千亿注射剂市场风云再起！2025年前三季度，全终端医院注射剂销售额虽同比微降，但生物药强势崛起、独家品种爆发式增长，TOP50榜单迎来大洗牌。13 款新品跻身榜单，1款独家注射剂同比劲增92.26%，齐鲁制药领衔本土药企，与外资分庭抗礼。 4500亿注射剂市场，生物药占居主导 据摩熵医药数据库(https://vip.pharnexcloud.com/?zmt-mhwz)显示，2025年Q1-Q3全终端医院市场（化药+生物药+中成药）中，注射剂销售额突破 4500亿元， 同比下滑 9.76%。品类结构中，生物药 图源：摩熵医药-全终端医院销售数据库 回顾近年走势：2018-2023年注射剂销售额在6691.73亿~7557.34亿元间波动，2020年因多重因素探底至6691.73亿元，2023年回升至7043.94亿元；2024年受宏 观与政策影响回落至6482亿元，降幅约7.98%。进入2025年，前三季度同比再降9.76%，显示行业进入阶段性调整。 治疗领域三强：血液和造血系统药物（22.75%）、抗肿瘤及免疫调节药（22.27%）、系统用抗感染药（14.6%）稳居前三，合计占据近六成份额。 图源：摩熵医 ...

Core Viewpoint - Heng Rui Medicine (600276) reported strong financial performance for 2024, with total revenue of 27.985 billion yuan, a year-on-year increase of 22.63%, and net profit attributable to shareholders of 6.337 billion yuan, up 47.28%. However, the decline in the generic drug business under procurement pressure poses a significant concern for the company's future development [1][6]. Group 1: Innovative Drug Performance - The main driver of Heng Rui Medicine's revenue growth in 2024 was the innovative drug business, which generated 6.612 billion yuan, reflecting a year-on-year growth of 33%. Key products like Rivoceranib and others saw significant revenue increases after entering the medical insurance list [2]. - Despite not being included in the national medical insurance directory, the clinical value of Adebali monoclonal antibody has led to its inclusion in special drug reimbursement lists in various regions, further expanding its revenue contribution [2]. - The oral medication Haiqubopai has gained stable sales growth due to its brand positioning and clinical guideline recommendations, while earlier launched innovative drugs like Camrelizumab and others also contributed to sales growth through new indications and accumulated clinical evidence [2]. Group 2: Generic Drug Challenges - The generic drug business of Heng Rui Medicine continues to face significant pressure due to procurement policies, with sales of certain products like Acetate Cabozantinib and others declining by 2.79 billion yuan and 2.76 billion yuan respectively during the reporting period [3][4]. - The company needs to accelerate the transformation and upgrading of its generic drug business to find new growth points in light of the ongoing challenges [4]. Group 3: Internationalization Strategy - Heng Rui Medicine has made significant progress in its internationalization strategy, licensing exclusive rights for its GLP-1 class innovative drugs to Hercules in the U.S., with potential total payments reaching 2.1 billion U.S. dollars [5]. - The company has also received clinical trial qualifications for multiple projects in the U.S., Europe, and Asia-Pacific, with three ADC products granted Fast Track Designation by the FDA, which may expedite their clinical trials and market registration [5]. - Through various models such as self-research, collaboration, and licensing, Heng Rui Medicine is expanding its overseas research boundaries and enriching its innovative product pipeline [5].