恒瑞医药- 2024 年第四季度营收和利润均超预期

Hengrui 600276.SS 600276 CH We think the sales beat was due to better new drugs sales, especially for oncology and metabolism. By segments (that the company reclassified), the sales of oncology/ contact media drugs rose 19.4%/0.3% y-y to CNY14.6bn/2.8bn, and new segments such as metabolism and cardiovascular/immunology and respiratory/neuro-science (largely former anesthetic) drugs sales recorded 61.7%/10.8%/2.0 y-y growth to CNY 1.8bn/777mn/4.3bn in FY24. We reckon the earnings beat was due to: (1) higher ...