Pharmaceutical companies' 2025 performance report reveals significant signs of profit improvement

Recently, listed pharmaceutical companies such as Sinovac Biotech, BeiGene, and Zhaoke Pharmaceutical have successively reported their 2025 “performance reports.” As of March 3, Wind data shows that among 144 companies that have released their 2025 annual earnings briefings, 62 companies achieved year-over-year growth in net profit attributable to parent company shareholders, with over 40% showing positive growth. Several companies have also successfully shed their losses and turned profitable.

Significant Signs of Profitability Improvement

Some pharmaceutical companies have demonstrated their resilience and growth potential with astonishing speed. Sinovac Biotech leads the industry with over 30 times year-over-year growth in net profit attributable to parent shareholders. In 2025, the company achieved a net profit of 47.2863 million yuan attributable to the parent, a surge of 3,057.05% compared to the previous year.

Sinovac attributes this impressive performance to multi-dimensional operational optimization: primarily driven by sustained revenue growth, with only slight increases in operating costs and management expenses; sales expenses, R&D expenses, and asset impairment losses decreased year-over-year. Additionally, the low base of net profit attributable to parent shareholders in the same period last year also contributed to the significant increase.

Shanghai Yizhong also performed remarkably, with net profit attributable to parent company shareholders increasing by 819.42% in 2025. Its core product, Paclitaxel Polymer Micelles for injection, was included in the national medical insurance catalog, becoming a strong engine for revenue growth. The company maintained R&D investment while implementing refined management to reduce costs and increase efficiency, ultimately leading to substantial profit growth.

San Sheng Guojian’s performance was equally impressive. In 2025, the company’s operating revenue is expected to reach 4.199 billion yuan, a 252% increase; net profit attributable to parent shareholders is projected at 2.939 billion yuan, a 317% increase. The main driver of this growth was a significant cooperation with Pfizer during the reporting period, with the company receiving an upfront payment of approximately 2.89 billion yuan for the 707 project, which was recognized as revenue.

Shengnuo Biotech, focused on peptide drugs, precisely tapped into the global weight-loss market trend. Its earnings report shows that thanks to a surge in sales of GLP-1 (glucagon-like peptide-1) raw materials, the company’s revenue and net profit attributable to parent increased by 62.55% and 231.49%, respectively, demonstrating the growth resilience of a leading company in a niche segment.

Additionally, BeiGene, a leading innovative drug company listed on the STAR Market, delivered a strong 2025 report. The company achieved total revenue of 38.205 billion yuan, a 40.4% increase; net profit attributable to parent was 1.422 billion yuan, successfully turning profitable.

Dizal Pharmaceutical’s 2025 revenue was approximately 801 million yuan, up 122.6%; net profit attributable to shareholders was -763 million yuan, reducing losses year-over-year. Junshi Biosciences reported revenue of 2.498 billion yuan, a 28.23% increase, with a net loss of 874 million yuan, compared to a loss of 1.281 billion yuan in the same period last year.

However, there are also concerns, as some companies like BaiLi Tianheng and Fudan Zhangjiang experienced declines. BaiLi Tianheng’s 2025 revenue was 2.52 billion yuan, down 56.72%; net profit attributable to parent was -1.051 billion yuan, reversing from a profit of 3.708 billion yuan last year. Fudan Zhangjiang’s revenue was 686 million yuan, down 3.33%, with a net loss of about 157 million yuan, a 496.23% decrease year-over-year.

Pipeline Achievements Enter a Dense Period of Commercialization

Behind these stellar performances lies long-term commitment and high investment in innovation and R&D. In 2025, many leading pharmaceutical companies entered a period of dense pipeline achievements.

Hengrui Medicine, as an industry leader, has invested over 50 billion yuan in R&D, yielding abundant results. In 2025, several of its Class 1 innovative drugs, such as SHR-1918 injection, received acceptance and were included in priority review; Rituximab (Rukocert) became the 10th product to obtain breakthrough therapy designation. This sustained and high-intensity R&D investment has built a diversified and robust product moat for Hengrui.

San Sheng Guojian’s anti-IL-17A humanized monoclonal antibody, Amucitide injection, was approved for treatment of psoriasis, further enriching its immunology portfolio. Although BaiLi Tianheng faced short-term pressure due to a high base last year, its core product, Izalontamab, has two indications under review and included in priority review, with 17 innovative drugs in clinical trials, indicating strong growth potential.

Kexing Pharmaceutical’s explosive growth is also attributed to its long-term R&D strategy entering the results transformation phase. In 2025, its net profit attributable to parent shareholders reached 159 million yuan, a 406.47% increase. The company stated that the growth was mainly driven by strong overseas market expansion, with overseas revenue increasing significantly. In recent years, Kexing has focused on tumor, autoimmune, and metabolic diseases, advancing differentiated pipeline layout, with multiple products in critical clinical stages, injecting new momentum into long-term value growth.

Despite short-term pressure, BaiLi Tianheng’s R&D progress remains steady. The company is conducting over 100 clinical trials globally, with its core product Izalontamab’s two indications already accepted and included in priority review. If approved, this could open new growth avenues.

Furthermore, policy benefits continue to stimulate innovation in domestic medical device companies. Leading firms like United Imaging Healthcare and Mindray Medical are launching innovative products through core technological breakthroughs and accelerating overseas expansion.

Conclusion

Looking at the 2025 pharmaceutical companies’ earnings reports, it is clear that the industry is undergoing profound transformation and accelerated differentiation. The era of relying solely on imitation or single products is gradually fading, replaced by a new wave of innovative companies with strong R&D engines, clear international strategies, and refined operational capabilities, gradually becoming the market’s dominant players.