Colombo Thai takes a key step toward independent commercialization; will 2026 become the core year for value realization?

Ask AI · How will医保 implementation accelerate Colum…’s commercialization process?

Produced | China Interview Network

Reviewed by | Li Xiaoyan

On March 23, Kinde… officially released its 2025 full-year financial performance report. This results sheet, carrying many market expectations, shows the company’s solid start in the innovative drug commercialization track. At the same time, it also sparked some minor discussion because certain metrics fell short of earlier optimistic expectations. Overall, the company achieved full-year revenue of RMB 2.058 billion, up 6.5% year over year at a steady pace. Its core anti-cancer product, Lu Kang Sha tu… (sacituzumab… ), recorded revenue of RMB 543 million in its first complete sales year, laying a solid foundation for self-driven commercialization. Although its net loss of RMB 382 million widened year over year, and there remains a gap between core product sales volume and management’s expectations at the beginning of the year, considering the development patterns of innovative drug companies, the competitive landscape in the industry, and potential future policy tailwinds, Kinde…’s performance still carries ample positive signals. As a benchmark company in China’s ADC field, its long-term growth logic has not changed. 2026 is expected to become a key year for comprehensive performance delivery.

As Kinde…’s core product, Lu Kang Sha tu…’s 2025 sales performance is the main focus of the market. This TROP2 ADC broad-spectrum anti-cancer drug achieved sales revenue of RMB 543 million in its first full commercialization year after approval, accounting for an absolute dominant position in the company’s overall drug sales revenue. From an industry perspective, this is truly not easy. In the full year of 2025, Kinde… still had no products included in the National Reimbursement Drug List. In the self-paid phase, anti-cancer innovative drugs face multiple obstacles such as patients’ payment ability and the difficulty of market promotion. It is widely recognized in the industry that it is hard for innovative anti-cancer drugs in the self-paid phase to achieve large-scale sales breakthroughs. Cases such as PD-1 drugs exceeding RMB 1 billion in self-paid sales in their first year on the market are essentially exceptional in the industry and do not have broad reference value.

Lu Kang Sha tu… focuses on major cancers such as triple-negative breast cancer and non-small cell lung cancer. Among them, triple-negative breast cancer, as a breast cancer subtype with a very high level of risk, has long had unmet clinical demand. Non-small cell lung cancer is also one of the cancer types with the highest incidence rates in China, and the large patient population provides the product with broad market space. Interim performance shows that the product’s sales revenue in the first half already reached RMB 309.8 million. In the second half, although revenue fell somewhat due to adjustments in reimbursement negotiation prices, full-year sales volume still achieved steady growth, fully validating the product’s clinical value and market acceptance. Earlier, management set a sales target of RMB 0.8–1.0 billion at the beginning of the year, which was more based on optimistic assumptions derived from the product’s broad-spectrum anti-cancer characteristics and its advantages in covering major cancer types. The gap between actual sales and expectations is not due to a lack of competitiveness in the product itself, but rather is caused by the objective market promotion规律 of innovative drugs in the self-paid phase. It also reflects that earlier market expectations were somewhat idealized.

From the company’s overall performance structure, 2025 is a key year for Kinde…’s transformation from “BD authorization-driven” to “self-driven commercialization + BD dual-engine driven.” In the past, the company’s revenue relied heavily on external licensing authorizations and cooperation agreements. In 2025, this portion of revenue still remains the mainstay of revenue. However, the share of drug sales revenue increased to 23.37%, achieving a self-driven commercialization breakthrough from 0 to 1. This marks that the company has successfully connected the full industrial chain of R&D, production, and sales, and no longer relies solely on overseas licensing for revenue. Global cooperation with Merck Sharp & Dohme continues to provide strong support, and 17 global Phase 3 clinical studies are being advanced steadily. Lu Kang Sha tu… is expected to receive up to US$1.363 billion in milestone payments and subsequent sales royalties, providing ample funding support for R&D investment and commercialization expansion. It also helps the company secure an important position in the global ADC market.

Although Kinde…’s net loss widened by 43.2% year over year in 2025, this phenomenon aligns with the development cycle of innovative drug companies. In the early stage of product commercialization, innovative drug enterprises need to invest large amounts of capital in expanding R&D teams, building sales networks, and carrying out market promotion, among other areas. Kinde… continued to increase investment in ADC drug R&D in 2025, while also quickly expanding sales channels nationwide. Its business has covered 30 provinces, more than 300 county-level cities, and over 1,200 hospitals. Multiple products have completed nationwide listing on drug formularies. High investment in the early phase is a necessary precondition for achieving long-term profitability. As subsequent products’ sales volumes scale up and economies of scale become apparent, the magnitude of losses is expected to gradually narrow, and the path to the profitability inflection point is getting closer.

Looking ahead to 2026, Kinde…’s performance growth will benefit from multiple tailwinds, and the commercialization “explosion” carries a high degree of certainty. The most core catalyst is the implementation of reimbursement. Three products including Lu Kang Sha tu… have been officially included in the National Reimbursement Drug List. The product price reduction is about 50%. The out-of-pocket cost per patient for each dose falls from nearly RMB 10,000 to just over RMB 1,000. At the same time, they have been included in people-benefit insurance in multiple localities, further reducing patients’ medication burden and greatly improving product accessibility and market penetration. Currently, its competitor, Gos… tu… (sacituzumab…) , has not entered reimbursement yet and remains in the pure self-paid stage. With its exclusive reimbursement advantage, Kinde… will quickly capture TROP2 ADC market share.

Management is highly confident about the sales performance in 2026. It has set a target to double the sales revenue of its core products, and expects full-year sales volume to exceed RMB 1.0 billion. To support this goal, the company will significantly expand its commercialization team to 800 people, strengthen market promotion and channel coverage. The newly appointed Chief Marketing Officer, Ding Nanchao, has extensive new-drug marketing management experience, which will further enhance the company’s commercialization operational capability. Meanwhile, Lu Kang Sha tu… adds a new second-line treatment indication for HR+/HER2- breast cancer, continuously expanding the eligible patient population and opening up further room for sales growth.

In the innovative drug industry, the realization of value for a blockbuster product often requires time to accumulate. A research report by Minsheng Securities previously predicted that Lu Kang Sha tu…’s China sales peak could reach RMB 7.35 billion, and the 2025 sales results are only the starting point of its commercialization journey. As a leading enterprise in China’s ADC field, Kinde… has a rich pipeline of innovative drugs. Combined with global cooperation and self-driven commercialization dual engines, the value of a market capitalization exceeding RMB 100 billion is gradually moving toward realization.

Overall, Kinde…’s 2025 performance has some minor blemishes, but it has largely demonstrated a stable commercialization start and strong development potential. In the short term, the expectation gap and the widening losses are normal phenomena in the development process of innovative drug companies. With the implementation of reimbursement, team upgrades, and indication expansion—multiple positive factors—the company is expected to enter a period of performance “explosion” in 2026. As China’s innovative drug industry continues to develop and demand for ADC drugs keeps being released, Kinde… is expected to fully realize R&D value by leveraging its core product advantages and end-to-end industrial chain layout, becoming a key participant in the global ADC field.