恒瑞医药：400亿元研发投入构筑强大“护城河”

Core Viewpoint - Innovation is the core element of developing new productive forces and the driving force for high-quality development in enterprises. Heng Rui Medicine (600276.SH) has consistently prioritized technological innovation as its primary development strategy, with cumulative R&D investment exceeding 40 billion yuan, ranking among the top in the national pharmaceutical industry [1][2]. R&D Investment - Heng Rui Medicine's R&D investment has consistently accounted for about 10% of its revenue over the years, with a total investment of 34.65 billion yuan from 2014 to 2023, representing 19.24% of total revenue of 180.14 billion yuan during the same period [2]. - In recent years, R&D investment has increased, with 6.203 billion yuan, 6.346 billion yuan, and 6.150 billion yuan invested in 2021, 2022, and 2023 respectively, maintaining a ratio above 20% of revenue [2][3]. - In the first half of 2024, R&D investment reached 3.860 billion yuan, accounting for 28.38% of revenue [2]. R&D Strategy and Achievements - Since 2021, Heng Rui's R&D investment has exceeded its net profit, indicating a strong commitment to reinvesting earnings into innovation [3]. - The company has established 14 R&D centers globally, employing over 5,000 professionals, enhancing its competitive edge in various disease research areas [3][4]. - Heng Rui has developed a comprehensive R&D management system covering the entire drug development process, from target research to clinical trials and new drug registration [5][6]. Innovation Pipeline - Heng Rui focuses on "new, fast, and unique" innovations, addressing unmet clinical needs and differentiating itself in a competitive market [6]. - The company has a diverse pipeline covering various therapeutic areas, including oncology, autoimmune diseases, and cardiovascular diseases, with over 100 innovative products in development [6][8]. International Recognition and Market Position - Heng Rui has been recognized internationally, ranking first among Chinese pharmaceutical companies in R&D investment on the global pharmaceutical manager's TOP50 list for six consecutive years [9]. - In the first half of 2024, innovative drug revenue reached 6.612 billion yuan, a 33% increase year-on-year, indicating a significant milestone in the company's transformation towards innovation [9][10]. Future Outlook - The company aims to expand its international presence through self-research, collaboration, and licensing, enhancing its innovative product pipeline and driving growth [10][11]. - Heng Rui's commitment to innovation positions it as a potential leader among global pharmaceutical companies, with aspirations to be recognized among the top 10 by market capitalization [11].