恒瑞医药 - 员工持股计划回购彰显信心；稳健创新管线支撑持续性业务拓展收入Jiangsu Hengrui Pharmaceuticals_ Share Buy-back for ESOP Set Confident Tone; Recurring BD Revenue Backed by Robust Innovative Pipeline

V i e w p o i n t | 22 Aug 2025 05:48:16 ET │ 14 pages Jiangsu Hengrui Pharmaceuticals Share Buy-back for ESOP Set Confident Tone; Recurring BD Revenue Backed by Robust Innovative Pipeline CITI'S TAKE The Rmb15.3/19.2/24.0bn innovative drug sales requirement for 2025- 2027 set the floor for minimum growth – we think it demonstrated confidence, fueled by Hengrui's potential 47 new products/indications approvals in 2025-2027. Hengrui has reached three BD collaborations and booked Rmb2.0bn BD revenue in 1H25, ...