恒瑞医药：2025 年第四季度业绩回顾- 符合预期；强劲产品周期支撑 4 款新药 30%+ 增长目标

27 March 2026 | 12:26AM HKT Equity Research Hengrui Medicine (600276.SS): Earnings Review: 4Q largely in line; strong product cycle supports 30%+ growth targets for novel drugs in 4Q product sales in line: Product sales of Rmb7.2bn (+10% y/y), were in line with our estimate (GSe Rmb7.2bn), while licensing income came higher than our estimates (Rmb1.2bn recognized in 4Q vs. GSe Rmb661mn), as US$100mn out of a US$500mn upfront payment from the GSK deal was booked in 4Q (vs. our expectation for it to be reflec ...