By Fineline Cube 
Shanghai Henlius Biotech, Inc. (HKG: 2696) released its 2025 first‑half financials, reporting a 2.7 % year‑on‑year rise in total revenue to RMB 2,819.5 million. Gross profit climbed 10.5 % to RMB 2,199.2 million, while operating cash flow surged 206.8 % to RMB 770.9 million, underscoring the company’s strong liquidity position.
R&D Investment and Cash Flow Dynamics
The group allocated RMB 995.4 million to research and development—an increase of 21.3 %—focusing on pre‑clinical development of differentiated molecules and the expansion of core innovation platforms. Despite the higher R&D spend, operating cash flow remained solid, reflecting efficient commercialization of the existing product pipeline.
Global Product Portfolio Expands
Henlius now boasts 6 approved products covering 25 indications, with market access in almost 60 territories. Four of these products enjoy multi‑market approvals, reinforcing the company’s international footprint. In the first half of 2025, global product revenue exceeded RMB 2.5568 billion, up 3.1 % YoY.
Serplulimab Drives Overseas Revenue Growth
The PD‑1 antibody Serplulimab (trade names HANSIZHUANG in China, Hetronifly in Europe) generated RMB 597.7 million in worldwide sales, reflecting a sharp uptick in international uptake. Meanwhile, the breast‑cancer biosimilar HANQUYOU (trademarks HERCESSI in the U.S. and Zercepac in Europe) delivered RMB 1.4442 billion, cementing Henlius’ leadership in the oncology biosimilar segment.
Outlook for 2025 and Beyond
With overseas sales volumes accelerating, the company projects significant growth in foreign‑market revenue and profitability for the full 2025 year, with momentum likely to carry into 2026. Cash inflows from business‑development agreements topped RMB 1 billion, a 280 % YoY jump, further strengthening the balance sheet.
Strategic Collaborations Fuel Expansion
Henlius has secured pivotal agreements to broaden its global reach:
- Abbott: exclusive or semi‑exclusive licenses for four self‑developed biosimilars and one innovative biologic across 69 emerging markets, including Asia and Latin America.
- Dr. Reddy’s: exclusive rights to HLX15, an anti‑CD38 monoclonal antibody, covering 43 countries in the U.S. and Europe.
- Lotus: exclusive commercialization and semi‑exclusive development partnership for Serplulimab across multiple indications in South Korea.
- Sandoz: exclusive commercialization rights for HLX13, a CTLA‑4 inhibitor, in the U.S., EU, Japan, Canada, and Australia.
These alliances not only expand Henlius’ product distribution network but also provide additional revenue streams and shared R&D expertise.-Fineline Info & Tech