Hengrui Pharma(SH:600276) 智通财经网·2025-10-28 00:05Core Viewpoint - The report highlights the strong financial performance and innovative advancements of 恒瑞医药 in the first three quarters of 2025, showcasing significant revenue growth and a robust pipeline of new drug developments. Financial Performance - In the first three quarters of 2025, 恒瑞医药 achieved a revenue of 23.188 billion yuan, representing a year-on-year increase of 14.85% - The net profit attributable to shareholders reached 5.751 billion yuan, with a year-on-year growth of 24.50% - Research and development expenses for the same period amounted to 4.945 billion yuan, contributing to a cumulative R&D investment exceeding 50 billion yuan [1][2]. Innovation and Drug Development - The company launched China's first self-developed EZH2 inhibitor and the innovative drug Zemeituosita tablets for adult patients with relapsed or refractory peripheral T-cell lymphoma - Significant progress was made in metabolic diseases with the launch of the first oral triple compound for type 2 diabetes, enhancing blood sugar control for patients inadequately controlled by metformin [2][3]. - A total of 24 first-class innovative drugs and 5 second-class new drugs have been approved for marketing in China [2]. New Drug Applications - In the first three quarters, 恒瑞医药 had 13 new drug applications accepted by the National Medical Products Administration, with 8 applications in the third quarter alone - The applications cover various disease areas, including oncology, metabolism, cardiovascular, immune, and respiratory diseases [3]. - The company has over 100 innovative products in clinical development and has received 48 clinical trial approvals during the reporting period [3]. Internationalization Efforts - 恒瑞医药 has accelerated its internationalization process, achieving significant collaborations, including a partnership with GSK to develop up to 12 innovative drugs, with an upfront payment of 500 million USD and potential total payments of around 12 billion USD [4]. - The company has initiated over 20 overseas clinical trials in countries such as the USA, Europe, Australia, Japan, and South Korea [5]. Academic Engagement and Recognition - At the ESMO annual meeting, 恒瑞医药 presented 46 research results covering 14 innovative drugs, enhancing its visibility and influence in the international oncology community [6]. - The company has been recognized for its ESG efforts, achieving an upgrade in its MSCI ESG rating from "A" to "AA" [9]. Talent Acquisition and Development - 恒瑞医药 launched a global recruitment program targeting top universities to attract young talent for its innovation and internationalization strategies [7]. - The company has strengthened its leadership team by hiring experienced professionals from renowned multinational pharmaceutical companies [8]. Collaborative Innovation - The company has established a joint fund with the National Natural Science Foundation to promote collaborative innovation in cancer and metabolic diseases, with a total investment of 132 million yuan [9]. - A strategic cooperation memorandum was signed with the China Science and Technology Development Foundation to fund various innovation projects [9]. Future Outlook - 恒瑞医药 aims to continue focusing on patient-centered innovation, accelerating the transformation of research outcomes, and expanding its innovative drugs globally [10].