Hengrui Pharma reported first-half 2026 revenue of RMB 15.46 billion, edging down 1.9% year on year as lower licensing receipts offset higher product sales. Gross profit slipped 2.2% to RMB 13.34 billion, while net profit attributable to shareholders inched up 0.3% to RMB 4.47 billion, lifting the net margin to 28.9%.

Innovative drugs remained the growth driver, with sales climbing 16.4% to RMB 8.81 billion and contributing 63.2% of total pharmaceutical revenue. Oncology therapies delivered RMB 6.26 billion, up 2.6%, while non-oncology products surged 74.0% to RMB 2.54 billion on strong demand for metabolic, immunology and cardiovascular treatments such as henagliflozin, ivarmacitinib and recaticimab.

Licensing revenue fell 28.6% to RMB 1.42 billion, reflecting a high base from large upfront payments booked a year earlier. Nonetheless, Hengrui continued to expand its out-licensing pipeline, signing a global collaboration with Bristol-Myers Squibb in May 2026 that could deliver up to US$ 15.2 billion in potential milestones; the US$ 600 million upfront payment is expected in the third quarter.

R&D investment remained elevated at RMB 4.61 billion, up 19.0% and equal to 29.8% of revenue. During the period, two Class 1 innovative drugs (retlirafusp alfa and ruzinurad) and one Class 2 drug won approvals in China, while nine marketing applications were accepted by the NMPA. Seven new indications for marketed products also received clearance, including trastuzumab rezetecan’s second-line HER2-positive breast cancer use.

Total assets grew 1.3% to RMB 70.77 billion; equity attributable to shareholders rose 5.2% to RMB 64.47 billion. The gearing ratio improved to 8.2% from 11.6% at end-2025, helped by a 28.3% reduction in total liabilities.

Looking ahead, Hengrui highlights upcoming indication expansions, accelerated NRDL uptake and hospital access for newly listed therapies as key revenue catalysts for the second half. The board declared no interim dividend for the period.