创新药业务的崛起离不开药企持续加大的研发投入。2025年上半年，恒瑞医药研发投入38.71亿元（其中费用化研发投入32.28亿元），截至6月底 累计研发投入超480亿元，目前有100多个自主创新产品处于临床开发阶段，400余项临床试验在国内外同步开展。先声药业当期研发投入率达 28.7%，过去十年累计研发投入超百亿元，建成覆盖全球的创新药研发管线超60个。中国生物制药（01177.HK）虽创新药收入占比44.4%尚未过 半，但通过并购加速布局——2025年7月以5亿美元净对价全资收购上海创新药企礼新医药，以增强相关领域的核心竞争力与国际影响力。 值得注意的是，尽管国内药企创新药收入增长明显，但主要市场仍集中于国内。Insight数据库数据显示，2024年全球销售额前100的药物榜单中， 仅百济神州的BTK抑制剂泽布替尼（2024年收入26.44亿美元）一款国产药物上榜，且百济神州并非传统转型药企。全球TOP100药物的年销售额 门槛超17亿美元，且普遍在全球多市场销售。 【环球网财经综合报道】近日，多家上市药企发布的2025年半年报显示，创新药业务已成为企业业绩增长的核心驱动力，部分公司创新药收入占 比已突破 ...

2025.08. 25 本文字数：2087，阅读时长大约3分钟 作者 | 第一财经 林志吟 2018年药品集采政策推行后，很多依赖仿制药收入的传统药企，利润在一夜之间锐减。面对这种形 势，企业们纷纷吹响向创新药企转型号角。 现如今，药企的转型初见成效。近日，多家药企公布的2025年半年报显示，创新药已撑起了公司一 半以上的收入。 创新药成业绩增长点 恒瑞医药（600276.SH、01276.HK）公布的半年报显示，2025年上半年，公司实现营业收入 157.62亿元，同比增长15.88%；归属于上市公司股东的净利润44.5亿元，同比增长29.67%。 虽然恒瑞医药纳入集采的仿制药销售收入仍略有下滑，但创新药业务销售增加以及取得的对外授权收 入，带动了公司整体业绩增长。 2025年上半年，翰森制药实现收入74.34亿元，同比增长14.3%；净利润31.35亿元，同比增长 15%。 远大医药（00512.HK）公布的半年报显示，2025年上半年，公司取得约61.1亿港元收入的历史新 高，其中创新和壁垒产品收入占比约51%，同比提升近15个百分点，若剔除集采及汇率影响，公司 收入同比增长约13%；期内公司净利润录得 ...

药企向创新转型初见成效。 2018年药品集采政策推行后，很多依赖仿制药收入的传统药企，利润在一夜之间锐减。面对这种形势， 企业们纷纷吹响向创新药企转型号角。 现如今，药企的转型初见成效。近日，多家药企公布的2025年半年报显示，创新药已撑起了公司一半以 上的收入。 创新药成业绩增长点 恒瑞医药（600276.SH、01276.HK）公布的半年报显示，2025年上半年，公司实现营业收入157.62亿 元，同比增长15.88%；归属于上市公司股东的净利润44.5亿元，同比增长29.67%。 虽然恒瑞医药纳入集采的仿制药销售收入仍略有下滑，但创新药业务销售增加以及取得的对外授权收 入，带动了公司整体业绩增长。 2025年上半年，恒瑞医药创新药销售及许可收入95.61亿元，占公司营业收入比重60.66%，其中创新药 销售收入达到75.70亿元。 2018年以来，国家层面推动的药品集采，意在挤掉仿制药虚高的价格，降低患者用药负担。 也是从2018年起，恒瑞医药的仿制药业务开始有品种涉及集采，这导致公司仿制药收入承压。2021年、 2022年，是公司发展的阵痛期，业绩连续处于下滑状态。直到2023年一季度起，受益于创新药 ...

Core Viewpoint - The company has received FDA approval for the production site transfer of its drug, Idarubicin Hydrochloride Injection, which is crucial for treating acute myeloid leukemia (AML) and is currently in short supply in the U.S. market [2][3] Group 1: FDA Approval and Product Details - Meitheal Pharmaceuticals, a subsidiary of the company, has obtained FDA approval for the production site transfer of Idarubicin Hydrochloride Injection, which comes in three dosages: 5mg/5mL, 10mg/10mL, and 20mg/20mL [2] - The drug is currently only available from one other company in the U.S. as a generic product, highlighting its market significance [2] - The product was acquired from Teva Pharmaceuticals in 2023, and the company plans to produce it at its own oncology drug facility after FDA approval [2] Group 2: Commercialization and Sales Growth - The company is also preparing to commercialize another product, Albumin-bound Paclitaxel, which recently received FDA approval from Double Pharma [3][4] - The company's formulation business has seen nearly a 20% year-on-year increase in sales revenue from the U.S. over the past year, indicating a strong international business growth trajectory [3] Group 3: Strategic Partnerships and Market Potential - The collaboration with Double Pharma for Albumin-bound Paclitaxel is considered the company's largest commercialization partnership, with a total milestone payment of $6 million to be paid by Hong Kong King-Friend Industrial Co., Ltd. [5] - The U.S. market for Albumin-bound Paclitaxel is projected to be in the range of several billion dollars, with the company expecting a significant sales performance once the product is launched [7] Group 4: Internationalization and Market Strategy - The company has established a local commercialization team in the U.S. since 2016, aiming to build a comprehensive supply chain and directly engage with the market [10] - The company is actively expanding its global footprint, with ongoing product registration and sales efforts in over 20 countries, including regions in South America, Asia, North Africa, and Europe [11] Group 5: Regulatory Challenges and Competitive Landscape - The company acknowledges the higher regulatory standards set by the FDA compared to domestic drug approvals, which can pose challenges for Chinese pharmaceutical companies [6] - The company emphasizes its competitive advantages in quality, sales, research, registration, and market capabilities to maintain its bargaining power in the evolving market landscape [11]

Core Viewpoint - The upcoming IPO of Heng Rui Pharmaceutical on the Hong Kong Stock Exchange is a significant event for the Chinese pharmaceutical industry, as it aims to raise $2 billion (approximately 14.5 billion RMB) and marks the company's strategic shift towards internationalization and innovation amidst increasing competition and challenges in the domestic market [1][11]. Group 1: Company Background and Leadership - Heng Rui Pharmaceutical, led by the notable couple Sun Piaoyang and Zhong Huijuan, has transformed from a struggling local factory into a pharmaceutical giant with a market value that once exceeded 1 trillion RMB [1][5]. - The couple's journey from humble beginnings to leading two major pharmaceutical companies, Heng Rui and Hansoh Pharmaceutical, exemplifies the potential of the Chinese pharmaceutical sector [3][14]. Group 2: Financial Performance and Challenges - As of the first quarter of 2025, Heng Rui reported over 24 billion RMB in cash and a low debt-to-asset ratio of 7.30%, indicating strong financial health despite facing challenges such as a decline in market value and innovation revenue [1][7]. - The company has experienced significant setbacks, including an 80% price drop in its core product, leading to a 28% decline in net profit in 2021, and a market capitalization loss exceeding 400 billion RMB [7][8]. Group 3: Market Position and Competition - Heng Rui's innovation revenue is currently only half that of its competitor, BeiGene, highlighting the competitive pressure in the domestic market as new players emerge with global strategies [8][11]. - The company has made strides in innovation, with 17 approved innovative drugs and an increase in the proportion of innovative drug revenue to 49.64% in 2024, but it still relies heavily on generic drugs for over half of its revenue [8][9]. Group 4: Internationalization Strategy - The IPO is seen as a critical step for Heng Rui to enhance its brand influence and facilitate its international expansion, with plans for overseas research centers and clinical trials in multiple countries [11][12]. - The company aims to address the challenges posed by domestic competition and maintain its leading position in the industry through a robust international strategy [11][14].