H1 2025 Pharma Earnings: Key Takeaways from Chinese and Global Players
H1 2025 earnings show Chinese pharma entering a new growth phase, led by oncology innovation, biologics, and international licensing deals. Global pharma maintains steady expansion via obesity, diabetes, and oncology blockbusters.
Update (Aug 22, 2025): Added Dizal Pharmaceutical H1 2025 results
H1 2025 shows Chinese pharma entering a new growth phase, driven by innovative oncology, biologics, and international licensing. Global pharma maintains steady expansion via obesity, diabetes, and oncology blockbusters. Chinese companies show stronger YoY growth, reflecting an agile domestic market and effective pipeline commercialization. Earnings reveal competitive dynamics, regulatory influence, and strategic positioning for the year ahead.
Key Takeaways from H1 2025
Sino Biopharmaceutical
- Revenue: RMB 17.57 B (+10.7% YoY)
- Net Profit: RMB 3.39 B (+140.2% YoY)
- Innovative Products: RMB 7.8 B (+27.2%), 44.4% of total revenue
- R&D Investment: RMB 3.19 B (~18.1% of revenue)
- Drivers: Oncology, liver/metabolic, respiratory, surgical/pain
- Regulatory Approvals: 2 innovative drugs, 5 generics
- Pipeline: 6 innovative oncology drugs and 10 biosimilars/generics expected 2025–2027
Jiangsu Hengrui Pharmaceuticals
- Revenue: RMB 15.76 B (+15.9% YoY, USD 2.20 B)
- Net Profit: RMB 4.45 B (+29.7% YoY)
- Growth Drivers: Oncology innovations (camrelizumab, apatinib, ADC programs) and international licensing deals
- Licensing Deals:
- GSK: Up to $12.5 B for global rights to HRS-9821 (COPD) and 11 early-stage programs
- Merck: Up to $2 B for HRS-5346, Phase 2 Lp(a) inhibitor
- Regulatory Milestones: 23 Class 1 NME drugs and 4 Class 2 approved; 6 Class 1 launched in H1
- Capital Markets: Raised HKD 11.4 B in dual Hong Kong listing
BeOne Medicines (formerly BeiGene)
- Revenue: RMB 17.36 B (+46% YoY vs 11.91 B H1 2024)
- Net Profit: RMB 4.5 B; Operating Profit: RMB 799 M (first profitable half-year)
- Drivers: Brukinsa (zanubrutinib) global sales RMB 12.5 B (+56.2%), US RMB 8.96 B (+51.7%); Baizean steady
- Takeaway: Transition from R&D-heavy growth to sustained profitability
Other Chinese Highlights
- Gan & Lee: Insulin/metabolic products +57.2% revenue, +101.96% profit
- WuXi Biologics: Biologics CDMO revenue +16.1%
- Ascentage Pharma: Heavy R&D drives losses (-71.6% YoY)
- Innovent Biologics: Oncology PD-1 Tyvyt; mazdutide NDA filed
- Dizal Pharma: Achieved first-time commercial profitability (revenue RMB 355 M, +74.4% YoY; net loss narrowed –12%); FDA accelerated approval for sunvozertinib (Zegfrovy) in NSCLC EGFR exon 20-ins, signaling strong momentum in lung-cancer precision therapy.
Global Pharma Highlights
- Novo Nordisk: USD 23.1 B (+18% CER); Wegovy +58%, Ozempic +10%
- Eli Lilly: +40% est., driven by Mounjaro/Zepbound
- Other Multinationals: J&J, Roche, Merck, AstraZeneca grow via oncology/immunology; Pfizer sees COVID-related decline
Chinese Pharma H1 2025 Earnings Table (ranked by revenue, top to bottom, Currency conversion at 1 CNY = 0.1394 USD.)
| Company | Revenue (CNY B) | Revenue (USD B) | Net Profit (CNY B) | Net Profit (USD B) | YoY Revenue Growth | YoY Profit Growth | Key Driver |
|---|---|---|---|---|---|---|---|
| Sino Biopharmaceutical | 17.57 | 2.45 | 3.39 | 0.47 | +10.7% | +140.2% | Oncology/metabolic; anlotinib 9 indications; new launches Putanning & Anqixin; NASH pipeline |
| BeiGene/BeOne | 17.52 | 2.44 | 0.45 | 0.06 | +46% | First profitable | Brukinsa global sales RMB 12.53 B (+56.2%), US RMB 8.96 B (+51.7%) |
| Jiangsu Hengrui | 15.76 | 2.20 | 4.45 | 0.62 | +15.9% | +29.7% | Camrelizumab, apatinib, ADCs, licensing; GSK & Merck deals |
| WuXi Biologics | 9.95 | 1.39 | 2.34 | 0.33 | +16.1% | +54.8% | Biologics CDMO |
| Hansoh Pharma | 7.43 | 1.04 | 3.13 | 0.44 | +14% | +15% | Flumatinib & Ameile; metabolic pipeline |
| Huadong Medicine | 7.32 | 1.02 | 1.58 | 0.22 | +9.2% | +14.1% | CAR-T Saikaize, ustekinumab Sailixin, PARP inhibitor |
| CSPC Pharma (Q1 only) | 7.02 | 0.98 | 1.48 | 0.21 | –21.9% | –8.4% | Finished drug decline |
| Innovent Biologics | 5.20 | 0.72 | N/A | N/A | +40% est. | N/A | Tyvyt PD-1; mazdutide NDA filed |
| Gan & Lee | 2.07 | 0.29 | 0.60 | 0.084 | +57.2% | +101.96% | Insulin leader; metabolic growth |
| Lepu Biopharma | 0.46 | 0.06 | 0.03 | 0.004 | +250% | First profitable | Licensing deals; Puciten sales |
| Dizal Pharma | 0.355 | 0.05 | – | – | +74.4% | Loss narrowed –12% | First commercial revenue; FDA approval of sunvozertinib (Zegfrovy) for EGFR exon 20-ins NSCLC |
| Ascentage Pharma | 0.23 | 0.03 | –5.91 | –0.82 | –71.6% | Wider loss | Heavy R&D; Olverembatinib |
| Brii Biosciences | N/A | N/A | –0.15 | –0.02 | N/A | Narrower loss | HBV pipeline BRII-179 |
Global Pharma H1 2025 Earnings Table (ranked by revenue, top to bottom)
|
Company |
Revenue (USD B) |
Net Profit (USD B) |
YoY Revenue Growth |
YoY Profit Growth |
Key Driver |
|
Johnson & Johnson |
45.6 |
N/A |
+5.8% |
N/A |
Darzalex, Tremfya, MedTech |
|
Roche |
34.6 |
8.7 |
+7% |
+23% |
Oncology (Phesgo +84%, Xolair +34%) |
|
Merck & Co. |
31.5 est. |
N/A |
+8% est. |
N/A |
Keytruda, vaccines, WINREVAIR |
|
AbbVie |
28.8 |
N/A |
+7% |
N/A |
Skyrizi & Rinvoq |
|
Eli Lilly |
28.1 est. |
N/A |
+40% est. |
N/A |
Mounjaro, Zepbound (Q2 USD 10.4 B) |
|
AstraZeneca |
28.0 |
N/A |
+9% |
N/A |
Oncology (Enhertu, Tagrisso) |
|
Novartis |
27.3 |
7.6 |
+12% |
N/A |
Entresto & Cosentyx |
|
Pfizer |
27.2 est. |
N/A |
–5% |
N/A |
COVID decline offset by pipeline |
|
Novo Nordisk |
23.1 est. |
8.3 |
+18% CER |
+22% |
Obesity +58% (Wegovy), diabetes +10% (Ozempic) |
|
Sanofi |
21.8 |
N/A |
+10% |
N/A |
Dupixent, Beyfortus +79%, ALTUVIIIO |
|
GSK |
19.8 |
N/A |
+6% |
N/A |
Specialty medicines +15% |
Metabolic Spotlight: Obesity & Diabetes Drive 2025 Growth
- China: Gan & Lee (insulin/GLP-1), Innovent (mazdutide NDA), Sino Biopharm (NASH)
- Global: Novo Nordisk (Ozempic/Wegovy), Eli Lilly (Mounjaro/Zepbound)
- Takeaway: China is at an inflection point; global pharma already harvesting tens of billions. BD deals, NRDL negotiations, and domestic competition will intensify in 2026.
Chinese Pharma Expanding Globally
China-origin drugs continue to secure FDA/EU approvals, highlighting international ambitions and credibility:
- Brukinsa (BeiGene/BeOne) – US sales RMB 8.96 B (+51.7% YoY)
- Toripalimab (Junshi Biosciences) – FDA-approved PD-1 inhibitor
- Fruquintinib (Hutchmed) – FDA-approved, >USD 50 M US Q1 sales
- Penpulimab (Akeso) – FDA-approved, backed by global licensing
- Sunvozertinib (Dizal) – FDA-approved EGFR exon20-ins NSCLC therapy (Zegfrovy), first US approval for Dizal
Strategic Implications: FDA/EU approvals diversify revenue, boost credibility, and enhance leverage for pipeline assets. Oncology leads, but metabolic and biosimilar drugs are expected to follow. For a full list of 2025 FDA approvals of China-origin drugs, see our detailed coverage [here].
Outlook
- Chinese pharma: Innovation beyond PD-1 and biosimilars is essential. Metabolic drugs hold global blockbuster potential; international licensing and R&D efficiency will be key.
- Global pharma: Obesity drugs are high-value opportunities but may face pricing pressure in China.
- 2026 Preview: Chinese firms will be tested on diversification into metabolic therapies; global pharma will defend mature markets while capturing growth in emerging markets.
Source
Chinese Pharma Earnings & Announcements
- Sino Biopharmaceutical H1 2025 Earnings Report
- Jiangsu Hengrui Pharmaceuticals H1 2025 Report
- BeOne Medicines (formerly BeiGene) corporate reports and US/EU FDA filings
- Gan & Lee, WuXi Biologics, Ascentage Pharma, Innovent Biologics, and other domestic companies’ press releases
Global Pharma Earnings & News
- Novo Nordisk H1 2025 earnings – official corporate release / investor presentation
- Eli Lilly Q2 2025 earnings
- Johnson & Johnson, Roche, Merck, AstraZeneca, Pfizer, AbbVie, Sanofi, GSK – corporate earnings reports and press releases
FDA / Regulatory Approvals for China-Origin Drugs
- U.S. FDA approvals database
- Junshi Biosciences (Toripalimab) FDA approval announcements
- Hutchmed (Fruquintinib) U.S. approval announcements
- Akeso (Penpulimab) U.S. approval announcements
Licensing Deals & Partnerships
- Hengrui-GSK and Hengrui-Merck deal announcements – press releases and media coverage
- BeiGene international licensing partnerships – corporate press releases