Multiple innovative pharmaceutical companies迎盈利拐点

Reporter Xu Linyan

According to data from Eastmoney Choice, as of 4:00 PM on February 27, 24 innovative drug companies have released their 2025 performance briefings, of which 19 reported positive net profit growth attributable to shareholders, accounting for 79.17%.

Among them, BeiGene Ltd. (hereinafter referred to as “BeiGene”) achieved its first full-year profit in 2025, with a net profit attributable to shareholders of 1.422 billion yuan; Shenzhen Microport Biomedicine Co., Ltd. (hereinafter referred to as “Microport”) reported a net profit attributable to shareholders of 51.0757 million yuan, turning losses into gains.

“The profitability turning point for domestic innovative drug companies has preliminarily appeared, with leading companies showing strong profitability certainty. However, industry differentiation is obvious, and the entire sector has not yet truly escaped the loss cycle. Overall, it remains in a recovery period of narrowing losses, breakthrough by top companies, and overall improvement, but the foundation is still not solid,” said Yu Xiaoming, senior investment advisor at Jufeng Investment Consulting, to Securities Daily.

Specifically, BeiGene delivered a high-scoring report card for 2025. The company achieved a total revenue of 38.205 billion yuan in 2025, a year-on-year increase of 40.4%; net profit attributable to shareholders was 1.422 billion yuan. During the reporting period, the company’s product revenue was 37.77 billion yuan, up 39.9% year-on-year.

BeiGene told Securities Daily that the company has nearly 6,000 employees engaged in clinical development and manufacturing worldwide, which allows it to largely operate independently of the CRO model, developing drugs faster and at lower costs while maintaining high quality. The company’s global R&D “fast lane” is a key driver of excellent returns on R&D investments.

Microport also achieved excellent results. In 2025, the company reported total revenue of 910 million yuan, up 38.24% year-on-year; net profit attributable to shareholders was 51.0757 million yuan, turning losses into gains. Microport stated that during the reporting period, the commercialization of its product Seglitide sodium showed significant results, with sales revenue increasing by about 122% year-on-year.

Shanghai Yizhong Pharmaceutical Co., Ltd. (hereinafter “Shanghai Yizhong”) released its 2025 performance brief, showing that during the period, the company achieved revenue of 317 million yuan, up 82.72%; net profit attributable to shareholders was 64.132 million yuan, an increase of 819.42%. Shanghai Yizhong said that its core product, Paclitaxel polymer micelles for injection, was officially included in the National Medical Insurance Drug List in 2025, significantly increasing market access and the number of patients using the drug, which drove the company’s annual revenue and profit growth.

“The continued release of policy dividends is an important factor driving industry performance growth. The dynamic adjustment mechanism of the medical insurance catalog has significantly shortened the cycle from drug approval to coverage, with nearly 80% of innovative drugs entering the insurance system within two years, accelerating commercialization,” said Tu Honggang, chairman of Wuxi Yiku Software Technology Co., Ltd.

The overall industry development remains positive and continues to attract capital attention. A research report from Kaiyuan Securities shows that in 2025, global investment and financing in the healthcare industry reached $63.882 billion, a year-on-year increase of 10.13%. Domestically, the primary market financing in the healthcare sector has rebounded more noticeably, with total investment and financing reaching 73.777 billion yuan in 2025, up 39.05% year-on-year; the number of new drug IND applications in China reached 2,175 in 2025, an increase of 8.8%.

“While the impressive results are encouraging, innovative drug companies still need to be vigilant about R&D uncertainties and intensified market competition. Continuously strengthening internal capabilities remains the long-term survival and development path for enterprises,” said Tu Honggang. He added that with the expansion of the medical insurance catalog and AI-powered R&D, innovative drug companies are expected to continue releasing profit potential in 2026 and beyond, truly transitioning from “following” to “leading.”