东莞证券：予恒瑞医药“买入”评级，创新药业务保持快速增长

Core Viewpoint - Heng Rui Medicine has reached an agreement with Glenmark Specialty S.A. to license its innovative drug SHR-A1811, which has independent intellectual property rights, for a fee [1] Group 1: Drug Approval and Market Potential - SHR-A1811 has been approved for market entry in China as of May 2025, targeting adult patients with unresectable locally advanced or metastatic non-small cell lung cancer (NSCLC) who have HER2 (ERBB2) activating mutations and have received at least one prior systemic therapy [1] - This drug is the first domestically developed antibody-drug conjugate approved for HER2 mutation NSCLC patients in China [1] - The application for a new indication of SHR-A1811 for breast cancer has been accepted and is included in priority review [1] Group 2: Financial Aspects of the Agreement - The licensing agreement will provide the company with an upfront payment of $18 million and potential milestone payments and sales royalties that could total up to $1.093 billion [1] - This marks the second significant overseas innovative drug deal for the company within the month [1] Group 3: Company Position and Growth - The company is accelerating its research and development innovation and integrating into the global innovation network [1] - As a leading domestic innovative drug enterprise, the company's innovative drug business continues to grow rapidly, contributing positively to its performance [1] - The company has been rated as a "buy" based on its growth prospects [1]