 phase III trials initiated in H1. • AstraZeneca collaborations: – Long-acting peptide deal delivered a US$1.20 billion upfront payment in May and a US$25 million milestone in July. – July siRNA alliance added a US$30 million upfront payment and potential US$1.74 billion in milestones. – Both parties plan a Shijiazhuang biologics plant via 51/49 joint venture. • AI-enabled discovery and eight technology platforms highlighted as future growth engines.
Balance Sheet & Capital Management • Gearing remained low at 1.0%; capex was RMB 0.63 billion. • HK$321 million was deployed to repurchase 46.18 million shares under the employee share award scheme.
Outlook Management reiterated the “Innovation & Internationalisation” dual-engine strategy, targeting deeper China market penetration, accelerated global filings and continued monetisation of its R&D pipeline through external partnerships.