Revenue and net profit hit new highs again! Jiangsu Hengrui Pharmaceuticals (01276) achieved a revenue of 31.629 billion yuan in 2025, a year-on-year increase of 13.02%, and a net profit of 7.711 billion yuan, a year-on-year increase of 21.69%.

On March 25, Jiangsu Hengrui Pharmaceuticals (01276) released its annual report for 2025. During the reporting period, the company adhered to the dual-driven strategy of "technological innovation + internationalization," achieving continuous growth in performance, with both revenue and net profit reaching new highs. The company achieved a total operating income of RMB 31.629 billion for the year, an increase of 13.02% year-on-year; the net profit attributable to shareholders of the listed company was RMB 7.711 billion, an increase of 21.69% year-on-year; the net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses was RMB 7.413 billion, an increase of 20.00% year-on-year. Sales revenue of innovative drugs was RMB 16.342 billion, an increase of 26.09% year-on-year, accounting for 58.34% of drug sales revenue; revenue from external licensing was RMB 3.392 billion, an increase of 25.62%. While achieving continuous growth in performance, the company maintained a high level of investment in research and development, with a total research and development investment of RMB 8.724 billion for the year, accounting for 27.58% of operating income, of which R&D expenses amounted to RMB 6.961 billion, laying a solid foundation for innovation development. Efficient transformation of innovative achievements empowered sales growth of innovative drugs In the sales revenue of innovative drugs, revenues from anti-tumor products reached RMB 13.24 billion, an 18.52% increase year-on-year, accounting for 81.02% of the total sales revenue of innovative drugs. Innovative drugs within medical insurance, such as Rivaroxaban (second-generation AR antagonist) and Darzalex (CDK4/6 inhibitor) aimed at unmet clinical needs, have been widely validated in clinical practice with excellent clinical data, leading to continued strong sales revenue growth. Innovative drugs such as Olaparib (PARP inhibitor) and Eltrombopag (TPO receptor agonist) that have been on the market for a while continue to contribute stable incremental sales revenue as new indications are continuously approved or market evidence accumulates after being approved. Although products such as Ibrutinib Liposome (TOP1) and Trastuzumab Deruxtecan (HER2 ADC) are still in the early stages of commercialization and were not included in medical insurance during the reporting period, they have leveraged their clear therapeutic advantages for specific patients through efficient pre-launch preparation and market access strategies, driving rapid growth in the early stages of product launch. Within the sales revenue of innovative drugs, non-tumor products generated revenue of RMB 3.102 billion, a 73.36% increase year-on-year, accounting for 18.98% of the total sales revenue of innovative drugs. Products within medical insurance, such as Empagliflozin (SGLT2 inhibitor) and Reboxetine (GABAA receptor agonist), achieved rapid growth through the effective delivery of clinical advantages. It is worth noting that the company set a target in the annual management plan section of the annual report to strive for over 30% growth in sales revenue of innovative drugs by 2026. As mentioned earlier, in 2025, Jiangsu Hengrui Pharmaceuticals' sales revenue of innovative drugs had already achieved a 26.09% growth, fully demonstrating the company's continuous strengthening in the realization and commercialization capacity of its innovation pipeline, accelerating the release of growth momentum. Building on this foundation, the company is anchoring higher growth targets, demonstrating the company's firm confidence in future development. New drugs and new indications continue to be approved, with about 53 innovative achievements poised for release within three years In 2025, the company continued to increase its innovative efforts. During the reporting period, the company officially launched the Shanghai Innovation R&D Center, further enhancing the company's R&D system. The company continues to build leading industry technology platforms and strengthen original innovation. During the reporting period, the company continued to improve its established mature technology platforms such as ADC, Bispecific/Multispecific, Protein degraders, Small nucleic acids, Oral peptides, PROTAC/Molecular glue/RIPTAC, and initially established a new molecular pattern platform. At the same time, Hengrui vigorously developed Artificial Intelligence Drug Discovery (AIDD), empowering innovation and iteration in drug development. The company has formed an industry-leading and highly differentiated innovative product matrix. Currently, the company has obtained market approval in China for 24 Class 1 innovative drugs and 5 Class 2 new drugs, with over 100 independent innovative products in clinical development and over 400 clinical trials being conducted domestically and internationally. In 2025, the company (including subsidiary companies in the report) obtained market approval for 7 Class 1 innovative drugs, including injection Ruxiciximab, Imatinib Sulfate tablets, Rugleitin Metformin tablets (I)(II), injection Rucanercept, Famicitinib capsules, Phololapatamapalone injection, and Zeimetusisatin tablets; 1 Class 2 innovative drug was approved for market, and 6 newly approved indications for 6 previously approved innovative drugs were approved for marketing, covering areas such as oncology, metabolism, cardiovascular, immunology, neuroscience, and other disease areas. During the reporting period, the company made significant progress in its research and development pipeline, with a total of 15 marketing applications accepted by the NMPA, 28 progressing to Phase III clinical trials, 61 progressing to Phase II clinical trials, and 28 innovative products advancing to Phase I clinical trials for the first time. In 2025, the company obtained 180 clinical approvals for drug clinical studies; received 8 CDE breakthrough therapy designations and 2 priority review designations. In addition, in 2025, the company recruited more than 22,000 participants for clinical studies, and its own clinical development strength enabled the company to efficiently advance the regulatory review progress of its products. Patent applications and maintenance work proceeded smoothly. During the reporting period, the company was granted 76 patents in the Greater China region and 209 patents internationally. As of the end of the reporting period, the company owned 986 authorized patents in the Greater China region and 1,021 authorized patents in foreign countries including Europe, the United States, and Japan. In 2025, Jiangsu Hengrui Pharmaceuticals had 20 products/indications listed in the revised national medical insurance catalog, with 10 products entering medical insurance for the first time. This continuous improvement in accessibility and affordability of high-quality drugs also helped accelerate product launch and increase market share, further consolidating the company's leading position in the field of innovative drugs. In terms of future growth potential, the company's growth prospects are expected to further unfold. According to the announcement, it is estimated that about 53 innovative achievements will be approved for marketing between 2026 and 2028. Among them, potential approvals include HRS9531, a GLP-1/GIP dual receptor agonist with the best potential in its class for overweight/obesity. In terms of new indications, Rucanercept is expected to be approved for HER2-positive colorectal cancer, first-line treatment of HER2-positive breast cancer, and many other new indications. Acceleration of internationalization, BD becomes a new engine for performance growth The company's strong innovation research and development capabilities have laid a solid foundation for the company's high-level international cooperation. In 2025, Jiangsu Hengrui Pharmaceuticals continued to innovate its BD cooperation model, reaching a total of 5 innovative drug overseas business expansion transactions. Of particular note is the strategic alliance reached with GSK: the two parties jointly developed up to 12 innovative drugs, including the PDE3/4 inhibitor HRS-9821, with Hengrui receiving a $500 million upfront payment, potential total payments of up to $12 billion in option exercise fees and milestone payments, as well as corresponding sales royalties, demonstrating deep recognition of Hengrui's innovation platform and research and development capabilities. Additionally, a licensing agreement was reached with MSD for the Lp(a) inhibitor HRS-5346 outside the Greater China region, with a $200 million upfront payment and up to $1.77 billion in milestone payments, further validating global competitiveness. In addition, the oral GnRH antagonist SHR7280 was granted commercialization rights in mainland China by Merck, the Myosin small molecule inhibitor HRS-1893 was licensed to Braveheart Bio through the NewCo model, and partial international market rights for Rucanercept were granted to Glenmark. Since 2023, the company has completed 12 overseas business expansion transactions, including licensing agreements, NewCo partnerships, and strategic alliances, with a total potential transaction value exceeding $27 billion. This series of active BD transactions is accelerating the global value realization of Hengrui's innovative drugs. At the same time, Hengrui is actively promoting independent overseas development and registration. During the reporting period, the company established a clinical research and development center in Boston, USA. Currently, the company has established 15 research and development centers in Asia, Europe, the Americas, and Australia, and multiple innovative drugs have initiated their first overseas clinical trials during the reporting period. Additionally, during the reporting period, the HER2 ADC innovative drug Rucanercept combined with Atezolizumab and chemotherapy for gastric or gastroesophageal junction adenocarcinoma was granted orphan drug eligibility by the US FDA. Currently, the company has 5 innovative drugs with FDA orphan drug designation and 4 ADC products with FDA fast-track designation. Furthermore, during the reporting period, the company successfully listed on the Hong Kong Stock Exchange for an "A+H" dual listing, raising HK$11.374 billion, the largest IPO in the Hong Kong stock pharmaceutical sector in nearly 5 years, marking a new milestone in internationalization. In 2025, the company actively explored innovative treatment solutions to showcase the clinical value of "Chinese medicine" to the world. During the reporting period, 381 significant research results related to the company's products were internationally recognized. These research results are being published in top global journals such as CA (Journal of Clinical Oncology), The Lancet, JAMA (Journal of the American Medical Association), with a cumulative impact factor of 3,159 points, including 18 heavyweight research articles published in international journals with an impact factor of 30 in the oncology field and 20 outside the oncology field. The company's participation in global academic forums has also reached new heights. In the field of oncology, in 2025, 72 and 46 studies were selected for presentation at the ASCO and ESMO conferences, respectively, and made their debut at ESMO in booth form; in the non-oncology field, multiple achievements were accepted for oral presentation at international conferences such as the American Diabetes Association (ADA) Annual Meeting, the American Academy of Dermatology (AAD), and the European Renal Association (ERA). Building a global talent pool, comprehensive upgrade of operations and management The deepening of the internationalization strategy requires the strong support of global organizational capabilities. In 2025, the company deepened talent introduction and cultivation, building a global talent pool. Ms. Ji Feng joined the company as President, strengthening global strategic leadership; Mr. Guoxin Zhu was appointed Senior Vice President and Head of Global Early Research, reinforcing the forward-looking layout and original innovation of the pipeline; Mr. Hang Yin was appointed Vice President and General Manager of the Oncology Business Unit, continuously strengthening competitiveness in the field of oncology; Mr. Yu Liu was appointed Chief Medical Officer for international markets, responsible for driving clinical development work outside the United States and China; Ms. Karen Atkin was appointed Head of International Business and Portfolio Strategy, further strengthening overseas business development. Meanwhile, the company widely attracted outstanding students and young scholars from top global universities and research institutions through the "Global Elite Program." In terms of internal development, the company systematically implemented development programs such as the "400 High-Potential Talent Development Project for Middle and Senior Management," "New Manager Training Camp," and "Hengrui Leadership Summit" targeting key personnel at different levels to create a professional, young, and international first-class talent pool. The company continuously strengthened strategic and organizational alignment and established the Biopharmaceutical Business Unit (BBU) in 2025, to complement the existing Oncology Business Unit (OBU) and enhance leading commercialization capabilities through organizational upgrades. The company has established a complementary functional system consisting of business excellence, marketing, medical affairs, central and provincial sales management, and central and provincial market access to empower professional sales teams. The company has established an extensive and in-depth multi-channel coverage network. Currently, the company's sales network covers over 25,000 hospitals and over 200,000 offline retail pharmacies nationwide. In addition, the company has established a broad community market structure, upgrading market layout based on market potential and product attributes. As of now, the company's community terminal coverage has exceeded 2,500, with academic activities reaching over 20,000 doctors, significantly enhancing the brand influence at the grassroots level. Deepening the integration of government, industry, academia, and research, fulfilling sustainable commitments To further strengthen the company's basic research capabilities in the field of biomedicine, the company actively promotes the integration of government, industry, academia, and research, jointly establishing the "National Natural Science Foundation Private Enterprise Innovation Development Joint Fund" with the National Natural Science Foundation Committee, totaling RMB 1.32 billion, focusing on basic or applied basic research directions such as oncology, metabolic diseases, etc. Additionally, a strategic cooperation memorandum was signed with the China Science and Technology Development Foundation, committing RMB 100 million to support projects in seven areas, including technology innovation, resource empowerment, talent training, international exchange, etc., to jointly promote in-depth integration of scientific and industrial innovation. As a leading innovative company in the China Meheco Group, Jiangsu Hengrui Pharmaceuticals has always attached importance to fulfilling social responsibility and deeply practiced the concept of sustainable development. In November 2025, a serious fire broke out at Ho Fu Yuen, Tai Po, Hong Kong, causing deep concern from all sectors of society. Jiangsu Hengrui Pharmaceuticals announced an urgent donation of HK$10 million to be used for emergency rescue and post-disaster reconstruction work. With outstanding performance in areas such as pharmaceutical innovation, compliant operations, green development, and social responsibility, Jiangsu Hengrui Pharmaceuticals has ranked "AA" in the MSCI ESG ratings, ranking among the top pharmaceutical companies globally. With the achievements of high-quality development in innovation and internationalization, Jiangsu Hengrui Pharmaceuticals has consistently received recognition from domestic and international authorities. The company has been listed in the global pharmaceutical TOP50 list published by the American Pharmaceutical Executive magazine for seven consecutive years; according to the 2025 Citeline pipeline size ranking, the company's self-developed pipeline ranks second globally; it was listed in the 2025 Fortune China 500 list; the patent for Hepatupamethopellylamine Ethanol Tablet (Hengqu) won the Chinese Patent Gold Award; Jiangsu Hengrui Pharmaceuticals has been awarded the "China Outstanding Employer" certification for five consecutive years, further affirming its achievements in human resources management. In the future, Jiangsu Hengrui Pharmaceuticals will continue to uphold the dual-driven strategy of "technological innovation + internationalization," focus on unmet clinical needs, and create differentiated innovative products; it will uphold a balance between independent research and development and open cooperation to provide more and better treatment options for global patients.