Focusing on the field of tumor treatment, innovative biopharmaceutical company Lepu Biopharma Co., Ltd. (Lepu Biopharma or the Company, stock code: 2157.HK) announced its interim results for the first half of 2025. During the reporting period, the Company's business showed strong growth momentum, achieving profitability for the first time. Core product sales and international licensing business progressed in tandem, with multiple ADC pipeline products entering key clinical stages and global commercialization efforts accelerating.
Lepu Biopharma is an innovation-driven biopharmaceutical company focusing on oncology therapeutics, in particular, targeted therapy and oncology immunotherapy, with a strong China foundation and global vision. Lepu Biopharma is dedicated to developing innovative ADCs through our comprehensive and advanced ADC technology development platform and we aim to develop optimal and innovative drugs to better serve the unmet medical needs of cancer patients. The Company is committed to continuously developing a market-differentiating pipeline by fully integrating independent innovation capabilities and strategic collaborations. The Company has established and is progressively expanding our internal manufacturing capabilities, driven by the business needs stemming from the upcoming commercialization of our ADC candidates.
Currently, Lepu Biopharma has strategically designed our pipeline with a range of oncology products. For clinical-stage candidates, the Company has one clinical/commercialization-stage drug candidate; nine clinical-stage drug candidates, including one co-developed through a joint venture; and three clinical-stage combination therapies of our candidates. One of our drug candidates has obtained marketing approval with respect to two of its targeted indications, with clinical trials for other indications ongoing. Among the nine clinical-stage drug candidates, seven are targeted therapeutics and two are immunotherapeutics, which are an oncolytic virus drug and T cell agonistic antibody.
As of the end of the reporting period, Lepu Biopharma has achieved significant milestones in the monetisation of our R&D capabilities through commercialization and BD activities: PUYOUHENG (Pucotenlimab Injection) has completed the full commercialization process and is currently under a rapid sales growth, and four other products, CMG901, MRG007 and two pre-clinical TCE assets have also been licensed out through our BD activities. Notably, CMG901’s global rights have been licensed to AstraZeneca, and MRG007’s rights for regions outside Greater China have been licensed to ArriVent. Two pre-clinical TCE assets have entered into a collaboration with Excalipoint.
Revenue scale achieved a 3.5-fold leapfrog growth, with comprehensive improvement in financial indicators
In the first half of 2025, the Company made significant progress in advancing its product pipeline and business operations, recording a total revenue of approximately RMB466 million, which was an increase of 350% of the same period in 2024 at RMB133 million. For licensing activities, the Company has recognized approximately RMB309 million in revenue primarily from the out-licensing of MRG007. The Company recorded a revenue of approximately RMB151 million for the sales of PUYOUHENG (Pucotenlimab Injection), marking a significant increase of 58.8% from the sales recorded in the same period in 2024. In addition, the Group recognized approximately RMB6.3 million in revenue for the provision of CDMO services.
During the reporting period, the Company achieved profitability for the first time, with a profit of approximately RMB 29.3 million, marking a turnaround from a loss in the same period of 2024. Net cash generated from operating activities was approximately RMB 46.7 million, and cash and cash equivalents increased to approximately RMB 473 million, representing a positive net operating cash flow compared to the same period in 2024. Research and development expenses amounted to approximately RMB 202 million, representing a decrease of 6.6% compared to the same period in 2024. While ensuring the advancement of core pipelines, cost control measures have shown tangible results.
The Company actively develops cooperative relationships with various business channel partners. As of June 30, 2025, the Company completed the tendering process on the procurement platform in 28 provinces of the PRC. We have...
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