On October 28, Fosun Pharma (600196.SH; 02196.HK) announced its Q3 2025 financial results. In the first three quarters of 2025, the company achieved revenue of RMB 29.393 billion and net profit attributable to shareholders of RMB 2.523 billion, up 25.5% year-on-year. Revenue from innovative drugs grew steadily, exceeding RMB 6.7 billion, an 18.09% increase, reflecting continued optimization of its revenue structure.
Fosun Pharma has deepened lean operations, cost efficiency, and asset-light strategies to optimize its financial structure. Enhanced supply chain management and operational efficiency contributed to healthy operating cash flow, with net cash from operating activities reaching RMB 3.382 billion, up 13.23% year-on-year.
**Innovation Milestones** Fosun Pharma’s R&D focuses on core therapeutic areas such as solid tumors, hematologic malignancies, and immune-inflammatory diseases, with key platforms in antibodies, ADCs, cell therapy, and small molecules. In Q3 2025, its self-developed drugs made significant progress: - **Futuning® (fulvestrant citrate capsules)**, a proprietary CDK4/6 inhibitor, gained approval in China for an additional indication—HR-positive, HER2-negative locally advanced or metastatic breast cancer, combined with aromatase inhibitors as first-line endocrine therapy. - **Denosumab injection (HLX14)** in 60mg/mL and 120mg/1.7mL doses was approved in the U.S. and EU, becoming the first China-developed denosumab to secure overseas approval, covering all indications of the originator drug for conditions like osteoporosis. - **FKC889**, a CAR-T therapy for relapsed/refractory B-cell acute lymphoblastic leukemia (ALL), saw its marketing application accepted by China’s NMPA in September 2025.
**High-Value Pipeline Expansion** Fosun Pharma prioritizes innovation-driven growth, allocating resources efficiently to build a high-value pipeline spanning nuclear medicine, RNA, gene therapy, and AI-driven drug discovery. R&D investment totaled RMB 3.998 billion in the first three quarters of 2025, including RMB 2.730 billion in expenses. Q3 R&D expenses rose 28.81% to RMB 1.013 billion, directed toward global trials for nuclear medicine, cell therapy, and high-potential candidates like HLX22 (anti-HER2 mAb) and HLX43 (PD-L1 ADC).
Key pipeline highlights: - **Hansizhuang® (serplulimab)**, an anti-PD-1 inhibitor, met primary endpoints in a Phase III gastric cancer perioperative trial, positioning it as the first global PD-1 monotherapy to replace post-surgery chemotherapy. Its U.S. bridging trial for extensive-stage SCLC completed enrollment (200 patients), paving the way for a BLA submission. - **HLX43**, a potential best-in-class PD-L1 ADC, received FDA orphan drug designation for thymic epithelial tumors (TETs), showing promise in late-line treatment. Over 400 patients are enrolled globally. - The newly established nuclear medicine platform, **Xingrui Jingxuan**, aims to develop integrated diagnostic-therapeutic radiopharmaceuticals.
**Capital Market Initiatives** Fosun Pharma completed its 2025 A/H-share buyback and launched equity incentive plans. In August 2025, it issued RMB 1 billion in 2-year tech innovation bonds at a 2.70% coupon rate—the first such bond by a private Chinese pharma firm under new regulatory guidelines—to fund R&D acceleration.
Looking ahead, Fosun Pharma remains committed to innovation, pipeline advancement, and delivering accessible healthcare solutions worldwide.