On August 25, 2026, Shanghai Fosun Pharmaceutical (Group) Co., Ltd. (600196.SH; 02196.HK) unveiled its first-half scorecard. The interim results, disclosed on the evening of August 25, show operating revenue reaching RMB 20.442 billion, up 4.75% year-on-year, while net profit attributable to the parent excluding non-recurring items climbed 19.09% to RMB 1.144 billion. With profit growth far outpacing revenue expansion, earnings quality has improved markedly. Even more striking, net operating cash flow hit RMB 2.424 billion, rising 13.59% year-on-year, signaling robust internal growth momentum.

Behind this report card of "steady growth plus structural optimization," the twin engines of innovation and globalization are firing on all cylinders—innovative drug revenue surged to RMB 4.911 billion, up 13.84% year-on-year, now representing over 30% of the pharmaceutical segment; overseas revenue reached RMB 6.379 billion, climbing 16.45% year-on-year, and for the first time exceeded 31% of total revenue. Chen Yuqing, Chairman of Fosun Pharma, noted: "In the face of industry transformation, we are countering external uncertainties with strategic focus, steadfastly advancing innovation and internationalization, zeroing in on oncology, immuno-inflammation, and neurodegenerative diseases, and leveraging global reach and BD synergy to sharpen our commercialization edge."

Innovation Delivers in Clusters: 7 New Products, 20 Indication Approvals

During the first half of 2026, Fosun Pharma's total R&D investment reached RMB 3.247 billion, up 25.66% year-on-year, with innovative drug R&D accounting for as much as 81.61% of that spend. Capital was precisely directed toward heavyweight pipelines such as HLX43, HLX22, and GR1803, as well as frontier platforms like radiopharmaceuticals and small nucleic acids. The heavy investment is now yielding outsized returns—within the reporting period, 7 innovative drugs and 20 indications won regulatory approvals both domestically and overseas, spanning solid tumors including lung, breast, and gastrointestinal cancers, with a multi-product synergistic commercialization framework now taking shape.

The star product H药汉斯状® (serplulimab) has hit a global milestone: in China, it secured a new perioperative indication for gastric cancer, filling a global clinical void; in the EU, it won approvals for three indications as first-line therapy for squamous non-small cell lung cancer, esophageal squamous cell carcinoma, and non-squamous non-small cell lung cancer. To date, H药 has been launched in approximately 50 countries and regions worldwide and has been included in national reimbursement or public payment systems across 12 countries, including the UK, Germany, and Italy, accelerating the release of its international commercial value.

The breast cancer arena is also buzzing with progress. 汉倍优® (pertuzumab) has received consecutive approvals in the EU and China, joining forces with 汉曲优®, 汉奈佳®, and 复妥宁® to form a "coordinated fleet" covering the full disease pathway. Meanwhile, 复迈宁® (lumicitabine tablets) has added a new approval for relapsed/refractory Langerhans cell histiocytosis (LCH) in children aged 2 and above, once again filling a domestic gap.

Deep Pipeline Reserves: Multiple Blockbusters Head for Launch, Global Multi-Center Trials Advance in Tandem

Innovation at Fosun Pharma is far from a one-off bet—the downstream pipeline is equally well-stocked. The new drug application for ALK inhibitor SAF-189 (foritinib capsules) in non-small cell lung cancer has been accepted by the National Medical Products Administration; an application for 复迈宁® in adult neurofibromatosis type 1 (NF1) has been accepted and granted priority review; and an NDA for the BCMA×CD3 bispecific antibody GR1803 in multiple myeloma has also been submitted. The potential best-in-class PD-L1 ADC, HLX43, along with HLX22, are advancing in international multi-center studies spanning China, the US, Europe, Australia, and Japan. HLX43 has already demonstrated preliminary "high efficacy, low toxicity" results in solid tumors like non-small cell lung cancer, with promising clinical prospects.

In the immuno-inflammation space, the company has in-licensed the anti-IL-17A monoclonal antibody perakizumab through BD partnerships, initiated a Phase IIb clinical trial for complement inhibitor FXS6837 in IgA nephropathy, and advanced DPP1 inhibitor FXS7553 into Phase II for both non-cystic fibrosis bronchiectasis and COPD. In neurodegenerative diseases, the confirmatory clinical trial for sodium oligomannate capsules has enrolled over 1,000 patients cumulatively, the Parkinson's disease drug HT001 has started Phase I in Australia, and development of "magnetic resonance-guided focused ultrasound" and diagnostic reagents is progressing in an orderly manner.

Academic influence is climbing in parallel—three innovative drug clinical studies were selected for oral presentations at the 2026 ASCO Annual Meeting, with ten studies featured as posters. Among these, the Phase III study of 复迈宁® in adult NF1 and the Phase III perioperative gastric cancer study of serplulimab provide solid academic backing for international registration and commercial expansion.

Globalization Goes "Systemic": From Product Exports to Ecosystem Co-Building

Fosun Pharma's internationalization has evolved from "single-product overseas expansion" to "systemic operations." On the out-licensing front, its controlling subsidiary Henlius has forged strategic partnerships with Japan's Eisai and the US-based Abbott for H药—granting Eisai development and exclusive commercialization rights in Japan and agreed territories, and granting Abbott exclusive commercialization licenses covering 42 countries and regions across Asia, the Middle East, Africa, and Eastern Europe. Independent innovation results are accelerating global patient access.

In-licensing has also seen major moves: a global exclusive option agreement with AriBio for the investigational Alzheimer's disease drug AR1001, expanding from existing rights in China and Southeast Asia to core markets including the US, Europe, and Japan, where Fosun Pharma will serve as the marketing authorization holder. The international multi-center Phase III trial has completed its final patient visit, with top-line data expected within the year, potentially bringing new hope to tens of millions of AD patients worldwide.

On the manufacturing front, the biologics base has achieved 84,000 liters of capacity (with 48,000 liters already in commercial operation), supplying markets across China, Europe, Canada, Latin America, Southeast Asia, and India. Its subsidiary Gland Pharma, the first Indian injectables company approved by the US FDA, offers one-stop development capabilities for complex dosage forms including vials, lyophilized products, ampoules, and pre-filled syringes. Recently, Gland Pharma signed a strategic supply agreement with a global leading pharmaceutical company for 55 SKUs of sterile injectables, and its technical depth and customer loyalty in high-barrier complex formulations have become an irreplaceable "strategic asset" in Fosun Pharma's global footprint.

Buoyed by innovation scale and globalization depth, Fosun Pharma's MSCI ESG rating has been upgraded to AAA, it has ranked among the top 10 of the MIIT's "China Top 100 Pharmaceutical Enterprises" for eight consecutive years, and it has been named among the top 20 in Citeline's "Global Top 25 Pipeline Pharmaceutical Companies." From R&D to clinical development, from production to commercialization, Fosun Pharma is seizing the high ground in China's innovative drug global expansion wave, steadily marching toward its goal of becoming a "globally leading medical innovation integrator."