Jiangsu Hengrui Pharmaceuticals Co., Ltd. Class A · SSE:600276
Jiangsu Hengrui Pharmaceuticals Co., Ltd. Class A — FY2025 Earnings Presentation
35 slides from Jiangsu Hengrui Pharmaceuticals Co., Ltd. Class A's earnings presentation, March 2026
Slide 1: Hengrui Growth Story
Hengrui Growth Story Full Year 2025 Results March 2026
Slide 2: Disclaimer
Disclaimer THIS DOCUMENT IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT INTENDED TO BE, AND SHALL NOT BE CONSTRUED AS, AN OFFER, INDUCEMENT, INVITATION, SOLICITATION, COMMITMENT OR ADVERTISEMENT WITH RESPECT TO THE PURCHASE, SUBSCRIPTION OR SALE OF ANY SECURITY AND NO PART OF IT SHALL FORM THE BASIS
Slide 3: 2025 Performance and Strategic Deliverables
2025 Performance and Strategic Deliverables Full year growth driven by innovative drugs with strong momentum to continue Strong Top & Bottom Line Growth Robust Pipeline Delivery Accelerated Global Expansion Total sales of RMB 31.63bn, 21 15 8 ~US$16bn total deal value +13.0% YoY NDA/BLA NDA/BLAs CDE
Slide 4: Strong FY'25 Revenue Growth Driven by Innovative Drugs Business
Financials Strong FY’25 Revenue Growth Driven by Innovative Drugs Business Continuous Double-digit Revenue Growth Strong Innovative Drugs Sales % of Total RMB MM RMB MM drug sales +13.0% +26.1% YoY Growth driven by NRDL YoY 58.3% inclusion, indication 31,629 51.8% expansion and new launches 27,985 3
Slide 5: Growing Profitability and Continued Investment in Growth and Innovation
Financials Growing Profitability and Continued Investment in Growth and Innovation RMB MM, unless otherwise stated Improving Margin & Growing Profitability Improving Efficiency & Continuous R&D Investment SG&A Expenses Gross Profit and Margin Net Profit and Margin & as % of Total Revenue R&D Expendi
Slide 6: Key Growth Drivers of Innovative Drugs Business in 2025
Financials Key Growth Drivers of Innovative Drugs Business in 2025 Growth driven by NRDL inclusion, indication expansion and new launches Product Revenue Breakdown by TA Key Products that Drove the Innovative Drugs Revenue On-market portfolio of 24 NMEs, of which 7 were Rezvilutamide (AR) Dalpicicli
Slide 7: Accelerated Growth of Innovative Drugs Business in 2026
Financials Accelerated Growth of Innovative Drugs Business in 2026 Continued growth from existing products, new NRDL inclusion and additional indication/product launches New NRDL inclusion Drives Revenue Ramp-up Expected Indication Expansion and New Product Launches in 2026 10 drugs + 5 indications
Slide 8: Financial Outlook
Financial Outlook 2026 2026-2028 Revenue • Innovative drugs revenue expected to deliver • Innovative drugs revenue poised for strong growth, supported by >30% growth YoY the upcoming launch of 53 potential new products / new indications Product Revenue • Strategically scaling back resources allocate
Slide 9: Foundation for Growth through Specialized Product Lines with Broad Market Reach
Commercial Foundation for Growth through Specialized Product Lines with Broad Market Reach Continue to deepen market coverage, powered by science-driven promotion Streamlined Commercialization Org Extensive Sales Network Industry market Oncology business unit Biopharma business unit share2, % (OBU)
Slide 10: Comprehensive Portfolio Covering Therapeutic Areas with Major Unmet Needs
Commercial Comprehensive Portfolio Covering Therapeutic Areas with Major Unmet Needs From “oncology-focused” to “oncology + chronic diseases” Hengrui Portfolio in Key Therapeutic Areas CV& Auto- Oncology Metabolism immune CNS Others2 Market Size 2025 (CAGR 2025-2028E) 306 330 46 193 — (+14%) (+8%) (
Slide 11: CV&M and Autoimmune Franchises as New Growth Engines
Commercial CV&M and Autoimmune Franchises as New Growth Engines Expect to unlock significant commercial synergy CV&M – Emerged as a notable player with consecutive Autoimmune – Anchor assets with pipeline-in-a-product launches of differentiated innovative products opportunity, supported by 2026 NRDL
Slide 12: Embark on a New Era of Global Innovation
R&D Highlights Embark on a New Era of Global Innovation Powered by unrivaled efficiency – Hengrui’s speed and quality Built Built10+ 10+Cutting-edge Cutting-edge Technology TechnologyPlatforms Platforms Generated 100+ NMEs 100+ in clinical NMEs with ~20 development with NMEs Sustained Sustained ente
Slide 13: "All-in Strategy" on Cutting-edge Technology Platforms
R&D Highlights “All-in Strategy” on Cutting-edge Technology Platforms Maximize optionality for sustained delivery of BICs/FICs Degrader / Small Induced Fusion molecule proximity mAb protein bs/msAb AXC Peptide siRNA RDC Onco CV&M I&R Neuro Marketed / NDA Phase III Phase II Phase I / IND Preclinical
Slide 14: From Robust R&D Pipeline to Harvest Phase
R&D Highlights From Robust R&D Pipeline to Harvest Phase Key Accomplishments since 2025 100+ NMEs in clinical development, with Oncology Anchor assets with potential major indication expansion trastuzumab rezetecan1 Dalpiciclib ~20 NMEs entering into clinic per year in 2026 HER2 ADC 2L/2L+ Her2+ BC
Slide 15: Key Ph3 Readouts in 2025 Strengthening Breast Cancer Franchise
Oncology R&D Highlights Key Ph3 Readouts in 2025 Strengthening Breast Cancer Franchise Anchor assets with BIC potential, unlocking near-term growth opportunities trastuzumab rezetecan Dalpiciclib HER2 ADC CDK4/6 10 BTDs received; 2 marketed (NSCLC & BC) Approved in combo with fulvestrant in HR+/HER2
Slide 16: Compelling Obesity Data in 2025 Ready to Win in the US$100Bn+ Market
Metabolic Diseases R&D Highlights Compelling Obesity Data in 2025 Ready to Win in the US$100Bn+ Market Lifecycle management and next-gen innovation to serve significant unmet needs beyond obesity Comprehensive Obesity Portfolio Positive Ph2 data in Chinese adults with overweight or obesity w/o diabe
Slide 17: Significant Progress in 2025 with Key Readouts Expected in 2026
Cardiovascular Diseases R&D Highlights Significant Progress in 2025 with Key Readouts Expected in 2026 Address ASCVD & heart failure with assets of BIC potential Select Clinical-stage Assets Positive Ph2 data in HoFH Assets Status 2026 Key Data Events* Highlights HoFH – NDA accepted with SHR-1918 pr
Slide 18: Focusing on Major Indications in Immunology & Respiratory Diseases
Immunology & Respiratory Diseases R&D Highlights Focusing on Major Indications in Immunology & Respiratory Diseases Skin Diseases (e.g., PsO) Digestive Diseases (e.g., IBD) Strategy World’s 1st ultra-long-lasting systemic Strategy Inflammation suppression + mucosal repair + long-term administration,
Slide 19: Expect to Continue our Innovation Momentum in 2026
R&D Highlights Expect to Continue our Innovation Momentum in 2026 ~25 Ph3 Data Readouts for NMEs Select Ph1/Ph2 Data Readouts for NMEs (except ASCVD & HF) Select Ph3 Readouts* Indication Asset / Target Indication Status Timing* Asset / Target 1L HER2+ NSCLC Ph 2 1H EGFRm advanced or metastatic NSCLC
Slide 20: BD – Strategic Choice of Flexible Partnership Models
BD Highlights BD – Strategic Choice of Flexible Partnership Models Summary of 5 partnerships in 2025 Nature of Financial Partner Downstream the asset(s) implications alignment value Strategic Alliance (MNCs) NewCo (Top-tier PE/VCs) Out-licensing (Leading MNC/Biotechs) Partnered with Healthcare KGaA
Slide 21: Update on Select Partnered Assets
BD Highlights Update on Select Partnered Assets Partner Program Status Major Partner Milestones Value Proposition Ribupatide China – Potential approval by early 2027 • 2026: Initiate global Ph2b study (high • Potential to deliver greatest weight loss and top GLP-1/GIP Global – Ph3 (initiated in Dec’
Slide 22: In-house Operations – A Scalable Path for Global Growth
Globalization In-house Operations – A Scalable Path for Global Growth A disciplined approach to gradually build global presence over time Accelerated Expansion (Mid-term) Key Accomplishments in 2025 Focus on prioritized disease areas for international From early-stage to commercial-ready pipeline 5
Slide 23: 2026 – Standing at an Inflection Point
2026 – Standing at an Inflection Point R&D Commercial Global Delivery Execution Footprint • 10+ innovative drug or • >30% YoY revenue growth • More global partnerships with indication approvals from innovative drugs flexible models • ~20 NDA/BLA submissions • Deliver dual growth strategy: • Initiate
Slide 24: Looking to the future…
Looking to the future… To become a leading global pharma, delivering innovative medicines for patients worldwide, with improved quality, speed and affordability 24
Slide 25: Appendix
(DD HENGRUI ~\ Appendix
Slide 26: Hengrui at a Glance – Scale, Innovation, Financial Strength
Hengrui at a Glance – Scale, Innovation, Financial Strength Continuously delivering industry-leading growth since 1970 – now ready for next era of globalization #1 in the World’s 2nd Largest Pharma Market R&D Innovation Powerhouse Global Top 50 No.1 in China Global Top 2 by Pharm Exec for by market
Slide 27: "Hengrui Speed" – On Track to Bring Innovative Medicines to Market
“Hengrui Speed” – On Track to Bring Innovative Medicines to Market Product / Indication Launch Expected in 2027-28 2027 2028 New Product Launch Indication Expansion New Product Launch Indication Expansion SHR-A1811 HER2 ADC SHR-A2009 SHR-A2102 Adebrelimab SHR-A1811 HER2+ colorectal cancer / HER2-low
Slide 28: Clinical Development Pipeline
Clinical Development Pipeline Phase III NDA/BLA Trastuzumab rezetecan HER2 ADC HRS-4642 KRAS G12D Vunakizumab IL-17A Trastuzumab rezetecan HER2 ADC Ivarmacitinib JAK1 ⚫ HER2-low r/m BC ⚫ 1L pancreatic cancer (KRAS G12D-mut.) ⚫ Moderate-to-severe chronic plaque psoriasis in ⚫ HER2+ mBC ⚫ Active Nr-ax
Slide 29: Clinical Development Pipeline
Clinical Development Pipeline Phase II Trastuzumab rezetecan HER2 ADC HRS-4508 — SHR-4849 DLL3 ADC Ivarmacitinib JAK1 HRS-9190 — ⚫ Advanced solid tumors with HER2 ⚫ Advanced malignant solid tumors ⚫ Advanced malignant solid tumors ⚫ Vitiligo (alkaline gel) ⚫ Skeletal muscle relaxation during inducti
Slide 30: Clinical Development Pipeline
Clinical Development Pipeline Phase I Trastuzumab rezetecan HER2 ADC SHR-4506 — SHR-A1904 Claudin 18.2 ADC HRS-4729 GLP-1/GIP/GCG HRS-9231 — ⚫ Solid tumors ⚫ Hematologic malignancies and advanced solid ⚫ Advanced pancreatic cancer ⚫ Overweight or obesity ⚫ MRI detection14 tumors ⚫ Advanced solid tum
Slide 31: State-of-the-art Manufacturing Facilities
State-of-the-art Manufacturing Facilities The company has established 12 production sites across 9 cities Beijing Tianjin Jinan Lianyungang Suzhou Lianyungang, Jiangsu Shanghai Hengrui SME, mAb, ADCs, etc. for DS & DP SME and complex drug product Shanghai Xiamen Chengdu Guangzhou Chengdu Shengdi, Si
Slide 32: Income Statement
Income Statement FY2025 FY2025 Q4 Revenue: driven by the contribution RMB MM % Revenue YoY RMB MM % Revenue YoY from innovative drugs & licensing revenue REVENUE 31,629 100.0% 13.0% 7,795 100.0% 8.3% Cost of sales (4,363) 13.8% 13.4% (1,015) 13.8% 15.0% GP Margin: contributed by the GROSS PROFIT 27,
Slide 33: Balance Sheet
Balance Sheet RMB MM FY2025 FY2024 YoY NON-CURRENT ASSETS Intangible assets: mainly contributed by Property, plant and equipment 8,049 7,094 13.5% RMB 1.8bn invested in capitalized Intangible assets 6,229 4,556 36.7% development costs Right-of-use assets 677 582 16.2% Investments in associates 557 6
Slide 34: Cash Flow Summary
Cash Flow Summary Strong Dedication to Shareholder Return Generating Robust Cash Inflow & Long-term Growth Net cash generated from Dividend paid: RMB 1.3bn cash operations +51.4% dividend paid during the year RMB 11.2bn net cash generated Share repurchases: from operations (RMB 7.4bn in 2024) RMB 1.
Slide 35: Unmet Medical Needs Innovation Globalization
Unmet Medical Needs Innovation Globalization Notes:
Jiangsu Hengrui Pharmaceuticals — FY2025 Earnings Presentation on 6ix