Fosun Pharma’s Q1–Q3 2025 results: clear growth in innovative drugs and a planned vaccine spin‑off

Fosun Pharma Q1–Q3 2025 results

 

Key Points

 

Quick take

Fosun Pharma (Fuxing Yiyao 复星医药; 600196.SH / 02196.HK) reported mixed top‑line performance for the first nine months of 2025, with innovative drug revenue up 18.09% year‑over‑year.

Overall revenue fell year‑over‑year by 4.91% to ¥29,393,000,000 RMB (¥293.93亿元) ($4.11 billion USD).

Net profit attributable to shareholders rose 25.5% to ¥2,523,000,000 RMB (¥25.23亿元) ($353.50 million USD), driven largely by non‑operating gains.

 

Headline numbers — first nine months of 2025

Revenue: ¥29,393,000,000 RMB (¥293.93亿元) ($4.11 billion USD).

Innovative drug revenue: ¥6,700,000,000 RMB (¥67亿元) ($937.06 million USD), up 18.09% year‑over‑year.

Net profit attributable to shareholders: ¥2,523,000,000 RMB (¥25.23亿元) ($353.50 million USD), up 25.5% year‑over‑year.

 

Quarterly snapshot — Q3 2025

Q3 revenue: ¥9,879,000,000 RMB (¥98.79亿元) ($1.38 billion USD), down 5.46% year‑over‑year.

Q3 net profit attributable to shareholders: ¥821,000,000 RMB (¥8.21亿元) ($114.76 million USD), up 4.52% year‑over‑year.

 

Why revenue fell while profit rose

The company attributes the revenue decline primarily to national and local centralized drug procurement programs (集中带量采购), which reduced realized prices and volumes for certain drugs.

Net profit improved mainly due to non‑operating gains, including proceeds from the sale of Fosun Pharma’s remaining stake in He Mu Jia/United Family Healthcare and other non‑core asset disposals.

 

Innovation and regulatory wins in Q3

Fosun reported two notable regulatory milestones in Q3 2025.

• Disu dan’kang injection (地舒单抗注射液) — 60 mg/mL and 120 mg/1.7 mL presentations — received marketing approvals in both the United States and the European Union.

• The NMPA accepted a drug‑registration application for Fosun Kairui’s (复星凯瑞) second CAR‑T candidate, breukio? (布瑞基奥仑赛注射液), targeting adult patients with relapsed or refractory precursor B‑cell acute lymphoblastic leukemia (ALL).

 

R&D: maintaining the innovation engine

Through the first nine months of 2025, Fosun Pharma invested ¥3,998,000,000 RMB (¥39.98亿元) ($559.72 million USD) in research and development.

Total R&D expenses for the period were ¥2,730,000,000 RMB (¥27.3亿元) ($381.82 million USD).

Q3 R&D expenses rose 28.81% year‑over‑year to ¥1,013,000,000 RMB (¥10.13亿元) ($141.68 million USD), focused on global multicenter trials in radiopharmaceuticals and cell therapies and on advancing HLX22 and HLX43 candidates.

Quick takeaway on R&D intensity:

• Innovative drug revenue accounted for approximately 22.8% of nine‑month revenue.

• R&D investment of ¥3,998,000,000 RMB represented roughly 13.6% of nine‑month revenue, illustrating the group’s commitment to late‑stage clinical work and global filings.

(Percentages are approximate and based on the reported nine‑month revenue and R&D totals above.)

 

Planned spin‑off: vaccine platform to seek a Hong Kong listing

Fosun Pharma announced preliminary plans to explore a spin‑off and Hong Kong IPO for its vaccine business platform, Fuxing Antejin (Fuxing Antejin 复星安特金).

The plan is at an early stage and no final listing timetable has been set.

Fuxing Antejin was formed in July 2012 and is registered in Chengdu, Sichuan Province, with registered capital of ¥30,000 RMB (¥3.0万元) ($4,195 USD).

As of October 28, 2025, Shanghai Fosun Pharma Industrial Development Co., Ltd. holds ~70.08% of Fuxing Antejin, and 17 other shareholders hold ~29.92% together.

 

Fuxing Antejin — products, pipeline and recent financials

On‑market products in China include Vero cell rabies vaccines (liquid and lyophilized), trivalent inactivated influenza vaccine, and quadrivalent inactivated influenza vaccine.

Clinical programs in China include a 13‑valent pneumococcal conjugate vaccine in Phase III, a lyophilized rabies vaccine based on human diploid cells and a 24‑valent pneumococcal polysaccharide conjugate vaccine in Phase I, and a 23‑valent pneumococcal polysaccharide vaccine that has received clinical trial approval.

Financial snapshot as of December 31, 2024:

• Total assets: ¥3,458,640,000 RMB (¥34.5864亿元) ($483.21 million USD).

• Shareholders’ equity: ¥2,287,040,000 RMB (¥22.8704亿元) ($319.79 million USD).

• Total liabilities: ¥1,171,600,000 RMB (¥11.716亿元) ($163.22 million USD).

• 2024 revenue: ¥97,420,000 RMB (¥9742万元) ($13.62 million USD).

• 2024 net loss: ¥123,390,000 RMB (¥1.2339亿元) (-$17.26 million USD).

Management accounts for H1 2025 show revenue of ¥153,160,000 RMB (¥1.5316亿元) ($21.43 million USD) and a net loss of ¥58,450,000 RMB (¥5845万元) (-$8.17 million USD).

Notable point:

H1 2025 revenue for Fuxing Antejin already exceeds full‑year 2024 revenue, suggesting accelerating commercial traction for the vaccine platform, even as losses remain while R&D and scale‑up continue.

 

Why spin off the vaccine platform?

Fosun Pharma says the proposed spin‑off aims to sharpen governance and strategic focus for a vaccine‑centric unit, broaden financing channels, and enhance growth prospects for the business.

The company stressed the spin‑off would not be expected to change Fosun Pharma’s control over the subsidiary, materially affect other operations, or impair Fosun Pharma’s status as an independent listed company.

 

Market reaction and valuation context

At the close on October 28, 2025, Fosun Pharma’s A‑share price was ¥28.61 RMB per share (¥28.61 元) ($4.00 USD), down 2.05%.

A‑share market capitalization: ¥76,401,000,000 RMB (¥764.01亿元) ($10.68 billion USD).

H‑share close: HK$23.00 per share, down 2.79%.

H‑share market capitalization: HK$61,420,000,000 (HK$614.2亿元) (approx. $7.83 billion USD).

 

What investors, founders and strategists should watch next

• Formal approvals and timeline for any spin‑off and Hong Kong IPO for Fuxing Antejin.

• Commercial rollout and reimbursement outcomes for the recently overseas‑approved disu dan’kang injection, and the regulatory outcomes for CAR‑T and other late‑stage pipeline candidates.

• Further asset disposals or one‑off gains that could continue to inflate quarterly profitability compared with underlying operating performance.

 

Practical reads for stakeholders

• For investors: track margin sustainability once non‑operating gains normalise and watch how the vaccine spin‑off affects consolidated earnings per share over time.

• For founders and biotech operators: Fosun’s rising R&D spend and overseas regulatory approvals show a blueprint for Chinese biotechs looking to globalize clinical programs and exit via multiple listing routes.

• For marketers and business dev teams: the vaccine spin‑off, if it proceeds, could create partnership and supply‑chain opportunities in both China and international markets.

 

Note on currency conversions: RMB→USD conversions above use an illustrative exchange rate of ¥7.15 RMB = $1 USD for calculation purposes.

 

References

• 复星医药前三季度创新药收入增18%，拟分拆疫苗业务子公司上市 – 澎湃新闻
• 复星医药前三季度创新药收入增18% 拟分拆疫苗业务子公司上市 – 东方财富
• Investor & Corporate Information – Fosun Pharma

 

Fosun Pharma Q1–Q3 2025 results