Hengrui Pharma(SH:600276) Chang Jiang Shang Bao·2025-04-02 00:29Core Viewpoint - Heng Rui Medicine has achieved significant operational results driven by technological innovation and internationalization, with record high revenue and net profit in 2024 [1][4]. Financial Performance - In 2024, the company reported revenue of 27.985 billion yuan, a year-on-year increase of approximately 23% [1][5]. - The net profit attributable to shareholders was approximately 6.3 billion yuan, reflecting a year-on-year growth of over 47% [1][6]. - The revenue growth rate in 2024 was the best performance in the last five years [6]. Innovation and R&D - The revenue from innovative drugs reached approximately 13.9 billion yuan in 2024, with a year-on-year growth of over 30% [2][9]. - The company invested 8.228 billion yuan in R&D in 2024, accounting for 29.4% of its revenue, an increase from 26.95% in the previous year [12]. - Over the past decade, the total R&D investment has reached 42.267 billion yuan [12]. Product Development and Approvals - As of the end of 2024, the company had received approval for 19 first-class innovative drugs in China [3][12]. - Two first-class innovative drugs were approved for market launch in 2024 [10]. - The company has initiated over 20 overseas clinical trials in various countries, including the US and Europe [13]. Internationalization Efforts - The company has successfully expanded its international presence, receiving significant upfront payments from licensing agreements, including 160 million euros from Merck Healthcare and 100 million dollars from Kailera Therapeutics [3][11]. - Since 2018, the company has engaged in 13 licensing transactions with global partners, involving 16 molecular entities and a potential total transaction value of approximately 14 billion dollars [14].