Henlius Posts Strong 2025 Growth Amid Global Expansion Push — Shanghai Henlius Biotech, Inc.

Event summary

Henlius reported RMB 6.67 billion in revenue for 2025, up 16.5% YoY, with net profit of RMB 827 million.
Ex-China product revenue doubled to exceed RMB 200 million, driven by serplulimab and HANQUYOU (trastuzumab).
R&D investment surged 35.4% to RMB 2.49 billion, supporting a pipeline of over 50 early-stage innovative assets.
Serplulimab's global sales reached RMB 1.49 billion, with approvals expanding in Europe and emerging markets.
Henlius secured 28 new marketing approvals across 60 countries, advancing its 'Globalisation 2.0' strategy.

The big picture

Henlius' 2025 results underscore its transition from a China-centric biosimilar player to a globally competitive innovator. The company's sustained investment in R&D—now at RMB 2.49 billion—and expanding regulatory footprint reflect broader industry trends of biopharma globalization, particularly among Asian firms seeking to challenge Western incumbents. With over 50 early-stage assets and a diversified technology ecosystem, Henlius is positioning itself as a long-term player in oncology and autoimmune therapies.

What we're watching

Regulatory Momentum: Whether Henlius can sustain its pace of global approvals, particularly for serplulimab in key markets like the U.S. and EU.
Pipeline Execution: How quickly HLX43 (PD-L1-targeted ADC) and dulpatatug (HLX22) advance through pivotal trials, given their potential best-in-class status.
Commercial Scale-Up: The pace at which Henlius can expand its ex-China revenue beyond the current RMB 200 million milestone.