Hansoh Pharma Releases 2025 Interim Results: Strong Organic Growth Exceeds Expectations

(Source: A Large Pine Tree)

Event:Recently, the company released its mid-year report for 2025. In the first half of 2025, the company's total revenue reached 7.434 billion yuan, representing a year-on-year increase of 14.3%; the net profit attributable to shareholders was 3.135 billion yuan, marking a year-on-year growth of 15.02%. Revenue from innovative drug products amounted to 6.145 billion yuan, increasing by 22.1% year-on-year, and its proportion in total revenue rose to 82.7%.

Revenue from products in the metabolism and other sectors surged, with MSD's upfront payment received.

In 2025H1, the product portfolio in the oncology field, including Aumetinib and Flumatinib, achieved revenue of RMB 4.531 billion, remaining basically flat year-on-year; the product portfolio in the anti-infective field, including Emtricitabine Tenofovir tablets and Morinidazole, achieved revenue of RMB 735 million, representing a year-on-year increase of 4.9%; the product portfolio in the central nervous system diseases field, including Inebilizumab, achieved revenue of RMB 768 million, representing a year-on-year increase of 4.8%; the product portfolio in the metabolic and other diseases field, including Losenatide and Pemotide, achieved revenue of approximately RMB 1.4 billion, representing a year-on-year increase of 134.5%. Additionally, in 2025H1, Hansoh Pharma received an upfront payment of USD 112 million as BD license fees from MSD under the agreement reached for HS-10535 (oral small molecule GLP-1RA).

Stable Performance, Continuous Growth in Innovative Products, and Generic Drug Business Risks Mostly Cleared

As the first domestically produced third-generation EGFR TKI in China, Almonertinib has shown rapid sales growth and continuous expansion of indications. Sales data from sample hospitals indicate that its sales increased from 18.41 million yuan in 2020 to 1.784 billion yuan in 2024, with an annual compound growth rate of 214%. In 2024, it accounted for approximately 28% of the total sales of third-generation EGFR TKIs, ranking first among domestically produced drugs. Almonertinib is actively expanding its indications related to NSCLC, with four NSCLC-related indications already approved. In 2025, two new indications were approved: adjuvant treatment post-surgery and treatment for patients who progress after platinum-based chemoradiotherapy. The NDA for its use in combination with chemotherapy as a first-line treatment for NSCLC is still under review. In June 2025, Almonertinib received approval from the UK MHRA for marketing, becoming the first innovative drug from Hansoh Pharma to enter overseas markets. The company will continue to seek regulatory recognition from the EMA for international markets.

Endogenous Innovation Continues to Deliver, Multiple Drugs Enter Phase III Clinical Development

As of 2025H1, the company has conducted over 70 clinical trials for more than 40 innovative drug candidates. In 2025H1, eight new innovative drugs have entered clinical trials, including HS-20122 (EGFR/c-Met ADC), HS-10510 (PCSK9), and others. Three new Phase III clinical trials have been initiated: a psoriasis trial for HS-20137 (IL-23p19) licensed from Quanxin Biotechnology, and global Phase III clinical trials for HS-20093 (B7-H3 ADC) in bone and soft tissue sarcoma and HS-20089 (B7-H4 ADC) in ovarian cancer. The overseas rights for these two ADCs have been granted to GSK. Additionally, the Phase III clinical trial for Hansoh Pharma's TYK2 inhibitor HS-10374 in psoriasis is ongoing, with data showing a lower risk of skin toxicity.

Risk Warning

Industry policy risks, market competition risks, drug R&D failure risks, patent and intellectual property risks, sales underperformance risks

The excerpt in the article is fromTianfeng SecuritiesThe institute has publicly released a research report. For specific report content and related risk warnings, please refer to the full version of the report.

Securities Research Report: "Tianfeng Securities- Hansoh Pharma:Hansoh Pharma's 2025 Interim Report Released: Internal Growth Exceeds Expectations

Public Release Date: September 15, 2025

Report Issuing Institution: Tianfeng Securities Co., Ltd.

Analysts of this report:

Cao Wenqing SAC Practicing Certificate No.: S1110523120003