According to the latest preliminary financial report released by Tebo Bio , the company continued its high growth momentum in 2025, with total operating revenue reaching RMB 3.696 billion, a year-on-year increase of 31.18%; net profit attributable to the parent company was RMB 1.038 billion, a year-on-year increase of 25.39%. This achievement was mainly due to the continued increase in sales volume of its core product, Pegbin , and the incremental contribution brought by the launch of the new product, Yipeisheng .

It is worth noting that Pegbin , the company's flagship product, achieved sales of RMB 2.447 billion in 2024 , with a gross profit margin of an astonishing 96.22% . Building on this already substantial base, stable growth was achieved again in 2025 (the preliminary earnings report did not disclose 2025 sales figures).

The surge in popularity of Pegasys is no accident. As the world's first 40kD polyethylene glycol (PEG) long-acting interferon alpha-2b injection, Pegasys is a Class 1 new drug for therapeutic biological products in China and the first domestically produced PEG-modified interferon product to be marketed in China. Pegasys was approved for marketing in October 2016 for the treatment of chronic hepatitis C in adults; and in September 2017, it was approved for the treatment of chronic hepatitis B in adults.

More importantly, Pegasys capitalized on the historic opportunity presented by the widespread adoption of the " clinical cure for hepatitis B " concept. Previously, hepatitis B was considered a lifelong disease, requiring patients to take nucleoside analogues for life to suppress the virus. In 2025, the approval of Pegasys in combination with nucleoside (acid) analogues for sustained HBsAg clearance in adult patients with chronic hepatitis B, along with the continuous accumulation of scientific evidence related to clinical cure of hepatitis B, further solidified Pegasys's cornerstone role in combination therapy for chronic hepatitis B, making it the world's first drug targeting clinical cure of hepatitis B.

From a financial perspective, Pegbin's profitability is that of a cash cow. In 2024, the gross profit margin of its antiviral drug segment reached a remarkable 96.22%, extremely rare in the pharmaceutical industry. This is attributed to the technological barriers and patent protection of biopharmaceuticals —Pegbin holds patents in multiple countries including China, the US, Europe, and Japan, resulting in a favorable competitive landscape. Meanwhile, Tebo Bio's sales efficiency has continued to improve, with the sales expense ratio decreasing to 39.52% in 2024, indicating the beginnings of economies of scale.

In conclusion , Tebo Bio's success is a microcosm of China's innovative drug development from follower to leader. In the field of hepatitis B, once dominated by imported drugs, domestically produced innovative drugs , relying on original technology platforms and accumulated clinical data, have not only achieved import substitution but also led the world in treatment concepts. The sales figures for Pegasys prove that true innovation always has a market, and unmet clinical needs represent the greatest opportunities for pharmaceutical companies.

Looking ahead, with the nationwide rollout of hepatitis B clinical cure clinics, increased patient awareness, and the approval of a new indication for Pegasys, Tebo Bio's high growth remains supported. However, it is worth noting that competition in the innovative drug market is intensifying, and the development progress of next-generation hepatitis B cure drugs , as well as changes in centralized procurement policies, could all impact the market landscape. Maintaining a leading position through technological iteration will be a key test for Tebo Bio as it transitions from high-volume sales to long-term success .

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