Recently, Rongchang Biotechnology released its preliminary financial results for 2025. Annual revenue reached 3.25 billion yuan, an increase of 89.36% year-on-year; net profit attributable to owners of the parent company was 710 million yuan, a turnaround from a loss of 1.468 billion yuan in 2024.

Rongchang Bio stated that the significant year-on-year increase in the company's operating revenue was mainly due to the increased domestic sales volume and revenue of its core products, Telitacicept and Vidicetumab , which became the core growth engine for its performance.

At the same time, the company successfully reached a major cooperation agreement , resulting in a significant increase in technology licensing revenue.

In June 2025, Rongchang Bio granted Telitacicept a paid license to Vor Bio. Under the agreement, Rongchang Bio will receive $125 million in cash and warrants from Vor Bio (including a $45 million upfront payment and $80 million in warrants, representing approximately 23% of Vor Bio's enlarged total issued share capital), and up to $4.105 billion in milestone payments, totaling $4.23 billion, setting a new record for licensing transactions in China's autoimmune drug sector.

In August 2025, Rongchang Bio granted exclusive rights to RC28-E in Greater China and Asia to Santen Pharmaceutical (China) Co., Ltd., a wholly-owned subsidiary of Santen Pharmaceutical. According to the agreement, Rongchang Bio will receive a non-refundable and non-deductible upfront payment of RMB 250 million from Santen China, along with development and regulatory milestone payments of up to RMB 520 million and sales milestone payments of up to RMB 525 million.

Excluding non-recurring gains and losses, Rongchang Bio achieved a net profit of 65.05 million yuan in 2025. This indicates that after excluding the "unexpected benefits" brought by BD, Rongchang Bio has achieved operating profitability solely based on the domestic sales of its two core products, Telitacicept and Vidicetumab. This signifies that its commercialization capabilities have crossed the break-even point.

Vidicetumab (RC48) is China's first independently developed and approved ADC drug. Currently, it has been approved for marketing in China for indications including gastric cancer, urothelial carcinoma, and breast cancer with liver metastases.

Telitacicept (RC18) is a world-first innovative drug targeting the BLyS/APRIL dual-target fusion protein. Currently, Telitacicept has been approved for marketing in China for the treatment of systemic lupus erythematosus (SLE), rheumatoid arthritis (RA), and generalized myasthenia gravis (gMG). Furthermore, Telitacicept has shown therapeutic potential in indications such as IgA nephropathy, nephrotic syndrome, Sjögren's syndrome, and ocular myasthenia gravis.

Regarding products under development, Rongchang Bio has developed a novel bispecific antibody RC148 targeting PD-1/VEGF, which has entered Phase III clinical trials for the treatment of squamous non-small cell lung cancer.

In January of this year, Rongchang Biotech signed an exclusive licensing agreement with AbbVie for RC148. Under the agreement, AbbVie will obtain exclusive rights to develop, manufacture, and commercialize RC148 outside of Greater China. Rongchang Biotech will receive an upfront payment of US$650 million and is eligible to receive development, regulatory, and commercialization milestone payments of up to US$4.95 billion, as well as double-digit tiered royalties based on net sales outside of Greater China.

Rongchang Bio's potential drug candidates also include ophthalmic drug RC28-E (VEGF/FGF dual-target fusion protein), oncology drugs RC278 (a new generation toxin ADC), RC118 (Claudin18.2 targeted ADC), and RC288 (a new generation of dual-antibody ADC using conjugation and toxin technology) .

In conclusion , 2025 will be a pivotal year for Rongchang Bio. Financially, the company successfully crossed the break-even point thanks to strong sales growth of its core products. Internationally, Rongchang Bio's frequent successful international business development collaborations validate the clinical value and commercial potential of its original drugs globally, opening up possibilities for future growth.

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