--- title: "Rushing towards 20 billion yuan in revenue, a 'miracle weight-loss drug' from Innovent Biologics may play a significant role." type: "Topics" locale: "en" url: "https://longbridge.com/en/topics/32576828.md" description: "GLP-1 drugs are becoming the "key driver" for Innovent Biologics to reach the 20 billion yuan milestone. Five years ago, the company proposed its strategic goal for the second decade at an internal strategy meeting—achieving positive EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) by 2025 and generating 20 billion yuan in revenue by 2027. Now, the first goal has been achieved ahead of schedule, while the second is being accelerated by multiple commercialized products. Among Innovent Biologics' many listed products..." datetime: "2025-08-04T13:10:18.000Z" locales: - [en](https://longbridge.com/en/topics/32576828.md) - [zh-CN](https://longbridge.com/zh-CN/topics/32576828.md) - [zh-HK](https://longbridge.com/zh-HK/topics/32576828.md) author: "[医药研究社](https://longbridge.com/en/profiles/15545088.md)" --- # Rushing towards 20 billion yuan in revenue, a 'miracle weight-loss drug' from Innovent Biologics may play a significant role. GLP-1 drugs are becoming the "key driver" for Innovent Biologics to reach the 20 billion yuan milestone. Five years ago, the company set its strategic goal for the second decade at an internal strategy meeting—to achieve positive EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) by 2025 and revenue of 20 billion yuan by 2027. Now, the first goal has been achieved ahead of schedule, while the second is being accelerated through multiple commercialized products. Among Innovent Biologics' many marketed products, one GLP-1 drug has garnered significant attention and even gone beyond its niche—Mazdutide (brand name: Xinermei®). Public information shows that this is a glucagon (GCG)/glucagon-like peptide-1 (GLP-1) dual receptor agonist co-developed by Innovent Biologics and Eli Lilly, officially approved for market launch at the end of June this year. It is indicated for long-term weight control in adult patients based on dietary control and increased physical activity. According to observations by Arterial Network, the drug's market performance has been impressive just one month after its launch. "On the JD platform, Mazdutide has sold over 6,000 units, and over 5,000 units have been sold on Alibaba Health." Additionally, many institutions predict that Mazdutide's peak sales could exceed 5 billion yuan. So, what makes this drug so special? With the GLP-1 drug market becoming increasingly competitive, what preparations must Innovent Biologics make? **Capitalizing on the Demand Surge, Mazdutide Takes the Lead** Currently, over a dozen GLP-1 drugs have been approved globally. Behind these products are multinational giants like Eli Lilly and Novo Nordisk, as well as domestic newcomers such as Renhui Biotech, Hansoh Pharma, and Huadong Medicine, which have seized opportunities in this booming market. Amidst this competition, Innovent Biologics is well aware that in an innovation-driven era, First-in-Class (FIC) and Best-in-Class (BIC) drugs undoubtedly have more opportunities to break through. To ensure its self-developed products stand out, it must secure a leading position in differentiated markets. Thus, Mazdutide has its own unique competitive edge. It is reported that Mazdutide is the world's first and only approved GCG/GLP-1 dual receptor agonist for weight loss. The drug's advantage lies in its target mechanism: while activating the GLP-1 receptor to suppress appetite and reduce calorie intake, it also activates the GCG receptor to promote fat burning and energy metabolism, reducing visceral fat content and further enhancing weight loss effects. Innovent Biologics believes this may be a more suitable solution for the Chinese population. "The characteristics of obesity in Chinese people differ from those in Western populations. Western obesity is often characterized by subcutaneous fat accumulation, while Chinese obesity is predominantly abdominal and often accompanied by multiple metabolic issues," said Deng Huan, head of cardiovascular and metabolic medicine at Innovent Biologics. Based on this, Mazdutide places greater emphasis on improving both weight and metabolic indicators. A Phase III registration clinical study (GLORY-1) for Mazdutide in Chinese overweight or obese subjects showed that both 4mg and 6mg doses demonstrated significant weight loss efficacy at 32 and 48 weeks, significantly outperforming the placebo group. The drug also significantly reduced liver fat content and improved multiple metabolic indicators such as blood pressure, blood lipids, uric acid, and transaminase levels. Perhaps due to its outstanding efficacy, Mazdutide was named one of the top 10 most anticipated drugs globally for 2025 (FIERCE Pharma 2025). Source: Innovent Biologics official WeChat account Such a drug entering a market with urgent and vast demand is clearly not short of an audience. The "Guidelines for Weight Management (2024 Edition)" released by the National Health Commission predicts that if not effectively curbed, the overweight and obesity rate among Chinese adults will reach 70.5% by 2030, while the rate for children will reach 31.8%. Mazdutide has arrived during this demand surge, and expanding its market reach is now a key task for Innovent Biologics. **The Battle Over GLP-1 Drug Distribution Intensifies** It is certain that Innovent Biologics' Mazdutide is strengthening its distribution influence. First, in offline medical channels. It is reported that on July 3, just one week after Mazdutide's approval, Peking University People's Hospital issued the first prescription for Mazdutide to an overweight patient with fatty liver, setting a record for the shortest time from drug approval to first prescription. On July 7, Beijing United Family Hospital officially introduced Mazdutide and administered the first injection in the non-public healthcare sector. Such rapid hospital adoption indicates a strong start for Mazdutide's commercialization. Meanwhile, e-commerce platforms like Taobao and JD.com have further boosted the drug's market popularity. According to JD Health, it has signed a strategic cooperation agreement with Innovent Biologics to deepen collaboration in supply chain, omni-channel sales, digital marketing, and other areas, integrating resources to provide diverse and high-quality pharmaceutical and health services. Given current industry trends, online channels may become the main platform for Innovent Biologics' product expansion. Data from Menet shows that, based on average retail prices, China's physical and online pharmacy (including drugs and non-drugs) sales reached 941.1 billion yuan in 2024, a 1.9% year-on-year increase. Offline physical pharmacies accounted for 65% of the market share, down 2.5 percentage points from 2023, while online pharmacies continued to grow, reaching 35% in 2024, with sales hitting a new high of 329.2 billion yuan. Source: Menet Behind this "rise and fall," the convenience of online drug purchases likely played a decisive role. However, it is also important to note that competition in distribution channels is intensifying, and the signals are clear. In early July, at the Ali Health Scientific Weight Loss Standards launch event, Shen Difan, executive director and CEO of Ali Health, stated that Ali Health would collaborate with Eli Lilly, Innovent Biologics, and Yinuo Pharmaceutical to launch a scientific weight loss plan, offering users a package of services including "one-on-one doctor consultations and pharmacist services." This reveals two industry trends: first, the growing closeness between e-commerce platforms and pharmaceutical companies, and second, e-commerce platforms becoming a new battleground for major pharmaceutical firms. From this perspective, Innovent Biologics faces significant pressure in scaling Mazdutide. Even in the early stages of commercialization, it must contend with intensifying channel competition, not only from domestic players but also from multinational pharmaceutical companies with more mature commercial systems for GLP-1 drugs. However, Innovent Biologics is not unprepared. In recent years, the company has actively advanced Mazdutide's follow-up R&D, including clinical studies for obesity, type 2 diabetes, and metabolic-associated fatty liver disease (MAFLD), to enhance the competitiveness of its core product. Notably, Innovent Biologics' goal of achieving 20 billion yuan in revenue is not just talk—the company is accelerating toward this milestone. According to its financial report, Innovent Biologics achieved total revenue of approximately 9.422 billion yuan in 2024, a 51.8% year-on-year increase, with an annual loss of 94.631 million yuan, narrowing by 90.8% year-on-year. Under Non-IFRS standards, it achieved its first profit of 332 million yuan, completing a "V-shaped reversal" from a loss of 515 million yuan in 2023. With such performance, Innovent Biologics' dual-track approach of "commercialization + R&D" promises more highlights in the future. Source: Pharmaceutical Research Society ### Related Stocks - [01801.HK](https://longbridge.com/en/quote/01801.HK.md)