By Fineline Cube 
Innovent Biologics, Inc. (HKG: 1801) reported strong financial results for Q4 and full‑year 2025, with total product revenues reaching RMB 11.9 billion (USD 1.73 billion), representing a 45% year‑on‑year (YOY) increase. Q4 revenue grew 60% YOY to RMB 3.3 billion (USD 475 million), driven by accelerated market adoption across its oncology and metabolic portfolio.
Financial Performance Summary
| Metric | Q4 2025 | Full‑Year 2025 | YOY Growth |
|---|---|---|---|
| Total Revenue | RMB 3.3 B (USD 475 M) | RMB 11.9 B (USD 1.73 B) | +45% |
| Oncology Portfolio | — | 13 products | Expanded |
| Core Products | — | Tyvyt, Xinermei, Xinbiyue, Xinbimin | Accelerating adoption |
| Autoimmune Launch | — | Xinmeiyue cleared Dec 2025 | New growth driver |
Key Product Portfolio & Market Progress
| Product | Mechanism | Indication | 2025 Performance |
|---|---|---|---|
| Tyvyt (sintilimab) | PD‑1 inhibitor | Oncology | Steady growth maintained |
| Xinermei (mazdutide) | GCG/GLP‑1 dual agonist | Metabolic | Market adoption accelerating |
| Xinbiyue (tafolecimab) | PCSK9 monoclonal antibody | Dyslipidemia | Market adoption accelerating |
| Xinbimin (teprotumumab N01) | IGF‑1R monoclonal antibody | Thyroid eye disease | Market adoption accelerating |
| Xinmeiyue (picankibart) | — | Psoriasis (autoimmune) | Cleared for market launch Dec 2025 |
Market Impact & Strategic Outlook
- Oncology Leadership: With 13 oncology products, Innovent solidifies its leading position in China’s ¥120 billion (~US$17 billion) immuno‑oncology market
- Metabolic Portfolio Expansion: GCG/GLP‑1 dual agonist and PCSK9 inhibitor tap into ¥50 billion metabolic disease market
- Autoimmune Entry: Xinmeiyue’s launch positions Innovent in the ¥30 billion autoimmune market, diversifying revenue beyond oncology
- Revenue Trajectory: 45% annual growth and 60% Q4 surge demonstrate strong commercial execution and market penetration
- Competitive Advantage: Integrated R&D and commercial capabilities enable rapid market adoption of differentiated biologics
- Next Steps: Xinmeiyue commercial launch expected Q1 2026; Phase III trials for Xinermei in obesity and MASH to report H2 2026
Forward‑Looking Statements
This brief contains forward‑looking statements regarding revenue projections, product performance, and market growth for Innovent Biologics. Actual results may differ due to competitive dynamics, regulatory approvals, and market adoption rates.-Fineline Info & Tech