Hengrui Pharma(SH:600276) Zhi Tong Cai Jing·2025-08-20 12:35Core Insights - The company reported a revenue of approximately RMB 15.761 billion for the first half of 2025, representing a year-on-year growth of 15.9% [1] - Net profit attributable to shareholders was RMB 4.45 billion, reflecting a year-on-year increase of 29.7% [1] - Basic earnings per share were RMB 0.70 [1] Revenue Breakdown - The growth in revenue and profit was primarily driven by increased sales and licensing income from innovative drugs, which amounted to RMB 9.561 billion, a year-on-year increase of 26.8%, accounting for 60.7% of total revenue [1] - Sales revenue from innovative drugs reached RMB 7.57 billion [1] Innovative Drug Performance - Key innovative drugs such as Rivoceranib, Darsylin, and Henggrelizumab have effectively addressed unmet clinical needs, with strong clinical data gaining recognition from doctors and patients, leading to continued rapid revenue growth [1] - Earlier launched innovative drugs like Arixtra, Remimazolam, Pyrotinib, and Fluorouracil have expanded their application scope due to accumulating post-market research evidence and new indications, contributing to sales revenue [1] - Other innovative products like Apatinib, Sulfapyridine, and Hecuqipob have also seen growth during the reporting period [1] Licensing Income - The company recognized licensing income as a regular business activity, with significant payments received from Merck Sharp & Dohme (USD 200 million) and IDEAYA Biosciences (USD 75 million), further boosting operational performance [2] Generic Drug Performance - Although sales revenue from generic drugs included in centralized procurement experienced a slight decline, high-quality generic products such as Liposomal Bupivacaine and the first approved generic product of Albumin-bound Paclitaxel in the U.S. saw rapid revenue growth, leading to a slight overall increase in generic drug business revenue [2]