China Securities Journal | InnoCare Pharma: Revenue Surges 135.27% Year-on-Year in 2025, Achieves First-Ever Profitability

China Securities Journal, www.cs.com.cn (Reporter Fu Suying) — On the evening of March 25, InnoCare Pharma released its 2025 annual report, showing that the company achieved profitability for the first time, with two new innovative drugs approved for marketing. Its core products continued to scale up in commercialization, global expansion accelerated, and multiple pipeline R&D programs achieved breakthroughs.

In 2025, the company recorded revenue of RMB 2.375 billion, up 135.27% year-on-year, mainly driven by continued commercialization ramp-up and revenue from global business development (BD). Net profit attributable to shareholders of the parent company reached RMB 640 million, marking the first turnaround to profitability. R&D investment totaled RMB 950 million, representing a year-on-year increase of 16.9%. As of December 31, 2025, the company held RMB 7.81 billion in cash and cash equivalents. Net cash flow from operating activities also turned positive for the first time, supporting the accelerated global clinical development of core pipelines and the establishment of new technology platforms.

Global expansion has accelerated. In 2025, the company entered into a major out-licensing agreement with Zenas for its autoimmune disease pipeline, including orelabrutinib, with a total deal value exceeding USD 2 billion, setting a new record for outbound licensing of small-molecule drugs in China's autoimmune field. It also reached a licensing collaboration agreement with Prolium, further expanding its global business footprint.

In early March 2026, Prolium announced the initiation of a single ascending dose (SAD) study of ICP-B02 (PRO-203) in healthy subjects, and plans to launch a global multicenter Phase I/II clinical study for systemic sclerosis (SSc) in the second quarter of 2026, as well as additional studies targeting other severe B-cell-driven autoimmune diseases within the year.

In terms of product pipeline, the company had two new innovative drugs approved for marketing in 2025, further enriching its commercialized product portfolio. Its core product orelabrutinib has been included in the National Reimbursement Drug List (NRDL) for all four approved indications. Tafasitamab, China's first approved CD19 monoclonal antibody for the treatment of relapsed/refractory diffuse large B-cell lymphoma, saw its first prescriptions issued in September 2025. Zurletrectinib, China's first domestically developed next-generation TRK inhibitor, has been approved for the treatment of patients with solid tumors harboring NTRK gene fusions. Meanwhile, several pipeline drugs, including mesutoclax and soficitinib, have made smooth clinical progress, providing strong momentum for future performance growth.

Cui Jisong, Co-founder, Chairman, and CEO of InnoCare Pharma, stated that the company has entered a "2.0" phase of rapid development. Looking ahead, the company will focus on key objectives, aiming to secure approval for five to six innovative drugs, achieve global expansion for three to four products, advance five to ten differentiated molecules into clinical stages, accelerate the translation of more innovative outcomes, further speed up globalization, significantly increase revenue scale, and enable more high-quality innovative drugs to benefit patients worldwide.