On October 27, 2025, Hengrui Pharma (Stock Code: 600276.SH; 01276) released its third-quarter financial report. The report shows that in the first three quarters of 2025, the company achieved revenue of RMB 23.188 billion, a year-on-year increase of 14.85%, and net profit attributable to shareholders of RMB 5.751 billion, up 24.50% YoY. The company maintained high R&D investment, with expenses reaching RMB 4.945 billion in the first nine months, bringing cumulative R&D spending to over RMB 50 billion.

Hengrui Pharma demonstrated robust high-quality growth in Q3, driven by its dual strategy of "innovation and globalization." Breakthroughs were made in innovative drug development, global expansion, talent development, and sustainable growth.

**Innovation Engine Accelerates, Pipeline Advances Rapidly** Backed by sustained R&D investment, Hengrui Pharma achieved multiple milestones. Its self-developed EZH2 inhibitor, Zemituxostat (brand name: Airuijing®), became China’s first domestically developed drug for relapsed/refractory peripheral T-cell lymphoma (R/R PTCL). Additionally, the company launched Henggeliezin-Ruigelitin-Metformin Extended-Release Tablets (I) and (II) (Ruiletang®), China’s first oral triple-combination therapy for type 2 diabetes.

To date, Hengrui has secured approvals for 24 Class 1 and five Class 2 innovative drugs in China. The company also introduced Perfluorohexyloctane Eye Drops (Hengqin®), the world’s only treatment for meibomian gland dysfunction (MGD)-related dry eye.

In Q3, Hengrui submitted 13 new drug applications (NDAs), including eight in the quarter alone, covering oncology, metabolic diseases, cardiovascular diseases, and immunology. Notably, the GLP-1/GIP dual agonist HRS9531 showed promising Phase III weight-loss results, with a 19.2% average weight reduction in the 6mg dose group over 48 weeks.

The company’s pipeline remains robust, with over 100 innovative products in clinical development and more than 400 trials globally. Four drugs, including the ADC candidate SHR-A1811, were designated as breakthrough therapies.

**Global Expansion Gains Momentum** Hengrui’s BD deals surged in Q3, reflecting its growing international recognition. In July, it partnered with GSK to co-develop up to 12 innovative drugs in respiratory, autoimmune, and oncology fields, securing a $500 million upfront payment and potential milestones worth $12 billion.

In September, Hengrui licensed HRS-1893 to Braveheart Bio under a "NewCo" model, receiving $65 million upfront and up to $1.013 billion in milestones. It also granted Glenmark partial rights to SHR-A1811, retaining key markets while earning $18 million upfront and up to $1.093 billion in milestones.

The company expanded overseas trials, initiating over 20 studies in the U.S., Europe, Australia, Japan, and South Korea. SHR-A1811, combined with adebrelimab (SHR-1316), received FDA orphan drug designation for gastric cancer, marking Hengrui’s fifth such designation.

At the European Society for Medical Oncology (ESMO) Congress, Hengrui presented 46 research findings on 14 innovative drugs, including the CARES-009 study on camrelizumab plus rivoceranib for hepatocellular carcinoma (HCC), published in *The Lancet*.

**Talent Strategy Strengthens Global Capabilities** Hengrui intensified talent acquisition, launching a global campus recruitment program targeting top universities like Harvard and Tsinghua. It also appointed industry veterans, including former GlaxoSmithKline executive Hu Xinhui as CTO and ex-FDA official Sun Zhigang as Chief Quality Officer. Over 30% of its mid-to-senior management now has multinational experience.

**Sustainability and Industry Collaboration** Hengrui partnered with the National Natural Science Foundation of China, establishing a RMB 132 million innovation fund for oncology and metabolic disease research. It also pledged RMB 100 million to support tech innovation and talent development via the China Science and Technology Foundation.

The company’s MSCI ESG rating rose to "AA," placing it among global pharmaceutical leaders. It also ranked in *Fortune* China’s Top 500. Moving forward, Hengrui remains committed to patient-centric innovation, accelerating drug development and global access to therapies.

References: [1] Study data. [2] Zhou J, et al. 2025 ESMO 1470O. [3] Wang Z, et al. *Lancet* 2025. DOI: 10.1016/S0140-6736(25)01720-9.