Hengrui Pharma(600276) 金融界·2025-03-30 23:41Core Viewpoint - Heng Rui Medicine (600276) reported strong financial performance for 2024, with total revenue of 27.985 billion yuan, a year-on-year increase of 22.63%, and net profit attributable to shareholders of 6.337 billion yuan, up 47.28%. However, the decline in the generic drug business under procurement pressure poses a significant concern for the company's future development [1][6]. Group 1: Innovative Drug Performance - The main driver of Heng Rui Medicine's revenue growth in 2024 was the innovative drug business, which generated 6.612 billion yuan, reflecting a year-on-year growth of 33%. Key products like Rivoceranib and others saw significant revenue increases after entering the medical insurance list [2]. - Despite not being included in the national medical insurance directory, the clinical value of Adebali monoclonal antibody has led to its inclusion in special drug reimbursement lists in various regions, further expanding its revenue contribution [2]. - The oral medication Haiqubopai has gained stable sales growth due to its brand positioning and clinical guideline recommendations, while earlier launched innovative drugs like Camrelizumab and others also contributed to sales growth through new indications and accumulated clinical evidence [2]. Group 2: Generic Drug Challenges - The generic drug business of Heng Rui Medicine continues to face significant pressure due to procurement policies, with sales of certain products like Acetate Cabozantinib and others declining by 2.79 billion yuan and 2.76 billion yuan respectively during the reporting period [3][4]. - The company needs to accelerate the transformation and upgrading of its generic drug business to find new growth points in light of the ongoing challenges [4]. Group 3: Internationalization Strategy - Heng Rui Medicine has made significant progress in its internationalization strategy, licensing exclusive rights for its GLP-1 class innovative drugs to Hercules in the U.S., with potential total payments reaching 2.1 billion U.S. dollars [5]. - The company has also received clinical trial qualifications for multiple projects in the U.S., Europe, and Asia-Pacific, with three ADC products granted Fast Track Designation by the FDA, which may expedite their clinical trials and market registration [5]. - Through various models such as self-research, collaboration, and licensing, Heng Rui Medicine is expanding its overseas research boundaries and enriching its innovative product pipeline [5].