Jiangsu Hengrui Medicine Co., Ltd, a leading pharmaceutical company based in China with shares traded on the Shanghai Stock Exchange (SHA: 600276), has announced its financial results for the first half of 2024. The company reported a robust revenue of RMB 13.601 billion, reflecting a 21.78% year-on-year (YOY) increase. The net profit attributable to shareholders of the listed entity soared to RMB 3.432 billion, marking a significant YOY rise of 48.67%. Moreover, the net profit attributable to shareholders, after the deduction of non-recurring gains and losses, reached RMB 3.49 billion, up a substantial 55.58% YOY.
The company’s innovative drugs segment contributed RMB 6.612 billion in revenues (before-tax, excluding out-licensing income), with a 33% YOY increase, underscoring their clinical value. Notably, Rezvilutamide, Dalpiciclib, and Henagliflozin experienced a surge in sales following their inclusion in the National Reimbursement Drug List (NRDL). Adebrelimab was incorporated into multiple HuiMinBao insurance schemes, while HRS-1167, a second-generation PARP inhibitor out-licensed to Merck, secured a substantial upfront payment of EUR 160 million.
The generic drugs segment experienced a slight decline due to the impact of volume-based procurement policies; the 9th round of such procurement led to a YOY decrease in sales of Caspofungin by RMB 279 million. Similarly, local VBP rounds resulted in a combined YOY sales decline of RMB 276 million for Ioversol, Sevoflurane, and Papaverine.
Investment in research and development reached RMB 3.86 billion. Jiangsu Hengrui Medicine has two marketing applications under review in China and maintains an active clinical pipeline with 10 Phase III, 20 Phase II, and 19 Phase I studies in progress.- Flcube.com
