恒瑞医药_第二季度产品销售符合预期；研发支出降低带动收益超预期-Hengrui Medicine (.SS)_ First take_ 2Q product sales in-line; Earnings beat with lower R&D

21 August 2025 | 2:08AM HKT Hengrui Medicine (600276.SS): First take: 2Q product sales in-line; Earnings beat with lower R&D In-line 2Q product sales driven by innovative drugs: 2Q revenue was Rmb8.6bn (+12.5% y/y) with product sales of around Rmb7.1bn (+15% y/y, on par with GSe), accelerated from 11% y/y in 1Q25. Looking at 1H growth of 13% y/y product sales, it was on-par vs. Hansoh (+13.2% y/y) and beat Sino Biopharm's +11% y/y, driven by 20%+ growth in novel drugs. Generic sales saw slight growth in 1H, ...