研报掘金丨方正证券：维持恒瑞医药“强烈推荐”评级，与GSK达成重磅合作

Core Insights - Heng Rui Medicine has reached an agreement with GSK to grant global exclusive rights for the HRS-9821 project and up to 11 additional projects, excluding mainland China, Hong Kong, Macau, and Taiwan [1] - GSK will pay Heng Rui a $500 million upfront payment, and both companies will jointly develop up to 12 innovative drugs [1] - If all projects are exercised and all milestones are achieved, Heng Rui could receive potential milestone payments totaling approximately $12 billion based on successful development, registration, and sales [1] - HRS-9821 is Heng Rui's first respiratory pipeline project introduced by an international giant, with a total potential transaction value of $12.5 billion, setting a record for Chinese innovative drugs going abroad and reaffirming the potential of the PDE3/4 target [1] - The report maintains a "strong buy" rating for Heng Rui Medicine [1]