Jiangsu Hengrui Medicine FY2025 annual report published; revenue rises to RMB 32 billion

  • Hengrui reported progress on its innovation and globalization strategy, including a Hong Kong Stock Exchange listing on May 23, 2025.
  • Innovative drug sales were RMB16.34 billion, up 26.1%, with oncology contributing RMB13.24 billion.
  • Out-licensing revenue was RMB3.39 billion, supported by upfront payments including USD200 million from MSD and USD500 million from GSK.
  • R&D spending included RMB8.72 billion in total R&D investment and RMB6.96 billion in R&D expenses.
  • Pipeline updates included seven Class 1 innovative drugs approved for launch, and 15 marketing applications accepted by China’s NMPA.


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