Financial Report Highlights | Revenue from innovative drugs exceeds 16.3 billion yuan, and Hengrui Medicine achieves record-high revenue and net profit last year

Beijing News reports (Reporter Wang Kala) On March 25, Heng Rui Medicine released its 2025 annual report. During the reporting period, performance continued to grow, with both revenue and net profit hitting new highs: the total operating revenue reached 31.629 billion yuan, an increase of 13.02% year-on-year; the net profit attributable to shareholders of the listed company was 7.711 billion yuan, an increase of 21.69% year-on-year. The sales revenue of innovative drugs was 16.342 billion yuan, an increase of 26.09%, accounting for 58.34% of total drug sales revenue; revenue from external licensing was 3.392 billion yuan, an increase of 25.62%.

While performance continued to grow, Heng Rui Medicine maintained high-intensity R&D investment, with a cumulative R&D investment of 8.724 billion yuan for the year, accounting for 27.58% of operating revenue, of which capitalized R&D investment was 6.961 billion yuan.

Among the sales revenue of innovative drugs, revenue from anti-tumor products was 13.240 billion yuan, an increase of 18.52%, accounting for 81.02% of total innovative drug sales revenue. This included strong growth in sales of innovative drugs covered by health insurance, such as Ruveluzumab and Darsylit. Non-tumor products achieved revenue of 3.102 billion yuan, an increase of 73.36%, accounting for 18.98% of total innovative drug sales revenue. Products covered by health insurance, such as Hengrilekin and Remazolam, saw rapid growth. Heng Rui Medicine stated its goal is to achieve over 30% growth in innovative drug sales revenue by 2026.

Currently, Heng Rui Medicine has received approval for 24 Class 1 innovative drugs and 5 Class 2 new drugs in China, with more than 100 self-innovative products in clinical development and over 400 clinical trials being conducted domestically and internationally. In 2025, Heng Rui Medicine continued to strengthen its innovation efforts, officially launching the Shanghai Innovation R&D Center to further improve its R&D system. This year, 7 Class 1 innovative drugs were approved for launch, including injection forms of Ruikaxizumab and Emabosar tablets; 1 Class 2 innovative drug was approved for launch, and 6 newly approved indications for already approved innovative drugs were launched, covering disease areas such as oncology, metabolism, cardiovascular, immunology, and neuroscience.

According to the announcement, from 2026 to 2028, Heng Rui Medicine expects about 53 innovative achievements to be approved for launch. Among the new products, the GLP-1/GIP dual receptor agonist HRS9531, which has best-in-class potential for overweight/obesity, is expected to be approved. In terms of newly approved indications, Ruikang Trastuzumab is expected to be approved for several new indications, including HER2-positive colorectal cancer and first-line treatment for HER2-positive breast cancer.

Since 2023, Heng Rui Medicine has completed 12 overseas business expansion transactions, including various models such as licensing, NewCo, and strategic alliances, with a potential total transaction value exceeding 27 billion US dollars. This series of active BD transactions is accelerating the global value realization of Heng Rui’s innovative drugs.

In 2025, Heng Rui Medicine’s BD cooperation model continued to innovate, achieving 5 overseas business expansion transactions for innovative drugs. Among these, Heng Rui Medicine formed a strategic alliance with GSK to jointly develop up to 12 innovative drugs, including the PDE3/4 inhibitor HRS-9821, with Heng Rui receiving a 500 million US dollar upfront payment and potential total amounts of about 12 billion US dollars in option exercise fees, milestone payments, and corresponding sales commissions.

At the same time, Heng Rui Medicine is also actively promoting overseas independent development and registration, with 5 innovative drugs already receiving orphan drug designation from the U.S. Food and Drug Administration (FDA) and 4 ADC products receiving FDA fast track designation.

In addition, in 2025, Heng Rui Medicine successfully listed on the Hong Kong Stock Exchange, achieving “A+H” listing and raising 11.374 billion Hong Kong dollars, marking the largest IPO in the Hong Kong pharmaceutical sector in the past 5 years.

Editor Wang Lu

Proofreader Wang Xin