On March 20, 2026 Henlius (2696.HK) reported its annual results for the year ended December 31, 2025. During the reporting period, the Company recorded revenue of RMB 6.6666 billion, representing a year-on-year increase of 16.5%, and net profit of RMB 0.8270 billion. Total R&D investment reached RMB 2.4919 billion, an increase of 35.4%. Amid continued investment in innovation, pre-R&D profit grew to RMB 2.3425 billion, up 26.2% year-on-year. This marks the third consecutive year of profitability and sustained growth of revenue since the Company first achieved full-year profitability in 2023, demonstrating resilient and sustainable profitability, alongside high-quality growth.
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In 2025, Henlius continued to strengthen its global growth momentum, with global product revenue reaching RMB 5.7746 billion, up 17.0% year-on-year. Driven by sustained ex-China revenue growth from its core products—serplulimab (trade name: Hetronifly in Europe) and HANQUYOU (trastuzumab, trade name: HERCESSI in the U.S., Zercepac in Europe)—as well as the accelerating realisation of licensing payments from strategic partnerships, the Company’s ex-China business expanded significantly. Ex-China product revenue exceeded RMB 200 million in 2025, doubling year-on-year, while ex-China product profit increased to RMB 93.9 million. To date, Henlius has achieved approval for 10 products across 60 countries and regions worldwide, including 7 products approved in China, 4 products approved by the U.S. FDA, and 4 products authorized by the European Commission (EC), benefiting more than one million patients globally.
Dr. Jason Zhu, Executive Director and Chief Executive Officer of Henlius, commented: "2025 marked not only a pivotal year for Henlius as we advanced into the era of Globalisation 2.0, but also a year in which our innovation pipeline began to deliver meaningful progress. With continued growth in our ex-China business and ongoing pipeline breakthroughs, we remain firmly committed to a first-principles approach to biopharmaceutical innovation—focusing on deeply understanding and addressing fundamental clinical needs. Looking ahead, Henlius will continue to leverage its integrated platform and global operating capabilities to bring more biologics with quality to patients worldwide, delivering on our long-term commitment to patients through robust innovation."
Product Revenue Reaches New High, Driven by a Synergistic Commercial Portfolio
In 2025, the synergistic contribution from Henlius’ innovative biologics and biosimilars drove total product revenue to a new high.
The Company’s flagship product, serplulimab (trade name: Hetronifly in Europe), continued to deliver global commercial momentum. During the reporting period, it recorded global sales revenue of RMB 1.4926 billion, representing a year-on-year increase of 13.7%. It received approvals in 2025 in Europe and multiple emerging markets for first-line treatment of extensive-stage SCLC (ES-SCLC), as well as in Indonesia and Thailand for squamous non-small cell lung cancer (sqNSCLC). It has also been included in public reimbursement systems in seven EU countries, including Germany, Italy, and Spain. To date, serplulimab has been approved in over 40 countries and regions worldwide, with continued progress in lung and gastrointestinal cancers, including the potential to set multiple new cancer treatment standards. As the first anti–PD-1 mAb approved globally for first-line treatment of small cell lung cancer, serplulimab is also the first perioperative gastric cancer treatment globally to replace adjuvant chemotherapy with immunotherapy monotherapy. In addition, its international multi-centre phase 3 trial for first-line treatment of metastatic colorectal cancer (mCRC) has completed patient enrolment, with the potential to become the first immunotherapy for first-line treatment of microsatellite stable (MSS) mCRC. With its global commercial potential and differentiated clinical value continuing to expand, Henlius aims to position serplulimab as the next China-developed innovative biologic to surpass RMB 10 billion in annual global sales.
Focusing on broader clinical needs, clinical development and regulatory progress for serplulimab advance with full acceleration across China, the European Union, the United States, Japan, and other emerging markets. In China, the product has been granted Breakthrough Therapy Designation by the National Medical Products Administration for perioperative treatment of gastric cancer. The corresponding marketing application has been accepted and granted priority review, with approval anticipated in the first half of 2026. In parallel, a New Drug Application (NDA) for limited-stage SCLC (LS-SCLC) is planned for submission in China in 2026. In the EU, additional indications—including squamous and non-squamous NSCLC and esophageal squamous cell carcinoma (ESCC)—are expected to receive approval in 2026. In the United States, the bridging study for first-line ES-SCLC has completed enrolment, with a Biologics License Application (BLA) submission planned for 2026.
In 2025, Henlius’ breast cancer franchise maintained strong growth momentum. During the reporting period, global sales revenue from breast cancer products reached RMB 3.2675 billion. Through a combination of in-house R&D and strategic collaborations, the Company has established a comprehensive, end-to-end global treatment portfolio for breast cancer. Its core product HANQUYOU (trastuzumab, trade name: HERCESSI in the U.S., Zercepac in Europe) achieved global sales revenue of RMB 2.9645 billion, up 5.5% year-on-year. To date, HANQUYOU has been approved in more than 50 countries and regions and has been included in reimbursement systems across multiple markets, including China, the United Kingdom, France, and Germany. HANNAIJIA (neratinib) generated sales revenue of RMB 0.3012 billion, representing a year-on-year increase of 564.2%, further strengthening its position as a leading brand in extended adjuvant therapy for HER2-positive early-stage breast cancer. The innovative CDK4/6 inhibitor FUTUONING (fovinaciclib) achieved its first prescriptions in the second half of 2025 and was included in the updated National Reimbursement Drug List. HLX11 (pertuzumab) received approval from the U.S. FDA in the second half of 2025 under the brand name POHERDY, becoming the first and only1 biosimilar of pertuzumab approved in the U.S. market. In the EU, HLX11 has also received a positive opinion from the European Medicines Agency (EMA), with marketing appliacations submitted in both China and Canada. In this therapeutic area, the Company continues to expand a comprehensive innovation portfolio, including novel endocrine therapy, novel epitope anti-HER2 mAb, HER2-targeted ADC, KAT6A/B oral small-molecule inhibitor, subcutaneous formulation of pertuzumab and trastuzumab, dual-epitope HER2 ADC, and LIV-1 ADC.
Meanwhile, mature commercialized products continued to generate stable cash flow. HANBEITAI (bevacizumab) generated sales revenue of RMB 0.3564 billion, up 80.8%. Pursuant to agreements with its partners, the Company generated RMB 0.6117 billion in sales and licensing revenue from HANLIKANG (rituximab), up 11.1% year-on-year; HANDAYUAN (adalimumab) achieved sales and licensing revenue of RMB 59.2 million, up 47.6%. In the second half of 2025, two dosage strengths of HLX14 (denosumab) were approved in the United States, the European Union, and the UK under the trade names BILDYOS (60 mg/mL) and BILPREVDA (120 mg/1.7 mL), respectively, and were recently approved in Canada under the trade names BILDYOS and TUZEMTY, becoming the first "China-developed" denosumab to approved in ex-China markets. Currently, the two dosage strengths of HLX14 have been commercially launched in the United States as well as in Germany, Spain and the UK, generating sales revenue of RMB 9.8 million during the reporting period.
Accelerating Global Expansion and Advancing Innovation Pipeline
In 2025, Henlius accelerated its Globalisation 2.0 strategy. During the reporting period, the Company continued to expand its footprint in international regulatory filings and commercial collaborations. It secured 27 Investigational New Drug (IND) approvals and 28 new marketing approvals worldwide, covering more than 60 countries and regions across China, the United States, Europe, Japan, and Canada. At the same time, clinical studies are being actively advanced in nearly 30 countries and regions, further accelerating the global development of its pipeline. Meanwhile, Henlius continued to expand its global partnership network. During the reporting period, the Company entered into collaborations with leading international partners including Abbott, Eisai and Lotus regarding rights to serplulimab. In addition, Henlius established licensing partnerships with Dr. Reddy’s and Sandoz for HLX15 (daratumumab) and HLX13 (ipilimumab), respectively.
As a key innovative asset of the Company, dulpatatug (HLX22)2, a novel epitope anti-HER2 mAb, continues to make steady progress in its international multi-centre phase 3 clinical trial for the treatment of HER2-positive gastric cancer in a head-to-head comparison with standard first-line therapy. The study has initiated first patient dosing across multiple countries and regions, including China, the United States, Europe, Japan, Australia, South Korea, and Latin America. Two years of follow-up results from its phase 2 study in gastric cancer were presented at the 2025 American Society of Clinical Oncology (ASCO) (Free ASCO Whitepaper) Annual Meeting, demonstrating durable efficacy and favourable outcomes compared to historical benchmarks, with an approximately 80% reduction in the risk of disease progression or death in the overall population. Beyond gastric cancer, dulpatatug is being further developed across additional indications, including breast cancer. Its phase 2 study in HER2-low breast cancer has completed patient enrolment, while a phase 2/3 study evaluating dulpatatug in combination with the HER2-targeted ADC HLX87 for first-line treatment of HER2-positive breast cancer has completed first patient dosing.
HLX43, a PD-L1-targeted ADC with potential best-in-class (BIC) characteristics and broad anti-tumour activity across multiple tumour types, continues to demonstrate its "pipeline-in-a-pill" potential. Early clinical data from its first-in-human study, along with multiple proof-of-concept results across solid tumours, have been presented at several international scientific conferences, showing a favourable efficacy and safety profile. Notably, in non-small cell lung cancer (NSCLC), HLX43 has demonstrated activity without the need for biomarker-based patient selection, suggesting potential applicability across a broad patient population. In addition to NSCLC, encouraging signals have also been observed in gynecological tumours, esophageal squamous cell carcinoma (ESCC), and other solid tumours. Beyond monotherapy, the Company is actively exploring combination strategies of HLX43 with anti-EGFR mAb pimurutamab (HLX07) and serplulimab, aiming to further expand its clinical potential. In 2026, Henlius plans to accelerate proof-of-concept studies across a broader range of solid tumours while advancing multiple global pivotal trials efficiently.
In 2025, Henlius continued to strengthen its platform-based innovation capabilities, establishing a multi-dimensional technology ecosystem. This includes a next-generation immuno-oncology (IO) platform, the proprietary Hanjugator ADC platform, a tri-specific T-cell engager (TCE) platform, and HAI Club—an AI-driven, integrated platform for early-stage antibody discovery and development. During the reporting period, multiple candidates—including HLX37 (PD-L1 × VEGF bispecific antibody), HLX97 (KAT6A/B small-molecule inhibitor), HLX3901 (DLL3 × DLL3 × CD3 × CD28 tetra-specific TCE), and HLX316 (B7-H3 sialidase fusion protein)—received Investigational New Drug (IND) approvals. Meanwhile, the Company continues to advance a number of promising pipeline assets, including HLX3902 (STEAP1 × CD3 × CD28 tri-specific TCE), HLX48 (EGFR × c-MET bispecific ADC), HLX49 (HER2 dual-epitope ADC), and HLX109 (IL-1R3 mAb), further enriching its globally competitive innovation portfolio.
As a critical foundation for its Globalisation 2.0 strategy, Henlius continued to enhance its manufacturing and quality systems. The Company’s Xuhui Site, Songjiang Site I, and Songjiang Site II have a total installed capacity of 84,000 litres. To date, Henlius has completed more than 1,300 GMP commercial production batches, enabling stable and continuous global supply of its products. The Company’s commercial manufacturing facilities and associated quality management systems have successfully undergone nearly 100 on-site inspections and audits conducted by regulatory authorities and international partners worldwide, with no critical findings and a 100% pass rate. Henlius has obtained GMP certifications from China, the European Union, the United States, and multiple member countries of the Pharmaceutical Inspection Co-operation Scheme (PIC/S), as well as three ISO certifications, including ISO 9001, ISO 14001, and ISO 45001. During the reporting period, the Company further strengthened its global commercial supply capabilities. Four products—serplulimab, HANQUYOU, and two dosage strengths of denosumab (HLX14)—achieved their first ex-China shipments, covering eight countries, including the United States, the UK, Germany, Spain, and India. In total, more than 30 ex-China shipments were completed during the year. Meanwhile, Henlius continued to advance its international manufacturing and quality infrastructure. In 2025, HLX14 marked its first commercial shipment to Europe, with the Company completing the full regulatory approval process in its role as Marketing Authorization Holder (MAH) for the first time. In Japan, the supporting quality system for MAH operations has also been successfully established.
Patient-Centric Approach, Advancing a China-Rooted Global Biopharma Model
Looking ahead, Henlius remains committed to its patient-centric mission. Leveraging its solid commercial foundation, continuously evolving innovation engine, and increasingly integrated global operations, the Company aims to bring more biologics with quality to patients worldwide. Guided by its 2030 vision, Henlius will continue to advance its global strategy and further evolve into a globally operating biopharmaceutical company headquartered in China. Looking forward, Henlius targets achieving more than 20 product approvals globally, including over 15 in the United States and Europe, further strengthening its position as an internationally competitive and globally influential biopharmaceutical company.
(Press release, Shanghai Henlius Biotech, MAR 20, 2026, View Source [SID1234663791])