Beijing Biostar Pharmaceuticals (2563) H2 2025 earnings summary

Executive summary

• FY2025 revenue fell 53.6% YoY amid Utidelone Injection marketing-strategy adjustments; net loss narrowed 8.6% to RMB131.4m.

• R&D advanced across Utidelone Injection, oral Utidelone Capsule and ADC programs; the capsule’s China phase II study reported confirmed ORR of 52.3% with capecitabine.

Financial highlights

• Revenue RMB33.4m, down 53.6% YoY; gross profit RMB30.8m, down 50.5%, while gross margin rose to 92.2% from 86.5%.

• Net loss was RMB131.4m versus RMB143.8m in FY2024; basic and diluted loss per share improved to RMB0.36 from RMB0.41.

• R&D expenses declined 28.6% to RMB83.0m, selling expenses fell 49.8% to RMB31.1m, and administrative expenses declined 34.0% to RMB34.5m.

• Finance costs shifted from income of RMB7.5m in FY2024 to expense of RMB5.8m, primarily due to foreign-exchange losses.

Outlook and guidance

• Advance Utidelone Injection studies in neoadjuvant breast cancer, breast and lung cancer brain metastases, and pancreatic cancer; the neoadjuvant trial expects full enrollment by mid-2026.

• Continue enrollment in large Utidelone Capsule studies for gastric cancer, ovarian cancer and TNBC adjuvant treatment; the gastric cancer phase II/III program has FDA and CDE IND approval.

• Target ADC IND-enabling stage in 2026; planned priorities also include global clinical development, licensing or co-development partnerships, and manufacturing upgrades to cGMP standards.