#China #Shanghai #Hengrui Pharma #global strategy #Pharmaceutical IPO

Hengrui Pharma’s Remarkable Financial Results for 2025

On March 25, 2026, Hengrui Pharma unveiled its exceptional financial results for the fiscal year of 2025. Driven by dual strategies focused on innovation and globalization, the company achieved a 13% year-on-year revenue growth, amounting to RMB 31.63 billion. Moreover, its net profit attributable to shareholders rose by an impressive 21.8%, reaching RMB 7.72 billion.

Innovation as the Core Engine

Innovation remained a significant catalyst for Hengrui's remarkable growth. The sales of innovative drugs surged by 26.1% year-on-year, totaling RMB 16.34 billion, which accounted for 58.3% of total drug sales. This impressive performance was largely attributed to the solid pipeline across various therapeutic areas. Specifically, oncology products generated RMB 13.24 billion in revenue, witnessing an 18.5% increase, while non-oncology products reached RMB 3.10 billion in sales, marking a staggering 73.4% rise.

To support and sustain this growth trajectory, Hengrui maintained heavy investment in research and development (R&D), spending RMB 8.72 billion in 2025, which represented 27.6% of total revenue. This investment translated into the expenses of RMB 6.96 billion, reflecting the company's commitment to advancing its innovative capabilities.

During the year, Hengrui secured approvals for seven Class 1 innovative drugs, one Class 2 innovative drug, and six new indications for marketed innovative drugs. The pace of regulatory advancements saw 15 New Drug Applications (NDA) and Biologics License Applications (BLA) accepted by the National Medical Products Administration (NMPA). Furthermore, the company progressed considerably with its clinical trials: 28 drug candidates entered Phase III trials, 61 advanced to Phase II, and 28 novel medicines commenced Phase I trials for the first time.

With over 100 proprietary innovative products in clinical development and more than 400 ongoing clinical trials, Hengrui's robust portfolio is expected to receive around 53 innovative product and indication approvals in the period from 2026 to 2028.

Global Expansion Strategies

2025 marked another pivotal year in Hengrui's international growth journey, with a 25.6% rise in licensing revenue to RMB 3.39 billion. This growth emphasizes the increasing global recognition and value of the company’s innovative product portfolio. During the year, Hengrui completed five business development transactions with prominent multinational corporations and biopharmaceuticals, highlighted by its strategic collaboration with GSK. The company also continued advancing its self-developed assets while intensifying global regulatory initiatives, with multiple innovative assets now in international clinical trials.

An additional highlight of the year was Hengrui's successful listing on the Hong Kong Stock Exchange, which raised total proceeds of HK$11.4 billion (approximately US$1.5 billion). This initial public offering marked the largest pharmaceutical IPO in Hong Kong over the last five years, enhancing the company's access to vital global financial resources.

Looking Ahead

As Hengrui Pharma looks to the future, it remains dedicated to tackling unmet clinical needs while further developing its innovative portfolio. The company aims to strike a balance between independent R&D efforts and open collaborations, ensuring enhanced access to innovative therapies for patients around the globe.

Conclusion

The 2025 financial results reaffirm Hengrui Pharma's commitment to innovation and global strategy. By focusing on its R&D capabilities and expanding its global presence, Hengrui is poised to continue its trajectory of growth and make lasting impacts in the pharmaceutical sector.