Annual Report 2025

MANAGEMENT DISCUSSION AND ANALYSIS 16 The United Laboratories International Holdings Limited Annual Report 2025 During the year, the Group’s Ceftriaxone Sodium for Injection (specifications: 1.0g; 2.0g), Cefotaxime Sodium for Injection (specifications: 1.0g; 2.0g), Amoxicillin Sodium and Clavulanate Potassium for Injection (specifications: 0.6g; 1.2g), and Cefoperazone Sodium and Sulbactam Sodium for Injection (specification: 2.0g) successively passed the consistency evaluation. The Group will continue to increase its efforts in new drug development and generic drug consistency evaluations to further consolidate its market position. Out-Licensing The Group achieved significant progress in advancing the global presence of its innovative drugs. In March 2025, the Group entered into an exclusive license agreement with Novo Nordisk A/S for UBT251, a triple agonist targeting the GLP-1 (glucagon-like peptide-1) receptor, GIP (glucose-dependent insulinotropic polypeptide) receptor, and GCG (glucagon) receptor. Under the Agreement, the Group granted Novo Nordisk A/S the rights to develop, manufacture, and commercialise UBT251 globally (excluding Mainland China, Hong Kong SAR, Macao SAR, and Taiwan). The Group has received an upfront payment of US$180 million (after deduction of Danish withholding tax) and is eligible to receive potential milestone payments of up to USD1.8 billion, as well as tiered royalties based on annual net sales in the licensed regions. This collaboration marks a significant step in deepening The United Laboratories’ global strategic layout and represents an important milestone in the Group’s innovative transformation.