转自：北京日报客户端 新版医保目录已进入实质性落地阶段。1月8日，北京商报记者注意到，包括替妥尤单抗N01注射液、夫 那奇珠单抗注射液在内的多款新增创新药，已在多地医院纷纷开出医保首方。这标志着患者使用这些高 价创新药的实际门槛正在快速降低，新版目录的惠民效应开始显现。 本次医保目录调整不仅新增了114种药品，更首次同步推出《商业健康保险创新药品目录（2025 年）》，通过"基本医保+商保"的双重保障，为肿瘤、罕见病等领域19种高值药品开辟了可及的支付通 路，医保支付体系向多层次保障的实质性转型迈出关键一步，创新药企也迎来了加速商业化放量的重要 节点。 从上市到开出医保首方不足一年 创新药迅速落地医保，是新版医保目录对具有高临床价值"真创新"支持力度加大的直接体现。本次调整 中，新版医保目录与商保创新药目录共纳入独家品种124个。 其中，备受关注的替妥尤单抗N01注射液是国内首款用于治疗甲状腺眼病的靶向药物，从2025年3月上 市，到开出医保首方，用时不到一年，填补了我国该领域近70年的治疗空白。 夫那奇珠单抗注射液则是用于治疗银屑病的生物制剂1类创新药，由恒瑞医药自主研发。恒瑞医药在本 次医保目录调整中被视 ...

新版医保目录已进入实质性落地阶段。1月8日，北京商报记者注意到，包括替妥尤单抗N01注射液、夫 那奇珠单抗注射液在内的多款新增创新药，已在多地医院纷纷开出医保首方。这标志着患者使用这些高 价创新药的实际门槛正在快速降低，新版目录的惠民效应开始显现。 倒逼药企研发策略转向真创新 本次医保目录调整不仅新增了114种药品，更首次同步推出《商业健康保险创新药品目录（2025 年）》，通过"基本医保+商保"的双重保障，为肿瘤、罕见病等领域19种高值药品开辟了可及的支付通 路，医保支付体系向多层次保障的实质性转型迈出关键一步，创新药企也迎来了加速商业化放量的重要 节点。 不到一年开出医保首方 创新药迅速落地医保，是新版医保目录对具有高临床价值"真创新"支持力度加大的直接体现。本次调整 中，新版医保目录与商保创新药目录共纳入独家品种124个。 其中，备受关注的替妥尤单抗N01注射液是国内首款用于治疗甲状腺眼病的靶向药物，从2025年3月上 市，到开出医保首方，用时不到一年，填补了我国该领域近70年的治疗空白。 夫那奇珠单抗注射液则是用于治疗银屑病的生物制剂1类创新药，由恒瑞医药自主研发。恒瑞医药在本 次医保目录调整中被视为 ...

新版医保目录已进入实质性落地阶段。1月8日，北京商报记者注意到，包括替妥尤单抗N01注射液、夫那奇珠单抗注射液在内的多款新增创新药，已在多地 医院纷纷开出医保首方。这标志着患者使用这些高价创新药的实际门槛正在快速降低，新版目录的惠民效应开始显现。 本次医保目录调整不仅新增了114种药品，更首次同步推出《商业健康保险创新药品目录（2025年）》，通过"基本医保+商保"的双重保障，为肿瘤、罕见病 等领域19种高值药品开辟了可及的支付通路，医保支付体系向多层次保障的实质性转型迈出关键一步，创新药企也迎来了加速商业化放量的重要节点。 从上市到开出医保首方不足一年 创新药迅速落地医保，是新版医保目录对具有高临床价值"真创新"支持力度加大的直接体现。本次调整中，新版医保目录与商保创新药目录共纳入独家品种 124个。 其中，备受关注的替妥尤单抗N01注射液是国内首款用于治疗甲状腺眼病的靶向药物，从2025年3月上市，到开出医保首方，用时不到一年，填补了我国该 领域近70年的治疗空白。 | | | 基本医保目录"上新"药品定点医药机构销售情况(2026年1月1日至1月6日) | | | | --- | --- | --- | ...

Investment Rating - The report maintains a "positive" outlook on the pharmaceutical industry, particularly focusing on innovative drug sectors [3]. Core Insights - The pharmaceutical sector's performance saw a decline of 0.7% this week, while the Shanghai Composite Index rose by 0.4%. The pharmaceutical index ranked 21st among 31 sub-industries [3][4]. - The new National Medical Insurance Drug List added 114 drugs, including 50 innovative drugs, with an overall success rate of 88%, significantly up from 76% in 2024. The first commercial health insurance innovative drug list includes 19 drugs, enhancing coverage for critical areas such as cancer and chronic diseases [3][12][14]. - The establishment of the Chinese Drug Price Registration System allows companies to self-declare innovative drug prices, facilitating global pricing strategies for innovative drugs [17][18]. Market Performance - The pharmaceutical index's valuation stands at 29.3 times earnings, ranking 10th among 31 primary industries [6]. - The performance of various sub-sectors includes: raw materials (-2.5%), chemical preparations (-0.9%), and medical devices (-0.9%), while medical circulation saw an increase of 6.5% [6][4]. Recent Key Events - The report highlights significant clinical trial results from companies like Junsheng Pharmaceutical, which demonstrated advantages in glycemic control and cardiovascular benefits with its new drug HTD1801 [25]. - The report notes the strategic partnership between Kelun Pharmaceutical and Crescent for developing ADC therapies, with potential milestone payments reaching up to $1.25 billion [27][28]. - The report also mentions the IPO application of Lingke Pharmaceutical, focusing on innovative small molecule drugs for autoimmune and inflammatory diseases, with a post-investment valuation of 3.42 billion yuan [30]

Core Points - The company has successfully included several of its products in the National Medical Insurance Catalog for 2025, which is expected to enhance sales and improve operational performance [1] - The total estimated sales for the included drugs in 2024 is approximately 8.66 billion yuan, and for the first three quarters of 2025, it is about 7.55 billion yuan [1] Drug Inclusion in National Medical Insurance Catalog - The following drugs have been newly included: - Injection of Rukang Qutuzumab - Apixaban Famitinib Capsules - Injection of Funaqi Zhumab - Sulfate of Amatuximab Tablets - Injection of Phosphorola Pitant Palonosetron - Injection of Ruikasi Zhumab - Acetate of Abiraterone Tablets (II) - Lipid Injection of Irinotecan Hydrochloride (II) - Regaglitin Metformin Tablets (I)/(II) - Perfluorohexyl Octane Eye Drops [1] - The following drugs have successfully added new indications: - Injection of Karelizumab - Fluorazepam Capsules - Injection of Fumaric Acid Tegafur [1] - The following drugs have been renewed and retained in the National Medical Insurance Catalog: - Maleate of Pyrotinib Tablets - Hecorapam Ethanolamine Tablets - Phosphate of Regaglitin Tablets - Injection of Methylsulfonylmethane Remazolam - Sulfate of Pevonedistat Injection [1] - The following drugs have new indications and have been adjusted to regular catalog management: - Mesylate of Apatinib Tablets - Lipid Injection of Bupivacaine [1] Impact on the Company - The inclusion of these drugs in the National Medical Insurance Catalog is expected to positively impact sales, although the exact effect on the company's operational performance is currently indeterminate [1] - The National Medical Insurance Catalog will officially take effect on January 1, 2026, with further details on payment standards and reimbursement rules to be announced by relevant government departments [1]

证券代码：600276 证券简称：恒瑞医药 公告编号：临2025-194 江苏恒瑞医药股份有限公司关于公司药品纳入国家医保目录的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 根据国家医保局、人力资源社会保障部关于印发《国家基本医疗保险、工伤保险和生育保险药品目录 （2025年）》的通知（"《国家基本医疗保险、工伤保险和生育保险药品目录》"以下简称"国家医保目 录"），江苏恒瑞医药股份有限公司（以下简称"恒瑞医药"或"公司"）部分产品纳入国家医保目录。 通过医保谈判，注射用瑞康曲妥珠单抗、苹果酸法米替尼胶囊、夫那奇珠单抗注射液、硫酸艾玛昔替尼 片、注射用磷罗拉匹坦帕洛诺司琼、注射用瑞卡西单抗、醋酸阿比特龙片（Ⅱ）、盐酸伊立替康脂质体 注射液（Ⅱ）、瑞格列汀二甲双胍片（Ⅰ）/（Ⅱ）、全氟己基辛烷滴眼液首次纳入国家医保目录；注 射用卡瑞利珠单抗、氟唑帕利胶囊、富马酸泰吉利定注射液新增适应症成功纳入国家医保目录；马来酸 吡咯替尼片、海曲泊帕乙醇胺片、磷酸瑞格列汀片、注射用甲苯磺酸瑞马唑仑、硫培非格司亭注射液续 约成功保留在国家 ...

Core Viewpoint - Heng Rui Medicine has successfully included several of its products in the National Medical Insurance Catalog for 2025, which is expected to enhance sales and positively impact the company's performance in the future [1][2]. Group 1: Inclusion in National Medical Insurance Catalog - Heng Rui Medicine's products such as injection of Rukang Trastuzumab, Apixaban capsules, and others have been newly included in the National Medical Insurance Catalog [1]. - Additional indications for products like injection of Carrelizumab and Fluorouracil capsules have also been successfully added to the catalog [1]. - Existing products such as Pyrotinib tablets and others have successfully renewed their contracts to remain in the National Medical Insurance Catalog [1]. Group 2: Financial Impact - The total sales for the aforementioned drugs in 2024 are estimated to be approximately 8.66 billion yuan, while for the first three quarters of 2025, the sales are projected to be around 7.55 billion yuan [2]. - The impact on the company's operating performance due to the inclusion in the National Medical Insurance Catalog is currently indeterminate [2]. - The National Medical Insurance Catalog will officially take effect on January 1, 2026, with further details on payment standards and reimbursement guidelines to be announced by relevant government departments [2].

通过医保谈判，注射用瑞康曲妥珠单抗、苹果酸法米替尼胶囊、夫那奇珠单抗注射液、硫酸艾玛昔替尼 片、注射用磷罗拉匹坦帕洛诺司琼、注射用瑞卡西单抗、醋酸阿比特龙片(Ⅱ)、盐酸伊立替康脂质体注 射液(Ⅱ)、瑞格列汀二甲双胍片(Ⅰ)/(Ⅱ)、全氟己基辛烷滴眼液首次纳入国家医保目录;注射用卡瑞利珠 单抗、氟唑帕利胶囊、富马酸泰吉利定注射液新增适应症成功纳入国家医保目录;马来酸吡咯替尼片、 海曲泊帕乙醇胺片、磷酸瑞格列汀片、注射用甲苯磺酸瑞马唑仑、硫培非格司亭注射液续约成功保留在 国家医保目录;甲磺酸阿帕替尼片和布比卡因脂质体注射液新增适应症并调整至常规目录管理。 智通财经APP讯，恒瑞医药(01276)发布公告，根据国家医保局、人力资源社会保障部关于印发《国家基 本医疗保险、工伤保险和生育保险药品目录(2025年)》的通知("《国家基本医疗保险、工伤保险和生育 保险药品目录》"以下简称"国家医保目录")，江苏恒瑞医药股份有限公司(以下简称"恒瑞医药"或"公 司")部分产品纳入国家医保目录。 ...

公司上述药品2024年度合计销售额约为86.60亿元，2025年1-3季度合计销售额约为75.54亿元。公司上述 药品纳入国家医保目录，将有利于药品的销售，对公司经营业绩的影响暂无法估计。国家医保目录 (2025年)将于2026年1月1日起正式实施，医保支付标准、医保报销细则等相关信息，需以国家医疗保障 局等相关政府部门公示信息为准。敬请广大投资者谨慎投资，注意防范投资风险。 格隆汇12月7日丨恒瑞医药(600276.SH)公告，根据国家医保局、人力资源社会保障部关于印发《国家基 本医疗保险、工伤保险和生育保险药品目录(2025年)》的通知("《国家基本医疗保险、工伤保险和生育 保险药品目录》"以下简称"国家医保目录")，江苏恒瑞医药股份有限公司(以下简称"恒瑞医药"或"公 司")部分产品纳入国家医保目录。 通过医保谈判，注射用瑞康曲妥珠单抗、苹果酸法米替尼胶囊、夫那奇珠单抗注射液、硫酸艾玛昔替尼 片、注射用磷罗拉匹坦帕洛诺司琼、注射用瑞卡西单抗、醋酸阿比特龙片(Ⅱ)、盐酸伊立替康脂质体注 射液(Ⅱ)、瑞格列汀二甲双胍片(Ⅰ)/(Ⅱ)、全氟己基辛烷滴眼液首次纳入国家医保目录；注射用卡瑞利 珠单抗、氟唑帕利胶囊 ...

Core Viewpoint - Jiangsu Hengrui Medicine Co., Ltd. has completed the first lock-up period of its 2023 employee stock ownership plan, with all shares sold or transferred, indicating a significant step in its employee incentive strategy [1][4]. Group 1: Employee Stock Ownership Plan Implementation - The company held board and supervisory meetings on November 3, 2023, and a temporary shareholders' meeting on November 23, 2023, to approve the 2023 employee stock ownership plan [1]. - On December 27, 2023, the company received a transfer confirmation for 11.5 million shares to the employee stock ownership plan account at a price of 23.85 yuan per share [2]. - The first meeting of the employee stock ownership plan holders was held on December 27, 2023, where a management committee was established to oversee the plan [2]. Group 2: Lock-up Period and Share Transfer - A total of 4.1605 million shares were unlocked during the first lock-up period, accounting for 0.065% of the company's total share capital [4]. - As of April 8, 2025, 2.5961 million shares were transferred non-traditionally to the plan holders, while 1.5644 million shares were sold through centralized bidding [4]. Group 3: Drug Registration and New Indications - The company’s subsidiary, Suzhou MSD Biopharmaceutical Co., Ltd., received a drug registration certificate for its innovative drug, Fuanqi Zhuan Injection, for a new indication in treating adult patients with active ankylosing spondylitis [7]. - The drug is classified as a Class 1 therapeutic biological product and is prescribed for patients with inadequate response to conventional treatments [7][8]. - The approval of this new indication is significant given the prevalence of ankylosing spondylitis in China, with nearly 4 million patients [8]. Group 4: Drug Development and Market Potential - Fuanqi Zhuan is a recombinant humanized monoclonal antibody targeting IL-17A, which plays a crucial role in the inflammatory process of ankylosing spondylitis [9]. - The global market for IL-17A inhibitors is competitive, with several other products already approved, indicating a substantial market opportunity for Fuanqi Zhuan [9][10]. - The company has invested approximately 65.135 million yuan in the development of Fuanqi Zhuan, highlighting its commitment to advancing innovative treatments [10].