Revenue and net profit hit new highs again! Hengrui Medicine's 2025 revenue is 31.63B yuan, a year-on-year increase of 13.02%, with a net profit of 7.71B yuan, up 21.69% year-on-year.

Source: Jian Shi Ju

On March 25, Hengrui Medicine released its 2025 annual report. During the reporting period, the company adhered to the dual-driven strategy of “technological innovation + internationalization,” achieving sustained performance growth, with both revenue and net profit reaching new highs. The full year saw operating income of 31.63B yuan, up 13.02% year-over-year; net profit attributable to shareholders of the listed company was 7.71B yuan, up 21.69%; net profit excluding non-recurring gains and losses was 7.41B yuan, up 20.00%. Sales revenue of innovative drugs reached 16.34B yuan, a 26.09% increase, accounting for 58.34% of drug sales revenue; licensing income from external parties was 3.39B yuan, up 25.62%.

While maintaining continuous growth in performance, the company kept high-intensity R&D investment, with total R&D expenditure of 8.72B yuan, accounting for 27.58% of operating income, including 6.96B yuan in expense-based R&D, solidifying the foundation for innovation.

High-efficiency Transformation of Innovation Achievements

Innovative drug sales drive performance growth

Among innovative drug sales, anti-tumor products generated 13.24 billion yuan, an 18.52% increase, accounting for 81.02% of total innovative drug sales. The targeted clinical needs met by the second-generation AR antagonist ReviRuzumab (Revivir) and CDK4/6 inhibitor Darzalex (Dalcetuzumab) have been validated through extensive clinical data, leading to broad clinical practice validation and continued strong sales growth. Early-listed innovative drugs such as PARP inhibitor Fluzoparib and TPO receptor agonist HaituoPo (HaituoPo) continue to contribute stable incremental sales as new indications are approved or evidence accumulates post-marketing. Liposomal Irinotecan (TOP1) and Rituximab (HER2 ADC), although still in early commercialization stages and not yet included in medical insurance during the reporting period, leverage clear efficacy advantages for specific patient groups, with efficient pre-market preparation and market access strategies driving rapid initial sales.

In the innovative drug sales, non-tumor products achieved revenue of 3.1B yuan, a 73.36% increase, accounting for 18.98% of total innovative drug sales. Products like Jardiance (SGLT2 inhibitor) and Remimazolam (GABAa receptor agonist) have achieved rapid growth through effective clinical advantage transmission within the medical insurance scope.

Notably, the company’s operational plan in the annual report proposes a goal to achieve over 30% growth in innovative drug sales by 2026. As mentioned above, in 2025, Hengrui’s innovative drug sales increased by 26.09%, demonstrating the company’s ongoing strengthening of innovation pipeline commercialization and ability to accelerate growth. Based on this, the company sets even higher growth targets, reflecting strong confidence in future development.

Continuous Approval of New Drugs and New Indications

Approximately 53 innovative achievements poised for launch within three years

In 2025, the company continued to intensify innovation efforts. During the reporting period, the Shanghai Innovation R&D Center was officially launched, further improving the company’s R&D system.

The company continued to build industry-leading new technology platforms, strengthening source innovation. During the period, the company improved existing mature platforms such as ADC, bispecific/multispecific antibodies, protein degraders, small nucleic acid drugs, oral peptides, PROTACs/molecular glues/RIPTACs, and initially established new molecular platform models. Simultaneously, Hengrui vigorously developed artificial intelligence drug discovery (AIDD), fully empowering innovation and iteration in drug R&D.

The company has formed a highly differentiated, industry-leading innovation product matrix. Currently, it has approved 24 Class 1 innovative drugs and 5 Class 2 new drugs in China, with over 100 self-developed products in clinical development, and more than 400 clinical trials underway domestically and internationally.

In 2025, the company (including subsidiaries within the report) obtained approval for 7 Class 1 innovative drugs, including Recarxumab (Recarxumab injection), Emamixitinib Sulfate Tablets, RigeTazolin Dihydrate Tablets(I)(II), Rituximab injection, Famitinib Malate Capsules, Plerixafor injection, and Zemetolol tablets; 1 Class 2 innovative drug was approved for marketing, and 6 new indications for already approved innovative drugs received approval, covering tumor, metabolic, cardiovascular, immune, and neurological diseases. During the period, the R&D pipeline made significant progress, with 15 listing applications accepted by NMPA, 28 products advanced to Phase III, 61 to Phase II, and 28 innovative products initiated into Phase I for the first time. In 2025, the company obtained 180 clinical trial approvals; 8 breakthrough therapy designations from CDE; 2 priority review designations. Additionally, over 22,000 participants were recruited for clinical studies, demonstrating the company’s strong clinical development capabilities to efficiently advance regulatory review.

Patent application and maintenance work proceeded smoothly. During the period, 76 patents were granted in Greater China, and 209 patents abroad. As of the end of the reporting period, the company held 986 invention patents authorized in Greater China and 1,021 patents authorized in Europe, the US, Japan, and other regions.

In 2025, Hengrui Medicine had 20 products/indications listed in the updated national medical insurance catalog, including 10 products entering the insurance coverage for the first time, improving accessibility and affordability of high-quality medicines, which also accelerates product volume growth, market share expansion, and further consolidates its leading position in innovative drugs.

Future growth potential is expected to further release. According to the announcement, approximately 53 innovative achievements are expected to be approved for marketing between 2026 and 2028. Among new product launches, the GLP-1/GIP dual receptor agonist HRS9531 for overweight/obesity, with top-tier potential, is expected to be approved. For new indications, RiguTazolin is expected to be approved for HER2-positive colorectal cancer and first-line treatment of HER2-positive breast cancer, among other indications.

Acceleration of Internationalization

BD becomes new engine for performance growth

Strong innovation and R&D capabilities lay a solid foundation for high-level international cooperation. In 2025, Hengrui’s BD cooperation model continued to innovate, with five overseas innovative drug deals completed. Notably, a strategic alliance with GSK was reached: jointly developing up to 12 innovative drugs including PDE3/4 inhibitor HRS-9821, with Hengrui receiving a $500 million upfront payment, and potential total milestone and exercise fees of about $12 billion, plus sales royalties, demonstrating deep recognition of Hengrui’s innovation platform and R&D strength. An exclusive license agreement was also signed with MSD for the Chinese mainland rights to the PD-1 inhibitor HRS-5346, with a $200 million upfront and up to $1.77 billion in milestone payments, further validating global competitiveness. Additionally, the oral GnRH antagonist SHR7280’s commercialization rights in China were licensed to Merck Germany; Myosin small molecule inhibitor HRS-1893 was licensed to Braveheart Bio under a NewCo model; and international market rights for Rituximab were licensed to Glenmark. Since 2023, the company has completed 12 overseas deals, including licensing, NewCo, and strategic alliances, with a potential total transaction value exceeding $27 billion.

This active BD activity is accelerating the global realization of Hengrui’s innovative drug value.

Meanwhile, Hengrui is actively promoting overseas independent development and registration. During the period, the company established a new clinical R&D and cooperation center in Boston, USA. Currently, it has 15 R&D centers across Asia, Europe, the US, and Australia, with multiple innovative drugs initiating their first overseas clinical trials during the period. Additionally, the FDA granted orphan drug designation to several products, including Rituximab for gastric or gastroesophageal junction adenocarcinoma in combination with chemotherapy, and the company now has five drugs with FDA orphan drug status and four ADC products with Fast Track designation.

Furthermore, the company successfully listed on the Hong Kong Stock Exchange, achieving the “A+H” listing, raising HKD 11.37B, the largest IPO in the Hong Kong pharmaceutical sector in nearly five years, marking a new milestone in internationalization.

In 2025, the company actively explored innovative treatment options, showcasing the clinical value of “Chinese medicine” to the world. During the period, 381 significant research results related to the company’s products received international recognition. These findings were published in top global journals such as CA (Journal of Clinical Oncology), The Lancet, and JAMA, with a cumulative impact factor of 3,159, including 18 landmark papers (impact factor ≥30 in oncology, ≥20 in non-oncology). The company’s participation in the global academic stage also advanced. In oncology, 72 and 46 studies were selected for ASCO and ESMO conferences respectively, with the first exhibition booth at ESMO; in non-oncology, multiple results were accepted as oral presentations at the American Diabetes Association (ADA), American Academy of Dermatology (AAD), and European Renal Association (ERA) meetings.

Building a Global Talent Pipeline

Comprehensive upgrade of operations and management

The deepening of the internationalization strategy relies on global organizational capabilities. In 2025, the company further deepened talent introduction and cultivation, building a global talent pipeline. Ms. Feng Ji was appointed as President to strengthen global strategic leadership; Mr. Zhu Guoxin was appointed as Senior Vice President and Head of Global Early R&D to enhance pipeline foresight and source innovation; Mr. Yin Hang was appointed as Vice President and General Manager of Oncology Division to strengthen competitiveness; Mr. Yu Liu was appointed as Chief Medical Officer for International regions, responsible for clinical development outside the US and China; Ms. Karen Atkin was appointed as Head of International Business and Portfolio Strategy to expand overseas markets. Additionally, the “Global Elite Program” was launched to attract top students and young scholars from leading global universities and research institutions.

Internally, key talent development programs such as the “Mid-to-High-Level High-Potential Talent 400 Program,” “New Manager Training Camp,” and “Hengrui Leadership Summit” were systematically implemented to cultivate a professional, young, and international first-class talent team.

The company continued to strengthen strategic and organizational alignment. In 2025, a new Biopharmaceutical Business Unit (BBU) was established, alongside the existing Oncology Business Unit (OBU), to enhance commercialization capabilities through organizational upgrades. The company formed a comprehensive, mutually reinforcing system covering commercial excellence, marketing, medical affairs, centralized and provincial sales management, and market access, empowering professional sales teams. A broad and deep omnichannel coverage network was built, with sales networks covering over 25,000 hospitals and more than 200,000 retail pharmacies nationwide. The company also expanded its grassroots market structure, with community terminal coverage exceeding 2,500, and academic activities reaching 20k doctors, significantly enhancing grassroots brand influence.

Deepening Industry-Academia-Research Integration

Practicing Sustainable Commitments

To further strengthen its foundational research capabilities in biomedicine, the company actively promotes government-industry-academia-research collaboration. It co-founded the “National Natural Science Foundation Private Enterprise Innovation Development Joint Fund” with the National Natural Science Foundation of China, totaling 132 million yuan, focusing on basic or applied research in tumor and metabolic diseases. Additionally, it signed a strategic cooperation memorandum with the China Science and Technology Development Foundation, pledging 100 million yuan to support projects in seven key areas including technological innovation, resource empowerment, talent cultivation, and international exchange, fostering deep integration of science and industry.

As a leading enterprise in Chinese pharmaceutical innovation, Hengrui always emphasizes fulfilling social responsibilities and practicing sustainable development.

In November 2025, a serious fire broke out at Hongfu Garden in Tai Po, Hong Kong, attracting widespread social concern. Hengrui announced an emergency donation of HKD 10 million to support rescue and post-disaster reconstruction efforts.

Thanks to excellent performance in innovation, compliance, green development, and social responsibility, Hengrui’s ESG rating by the global index provider MSCI rose to “AA,” ranking among the top in the global pharmaceutical industry.

With achievements in innovation and high-quality international development, Hengrui has received numerous domestic and international recognitions. It has been listed for seven consecutive years among the top 50 global pharmaceutical companies by Pharmaceutical Executive magazine; according to the 2025 pipeline ranking by Citeline, its self-developed pipeline ranks second globally; it was also included in the 2025 Fortune China 500; the patent for HaituoPo ethanolamine tablets (Hengqu®) won the China Patent Gold Award; and Hengrui has been certified as a “China Outstanding Employer” for five consecutive years, further affirming its achievements in HR management.

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