Chang Jiang Shang Bao·2025-07-28 23:29Core Viewpoint - Heng Rui Medicine has made a significant announcement regarding its collaboration with GlaxoSmithKline (GSK), involving the licensing of global exclusive rights for the HRS-9821 project and up to 11 additional projects, marking a record for the company's innovative drug exports [2][3][4]. Group 1: Financial Details - The initial payment from GSK to Heng Rui is $500 million, with potential milestone payments amounting to approximately $12 billion, setting a new record for Heng Rui's innovative drug exports [2][4]. - Since the beginning of 2024, Heng Rui's total contract value from innovative drug exports is expected to exceed $20 billion [6]. - In Q1 2025, Heng Rui reported a net profit of 1.874 billion yuan, representing a year-on-year increase of 36.90% [9]. Group 2: Research and Development - Heng Rui's R&D investment for 2024 is 8.228 billion yuan, accounting for 29.40% of its operating revenue, with total R&D investment over the past decade reaching 42.267 billion yuan [2][7]. - The company has a robust pipeline with over 90 innovative products in clinical development and approximately 400 clinical trials ongoing domestically and internationally [7][8]. Group 3: Market Impact - Following the announcement of the record deal, Heng Rui's stock price surged, bringing its market capitalization back to 411.77 billion yuan [10]. - In 2024, Heng Rui's innovative drug sales revenue reached 13.892 billion yuan, a year-on-year increase of 30.60% [8].