Sino Biopharmaceutical shares rose as much as more than 20% intraday on August 20 before closing the midday session 16.18% higher, after the company reported strong 2026 first-half results. Revenue increased 10.6% year-on-year to 19.44 billion yuan, or about $2.9 billion, while net profit attributable to shareholders, described as basic earnings, rose 92.3% year-on-year to 3.34 billion yuan, or about $496.7 million, after excluding non-operating items. Out-licensing revenue from innovative drugs reached 980 million yuan, up roughly 21-fold from 40 million yuan a year earlier, lifting its revenue share from 0.3% to 5.0%. The increase was driven mainly by a March agreement granting Sanofi exclusive global rights to Rovadicitinib, a first-in-class JAK/ROCK dual-target inhibitor, in a deal worth up to $1.53 billion, including a $135 million upfront payment. Total innovative drug revenue rose 44.3% to 8.79 billion yuan, nearly half of total revenue. Selling and administrative expenses totaled 6.23 billion yuan, with the expense ratio falling to 32%, down more than 10 percentage points from the same period in 2025. CEO Eric Tse said the full-year ratio is expected to decline to 35%, while Chairwoman Theresa Tse reaffirmed double-digit revenue growth guidance for 2026. The company said its early compliance investments helped its business normalize after a temporary impact in May as China tightened oversight of pharmaceutical sales practices.