InnoCare Pharma's Q1 2026 Earnings Report: Revenue Surges, Continued Profitability, Kicking Off the Next Decade of Golden Growth

InnoCare Pharma (HKEX: 09969; SSE: 688428) today announced its Q1 2026 earnings report and recent company developments as of March 31, 2026.

Over the past decade, InnoCare Pharma has achieved remarkable results. 2026 marks the beginning of the company’s next golden decade of growth, driven by an outstanding performance in 2025. In Q1 2026, the company continued to accelerate, ramping up innovation, commercialization, and globalization efforts to achieve its 2.0 strategic goals.

Commercialization and BD help the company maintain profitability

Incyte Health's pharmaceutical revenue for the first quarter of 2026 increased by 44.5% year-over-year to reach 450 million yuan. The company’s total revenue rose by 38.7% year-over-year to 530 million yuan, primarily driven by the continuous growth in pharmaceutical revenue and income from global business development (BD). Orelabrutinib (brand name: InnoCare®), used as a first-line treatment for chronic lymphocytic leukemia (CLL) / small lymphocytic lymphoma (SLL), experienced rapid volume growth after being included in the national medical insurance system. Additionally, its exclusive indication for marginal zone lymphoma maintained a competitive edge. Meanwhile, commercialization of Tafasitamab (brand name: MinuoCare®) and Zolotinib (brand name: InnoCure®) contributed new incremental revenue.

The company achieved its first annual profit in 2025, and continued to deliver profitability in the first quarter of 2026, with net profit surging 607.7% year-over-year to reach 100 million yuan.

Incyte Health's R&D investment for the first quarter of 2026 increased by 10.4% year-over-year to reach 230 million yuan. This increase in R&D spending is mainly attributed to the acceleration of clinical trials in China and globally, along with expanded investments in novel technology platforms such as antibody-drug conjugates (ADCs) and molecular glues, laying a solid foundation for the future.

As of March 31, 2026, Incyte Health held cash and related account balances totaling approximately 7.92 billion yuan. A strong cash flow will help accelerate global clinical development of the company’s core pipeline and enhance the construction of new technological platforms, aiming to provide more and better treatment options for patients worldwide.

Dr. Jie Song Cui, co-founder, chairman, and CEO of Incyte Health, said: 'At this new starting point for the next decade of development, the company has continued its robust growth momentum in the first quarter of 2026, with ongoing commercial scale-up and steady progress in globalization. Significant advances have been made across multiple pipelines, laying a solid foundation for high-quality growth throughout the year. We will continue to uphold our development philosophy of 'science-driven innovation and patient-centric solutions,' continuously enhancing our capabilities in innovation, commercialization, and internationalization. We aim to accelerate clinical trials both in China and globally, benefiting more patients around the world.'

Continuous advancement in commercialization.

In the first quarter of 2026, all four approved indications for Orelabrutinib were included in the national medical insurance system. Following the inclusion of first-line CLL/SLL in the insurance program, the drug saw increasing adoption, while MZL maintained its exclusive indication advantage. Two innovative drugs launched in 2025 began contributing to sales volumes: Tafasitamab (brand name: MinuoCare®) became China's first approved CD19 antibody for treating relapsed/refractory diffuse large B-cell lymphoma (DLBCL), and Zolotinib (brand name: InnoCure®) became China's first domestically developed next-generation TRK inhibitor approved for marketing. Prescriptions for these drugs were issued at hospitals across multiple provinces and cities in the first quarter of this year, and successful launch events were held. Pharmaceutical revenue for Incyte Health in the first quarter of 2026 grew by 44.5% year-over-year, reaching 450 million yuan.

The company’s commercial team further strengthened its execution capabilities, focusing on strategic priorities to lay a solid foundation for sustained revenue growth and long-term commercial success.

Significant breakthroughs achieved across various pipelines.

Starting from March 27, 2026, the company officially removed the special designation “U” from its stock abbreviation, marking the company’s entry into a sustainable growth trajectory.A decade of dedication has laid a solid foundation, with 2026 marking the beginning of a new decade for InnoCare Pharma. Building on an outstanding performance throughout 2025, the company maintained high-quality rapid development in the first quarter of 2026. Below are the various achievements made by the company in the first quarter of 2026.

· The registrational Phase III clinical trial of the novel BCL2 inhibitor mesutoclax (ICP-248) in combination with orelabrutinib as a first-line treatment for CLL/SLL has completed patient enrollment.Mesutoclax used in combination with orelabrutinib in a fixed treatment course will provide deeper remission for first-line CLL/SLL patients while avoiding drug resistance mutations, offering hope of clinical cure for first-line CLL/SLL patients and presenting a highly promising treatment option.

As China's first BCL2 inhibitor to receive Breakthrough Therapy Designation, multiple study data for mesutoclax are set to be showcased at the 2026 American Society of Clinical Oncology (ASCO) Annual Meeting. The registrational clinical trial of mesutoclax for treating relapsed/refractory mantle cell lymphoma (MCL) after BTK inhibitor therapy is progressing rapidly. Additionally, clinical trials for mesutoclax in treating acute myeloid leukemia (AML) and myelodysplastic syndromes (MDS) are being conducted in China, the United States, and Australia.

Orelabrutinib for the treatment ofprimary immune thrombocytopenia (ITP)is expected to have its New Drug Application (NDA) submitted in the first half of 2026; the Phase III registrational clinical trial for orelabrutinib in treatingSystemic Lupus Erythematosus (SLE)has been initiated; the Phase III clinical trial of orelabrutinib for treatingprimary progressive multiple sclerosis (PPMS)and its ongoing clinical trial for treatmentSecondary progressive multiple sclerosis (SPMS)Phase III trials are all underway.

· The first VAV1 molecular glue degrader in China and the second globally, ICP-538, has completed dosing of its first subject in clinical trials.ICP-538 is a novel, orally available, highly efficient, and highly selective molecular glue degrader targeting VAV1, independently developed by InnoCare Pharma. VAV1 is a key protein downstream of T-cell and B-cell receptors, aimed at developing treatments for various refractory autoimmune diseases such as inflammatory bowel disease (IBD), systemic lupus erythematosus (SLE), and multiple sclerosis (MS).

· The novel oral IL-17AA/AF inhibitor ICP-054 (ZB021) has been approved for clinical trials.ICP-054 is a novel, orally available, highly efficient, and highly selective IL-17AA/AF inhibitor with significant therapeutic potential in the field of autoimmune and inflammatory diseases. ICP-054 can efficiently block the signaling of IL-17AA homodimers and IL-17AF heterodimers, thereby inhibiting the release of pro-inflammatory cytokines and chemokines to exert anti-inflammatory effects. It can also reduce excessive proliferation of skin keratinocytes and infiltration of inflammatory cells, improve skin lesions, and thus suppress the occurrence of autoimmune and inflammatory diseases.

· Research and development of the CD20xCD3 T-cell engager (TCE) ICP-B02 (PRO-203) in severe autoimmune diseases has been initiatedand dosing of healthy subjects in a single ascending dose study has been completed. Partner Prolium expects to initiate an international multicenter Phase I/II clinical study for systemic sclerosis (SSc) in the second quarter of 2026, and will also launch treatment studies for other severe B-cell-driven autoimmune diseases within this year.

· Significant progress has been made in the clinical research of the novel TYK2 inhibitor Soficitinib (ICP-332), with patient enrollment completed for the Phase III pivotal clinical trial for moderate to severe atopic dermatitis (AD).Meanwhile, patient enrollment for the Phase II clinical trial of Soficitinib in treating vitiligo has also been completed. JAMA Dermatology published the results of the Phase II clinical study of Soficitinib in treating moderate to severe atopic dermatitis patients. The article stated that Soficitinib monotherapy demonstrated good safety and excellent efficacy in treating moderate to severe atopic dermatitis patients.

· The Phase III clinical trial of the new TYK2 inhibitor ICP-488 for the treatment of psoriasis has completed patient enrollment. This milestone marks a significant clinical advancement in the treatment of psoriasis with ICP-488, potentially offering a new oral treatment option for psoriasis patients.

· The new generation TRK inhibitor Zolocretinib orally disintegrating tablets have been granted priority review,for the treatment of pediatric solid tumor patients (ages 2 to 12) carrying NTRK fusion genes.

· Preclinical research data on the novel ADC drug ICP-B794 targeting B7-H3 has been selected for presentation at the 2026 American Association for Cancer Research (AACR) annual meeting, and is currently advancing through Phase I dose escalation trials.

· A new ADC drug targeting CDH17, ICP-B208, has submitted an Investigational New Drug (IND) application,and can be developed to treat various gastrointestinal cancers, including colorectal cancer, gastric cancer, pancreatic ductal adenocarcinoma, and cholangiocarcinoma. Preclinical studies show that ICP-B208 demonstrates potent anti-tumor activity even in tumors with low CDH17 expression.

Accelerate the implementation of globalization strategy

In 2025, Nuokang Jianhua is pushing ahead at full speed with the implementation of its globalization strategy, focusing on uncovering the global value of core pipelines. The company has reached two out-licensing deals, further enhancing its global influence and financial performance, achieving a significant breakthrough in global layout.

In 2026, the company will continue to build long-term win-win cooperative relationships through business development (BD), promoting the company's globalization process, bringing more benefits and growth opportunities to the company and its partners, and benefiting patients worldwide.

To learn about the financial data in the InnoCare Pharma's Q1 2026 earnings report, please visit the InnoCare Pharma official website for inquiries.

[1] All currencies mentioned in this article are in Renminbi.

[2] Including financial assets in cash and other liquid assets, other non-current assets, as well as interest receivable

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