InnoCare Pharma reported a sharp turnaround for the six months ended 30 June 2026, posting a net profit of RMB 239.67 million versus a RMB 35.64 million loss a year earlier.

Revenue rose 55.5% to RMB 1.14 billion, driven by a 43.2% increase in drug sales to RMB 918.14 million and RMB 213.39 million in milestone payments from partnerships, notably with Zenas BioPharma. Gross profit expanded in tandem, maintaining an 89.5% margin.

Operating expenses climbed 11.4% to RMB 878.38 million: • Research & development: up 10.5% to RMB 497.07 million, reflecting heavier investment in clinical trials and technology platforms. • Selling & distribution: up 10.3% to RMB 269.14 million amid commercial-team expansion and market penetration. • Administrative: up 18.4% to RMB 112.16 million, linked to higher staff costs and share-based payments.

Adjusted profit, excluding foreign-exchange gains and share-based costs, reached RMB 276.85 million compared with a RMB 15.50 million loss in the prior period.

The balance sheet remained robust, with cash, near-cash and interest-bearing assets totaling RMB 8.43 billion, up from RMB 7.81 billion at end-2025. Net current assets stood at RMB 7.01 billion, while total debt rose to RMB 1.87 billion, lifting the gearing ratio to 23.9%.

Product highlights included continued momentum for orelabrutinib, the first full commercial year of tafasitamab, and the launch of pan-TRK inhibitor zurletrectinib. Management emphasized progress across hematologic oncology, autoimmune and solid-tumour pipelines, with four registrational studies underway for BCL-2 inhibitor mesutoclax and multiple late-stage TYK2 and BTK programmes advancing.

No interim dividend was declared.