2026 JPM: FIC/BIC pipeline breakthrough, BD harvest, Hong Kong stock listing! Hengrui reaches the "tipping point"

At the beginning of 2026, in San Francisco, the 44th J.P. Morgan Healthcare Conference (referred to as JPM) was held as scheduled. For the global pharmaceutical industry, this was not just an annual event, but also an indicator of innovation: MNCs were searching for the next generation pipeline, and global capital was reassessing the value of innovation. In this trend, Jiangsu Hengrui Pharmaceuticals (01276) Executive Vice President and Chief Strategy Officer Jiang Ningjun once again took the stage at JPM. He outlined a clear profile of a global pharmaceutical company from China: building stable hematopoietic capabilities through platform-based research and development, accelerating value realization through BD, and speeding up internationalization by establishing a global clinical and registration system. Jiangsu Hengrui Pharmaceuticals Executive Vice President and Chief Strategy Officer Jiang Ningjun (source: E Manager of Pharmacies) Jiangsu Hengrui Pharmaceuticals (600276.SH) Executive Vice President and Chief Strategy Officer Jiang Ningjun, who has long been leading the way in the Chinese market, is entering a new stage of growth. Hengrui has built a "dual-drive" model: on one hand, with an annual research and development investment of over 25% and more than ten advanced technology platforms, supporting the second highest number of global innovative pipelines; on the other hand, through flexible and diverse BD collaborations and solid overseas team building, steadily advancing internationalization and accelerating the global realization of innovation value. Hengrui, ready for a globalized new era, is already visible. Innovation in research and development is the "Chinese answer" in the global arena From January 12 onwards, a topic continued to be discussed at this global innovative drug industry "annual meeting": is China's large-scale BD in innovative drugs a fleeting trend or a lasting force sufficient to reshape the global research and development landscape? Hengrui provided an answer with an impressive track record. On the JPM stage, Hengrui demonstrated a robust research and development foundation: the company has established over 100 new molecular entities (NMEs) and is conducting over 400 clinical trials around the core treatment areas of oncology, cardiovascular and metabolic diseases, immuno-respiratory diseases, and neuroscience. More importantly, this extensive research and development system is based on a platform-based, systematic, and continuously iterative innovation engine. Hengrui's "comprehensive" technology platform strategy covers all major treatment modalities, including small molecules, large molecules (such as antibodies), AXC, degraders, peptides, etc. If platforms determine heights, deepening the layout in disease areas is the cornerstone of value realization. Hengrui's pipeline construction follows three principles: first, a "one-stop" solution, achieving comprehensive coverage in key disease areas or key mechanisms of action; second, synergistic effects, dedicated to continuously exploring and improving patient outcomes; and third, iterative innovation, addressing emerging unmet needs. Of note, amidst the vast and competitive pipeline, Hengrui focuses on developing first-in-class (FIC) and best-in-class (BIC) innovative therapies. One, is the breakthrough ability in targeting "difficult targets." In the RAS pathway, known as "undruggable," Hengrui has established a comprehensive and continuously iterated pipeline combination. The KRAS G12D inhibitor HRS-4642 showed an objective response rate of 63.3% in a phase 1b/II clinical trial for first-line treatment of pancreatic cancer, becoming the world's first KRAS G12D inhibitor to enter phase III trials. This is a direct proof of Hengrui's "ability to lead" on cutting-edge targets. Two, is the positioning capabilities in the world's largest incremental markets. In the field of metabolic diseases, Hengrui focuses on the multi-billion dollar obesity market, forming a leading and differentiated GLP-1 asset portfolio and a rich pipeline of next-generation innovations. The GLP-1/GIP dual agonist HRS9531 (Rylpopeptide) has submitted a new drug application in China and has been accepted. In previously announced phase II clinical trial results, after 36 weeks of treatment, the average weight loss in the HRS9531 8 mg group reached 23.6%, and did not plateau. In January 2026, overseas partner Kailera initiated a global phase III clinical trial. Three, exploring first-in-class therapies in the field of immune and respiratory systems. For example, the world's first ultra-long-acting formulation IL-23p19/IL-36R dual antibody, administered once a year or every six months for PsO (plaque psoriasis), UC (ulcerative colitis), and PG (pyoderma gangrenosum), with the potential for best-in-class status; for the potential first-in-class drug IFNAR1/TACI targeting membranous nephropathy, acting on dual targets, it has the potential to cover a wide range of indications. It can be seen that Hengrui's overall pipeline structure is healthy, with a "reverse pyramid" distribution: from late-stage clinical to early-stage research and development, there is a complete line-up and sufficient reserves, with the thickness and iterative capacity of the pipeline matrix being the "hard power" that enables Hengrui to continuously output BD assets and support the long-term internationalization with "hard strength." Balancing BD and internal development with solid and firm internationalization steps In 2026, JPM showed a new trend: cooling of large mergers and acquisitions, with BD becoming mainstream. This means the game rules of MNCs' BD stage have changed: only pharmaceutical companies that can continuously produce innovation and have a stable delivery capability can win continuous "votes." Hengrui happens to be riding the wave of this change. Jiang Ningjun explicitly presented "about 20 new molecular entities entering clinical trials each year" as a core indicator in his speech. This number signifies an efficient coordination of the entire chain from research development approval to clinical development and registration application. This continuous and predictable "hematopoietic capability" also constitutes Hengrui's strongest moat, as the company holds a constant stream of chips on the BD negotiating table; on the path of self-initiated internationalization, Hengrui has a reserve of continuous ammunition. Of course, this sustainability has been verified by a constantly updated BD performance record. Since 2023, Hengrui has completed a total of 12 external licensing transactions, with a total value exceeding $27 billion, including $1.3 billion in cash and equity investments. More importantly, whether it is licensing potential assets such as lipoprotein (a) inhibitors to industry giants like Merck, injecting the GLP-1 product portfolio into Kailera through the innovative NewCo model and strategically holding shares, or establishing a strategic alliance with GSK covering multiple pipelines, this represents Hengrui's research and development strength and innovation quality being "value-tested" by top global MNCs and investment institutions. It can be seen that Hengrui's BD strategy has always revolved around a core principle: while realizing current value, embedding itself in the global innovation network, accumulating long-term capital and capabilities for the future. Each collaboration is not only a financial success, but also a vote of trust and endorsement from top international peers for the research and development system, injecting a continuous cash flow and valuable global development experience into its internationalization process. However, Hengrui's internationalization goes beyond just "riding the wave." While BD collaborations are making strides, a global capability system for "building ships to sail" is also taking root simultaneously. As of 2025, Hengrui has made three key advances in internal internationalization capabilities: First, the formation of a lineup of assets from early research to near-commercialization stage. The company initiated five new global clinical trials throughout the year, covering clinical Phases I to III; at the same time, early-stage products with global potential were selected for global (U.S.) IND applications, and efforts were made to advance overseas registrations for late-stage assets, with several overseas new drug applications entering the preparation stage. Second, accelerating the establishment of core global capabilities. The company has established 15 research centers with a research team of over 5,600 people. The Boston research center was officially launched in 2025 and has been continuously bringing in international leadership talents, building overseas teams, marking Hengrui's research and development outreach advancing further into the global frontier. Third, a crucial leap in capital platforms. In 2025, Hengrui successfully listed on the Hong Kong Stock Exchange, raising nearly $1.5 billion, becoming the largest healthcare IPO in the Hong Kong stock market in the past five years. This move aims to optimize global capital management, attract more global talents, and enhance the company's international presence. Thus, a clear internationalization closed-loop of independent research and development and open collaboration is emerging: a robust internal research and development engine continuously produces globally competitive innovative assets; diverse and continuous BD collaborations, in turn, bring international perspectives, regulatory experience, financial support, and network resources to Hengrui, providing continuous support and strengthening its internal innovation system. Fruitful results stepping onto a new explosive point in 2026 The steady progress of internationalization and continuous "hematopoiesis" of the research pipeline have jointly constituted a turning point in Hengrui's development from quantitative to qualitative change. In 2026, Hengrui is about to stand at the moment of fruitful results, ushering in a new explosive point with an unprecedented intense catalyst and a highly clear growth path. On the research and development front: It is expected that in 2026, more than 10 innovative drugs or indications will be approved, more than 20 NDA/BLA applications will be submitted, and data from 25 Phase III studies will be read out. Key data on several heavyweight assets in the pipeline, such as HER2 ADC, KRAS G12D inhibitors, and oral GLP-1, are about to be revealed. On the commercial side: With 10 new products included in the new version of the national medical insurance catalog, the company's innovative drug revenue is expected to achieve over 25% year-on-year growth, entering an accelerated volume growth channel. On the global front: The company will promote the establishment of more flexible models of global partnerships, initiate more global clinical trials, and accelerate the approval of specific products outside China. At the same time, it will continue to advance the internal internationalization team building and operational capabilities. Looking at Hengrui's journey of advancement, its strategic style has always been clear: a sharp sword without a blade, driven by internal power. Platform-based research and development continue to "hematopoietically" produce results, while BD brings global value to light, and overseas clinics and organizational systems are gradually taking shape. Once, the market continuously searched for Hengrui's positioning. Today, the answer is increasingly clear: it is actively transforming, striving to become a "globally leading pharmaceutical company, delivering innovative drugs to global patients in a better, faster, and more accessible way." This path of transformation is also a microcosm of Chinese innovation moving towards "winning through quality." When the 2026 JPM emphasizes the value realization of BD, with assets that can continuously produce and reliably deliver, Hengrui's long-standing certainty advantage is further magnified, not only relying on a strong research and development engine to continuously supply high-quality pipelines but also ensuring that these assets successfully land on the international stage through continuously improving global clinical and registration capabilities. Standing on a new explosive point, Hengrui has accumulated internal strength. A new globalized era, deeply defined by Chinese innovation, awaits it to lead the way. This article is reproduced from "E Manager of Pharmacies"; GMTEight editor: Chen Siyu.