Sichuan Biokin Pharmaceutical Co (688506) Q4 2025 earnings summary

Executive summary

• Focused on innovative oncology drugs, with global R&D and commercial capabilities, advancing 17 clinical-stage drugs and over 100 clinical trials worldwide.

• 2025 marked by a sharp revenue decline due to lower milestone payments from BMS, and a significant net loss driven by increased R&D investment.

• Core product iza-bren (EGFR×HER3 bispecific ADC) reached NDA acceptance for two indications and is expected to launch in 2026.

• Strategic partnership with BMS resulted in $1.05 billion in upfront and milestone payments, setting industry records.

Financial highlights

• Revenue: RMB 2.52 billion, down 56.72% year-over-year, mainly due to lower BMS milestone income.

• Net profit attributable to shareholders: -RMB 1.05 billion, compared to RMB 3.71 billion profit last year.

• R&D expenses: RMB 2.51 billion, up 74.23% year-over-year; R&D spending was 99.75% of revenue.

• Basic and diluted EPS: -2.61 yuan, down from 9.25 yuan last year.

• Net assets: RMB 6.62 billion, up 70.43% from last year due to capital raising.

• Operating cash flow: -RMB 798 million, compared to +RMB 4.06 billion last year.

Outlook and guidance

• 2026 is expected to be the first year of innovative drug commercialization, with iza-bren anticipated to launch.

• Continued high R&D investment planned, with risk of ongoing losses until product launches scale.

• Expansion of clinical pipeline and commercial team to support new product launches and global growth.