恒瑞医药2025前三季度：营收净利双增，创新药授权首付款超8亿美元

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%, and a net profit of 5.751 billion yuan, up 24.50% year-on-year [1] - The company has significantly increased its R&D investment, with R&D expenses reaching 4.945 billion yuan in the first three quarters of 2025, totaling over 50 billion yuan cumulatively [3] R&D and Product Development - Heng Rui launched China's first self-developed EZH2 inhibitor and the innovative drug Zemeituosita tablets for treating relapsed or refractory peripheral T-cell lymphoma [3] - The company also introduced the first oral hypoglycemic combination drug for type 2 diabetes, further expanding its product portfolio to 24 first-class innovative drugs and 5 second-class new drugs approved in China [3] - In the third quarter, 13 new drug applications were accepted by the National Medical Products Administration, with significant advancements in various disease areas including oncology and metabolic diseases [4] Internationalization and Collaborations - Heng Rui has accelerated its internationalization efforts, securing a collaboration with GSK to develop up to 12 innovative drugs, with an upfront payment of $500 million and potential total payments of around $12 billion [6] - The company has initiated over 20 overseas clinical trials in countries such as the US, Europe, and Japan, enhancing its global presence [7] - Heng Rui's innovative drug SHR-A1811 received orphan drug designation from the FDA, adding to its portfolio of five such products [8] Talent Acquisition and Organizational Development - The company launched a global recruitment program targeting top universities to attract young talent for its innovation and internationalization strategies [10] - High-profile hires from leading pharmaceutical companies have strengthened Heng Rui's management team, enhancing its global perspective [11] Collaborative Innovation and ESG Performance - Heng Rui established a joint fund with the National Natural Science Foundation to promote collaborative innovation in cancer and metabolic diseases, contributing 132 million yuan [13] - The company improved its ESG rating from "A" to "AA" by MSCI, reflecting its commitment to sustainable development and corporate responsibility [13]