Grand Pharmaceutical Group (512) H2 2025 earnings summary

Executive summary

• Revenue reached HK$12,283.27 million for 2025, up 5.5% year-over-year; excluding centralized procurement price cuts, revenue rose 14.8% year-over-year.

• Adjusted net operating profit attributable to owners was HK$1,494.26 million, down from HK$1,760.65 million last year, mainly due to price reductions from centralized procurement.

• Innovative and high-barrier products contributed 50% of total revenue, up from 40% last year.

• The Group achieved over 30 R&D and commercialization milestones, with several first-in-class and best-in-class products making historic breakthroughs.

• Final dividend proposed at HK$0.169 per share, totaling HK$591.81 million.

Financial highlights

• Gross profit was HK$6,780.36 million, nearly flat year-over-year.

• Profit attributable to owners was HK$1,240.87 million, down from HK$2,468.38 million, impacted by fair value changes and disposal losses on Telix investment.

• Normalized profit (excluding Telix impact) was HK$1,494.26 million, down from HK$1,760.65 million.

• Distribution costs rose to HK$3,806.89 million, up HK$550 million due to increased marketing for new products.

• R&D and project investment totaled HK$1,460 million.

• Earnings per share were 35.44 HK cents, down from 70.49 HK cents.

Outlook and guidance

• The Group expects to return to high-quality, rapid growth in 2026, driven by the launch and commercialization of several blockbuster innovative products.

• Strategic focus remains on innovation-driven growth and global expansion, with accelerated clinical development in radiopharmaceuticals, ophthalmology, and critical care.