On the evening of October 24, Hengrui Medicine announced its Q3 performance report for 2024, showcasing steady growth in performance. For the first three quarters of 2024, Hengrui reported an operating revenue of 20.189 billion yuan, marking an increase of 18.67% year-on-year. The net profit attributable to shareholders reached 4.620 billion yuan, an increase of 32.98%, while the net profit after deducting non-recurring gains and losses was 4.616 billion yuan, reflecting a 37.38% increase, demonstrating robust development momentum.

According to the report, Hengrui's R&D expenditures reached 4.549 billion yuan in the first three quarters of 2024, marking a significant increase of 22% year-on-year. This ongoing high-intensity investment in R&D is providing strong momentum for the transformation of the company’s innovative achievements. As a result of these sustained investments, Hengrui is seeing a continual emergence of innovative outcomes.

During the reporting period, Hengrui launched its self-developed Class 1 new drug, Fuhuanqi Zhuan Monoclonal Antibody Injection, for the treatment of adult patients with moderate to severe plaque psoriasis suitable for systemic therapy or phototherapy. This product marks Hengrui's first innovative drug in the autoimmune disease field, bringing its total number of Class 1 innovative drugs approved for domestic listing to 17 and 4 Class 2 new drugs. Since its launch, Fuhuanqi has covered all 30 provinces in China, benefiting more psoriasis patients.

In terms of listing applications, significant progress was made in Q3, with three innovative drug marketing applications accepted by the National Medical Products Administration. Additionally, two more innovative drug applications were accepted in October this year. Hengrui also has a robust pipeline, with over 90 self-innovated products in clinical development and more than 300 clinical trials ongoing both domestically and internationally. During the reporting period, the company received clinical trial approval for 22 drugs, and in Q3, its self-developed monoclonal antibody SHR-1918 for the treatment of homozygous familial hypercholesterolemia was included in the list of breakthrough therapies by the National Medical Products Administration.

Two First-Generics Approved Overseas

Hengrui is steadily advancing its internationalization strategy. In the second half of this year, the company received approval for its Bupivacaine Liposome Injection and Paclitaxel for Injection (albumin-bound) to be marketed in the United States. The former is the first generics product of its kind approved globally, showcasing a high level of technical barriers, while the latter is also the first generics of its category approved by the U.S. FDA. Additionally, during the reporting period, Hengrui’s Dexmedetomidine Hydrochloride Injection and Raw Material Drug received GMP certification from Japan’s Pharmaceuticals and Medical Devices Agency (PMDA), reflecting international recognition of the company's quality management system.

Simultaneously, Hengrui balances independent development with open collaboration, enhancing international cooperation based on its endogenous growth. The company is steadily progressing its innovative drugs through overseas clinical trials and recently resubmitted a Biologics License Application (BLA) to the U.S. FDA for the combination of Camrelizumab and Apatinib for first-line treatment of unresectable or metastatic hepatocellular carcinoma, which has been formally accepted. Currently, four of Hengrui’s ADC innovative drugs have received fast-track designation from the U.S. FDA.

In terms of open cooperation, Hengrui has authorized 11 self-innovated drugs to U.S., South Korean, and Indian companies, benefitting more global patients. In May of this year, the company licensed a self-innovated GLP-1 class innovative drug portfolio to a U.S. company, with upfront and milestone payments potentially reaching $6 billion, while also gaining a 19.9% equity stake in that company.

MSCI ESG Rating Awarded 'A' Again. As a representative enterprise of pharmaceutical innovation in China, Hengrui Medicine remains committed to its corporate social responsibility, striving to ensure development outcomes benefit the public and contribute to society. In July, the company launched a public welfare project for health awareness called "A New Journey for Health in China," with successful events held in Tianjin.

Notably, Hengrui has also continuously improved its environmental, social, and governance practices, achieving overall high-quality development. Recently, MSCI announced its 2024 ESG rating results, with Hengrui being rated 'A' for two consecutive years, leading in the Chinese pharmaceutical industry.Additionally, the Shanghai Stock Exchange released the 2023-2024 evaluation results for information disclosure among listed companies, and Hengrui was awarded 'A' for its outstanding performance in information disclosure, standardized operations, and investor relationship management.

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