恒瑞医药：目前公司2025年新获批上市的新药都已完成首批发货

Core Viewpoint - Heng Rui Medicine has completed the first batch of shipments for new drugs approved for market release in 2025, which are now being sold domestically [1] Group 1: New Drug Approvals and Sales - The company has successfully launched new drugs approved for 2025 and has completed initial shipments [1] - The drug SHR-A1811 has been approved for the second-line treatment of HER2-mutant non-small cell lung cancer in China, with the second-line treatment for HER2-positive breast cancer currently under review for market approval [1] Group 2: Revenue Recognition and Licensing Deals - As of the end of Q3, the company has recognized part of the upfront payments from external licensing deals, including $200 million from Merck [1] - Upfront payments from the GSK deal amounting to $500 million have been received and recorded as contract liabilities, but revenue recognition is pending due to unfulfilled contractual obligations as of Q3 [1] - The company will provide updates on revenue recognition in future periodic reports published on the exchange website [1] Group 3: Future Development Plans - The company plans to cautiously evaluate and steadily advance overseas research and development for SHR-A1811 based on the specific circumstances of different indications [1]