FIC/BIC pipeline breakthrough, BD harvest, Hong Kong stock listing! In 2026, Jiangsu Hengrui Pharmaceuticals reached the "tipping point".

At the beginning of 2026, in San Francisco, the 44th J.P. Morgan Healthcare Conference (JPM) was held as scheduled. For the global pharmaceutical industry, this was not just an annual event, but also a beacon of innovation: MNCs were looking for the next generation pipeline, and global capital was reassessing innovation value here. In this context, Jiangningjun, Executive Vice President and Chief Strategic Officer of Jiangsu Hengrui Pharmaceuticals (01276), once again took the stage at JPM. He outlined a clear outline of a global pharmaceutical company from China: building stable hematopoietic capacity through platform-based research and development, accelerating value realization through BD, and accelerating internationalization through the establishment of a global clinical and regulatory system. Jiangningjun, Executive Vice President and Chief Strategic Officer of Jiangsu Hengrui Pharmaceuticals (source: E Manager) Jiangsu Hengrui Pharmaceuticals (600276.SH), led by Jiangningjun, Executive Vice President and Chief Strategic Officer, a long-time leader in the Chinese market, is entering a new inflection point. Hengrui has built a "dual-drive" model: on one hand, with an average annual R&D investment of over 25% and over ten advanced technology platforms, supporting the second highest number of global original pipeline entities; on the other hand, by engaging in flexible and diverse BD partnerships and solid overseas team building, steadily advancing internationalization and accelerating global value realization. A poised and ready Hengrui, welcoming a new era of globalization, is clearly visible. Innovation R&D solid strength in the global arena: the "Chinese answer" Since January 12, at this global innovation drug industry "annual meeting," a topic has continued to be hotly debated: is the large-scale BD of innovative drugs in China a flash in the pan or a lasting force capable of reshaping the global research and development landscape? Hengrui has provided an answer with a report card. On the JPM stage, Hengrui showcased a robust research and development foundation: the company has laid out over 100 new molecular entities (NMEs) focusing on four core therapeutic areas - oncology, cardiovascular and metabolism, immunology and respiratory, neuroscience, and has conducted over 400 clinical trials. More critically, this vast R&D system is based on a platform-based, systematic, and continuously iterative innovation engine. Hengrui's "All-in Strategy" for comprehensive technology platforms covers all major treatment modalities, including small molecules, large molecules (such as antibodies), AXC, degraders, peptides, and more. If platforms determine height, then depth of disease area layout is the cornerstone of value realization. Hengrui's pipeline construction follows three principles: one-stop solutions, achieving comprehensive coverage in key disease areas or key mechanisms of action; synergy, dedicated to continuously exploring ways to improve patient prognosis; iterative innovation, solving new unmet needs. Of note, in the vast and competitive pipeline, Hengrui focuses on developing first-in-class (FIC) or best-in-class (BIC) innovative therapies. One example is the breakthrough ability in targeting "difficult targets." In the RAS pathway, known as "undruggable", Hengrui has established a comprehensive and continuously iterative pipeline combination. The KRAS G12D inhibitor HRS-4642 showed a 63.3% objective response rate 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. This demonstrates Hengrui's direct evidence of "running ability" on cutting-edge targets. Second, is the ability to position around the world's largest incremental market. In the metabolic disease field, Hengrui focuses on the billion-dollar obesity market, forming a leading and differentiated GLP-1 asset portfolio and rich next-generation innovative pipeline. The GLP-1/GIP dual agonist HRS9531 (riplipopetide) has submitted a new drug application in China and has been accepted. In the previously published Phase II clinical trial results, the average weight loss in the HRS9531 8mg group reached 23.6% after 36 weeks of treatment and did not reach a plateau period. In January 2026, overseas partner Kailera initiated a global Phase III clinical trial. Third, exploring first-in-class therapies in the field of immunology and respiratory systems. For example, the world's first ultra-long-acting IL-23p19/IL-36R dual antibody, administered annually or semi-annually for Psoriasis (PsO), UC (ulcerative colitis), PG, has the best-in-class potential; and a potential first-in-class drug IFNAR1/TACI targeting membranous nephropathy, with a dual-target mechanism, has the potential to cover a wide range of indications. Here, 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, with a complete array and sufficient reserves, the thickness and iterative capability of the pipeline matrix is what enables Hengrui to continuously output BD assets and support the long-term internationalization push with "hard power". BD and endogenous development are equally emphasized, with solid and firm internationalization steps In 2026, the JPM showcased a new trend: cooling of major mergers and acquisitions, with BD becoming mainstream. This means that the BD game rules for MNCs have changed: only drug companies that can continuously produce innovation and have stable delivery capabilities can win ongoing "votes." Hengrui is positioned well in this evolving landscape. In his speech, Jiangningjun clearly stated that "about 20 new molecular entities enter clinical trials each year" as a key indicator. This number signifies efficient coordination across the entire chain from research and development initiation to clinical development and regulatory submission. This sustained and predictable "hematopoietic capacity" also forms Hengrui's strongest moat, providing the company with a constant stream of chips during BD negotiations, and ammunition for continued internationalization on its self-determined path. Of course, this sustainability is validated by a continuously updated BD report card. Since 2023, Hengrui has completed a total of 12 external licensing transactions, with a total value exceeding $27 billion, including cumulative receipts of $1.3 billion in cash and equity investments. More importantly, whether licensing potential assets such as lipoprotein(a) inhibitors to industry giants like Merck, injecting GLP-1 product combinations into Kailera through a pioneering NewCo model and strategic equity participation, or establishing strategic alliances with GSK covering multiple pipelines, all represent Hengrui's R&D strength and innovation quality being validated by global top MNCs and investment institutions. It can be seen that Hengrui's BD strategy consistently revolves around one core theme: while realizing current value, embedding into the global innovation network, accumulating long-term capital and capability for the future.Each collaboration is not just a financial success, but also a vote of trust and endorsement from top global peers in the R&D system, injecting a continuous cash flow and valuable global development experience into the internationalization process. However, Hengrui's internalization goes beyond simply "riding the waves." While BD collaborations surge ahead, a globalized capability system for "building ships to sail" is concurrently taking root. By 2025, Hengrui has made three key advances in its internalization capabilities: First, the asset queue from early research to near-commercialization stages has begun to take shape. The company launched five assets in new global clinical trials throughout the year, covering Phase I to Phase III trials; at the same time, early-stage products with global potential have advanced for global (US) IND applications, and late-stage assets have begun preparations for overseas registrations, with multiple overseas new drug applications in the pipeline for submission. Second, the acceleration of core global capabilities is taking root. The company has established 15 research centers and a research team of over 5,600 people. The Boston Research Center officially opened in 2025 and continues to attract international leading talents and build overseas teams, marking Hengrui's deeper integration into the global forefront. Third, the capital platform takes a key leap. In 2025, Hengrui successfully listed on the Hong Kong Stock Exchange, raising nearly $1.5 billion, becoming the largest medical health IPO in Hong Kong in the past five years. This move aims to optimize global capital management, attract more global talent. As a result, a system of international closed-loop capabilities continues to take shape: a powerful endogenous R&D 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, continuously enhancing its endogenous innovation system. 2026 stands at a new inflection point for Hengrui with the steady progress of internationalization and the continuous "hematopoietic" of the research pipeline, marking a qualitative shift in the company's development. In 2026, Hengrui is poised for a fruitful moment, ushering in a catalyst with an unprecedented density and a clear growth path. On the R&D front, it is estimated that in 2026, over 10 innovative drugs or indications will receive approval, over 20 NDA/BLA applications will be submitted, and 25 Phase III study data will be read. Key data for several heavy assets such as HER2 ADC, KRAS G12D inhibitors, oral GLP-1, and others are soon to be disclosed. For commercialization, with 10 new products included in the new 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 push for more flexible global partnerships, launch more global clinical trials, and accelerate the application for market permits outside of China for specific products. At the same time, efforts will be made to continue building internal internationalization teams and improving operational capabilities. Overall, Hengrui's strategic style has always been clear: the sword is sharp because the inner force drives. Platform-based R&D continues to produce new assets, while BD exposes global value; overseas clinical and organizational systems are gradually taking shape. Once, the market was constantly trying to define Hengrui's position. Today, the answer is becoming increasingly clear: it is actively transforming, aspiring to become a "global leading pharmaceutical company, delivering innovative drugs to global patients in a better, faster, and more accessible way." This transformation is a microcosm of China's innovation drug industry advancing towards winning on quality. When the JPM in 2026 emphasizes the value realization through BD, with assets that can continuously produce and reliably deliver, Hengrui's long-term advantage in certainty is further magnified. It is able to rely on a strong R&D engine to continuously provide a high-quality pipeline and ensure that these assets successfully land on the international stage through the ongoing improvement of global clinical and registration capabilities. Standing at a new inflection point, Hengrui has amassed internal strength. A new era of globalization, deeply defined by China's innovative forces, awaits its leadership. This article is reprinted from "E Manager"; GMTEight editor: Chen Siyu.