Sino Biopharmaceutical Reports 31.4% Surge in Net Profit Amid Landmark Deals, Unlocking New Global Growth Engine

On March 26, Sino Biopharm (01177.HK), a leading company in the Hong Kong stock market, released its full-year performance for 2025. The total revenue for the year reached 31.83 billion yuan, representing a year-on-year increase of 10.3%. The adjusted net profit attributable to shareholders was 4.54 billion yuan, marking a significant year-on-year increase of 31.4%, achieving double-digit growth for four consecutive reporting periods. Since the beginning of the year, the company has been active in business development. On one hand, it acquired Hygieia, a "dark horse" in the siRNA field, for 1.2 billion yuan, gaining access to a globally leading ultra-long-acting siRNA delivery platform. On the other hand, it entered into a global collaboration with Sanofi, a global pharmaceutical giant, regarding the JAK/ROCK inhibitor Rovacitinib, setting a record for the highest transaction amount in the transplantation field.

Sino Biopharm Chairwoman, Xie Qirun, highlighted at the earnings meeting that 2026 marks the beginning of a new era for Sino Biopharm’s full-scale international expansion. The significant collaboration with Sanofi stands as a milestone in the company's internationalization journey, opening up vast global valuation potential for its subsequent innovative pipeline. This has led the market to anticipate its international strategic layout and the next major business development (BD) move.

Integration of BD Assets Ecosystem, Accelerating Internationalization

Looking back from 2025 to the present, Sino Biopharm has continued to achieve breakthrough progress in BD and internationalization, gradually completing its transformation from "the best Chinese partner for global pharmaceutical companies" to "a global exporter of Chinese innovation."

In July 2025, the company completed the full acquisition of Limin Pharmaceuticals for a total consideration of $950 million, gaining a globally leading antibody discovery and ADC technology platform, as well as multiple globally potential FIC products at critical clinical stages, such as LM-302 and LM-108. This move further deepened its cutting-edge layout in the field of tumor immunology and also pioneered a new model for large domestic pharmaceutical enterprises to acquire biotech companies.

In January 2026, Sino Biopharm made another move by acquiring Hygieia Pharmaceuticals Co., Ltd. in full, gaining the world’s first clinically validated liver-targeted siRNA delivery platform capable of achieving ultra-long-acting "once-a-year" dosing. This acquisition enabled the company to strongly enter the trillion-dollar chronic disease market, filling the technological gap in the field of small nucleic acid drugs and propelling Sino Biopharm into the top tier of global small nucleic acid R&D.

The pace of asset integration reached a milestone in February this year. The $1.53 billion licensing collaboration between Sino Biopharm and Sanofi is not only the most significant outbound licensing deal in China's innovative drug sector since the beginning of 2026, but also marks Sino Biopharm’s official establishment of a two-way BD capability loop from "bringing in" to "going global." Through this transaction, the company not only gains financial cash flow but also leverages Sanofi's global commercialization capabilities to push its self-developed FIC innovative drugs into the global market, officially initiating a second growth curve with innovative international revenue.

In the past few years, Sino Biopharm has achieved over 30 external collaborations through various forms such as out-licensing, mergers and acquisitions, pipeline introductions, and strategic partnerships, becoming a core bridge truly connecting Chinese innovation with the global market.

Where Will Sino Biopharm's Next Blockbuster Be?

As the two-way BD closed loop takes full shape, the market is most focused on: where will Sino Biopharm's next major BD be? The answer lies in the company’s innovative pipeline matrix, which boasts both depth and breadth.

Relying on the "internal R&D + external M&A" dual-driven approach, Sino Biopharm has accumulated a large number of heavy-weight assets with global FIC/BIC potential that meet global clinical needs, providing ample confidence for continuously landing significant BD collaborations.

In the field of oncology, the company holds several blockbuster products with leading global R&D progress, forming the core reserve for BD overseas expansion. Among them, LM-302 (Claudin18.2 ADC) is the world's first product to complete patient enrollment in a Phase III registration clinical trial, demonstrating clear anti-tumor activity in digestive system cancers such as gastric cancer, pancreatic cancer, and biliary tract cancer. The Phase III trial for third-line gastric cancer has been fully enrolled, the Phase III trial for first-line gastric cancer has been initiated, and the first-line pancreatic cancer is currently in Phase II. Data is expected to be disclosed at ESMO, showcasing immense global commercialization potential. LM-108 (CCR8 monoclonal antibody) is one of the fastest-progressing CCR8-targeted antibodies globally. It has entered Phase III for second-line gastric cancer, while Phase II data for first-line gastric cancer and first-line pancreatic cancer is planned to be presented at this year’s ESMO, with Phase III trials for both indications set to commence. Early data indicates that it holds significant global competitive advantages.

In the fields of liver diseases and cardiovascular metabolism, the siRNA pipeline acquired by the company through the acquisition of Hygieia is a globally scarce ultra-long-acting heavyweight asset, becoming an important potential target for BD cooperation. Among them, Kylo-11 LPA siRNA is the world's first ultra-long-acting Lp(a) siRNA with once-a-year dosing. A single low-dose administration can achieve a median reduction of Lp(a) by over 90%, and the efficacy of medium to high doses can last for more than one year. Currently, there are no drugs specifically approved for reducing Lp(a) globally, indicating a significant unmet clinical need and the potential to become a global blockbuster product. It is currently in Phase II clinical trials, and complete Phase I data for LPA will be disclosed at the ESC in August this year. Kylo-12 (APOC3 siRNA) has the potential to be the best-in-class globally, with the possibility of achieving dosing intervals of once every six months or even longer. Targeting patients with hypertriglyceridemia who respond inadequately to traditional lipid-lowering therapies, it can fill a gap in the global market. Phase II clinical trials are expected to commence in the second half of this year. Additionally, the PCSK9 dual-target siRNA is also expected to enter clinical trials this year.

In addition, a wave of globally significant potential products in the weight loss and muscle gain field will enter clinical trials. HJY-10 (INHBE siRNA) is expected to enter the clinical stage as early as this year; the oral small molecule GLP-1 for weight loss and diabetes indications is currently in Phase I clinical trials; ActivinR2 injections will also be submitted for dual IND applications in China and the U.S. by mid-year.

Additionally, the Phase I data of the PD-1/VEGF bispecific antibody licensed to Merck will be released at this year's AACR, representing high recognition from international partners of the company’s R&D quality and innovation capabilities, as well as the potential for subsequent milestone achievements.

From Lixun Pharmaceuticals to Hygieia, from introducing world-leading technology platforms to exporting self-innovated achievements to Sanofi, Sino Biopharm has established a mature and replicable BD cooperation and international development model. As clinical data for multiple FIC/BIC products in the pipeline continue to be released, the company is expected to continuously secure significant BD collaborations, maintaining the "Sino Biopharm speed" on the global track.