In the 2026 China PIII, Hengrui Pharmaceuticals ranked first in both Innovation and Invention for the second consecutive year, demonstrating its overall leadership in R&D innovation, translational output and international expansion. In 2025, while sustaining high-intensity R&D investment, Hengrui continued to scale up innovative drug commercialization and achieved major breakthroughs in a concentrated wave of product approvals and international licensing collaborations. Its innovation trajectory has continued to deepen, shifting from R&D investment to value realization, from pipeline scale to high-quality clinical outcomes, and from domestic R&D to global value creation.
Strong commercial performance of innovative drugs and sustained R&D investment provided dual support for Hengrui's continued innovation leadership. In 2025, the company recorded operating revenue of RMB 31.629 billion, up 13.02% year-on-year (YoY). Innovative drug sales reached RMB 16.342 billion, up 26.09% YoY and accounting for 58.34% of drug sales revenue, making them the core of the pharmaceutical business. Meanwhile, full-year R&D investment totaled RMB 8.724 billion, or 27.58% of operating revenue, maintaining a high level of R&D intensity. Notably, sales of non-oncology innovative drugs grew 73.36% YoY, indicating that the commercial contribution of innovation is extending into a broader range of therapeutic areas. Growth in innovative drug revenue and high-intensity R&D investment reinforced each other, further consolidating a virtuous cycle between R&D innovation and commercial translation...
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