Hansoh Pharma Reports H1 2025 Results: Innovative Drugs Contribute Over 80% of Revenue, Dual-Target Anti-Obesity Drug Administered to Over 1,000 Trial Participants

Driven by the positive impact of innovative drug revenue, Hansoh Pharma delivered double-digit growth in both revenue and net profit for the first half of the year.

On the evening of August 18, Hansoh Pharma (3692.HK) released its half-year report for 2025. The revenue for the first half of the year was approximately RMB 7.434 billion, representing a year-on-year increase of about 14.3%. Of this, revenue from innovative drugs and collaborative products amounted to approximately RMB 6.145 billion, marking a year-on-year growth of about 22.1%, accounting for approximately 82.7% of total revenue. Additionally, the company's profit for the first half of the year was approximately RMB 3.135 billion, reflecting a year-on-year increase of about 15%; basic earnings per share were approximately RMB 0.53, up by about 14.8% year-on-year.

Hansoh Pharma stated that the increase in revenue, profit, and basic earnings per share in the first half of the year was mainly due to the growth in sales revenue from innovative drugs and collaborative products.

Hansoh Pharma was established in 1995 and listed on the Hong Kong Stock Exchange in June 2019. It is the parent company of Hansoh Pharmaceutical, with businesses covering major therapeutic areas such as oncology, anti-infectives, central nervous system (CNS), metabolism, and autoimmune diseases.

Currently, Hansoh Pharma has seven innovative drugs that generate sales revenue in China. The revenue from innovative drugs has become the largest driving force behind Hansohn Pharma's performance growth. In terms of disease areas, the oncology sector contributed the most revenue in the first half of the year, reaching approximately 45.31 billion yuan, accounting for about 60.9% of total revenue. This includes China's first domestically developed third-generation EGFR-TKI inhibitor, Osimertinib Mesylate Tablets, and China's first domestically developed novel second-generation TKI drug for chronic myeloid leukemia, Flumatinib Mesylate Tablets.

Notably, on June 4, Hansoh Pharma announced that its Aumolertinib Mesylate Tablets had been approved for marketing by the UK Medicines and Healthcare products Regulatory Agency (MHRA). This marks the company's first innovative drug to enter the overseas market and also the first China-originated EGFR-TKI to be launched abroad.

In addition, Hansoh Pharma's revenue from the metabolic and other diseases segment in the first half of the year was approximately 1.4 billion yuan, accounting for about 18.8% of total revenue. A core product in this segment is Pegylated Losenatide Injection, the first domestically developed GLP-1 receptor agonist weekly formulation in China and the world’s first PEGylated GLP-1 weekly formulation. It was approved in May 2019 for the treatment of type 2 diabetes. In 2020, the drug was included in the National Reimbursement Drug List (NRDL) for the first time through negotiations and successfully renewed its inclusion in November 2024. Hansoh Pharma stated that the drug demonstrates clear efficacy in lowering blood glucose levels, with additional benefits including weight loss, lipid reduction, blood pressure reduction, as well as renal and cardiovascular benefits.

Since the beginning of this year, BD (Business Development) has become a significant driving force for China's pharmaceutical market. In addition to relying on commercially launched innovative drugs, Hansoh Pharma has also been actively promoting the out-licensing of its innovative pipeline, which has become another major contributor to the company’s performance.Driving Force。

In June this year, Hansoh Pharma announced that it had granted Regeneron an exclusive overseas license for HS-20094, a GLP-1/GIP dual receptor agonist, with a potential total amount exceeding $2 billion. HS-20094 is a GIP/GLP-1 dual receptor agonist targeting the same point as Eli Lilly's tirzepatide. In its latest financial report, Hansoh Pharma mentioned that more than a thousand subjects have been dosed cumulatively in related clinical studies, and currently, HS-20094 is actively advancing into phase III clinical trials for obesity or overweight. The company received an upfront payment of $80 million in July 2025.

Before the BD boom in 2025, Hansoh Pharma had already gained favor from multiple multinational pharmaceutical companies, securing high-value BD orders. For instance, in December 2024, Hansoh Pharma signed a global exclusive licensing agreement with Merck for HS-10535. The potential total value of this collaboration exceeds $2 billion. HS-10535 is an investigational oral small-molecule GLP-1 receptor agonist currently in the preclinical stage. Hansoh Pharma stated that in the first half of 2025, the upfront payment from Merck for the BD license fee was recorded as collaboration revenue amounting to $112 million.

Earlier, in October 2023, Hansoh Pharma entered into an exclusive licensing agreement with multinational pharmaceutical company GlaxoSmithKline (GSK) for the ADC oncology drug HS-20089. Under the agreement, Hansoh Pharma received an upfront payment of $85 million and is eligible to receive up to $1.485 billion in milestone payments. In December 2023, Hansoh Pharma again entered into an exclusive licensing agreement with GSK for another ADC drug, HS-20093. Hansoh Pharma received an upfront payment of $185 million and is eligible to receive up to $1.525 billion in success-based milestone payments.

The financial report shows that HS-20093 has received Breakthrough Therapy Designation (BTD) from the U.S. Food and Drug Administration (FDA). In China, HS-20093 has been included in the breakthrough therapy drugs for three indications. The treatment for small cell lung cancer has entered the phase III clinical research stage, and several Proof of Concept (PoC) clinical trials for the treatment of head and neck cancer, castration-resistant prostate cancer, esophageal squamous cell carcinoma, and other solid tumors are currently underway.

In the R&D pipeline, Hansoh Pharma is currently advancing more than 70 clinical trials for innovative drugs, which belong to over 40 innovative drug projects. In the first half of the year, eight new innovative drug candidates were approved for clinical trials for the first time. Regarding the R&D team, there are over 1,900 researchers across four global R&D centers. In terms of R&D investment, the R&D expenditure in the first half of 2025 was approximately 1.441 billion yuan, a year-on-year increase of 20.4%, accounting for 19.4% of total revenue.

On August 18, Hansoh Pharma closed at HKD 37.06 per share, with a market value of HKD 220.4 billion.