The company’s revenue growth to approximately RMB 978 million reflects a strategic shift in Chinese treatment paradigms, driven by the broad clinical adoption of its TROP2 ADC, sac-TMT. With four indications now approved in China, the drug is gaining momentum through inclusion in the National Reimbursement Drug List, supported by a commercial team that has expanded to over 800 staff members across 2,000 hospitals.

Global expansion remains central to the firm’s trajectory, particularly through its collaboration with Merck Sharp & Dohme. The partnership has yielded significant clinical milestones, including positive Phase 3 data for sac-TMT in advanced endometrial cancer, marking the first time an ADC has demonstrated statistically significant improvements in both overall survival and progression-free survival in that setting. Beyond oncology, Kelun-Biotech is diversifying its pipeline into autoimmune and metabolic diseases, with clinical trials for asthma and COPD currently underway.