Specialty Formulations and Active Pharmaceutical Ingredients (API) Developer
Image Source: Visual China
Interface News reporter |Tang Zhuoya
Interface News Editor |Xie Xin
On the evening of June 26, Mabwell announced two deals, licensing Pegfilgrastim Injection (marketed under the brand name MaiLiSheng®, product code: 8MW0511) and IL-11 targeted therapy (including 9MW3811) to Qilu Pharmaceutical and CALICO LIFE SCIENCES LLC. ("CALICO"), respectively. Through these two transactions, Mabwell received upfront, non-refundable payments totaling approximately RMB 559 million.
In addition, Mabwell announced simultaneously its plan to repurchase shares through centralized bidding. The repurchase amount will be no less than 25 million yuan and no more than 50 million yuan, with a maximum repurchase price of 35 yuan per share. The estimated number of shares to be repurchased is between 714,300 and 1,428,600, accounting for 0.18% to 0.36% of the total share capital. The repurchased shares are intended for employee stock ownership plans or equity incentives.
On June 27, Mabwell's stock price surged rapidly at the opening and then hit a 20cm limit-up. As of press time, Mabwell's stock price was 28.62 yuan per share, with a market value of 11.437 billion yuan. Influenced by Mabwell's trading events, innovative drug-related stocks became active again during the trading session.
Mabwell's Announcement of Collaboration with Qilu Pharmaceutical Centers on the Marketed Product Pegargatroban Alpha for Injection. Both parties signed the "New Drug Project Technology Licensing Agreement," under which Mabwell grants Qilu Pharmaceutical the exclusive rights to develop, manufacture, improve, utilize, and commercialize the licensed product within Greater China (including mainland China, Hong Kong, Macao, and Taiwan).
In return, Mabwell can receive an upfront payment and sales milestones totaling up to 500 million RMB, including a one-time, non-refundable upfront payment of 380 million RMB, as well as royalties of up to double-digit percentages of net sales of the licensed product.
Mabwell's Argatroban Alpha for Injection has just been launched recently. At the end of May this year, Mabwell announced that Argatroban Alpha for Injection had been approved for marketing in China. It is suitable for adult patients with non-myeloid malignancies who are receiving myelosuppressive anticancer drugs that are prone to cause febrile neutropenia, reducing the incidence of infection manifested as febrile neutropenia.
Mabwell's first innovative drug to market, Arginase α for injection, is also the first G-CSF drug in China developed using albumin long-acting fusion technology.
It is worth noting that, before the product was launched, Mabwell had signed an agreement with Yangtze River Pharmaceutical. In March 2021, Mabwell's wholly-owned subsidiary TaiKangshengMabwell and Yangtze River Pharmaceutical's wholly-owned subsidiary, Saint Bio, signed a "Project Cooperation Licensing Agreement." Through sharing the R&D costs of 8MW0511 (i.e., Pegfilgrastim α for injection), paying an upfront fee, milestone payments, and royalties on net sales, Saint Bio has exclusively obtained the production and commercialization rights of 8MW0511 within mainland China (excluding Hong Kong, Macao, and Taiwan). According to the agreement, Saint Bio will pay Mabwell a total of 300 million yuan in project registration milestone fees for the 8MW0511 project.
However, in February 2024, both parties signed the "Agreement on Mutual Termination." As of the end of 2023, Mabwell had received payments totaling 133 million yuan for the 8MW0511 project from Yangtze River Pharmaceutical and Saint Biologics, including 50 million yuan as an upfront payment and 82.5761 million yuan as allocated research and development expenses. After the termination of the agreement, Mabwell will refund the research and development expenses along with corresponding interest but will not return the upfront payment.
Mabwell explained that the reason for terminating the agreement was that the company considered that injectable argatroban α can be widely used in multiple tumor fields and has a good synergistic effect with other products of the company.
Mabwell announced another deal with CALICO to sign an "Exclusive License Agreement" for IL-11 targeted therapies (including 9MW3811). Mabwell grants CALICO the exclusive rights to develop, manufacture, and commercialize the licensed products in all regions outside Greater China (Mainland China, Hong Kong, Macao, and Taiwan).
In return, Mabwell is entitled to receive a one-time, non-refundable upfront payment of US$25 million. Additionally, Mabwell is eligible to receive up to a total of US$571 million in near-term, development, registration, and commercialization milestone payments, as well as tiered royalties based on the net sales of the licensed products.
The product 9MW3811 included in this cooperation between the two parties is a high-affinity anti-IL-11 humanized neutralizing antibody independently developed by Mabwell. It has been approved for clinical trials in China, Australia, and the United States, and Phase I clinical studies in China and Australia have been completed.
Mabwell was listed on the STAR Market of the Shanghai Stock Exchange in 2022. Its main business includes the research and development, production, and sales of innovative drugs and biosimilars. Its key products are antibodies, ADC drugs, recombinant proteins, small-molecule chemical drugs, and other pharmaceuticals.
In addition to the aforementioned drugs, Mabwell has three products currently on the market: Adalimumab Injection (Junmaikang®), Denosumab Injection (Mailysoo®), and Denosumab Injection (Maoweijian®). However, all three of these products are biosimilars.
Among them, Junmaikang® is a recombinant human anti-TNF-α monoclonal antibody injection co-developed by Mabwell and Junshi Biosciences. It is a biosimilar to Humira® (generic name: adalimumab). Mailisu® is a recombinant fully human anti-RANKL monoclonal antibody injection (60mg), which is a biosimilar to denosumab Prolia®. Maiweijian® is a recombinant fully human anti-RANKL monoclonal antibody injection (120mg), which is a biosimilar to denosumab XGEVA®.
Moreover, these three drugs have all been on the market for a short time. In the above order, their launch dates are March 2022, March 2023, and March 2024, respectively. By the end of 2024, the cumulative shipments of these three drugs are 236,438 vials, 329,815 vials, and 12,530 vials, respectively.
Among them, the drug sales revenue of Denosumab (in the field of bone diseases and cancer treatment) reached 139 million yuan, representing a year-on-year increase of 230.17%. From the above data, it can be concluded that Mairus® is currently the best-selling product of Mabwell.
Although the product volume is gradually increasing, Mabwell has not yet achieved profitability. In 2024, Mabwell generated revenue of 200 million yuan, a significant year-on-year increase of 56.28%, but its non-GAAP net loss was 1.07 billion yuan, which still expanded compared to the loss in the same period last year. In the first quarter of 2025, Mabwell achieved revenue of 44.7885 million yuan, a year-on-year decrease of 33.7%; its non-GAAP net loss was 293 million yuan, further widening compared to the loss in the same period last year.
In addition, by the end of 2024, Mabwell will have 16 varieties at the preclinical, clinical, or marketed stage. Multiple new drug R&D pipelines are advancing steadily. Mabwell stated that in the near future, the company expects to remain unprofitable and the accumulated losses may continue to increase. In the short term, Mabwell will still rely on licensing deals and pipeline progress to improve its profit outlook.
Interface News reporter |Tang Zhuoya
Editor of The Paper |Xie Xin
On the evening of June 26, Mabwell announced two deals, licensing Pegagrastim Alfa for Injection (commercial name: Mailesheng®, product code: 8MW0511) and IL-11 targeted therapy (including 9MW3811) to Qilu Pharmaceutical Co., Ltd. and CALICO LIFE SCIENCES LLC ("CALICO"), respectively. Through these two transactions, Mabwell received upfront, non-refundable payments totaling approximately RMB 559 million.
In addition, Mabwell announced simultaneously its plan to repurchase shares through centralized bidding. The repurchase amount will be no less than 25 million yuan and no more than 50 million yuan, with a maximum repurchase price of 35 yuan per share. The estimated number of shares to be repurchased is between 714,300 and 1,428,600, accounting for 0.18% to 0.36% of the total share capital. The repurchased shares are intended for employee stock ownership plans or equity incentives.
On June 27, Mabwell's stock price surged rapidly at the opening and then hit a 20cm limit-up. As of press time, Mabwell's share price was 28.62 yuan per share, with a market value of 11.437 billion yuan. Influenced by Mabwell’s trading activity, innovative drug-related stocks became active again during the session.
Mabwell announced its collaboration with Qilu Pharmaceutical, which focuses on the marketed product Pegargiminase Alpha for Injection. The two parties signed the "Technology Licensing Agreement for New Drug Projects," under which Mabwell grants Qilu Pharmaceutical exclusive rights to develop, manufacture, improve, utilize, and commercialize the licensed product within Greater China (including mainland China, Hong Kong, Macao, and Taiwan).
In return, Mabwell can receive an upfront payment and sales milestones totaling up to 500 million RMB, including a one-time, non-refundable upfront payment of 380 million RMB, as well as royalties in the high double-digit percentage range of net sales of the licensed products.
Mabwell's Argatroban Alpha for Injection has just been launched recently. At the end of May this year, Mabwell announced that its Argatroban Alpha for Injection had been approved for marketing in China. It is suitable for adult patients with non-myeloid malignancies who are receiving myelosuppressive anti-cancer drugs that are prone to cause febrile neutropenia, reducing the incidence of infection manifested as febrile neutropenia.
Mabwell's first innovative drug to market, Argatroban Alpha for injection, is also the first G-CSF drug in China developed using albumin long-acting fusion technology.
Notably, before this product was launched, Mabwell had signed an agreement with Yangtze River Pharmaceutical. In March 2021, Mabwell's wholly-owned subsidiary TaiKangshengMabwell and Yangtze River Pharmaceutical's wholly-owned subsidiary, SaintBio, have signed a "Project Cooperation Licensing Agreement." Through sharing the R&D costs of 8MW0511 (i.e., Pegargatroban α for injection), paying an upfront fee, milestone payments, and royalties on net sales, SaintBio has exclusively obtained the production and commercialization rights of 8MW0511 within mainland China (excluding Hong Kong, Macao, and Taiwan). According to the agreement, SaintBio will pay Mabwell a total of 300 million yuan in project registration milestone fees for the 8MW0511 project.
However, in February 2024, the two parties signed the "Agreement on Mutual Termination." As of the end of 2023, Mabwell had received payments totaling 133 million yuan for the 8MW0511 project from Yangtze River Pharmaceutical and Saint Biotechnology, of which 50 million yuan was an upfront payment, and 82.5761 million yuan was allocated research and development expenses. After the termination of the agreement, Mabwell will refund the R&D expenses and corresponding interest but will not return the upfront payment.
Mabwell explained that the reason for terminating the agreement was that the company considered injectable argatroban α to have wide applications across multiple oncology fields and strong synergistic effects with its other products.
Mabwell announced another deal with CALICO to sign an "Exclusive License Agreement" for IL-11 targeted therapies (including 9MW3811). Mabwell grants CALICO the exclusive rights to develop, manufacture, and commercialize the licensed products in all regions outside Greater China (mainland China, Hong Kong, Macao, and Taiwan).
In return, Mabwell can receive a one-time, non-refundable upfront payment of 25 million US dollars. In addition, Mabwell can also receive additional near-term, development, registration, and commercialization milestone payments totaling up to 571 million US dollars, as well as tiered royalties based on the net sales of the licensed products.
The product 9MW3811 included in this cooperation between the two parties is a high-affinity anti-IL-11 humanized neutralizing antibody independently developed by Mabwell. It has been approved for clinical trials in China, Australia, and the United States, and Phase I clinical studies in China and Australia have been completed.
Mabwell went public on the STAR Market of the Shanghai Stock Exchange in 2022. Its main business involves the research, production, and sales of innovative drugs and biosimilars. Its primary products include antibodies, ADC drugs, recombinant proteins, small-molecule chemical drugs, and other pharmaceuticals.
In addition to the aforementioned drugs, Mabwell has three products currently on the market: Adalimumab Injection (Junmaikang®), Denosumab Injection (Mailyshu®), and Denosumab Injection (Maiweijian®). However, all three of these products are biosimilars.
Among them, Junmaikang® is a recombinant human anti-TNF-α monoclonal antibody injection co-developed by Mabwell and Junshi Biosciences. It is a biosimilar to Humira® (generic name: adalimumab). Mailisu® is a recombinant fully human anti-RANKL monoclonal antibody injection (60mg), which is a biosimilar to denosumab Prolia®. Maiweijian® is a recombinant fully human anti-RANKL monoclonal antibody injection (120mg), which is a biosimilar to denosumab XGEVA®.
Moreover, these three drugs have all been on the market for a short time. In the above order, their launch dates are March 2022, March 2023, and March 2024, respectively. By the end of 2024, the cumulative shipments of these three drugs are 236,438 vials, 329,815 vials, and 12,530 vials, respectively.
Among them, the drug sales revenue of Denosumab (in the field of bone diseases and cancer treatment) reached 139 million yuan, representing a year-on-year increase of 230.17%. From the above data, it can be concluded that Mairui® is currently the best-selling product of Mabwell.
Although the product volume is gradually increasing, Mabwell has not yet achieved profitability. In 2024, Mabwell generated revenue of 200 million yuan, a significant year-on-year increase of 56.28%, but the net loss after deducting non-recurring gains and losses reached 1.07 billion yuan, with the loss still widening compared to the same period last year. In the first quarter of 2025, Mabwell reported revenue of 44.7885 million yuan, a year-on-year decrease of 33.7%; the net loss after deducting non-recurring gains and losses was 293 million yuan, further expanding from the loss in the same period last year.
In addition, by the end of 2024, Mabwell has 16 varieties at preclinical, clinical, or marketed stages. Multiple new drug R&D pipelines are continuously advancing. Mabwell stated that in the near future, the company expects to remain unprofitable, and accumulated losses may continue to expand. In the short term, Mabwell will still rely on licensing deals and pipeline progress to improve its profit outlook.
Image Source: Visual China
Interface News reporter |Tang Zhuoya
Interface News Editor |Xie Xin
On the evening of June 26, Mabwell announced two deals, licensing Pegfilgrastim Injection α (commercial name: Mailesheng®, product code: 8MW0511) and IL-11 targeted therapy (including 9MW3811) to Qilu Pharmaceutical and CALICO LIFE SCIENCES LLC. ("CALICO"), respectively. Through these two transactions, Mabwell received an upfront, non-refundable payment of approximately RMB 559 million.
In addition, Mabwell announced simultaneously its plan to repurchase shares through centralized bidding. The repurchase amount will be no less than 25 million yuan and no more than 50 million yuan, with a maximum repurchase price of 35 yuan per share. The estimated number of shares to be repurchased is between 714,300 and 1,428,600, accounting for 0.18% to 0.36% of the total share capital. The repurchased shares are intended for employee stock ownership plans or equity incentives.
On June 27, Mabwell's stock price surged rapidly at the opening and then hit a 20cm limit-up. As of press time, Mabwell's stock price was 28.62 yuan per share, with a market value of 11.437 billion yuan. Influenced by Mabwell's trading event, innovative drug-related stocks became active again during the trading session.
Mabwell's Announcement of Collaboration with Qilu Pharmaceutical Centers on the Marketed Product Argatroban Alpha for Injection. Both Parties Signed the "New Drug Project Technology Licensing Agreement," Under Which Mabwell Grants Qilu Pharmaceutical Exclusive Rights to Develop, Manufacture, Improve, Utilize, and Commercialize the Licensed Product Within Greater China (Including Mainland China, Hong Kong, Macao, and Taiwan).
In return, Mabwell can receive an upfront payment and sales milestones totaling up to 500 million RMB, including a one-time, non-refundable upfront payment of 380 million RMB, as well as royalties in the high double-digit percentage of net sales of the licensed product.
Mabwell's Pegfilgrastim Alpha Injection has just been launched recently. At the end of May this year, Mabwell announced that the Pegfilgrastim Alpha Injection had been approved for marketing in China. It is suitable for adult patients with non-myeloid malignancies who are receiving myelosuppressive anti-cancer drugs that are prone to cause febrile neutropenia, reducing the incidence of infection manifested as febrile neutropenia.
Mabwell's first innovative drug to market, Argatroban α for injection, is also the first G-CSF drug in China developed using albumin long-acting fusion technology.
Notably, before this product was launched, Mabwell had signed an agreement with Yangtze River Pharmaceutical. In March 2021, Mabwell's wholly-owned subsidiary TaiKangshengMabwell and Yangtze River Pharmaceutical's wholly-owned subsidiary, Saint Bio, have signed a "Project Cooperation Licensing Agreement." Through sharing the R&D costs of 8MW0511 (i.e., Pegfilgrastim α for injection), paying an upfront fee, milestone payments, and royalties on net sales, Saint Bio has exclusively obtained the production and commercialization rights of 8MW0511 within mainland China (excluding Hong Kong, Macao, and Taiwan). According to the agreement, Saint Bio will pay Mabwell a total of 300 million yuan in project registration milestone fees for the 8MW0511 project.
However, in February 2024, the two parties signed the "Agreement on Mutual Termination." As of the end of 2023, Mabwell had received payments totaling 133 million yuan for the 8MW0511 project from Yangtze River Pharmaceutical and Saint Biotechnology, of which 50 million yuan was an upfront payment, and 82.5761 million yuan was allocated research and development expenses. After the termination of the agreement, Mabwell will refund the R&D expenses and corresponding interest but will not return the upfront payment.
Mabwell explained that the reason for terminating the agreement was that the company considered that injectable argatroban α can be widely used in multiple tumor fields and has good synergy with other products of the company.
Mabwell announced another deal with CALICO to sign an "Exclusive License Agreement" for IL-11 targeted therapies (including 9MW3811). Mabwell grants CALICO the exclusive rights to develop, manufacture, and commercialize the licensed products in all regions outside Greater China (mainland China, Hong Kong, Macao, and Taiwan).
In return, Mabwell can receive a one-time, non-refundable upfront payment of US$25 million. Additionally, Mabwell is eligible to receive up to US$571 million in near-term, development, registration, and commercialization milestone payments, as well as tiered royalties based on the net sales of the licensed products.
The product 9MW3811 included in this collaboration is a high-affinity anti-IL-11 humanized neutralizing antibody independently developed by Mabwell. It has been approved for clinical trials in China, Australia, and the United States, and Phase I clinical studies in China and Australia have been completed.
Mabwell went public on the STAR Market of the Shanghai Stock Exchange in 2022. Its main business includes the research, production, and sales of innovative drugs and biosimilars. Its key products are antibodies, ADC drugs, recombinant proteins, small molecule chemical drugs, and other pharmaceuticals.
In addition to the aforementioned drugs, Mabwell has three products currently on the market: Adalimumab Injection (Junmaikang®), Denosumab Injection (Mai Lisu®), and Denosumab Injection (Mai Weijian®). However, all three of these products are biosimilars.
Among them, Junmaikang® is a recombinant human anti-TNF-α monoclonal antibody injection co-developed by Mabwell and Junshi Biosciences. It is a biosimilar to Humira® (generic name: adalimumab). Mailisu® is a recombinant fully human anti-RANKL monoclonal antibody injection (60mg), which is a biosimilar to denosumab Prolia®. Maiweijian® is a recombinant fully human anti-RANKL monoclonal antibody injection (120mg), which is a biosimilar to denosumab XGEVA®.
Moreover, these three drugs have all been on the market for a short time. In the above order, their launch dates are March 2022, March 2023, and March 2024, respectively. By the end of 2024, the cumulative shipments of these three drugs are 236,438 vials, 329,815 vials, and 12,530 vials, respectively.
Data source: Mabwell 2024 Annual Report Chart: Tang Zhuoya, The Paper
Among them, the drug sales revenue of Denosumab (in the field of bone diseases and cancer treatment) reached 139 million yuan, representing a year-on-year increase of 230.17%. From the above data, it can be concluded that Mairus® is currently the highest-selling product of Mabwell.
Although the product volume is gradually increasing, Mabwell has not yet achieved profitability. In 2024, Mabwell achieved revenue of 200 million yuan, a significant year-on-year increase of 56.28%, but its net loss after deducting non-recurring items was 1.07 billion yuan, with losses continuing to widen compared to the same period last year. In the first quarter of 2025, Mabwell's revenue was 44.7885 million yuan, a year-on-year decrease of 33.7%; its net loss after deducting non-recurring items was 293 million yuan, further widening from the same period last year.
In addition, by the end of 2024, Mabwell has 16 varieties at preclinical, clinical, or commercial stages. Multiple new drug R&D pipelines are continuously advancing. Mabwell stated that in the near future, the company expects to remain unprofitable, and accumulated losses may continue to expand. In the short term, Mabwell will still rely on licensing deals and pipeline progress to improve its profit outlook.
Interface News reporter |Tang Zhuoya
Interface News Editor |Xie Xin
On the evening of June 26, Mabwell announced two deals, licensing Pegagrastim Alfa for Injection (brand name: Mailesheng®, product code: 8MW0511) and IL-11 targeted therapy (including 9MW3811) to Qilu Pharmaceutical and CALICO LIFE SCIENCES LLC. ("CALICO"), respectively. Through these two transactions, Mabwell received upfront, non-refundable payments totaling approximately RMB 559 million.
In addition, Mabwell announced simultaneously its plan to repurchase shares through centralized bidding. The repurchase amount will be no less than 25 million yuan and no more than 50 million yuan, with a maximum repurchase price of 35 yuan per share. The estimated number of shares to be repurchased is between 714,300 and 1,428,600, accounting for 0.18% to 0.36% of the total share capital. The repurchased shares are intended for employee stock ownership plans or equity incentives.
On June 27, Mabwell's stock price surged rapidly at the opening and then hit a 20cm limit-up. As of press time, Mabwell's share price was 28.62 yuan per share, with a market value of 11.437 billion yuan. Influenced by Mabwell's trading event, innovative drug-related stocks became active again during the trading session.
Mabwell announced its collaboration with Qilu Pharmaceutical, focusing on the marketed product Argatroban Alpha for Injection. Both parties signed the "New Drug Project Technology License Agreement," under which Mabwell grants Qilu Pharmaceutical the exclusive rights to develop, manufacture, improve, utilize, and commercialize the licensed product within Greater China (including mainland China, Hong Kong, Macao, and Taiwan).
In return, Mabwell can receive an upfront payment and sales milestones totaling up to 500 million RMB, including a one-time, non-refundable upfront payment of 380 million RMB, as well as royalties in the high double-digit percentage range of net sales of the licensed product.
Mabwell's Argatroban Alpha for Injection has just been launched recently. At the end of May this year, Mabwell announced that its Argatroban Alpha for Injection had been approved for marketing in China. It is suitable for adult patients with non-myeloid malignancies who are receiving myelosuppressive anticancer drugs that are prone to cause febrile neutropenia, reducing the incidence of infections manifested as febrile neutropenia.
Mabwell's first innovative drug to market, Argatroban α for injection, is also the first G-CSF drug in China developed using albumin long-acting fusion technology.
Notably, before the product was launched, Mabwell had signed an agreement with Yangtze River Pharmaceutical. In March 2021, Mabwell's wholly-owned subsidiary Tai...KangshengMabwell and Yangtze River Pharmaceutical's wholly-owned subsidiary, Saint Bio, signed a "Project Cooperation Licensing Agreement." Through sharing the R&D costs of 8MW0511 (i.e., Pegfilgrastim α for injection), paying an upfront fee, milestone payments, and royalties on net sales, Saint Bio exclusively obtained the production and commercialization rights of 8MW0511 within mainland China (excluding Hong Kong, Macao, and Taiwan). According to the agreement, Saint Bio will pay Mabwell a total of 300 million yuan in project registration milestone fees for the 8MW0511 project.
However, in February 2024, the two parties signed the "Agreement on Mutual Termination." As of the end of 2023, Mabwell had received payments totaling 133 million yuan for the 8MW0511 project from Yangtze River Pharmaceutical and Saint Biologics, of which 50 million yuan was an upfront payment, and 82.5761 million yuan was allocated research and development expenses. After the termination of the agreement, Mabwell will refund the R&D expenses and corresponding interest but will not return the upfront payment.
Mabwell explained that the reason for terminating the agreement was that the company considered that injectable argatroban α can be widely used in multiple tumor fields and has a good synergistic effect with other products of the company.
Mabwell announced another deal with CALICO to sign an "Exclusive License Agreement" for IL-11 targeted therapies (including 9MW3811). Mabwell grants CALICO the exclusive rights to develop, manufacture, and commercialize the licensed products in all regions outside Greater China (mainland China, Hong Kong, Macao, and Taiwan).
In return, Mabwell is entitled to receive a one-time, non-refundable upfront payment of US$25 million. Additionally, Mabwell is eligible to receive up to US$571 million in near-term, development, registration, and commercialization milestone payments, as well as tiered royalties based on the net sales of the licensed products.
The product 9MW3811 included in this cooperation between the two parties is a high-affinity anti-IL-11 humanized neutralizing antibody independently developed by Mabwell. It has been approved for clinical trials in China, Australia, and the United States, and has currently completed Phase I clinical studies in China and Australia.
Mabwell was listed on the STAR Market of the Shanghai Stock Exchange in 2022. Its main business includes the research and development, production, and sales of innovative drugs and biosimilars. Its primary products are antibodies, ADC drugs, recombinant proteins, small molecule chemical drugs, and other pharmaceuticals.
In addition to the aforementioned drugs, Mabwell has three products currently on the market: Adalimumab Injection (Junmaikang®), Denosumab Injection (MaiLiShu®), and Denosumab Injection (MaiWeiJian®). However, all three of these products are biosimilars.
Among them, Junmaikang® is a recombinant human anti-TNF-α monoclonal antibody injection co-developed by Mabwell and Junshi Biosciences. It is a biosimilar to Humira® (generic name: adalimumab). Mailisu® is a recombinant fully human anti-RANKL monoclonal antibody injection (60mg), which is a biosimilar to denosumab Prolia®. Maiweijian® is a recombinant fully human anti-RANKL monoclonal antibody injection (120mg), which is a biosimilar to denosumab XGEVA®.
Moreover, these three drugs have not been on the market for long. According to the above order, their launch dates are March 2022, March 2023, and March 2024, respectively. By the end of 2024, the cumulative shipments of these three drugs are 236,438 vials, 329,815 vials, and 12,530 vials, respectively.
Data source: Mabwell 2024 Annual Report Chart: Tang Zhuoya, The Interface News
Among them, the drug sales revenue of Denosumab (in the field of bone diseases and cancer treatment) reached 139 million yuan, representing a year-on-year increase of 230.17%. From the above data, it can be concluded that Mairisoo® is currently the highest-selling product of Mabwell.
Although the product volume is gradually increasing, Mabwell has not yet achieved profitability. In 2024, Mabwell achieved a revenue of 200 million yuan, a significant year-on-year increase of 56.28%, but the net loss after deducting non-recurring gains and losses was 1.07 billion yuan, with losses still expanding compared to the same period last year. In the first quarter of 2025, Mabwell achieved a revenue of 44.7885 million yuan, a year-on-year decrease of 33.7%; the net loss after deducting non-recurring gains and losses was 293 million yuan, further widening compared to the same period last year.
In addition, by the end of 2024, Mabwell has 16 varieties at preclinical, clinical, or commercial stages. Multiple new drug pipelines are continuously advancing. Mabwell stated that in the near future, the company expects to remain unprofitable, and accumulated losses may continue to expand. In the short term, Mabwell will still rely on licensing deals and pipeline progress to improve its profitability outlook.
