Hengrui Pharma(SH:600276) Ge Long Hui·2025-07-30 09:59Core Viewpoint - On July 28, 2025, Heng Rui Medicine announced the licensing of global rights for HRS-9821 and up to 11 preclinical projects outside Greater China to GlaxoSmithKline (GSK), with a total potential value of $12.5 billion, including a $500 million upfront payment and up to $12 billion in milestone payments [1] Group 1: Partnership and Financial Implications - The agreement with GSK includes exclusive global rights for HRS-9821 and up to 11 projects, excluding Greater China, with an upfront payment of $500 million [1] - If all projects are exercised and milestones achieved, Heng Rui could receive approximately $12 billion in future milestone payments [1] - Heng Rui will also earn tiered sales royalties from GSK, excluding Greater China [1] Group 2: Revenue and Profit Forecast - Projected revenues for Heng Rui in 2025, 2026, and 2027 are estimated at 32.49 billion, 38.05 billion, and 44.90 billion yuan, respectively, with growth rates of 16.12%, 17.11%, and 18.00% [2] - Expected net profits attributable to the parent company for the same years are 8.518 billion, 10.607 billion, and 12.604 billion yuan, with growth rates of 34.43%, 24.52%, and 18.83% [2] - The company’s R&D pipeline is expected to yield multiple product launches in the coming years, supported by a growing pipeline and favorable national policies for innovative drug development [2] Group 3: Market Dynamics and Growth Drivers - The combination of innovative drug launches and high-end generic drug exports is anticipated to drive continued performance growth for the company [2] - The company is positioned to benefit from a supportive policy environment that encourages innovation in drug development [2]