In the first half of 2025, the structural transformation of the pharmaceutical industry continued to deepen. Driven by favorable policies, product upgrades, and technological innovation, the vaccine industry maintained a stable and positive growth momentum. As a leading enterprise in China’s innovative vaccine sector, CanSino Biologics Inc.(688185.SH, 6185.HK; CanSinoBIO) once again delivered a solid performance.
According to its 2025 interim report, CanSinoBIO achieved revenue of RMB 382 million in the first half, up 26% from a year earlier, extending its growth streak. Although the company has yet to turn profitable, losses have narrowed significantly, with the reduction exceeding 94% compared to the same period last year. This reflects improved operational quality and lays a solid foundation for steady full-year growth. With core products selling strongly and multiple pipeline programs advancing, CanSinoBIO’s long-term growth story is steadily taking shape.
Meningococcal Vaccine Portfolio Continues to Scale, Unlocking Growth Drivers
CanSinoBIO’s two currently marketed meningococcal conjugate vaccines—the quadrivalent meningococcal conjugate vaccine (MCV4, Menhycia) and the bivalent meningococcal conjugate vaccine (MCV2, Menphecia)—remain the company’s key revenue drivers. In particular, the sustained scaling-up of MCV4 demonstrates strong market competitiveness and is central to CanSinoBIO’s growth narrative.
In 2024, Menhycia and Menphecia together generated nearly RMB 800 million in sales revenue, representing year-on-year growth of over 40%. In the first half of 2025, driven by deeper channel penetration and higher terminal market coverage, the sales of both vaccines continued to grow steadily. During the same period, the company’s meningococcal vaccine portfolio generated sales of over RMB 364 million, representing more than 38% year-on-year growth and providing a solid foundation for earnings.
As the only MCV4 in China, Menhycia effectively covers four meningococcal serogroups, 'ACYW135', and leverages the high-safety CRM197 carrier protein technology. With outstanding clinical immunogenicity and safety, it has become the preferred choice for many parents seeking meningococcal vaccination for their children.
Furthermore, Menhycia’s market potential is still being unlocked. The vaccine has been submitted to the National Medical Products Administration (NMPA) for an expanded age indication—from the current “children aged 3 months to 3 years (47 months)” to “children aged 3 months to 6 years (83 months).” If approved, this will directly broaden its coverage, strengthen penetration in the non-national immunization program market, and inject greater certainty into CanSinoBIO’s growth over the next two to three years, further consolidating the company’s leadership in the meningococcal vaccine field.
iPneucia Officially Launched, a New Benchmark for Differentiated Pneumococcal Vaccine
In June, CanSinoBIO’s self-developed product — the 13-valent pneumococcal conjugate vaccine (PCV13, iPneucia) — was officially approved for market launch, marking the company’s entry into the RMB 10 billion-plus pneumococcal vaccine market and the beginning of a new growth cycle.
Pneumococcal diseases remain a serious global public health concern, with particularly high morbidity and mortality rates among children under five years old. Addressing the remaining immunization gaps in China, the launch of iPneucia fills the domestic technological void in high-end 13-valent pneumococcal conjugate vaccines, demonstrating CanSinoBIO’s leadership in differentiated innovation.
Compared with existing competing products in the market, iPneucia achieves breakthroughs in three major dimensions. First, it offers more targeted protection, focusing on four high-risk serotypes—19F, 19A, 7F, and 3 - that together account for over 60% of pneumococcal disease cases among Chinese children. Clinical trial data show that its Geometric Mean Concentration (GMC) of antibodies is significantly higher than that of competing products. Second, in carrier protein technology, it adopts the globally pioneering CRM197+TT dual-carrier technology, overcoming the immune interference limitations of single-carrier vaccines. This both reduces the risk of immune suppression when co-administered with other vaccines and significantly enhances immunogenicity. Finally, in manufacturing safety, iPneuc...
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