Hengrui Medicine's 2025 revenue increased by 13.02% to 31.629 billion yuan, with sales revenue of 16.342 billion yuan from innovative drugs.

On March 25, Hengrui Medicine released its 2025 annual financial report. The company disclosed that its full-year revenue was 31.629 billion yuan, a year-on-year increase of 13.02%; net profit attributable to shareholders was 7.711 billion yuan, up 21.69%; and non-recurring net profit was 7.413 billion yuan, an increase of 20%.

The company’s total R&D investment for the year was 8.724 billion yuan, accounting for 27.58% of revenue, with 6.961 billion yuan of R&D expenses capitalized.

Sales revenue from innovative drugs reached 16.342 billion yuan, a 26.09% increase, accounting for 58.34% of total drug sales revenue; licensing income from external partners was 3.392 billion yuan, up 25.62%.

Image source: Company announcement screenshot

Among the innovative drug sales, anti-tumor products generated 13.24 billion yuan, an 18.52% increase, accounting for 81.02% of total innovative drug sales. Notably, innovative drugs such as ReviRumab (second-generation AR antagonist) and Darsili (CDK4/6 inhibitor) continued to show strong growth. Early-listed innovative drugs like Fluzoparib (PARP inhibitor) and Haiqupopa (TPO receptor agonist), as new indications are approved or supported by post-market research evidence, continue to contribute stable growth to the company’s revenue. Liposomal Irinotecan (TOP1) and Rituximab (HER2 ADC), although in early commercialization stages, have driven rapid initial sales volume.

Non-tumor innovative drugs achieved revenue of 3.102 billion yuan, a 73.36% increase, representing 18.98% of total innovative drug sales. Products such as Hengrlyzin (SGLT2 inhibitor) and Remazolam (GABAa receptor agonist) experienced rapid growth.

Additionally, the company’s operational plan in the annual report aims for over 30% growth in innovative drug sales by 2026.

Currently, the company has approved 24 Class 1 innovative drugs and 5 Class 2 new drugs in China. Over 100 proprietary innovative products are in clinical development, with more than 400 clinical trials underway domestically and internationally.

In 2025, the company (including subsidiaries) received approval for 7 Class 1 innovative drugs, including ReciMonAb injection, Emamixitin sulfate tablets, Sitagliptin Metformin tablets (I)(II), Rituximab injection, Famitinib malate capsules, PiroloRapatin Pallocetron injection, and Zemetolstat tablets; one Class 2 innovative drug was approved, along with six new indications for existing innovative drugs. These cover fields such as oncology, metabolism, cardiovascular, immunology, and neuroscience. During the reporting period, the company made significant progress in R&D, with 15 new drug applications accepted by NMPA, 28 products advanced to Phase III clinical trials, 61 to Phase II, and 28 innovative products initiated Phase I trials for the first time. In 2025, the company obtained 180 clinical approval documents; 8 products were recognized as Breakthrough Therapy by CDE, and 2 as Priority Review.

The financial report also disclosed that from 2026 to 2028, approximately 53 innovative products are expected to be approved for market launch. Notably, the GLP-1/GIP dual receptor agonist HRS9531, with potential as a best-in-class product, is expected to be approved for overweight/obesity. In terms of new indications, ReciMonAb is expected to be approved for HER2-positive colorectal cancer and first-line HER2-positive breast cancer treatment, among others.

In 2025, Hengrui Medicine completed five overseas expansion deals for innovative drugs. This includes a strategic alliance with GSK to co-develop up to 12 innovative drugs, including PDE3/4 inhibitor HRS-9821, with Hengrui receiving a $500 million upfront payment and potential milestone payments totaling approximately $12 billion, along with sales royalties.

The company also reached an exclusive license agreement with MSD for Lp(a) inhibitor HRS-5346 in Greater China, with a $200 million upfront and milestone payments up to $1.77 billion.

Hengrui licensed the commercialization rights for oral GnRH antagonist SHR7280 in mainland China to Merck Germany, and licensed the Myosin small molecule inhibitor HRS-1893 to Braveheart Bio under a NewCo model. It also licensed some international market rights for Rituximab to Glenmark.

In terms of overseas independent development, the company established a new clinical R&D and collaboration center in Boston, USA during the reporting period. Currently, the company has 15 R&D centers across Asia, Europe, the US, and Australia, with multiple innovative drugs initiating their first overseas clinical trials.

Additionally, during the reporting period, the HER2 ADC innovative drug Rituximab combined with Adalimumab and chemotherapy for gastric or gastroesophageal junction adenocarcinoma received orphan drug designation from the US FDA. Currently, five of the company’s innovative drugs have received orphan drug designation from the FDA, and four ADC products have been granted Fast Track designation.