恒瑞医药：前三季度净利润增长24.5%至57.51亿元，3笔BD交易落地

Core Insights - Heng Rui Medicine reported a revenue of 23.188 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 14.85% [1] - The net profit attributable to shareholders reached 5.751 billion yuan, with a year-on-year increase of 24.50% [1] - The company maintained a high level of R&D investment, with R&D expenses amounting to 4.945 billion yuan in the first three quarters of 2025 [1] Partnership and Licensing Agreements - In July, Heng Rui entered into a collaboration with GSK to co-develop up to 12 innovative drugs in areas including respiratory, autoimmune, inflammation, and oncology, receiving an upfront payment of 500 million USD and potential total payments of approximately 12 billion USD [1] - Heng Rui authorized overseas rights of HRS-1893 to Braveheart Bio under the "NewCo model," receiving an upfront payment of 65 million USD and potential milestone payments of up to 1.013 billion USD related to clinical development and sales [2] - The company also licensed part of the international market rights for Rukang Trastuzumab to Glenmark, retaining rights in major markets while receiving an upfront payment of 18 million USD and potential milestone payments of up to 1.093 billion USD [2]