{"id":61393,"date":"2026-03-26T15:03:06","date_gmt":"2026-03-26T07:03:06","guid":{"rendered":"https:\/\/flcube.com\/?p=61393"},"modified":"2026-03-26T15:03:07","modified_gmt":"2026-03-26T07:03:07","slug":"hengrui-pharma-2025-revenue-rmb-31-6b-innovative-drugs-drive-58-of-sales-out-licensing-hits-rmb-3-4b","status":"publish","type":"post","link":"https:\/\/flcube.com\/?p=61393","title":{"rendered":"Hengrui Pharma 2025 Revenue RMB 31.6B \u2013 Innovative Drugs Drive 58% of Sales, Out-Licensing Hits RMB 3.4B"},"content":{"rendered":"\n

Jiangsu Hengrui Pharmaceuticals Co., Ltd.<\/strong> (SHA: 600276<\/a>, HKG: 1276<\/a>) reported 2025 annual results<\/strong>, with operating revenue rising 13.02% YoY to RMB 31.629 billion (USD 4.58 billion)<\/strong> and net profit (recurring) jumping 20.00% to RMB 7.413 billion (USD 1.074 billion)<\/strong>. Innovative drugs now dominate revenue mix at 58.34%<\/strong>, with out-licensing emerging as a routine business segment generating RMB 3.392 billion (USD 491 million)<\/strong> through 5 major global deals<\/strong> including GSK, Merck & Co., and IDEAYA Biosciences<\/strong>.<\/p>\n\n\n\n

Financial Highlights<\/h2>\n\n\n\n
Metric<\/th>2025 Result<\/th>YoY Change<\/th>Strategic Significance<\/th><\/tr><\/thead>
Operating Revenue<\/strong><\/td>RMB 31.629 billion (USD 4.58B)<\/td>+13.02%<\/td>Sustained double-digit growth at scale<\/td><\/tr>
Recurring Net Profit<\/strong><\/td>RMB 7.413 billion (USD 1.074B)<\/td>+20.00%<\/strong><\/td>Margin expansion from innovation mix<\/td><\/tr>
R&D Investment<\/strong><\/td>RMB 8.724 billion (USD 1.263B)<\/td>Industry-leading intensity<\/td>27.6% of revenue<\/strong> \u2013 top-tier global biotech R&D ratio<\/td><\/tr>
Innovative Drug Sales<\/strong><\/td>RMB 16.342 billion (USD 2.367B)<\/td>+26.09%<\/strong><\/td>58.34% of pharma revenue<\/strong> \u2013 transformation complete<\/td><\/tr>
Out-Licensing Revenue<\/strong><\/td>RMB 3.392 billion (USD 491M)<\/td>New routine segment<\/td>10.7% of total revenue<\/strong> \u2013 validates global IP value<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Innovative Drug Performance by Segment<\/h2>\n\n\n\n
Segment<\/th>2025 Revenue<\/th>YoY Growth<\/th>% of Innovative Sales<\/th>Key Products<\/th><\/tr><\/thead>
Oncology<\/strong><\/td>RMB 13.240B (USD 1.918B)<\/td>+18.52%<\/td>81.02%<\/strong><\/td>Rezvilutamide (AR), dalpiciclib (CDK4\/6), fluzoparib (PARP), herombopag (TPO)<\/td><\/tr>
Non-Oncology<\/strong><\/td>RMB 3.102B (USD 449M)<\/td>+73.36%<\/strong><\/td>18.98%<\/td>Henagliflozin (SGLT2), remimazolam (GABAa) \u2013 NRDL value realization<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Global Out-Licensing Success<\/h2>\n\n\n\n
Partner<\/th>Deal Value<\/th>Asset\/Focus<\/th>Strategic Impact<\/th><\/tr><\/thead>
GSK<\/strong><\/td>USD 500M upfront + ~USD 100M milestones<\/strong><\/td>PD-L1\/TGF-\u03b2 bispecific (SHR-1701)<\/td>Largest China biotech out-license<\/strong> validates immuno-oncology platform<\/td><\/tr>
Merck & Co.<\/strong><\/td>USD 200M upfront<\/td>PARP1 selective inhibitor + CLDN18.2 ADC<\/td>Big Pharma validation<\/strong> of Hengrui ADC chemistry<\/td><\/tr>
IDEAYA Biosciences<\/strong><\/td>USD 75M upfront<\/td>Pol theta inhibitor + DDR portfolio<\/td>Synthetic lethality<\/strong> expansion<\/td><\/tr>
Merck KGaA<\/strong><\/td>EUR 15M<\/td>Undisclosed<\/td>European partnership diversification<\/td><\/tr>
Braveheart Bio<\/strong><\/td>USD 65M upfront + equity<\/td>Cardiovascular asset<\/td>Equity participation<\/strong> model<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Total Upfront: ~USD 855M<\/strong> \u2013 RMB 3.392 billion recognized in 2025 revenue<\/strong><\/p>\n\n\n\n

Pipeline Productivity & 2026\u20132028 Outlook<\/h2>\n\n\n\n
2025 Achievement<\/th>Scale<\/th>2026\u20132028 Projection<\/th><\/tr><\/thead>
NDAs Accepted (NMPA)<\/strong><\/td>15 applications<\/td>53 innovative products\/indications<\/strong> expected approval<\/td><\/tr>
Phase III Advancements<\/strong><\/td>28 programs<\/td>Late-stage pipeline maturation<\/td><\/tr>
Phase II Advancements<\/strong><\/td>61 programs<\/td>Robust mid-stage engine<\/td><\/tr>
Phase I Initiations<\/strong><\/td>28 first-in-human<\/td>Sustained innovation replenishment<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Forward\u2011Looking Statements<\/strong>
This brief contains forward\u2011looking statements regarding 2026\u20132028 product approvals, out-licensing sustainability, and global partnership expansion. Actual results may differ due to NMPA review timelines, competitive dynamics in oncology and metabolic diseases, and geopolitical factors affecting China-origin pharmaceutical exports.-Fineline Info & Tech<\/a><\/p>\n\n\n\n