Recently, TopAlliance Biosciences released its 2025 preliminary financial results, reporting total revenue of RMB 2.498 billion, a 28.23% increase year-on-year ; net profit attributable to shareholders of the parent company was RMB -874 million, and net profit attributable to shareholders of the parent company after deducting the impact of share-based payments was RMB -798 million, representing a 37.70% reduction in losses year-on-year.

TopAlliance Biosciences stated that in 2025, the company continued to implement the "Improving Quality, Efficiency and Returns" action plan. While significantly improving its commercialization capabilities, the company continuously strengthened cost control and resource focus, and made efficient investments to reduce unit production costs and improve sales efficiency, resulting in a reduction in losses compared to the same period last year .

The sales revenue of the core product, toripalimab injection, in the domestic market increased significantly by approximately 37.72% year-on-year, which was the main driver of revenue growth.

Toripalimab was the first domestically produced PD-1 inhibitor approved for marketing in my country. Its sales reached a high of 1 billion yuan in 2020, but under the influence of subsequent medical insurance negotiations and the approval of competing products, its sales dropped to 412 million yuan in 2021.

However, with the adjustment ofTopAlliance Biosciences' R&D strategy, through the layout of a wide range of differentiated indications and the support of medical insurance, toripalimab has regained its vitality and sales have reached a new high. Domestic sales in 2022-2024 were RMB 736 million, RMB 919 million and RMB 1.501 billion respectively. Sales in 2025 are expected to increase again and exceed RMB 2 billion .

Currently, toripalimab has been approved for marketing in mainland China for 12 indications, all of which are included in the National Reimbursement Drug List. It is the only anti-PD-1 monoclonal antibody drug in the list for the treatment of renal cell carcinoma, triple-negative breast cancer, and melanoma.

In addition,TopAlliance Biosciences is actively expanding its global commercialization network. Toripalimab has been approved for marketing in more than 40 countries and regions, including mainland China, Hong Kong, the United States, the European Union, India, the United Kingdom, Australia, and Singapore, and is undergoing marketing approval in many countries and regions worldwide.

In terms of its pipeline,TopAlliance Biosciences is rapidly advancing clinical trials of several innovative drugs with international market competitiveness, including a PD-1/VEGF bispecific antibody (code name: JS207), an EGFR/HER3 ADC (JS212), and a PD-1/IL-2 fusion protein (JS213) , and is actively exploring various combination therapies to maximize the synergistic effects of the pipeline.

Among them, JS207 is currently in Phase II clinical research and is being explored in combination with different drugs such as chemotherapy, monoclonal antibodies, and ADCs in multiple tumor types. The Phase II clinical trial of JS207 combined with JS212 is underway.

With the increased accessibility of approved products and indications after being included in the national medical insurance catalog, and with more products and indications being approved for market launch in the future, as well as continuous global market commercial expansion,TopAlliance Biosciences' commercial competitiveness is expected to continue to improve.

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