As 2026 commenced in San Francisco, the 44th J.P. Morgan Healthcare Conference (JPM) convened as scheduled. For the global pharmaceutical industry, this event is not merely an annual gathering but a significant barometer of innovation: multinational corporations scout for the next-generation pipelines here, while global capital reassesses the value of innovation. Amidst this trend, Jiang Ningjun, Executive Vice President and Chief Strategy Officer of Hengrui Pharma (01276), once again took the JPM stage. He outlined a clear vision for a global pharmaceutical company from China: building stable, self-sustaining capabilities through platform-based R&D, accelerating value realization via business development (BD), and hastening internationalization through the establishment of a global clinical and regulatory system.
Hengrui Pharma (600276.SH), a long-time leader in the Chinese market, is approaching a new inflection point. The company has established a "dual-engine" model: on one hand, it supports the world's second-largest pipeline of original research drugs with an average annual R&D investment exceeding 25% and over a dozen advanced technology platforms; on the other hand, it steadily advances internationalization through flexible, diverse BD collaborations and solid overseas team building, accelerating the global realization of its innovative value. A poised Hengrui, ready to embrace a new era of globalization, is now clearly visible.
Starting from January 12th, at this global innovative drug industry "annual meeting," one topic continued to be hotly debated: Is the wave of large-scale BD deals involving Chinese innovative drugs a fleeting trend or a lasting force capable of reshaping the global R&D landscape? Hengrui provided an answer with its report card. On the JPM stage, Hengrui showcased a robust R&D foundation: the company has deployed over 100 new molecular entities (NMEs) across four core therapeutic areas—oncology, cardiovascular and metabolic diseases, immunology and respiratory, and neuroscience—and is conducting more than 400 clinical trials. More crucially, this extensive R&D system is powered by a platform-based, systematic, and continuously evolving innovation engine. Hengrui's "All-in Strategy" for technology platforms encompasses all major therapeutic modalities, including small molecules, large molecules (e.g., antibodies), AXC, degraders, and peptides.
If platforms determine the height, deep specialization in disease areas is the cornerstone of value realization. Hengrui's pipeline construction follows three principles: first, providing "one-stop" solutions with comprehensive coverage in key disease areas or mechanisms of action; second, creating synergistic effects dedicated to continuously improving patient outcomes; third, pursuing iterative innovation to address emerging unmet needs. Notably, within its vast and competitive pipeline, Hengrui focuses on developing first-in-class (FIC) and best-in-class (BIC) innovative therapies. Firstly, this is demonstrated by its breakthrough capabilities against "high-difficulty targets." On the so-called "undruggable" RAS pathway, Hengrui has established a comprehensive and iteratively updated portfolio. Its KRAS G12D inhibitor, HRS-4642, showed an objective response rate of 63.3% in a Phase 1b/II clinical trial for first-line pancreatic cancer treatment, making it the world's first KRAS G12D inhibitor to enter Phase III trials. This is direct proof of Hengrui's ability to "get a head start" on cutting-edge targets.
Secondly, it involves strategically positioning itself in the world's largest growth markets. In the metabolic disease arena, Hengrui targets the hundred-billion-dollar obesity market, forming a leading and differentiated GLP-1 asset portfolio alongside a rich pipeline of next-generation innovations. The GLP-1/GIP dual agonist HRS9531 (Rui Pu Tai) has already submitted a New Drug Application in China, which has been accepted. Previously announced Phase II trial results showed that after 36 weeks of treatment, the HRS9531 8 mg group achieved an average weight loss of 23.6%, with no plateau reached. In January 2026, overseas partner Kailera initiated global Phase III clinical trials.
Thirdly, Hengrui is exploring first-in-class therapies in immunology and respiratory diseases. Examples include the world's first ultra-long-acting IL-23p19/IL-36R bispecific antibody, administered annually or semi-annually for conditions like plaque psoriasis (PsO), ulcerative colitis (UC), and pyoderma gangrenosum (PG), possessing best-in-class potential; and the potential first-in-class drug IFNAR1/TACI for membranous nephropathy, with a synergistic dual-target mechanism offering potential coverage for a wide range of indications. From the above, it is evident that Hengrui's overall pipeline structure is healthy, distributed in an "inverted pyramid" shape: it boasts a complete梯队 from late-stage to early-stage R&D with ample reserves. The depth and iterative capability of this pipeline matrix represent the "hard power" that enables Hengrui to continuously output BD assets and support long-term internationalization.
The 2026 JPM also highlighted another trend: a cooling of mega-mergers, with BD becoming the mainstream. This signifies a shift in the rules of the game on the MNC BD stage: only pharmaceutical companies capable of consistently producing innovation and possessing reliable delivery capabilities can win sustained "votes." Hengrui is恰好 riding this wave of change. In his speech, Jiang Ningjun explicitly presented "advancing approximately 20 new molecular entities into clinical trials annually" as a core metric. This figure implies highly efficient coordination across the entire chain from project initiation and clinical development to regulatory submission. This sustained, predictable "self-sustaining capability" also constitutes Hengrui's deepest moat, providing a continuous stream of bargaining chips at the BD negotiation table and an arsenal for sustained advancement on its independent internationalization path.
Naturally, this consistency has been validated by an ever-refreshing BD report card. Since 2023, Hengrui has completed a total of 12 out-licensing transactions, with a total deal value exceeding $27 billion, including cumulative upfront and equity investments of $1.3 billion. More importantly, whether licensing promising assets like the Lp(a) inhibitor to industry giants like Merck & Co., injecting its GLP-1 portfolio into Kailera via an innovative NewCo model while taking a strategic stake, or establishing a strategic alliance with GSK covering multiple pipelines, all indicate that Hengrui's R&D strength and innovation quality have passed the "value test" by top global MNCs and investment institutions.
It is clear that Hengrui's BD strategy consistently revolves around one core principle: while realizing current value, it embeds itself into the global innovation network, accumulating long-term capital and capabilities for the future. Each collaboration is not only a financial success but also a vote of confidence, an endorsement of its R&D system by top international peers, injecting continuous cash flow and invaluable global development experience into its internationalization process.
However, Hengrui's internationalization extends far beyond simply "sailing on borrowed ships." While BD collaborations advance triumphantly, a parallel system of global capabilities—"building its own ships to sail the seas"—is taking root. By the end of 2025, Hengrui had achieved three key types of progress in its endogenous international capabilities: First, an asset梯队 spanning from early research to near-commercialization stages began to take shape. The company initiated new global clinical trials for 5 assets throughout the year, covering Phase I to Phase III; simultaneously, it selected early-stage products with global potential to advance global (US) IND applications and promoted the overseas registration of late-stage assets, with preparations underway for multiple overseas New Drug Applications.
Second, the construction of core global capabilities accelerated. The company has established 15 R&D centers with a team exceeding 5,600 people. The Boston R&D center, officially launched in 2025, along with the continuous recruitment of international leadership talent and building of overseas teams, marks the further embedding of Hengrui's R&D reach into global frontiers.
Third, a critical leap was made on the capital platform. In 2025, Hengrui successfully listed on the Hong Kong Stock Exchange, raising nearly $1.5 billion, making it the largest healthcare IPO on the HKEX in the past five years. This move is precisely aimed at optimizing global capital management and attracting more global talent. Thus, a clear internationalization闭环 emerges, balancing independent R&D with open collaboration: a powerful endogenous R&D engine continuously outputs innovative assets with global competitiveness; diverse, consistently delivered BD collaborations, in turn, bring international perspectives, regulatory experience, funding support, and network resources to Hengrui, continuously feeding back into and strengthening its endogenous innovation system.
The steady progress of internationalization and the continuous "self-sustaining" capacity of the R&D pipeline together propel Hengrui's development from quantitative accumulation to a qualitative leap. In 2026, Hengrui stands at a point of fruitful achievements, poised to enter a new爆发点 characterized by an unprecedented density of catalysts and a highly clear growth trajectory. On the R&D front: 2026 is expected to see over 10 innovative drugs or indications approved, more than 20 NDA/BLA applications submitted, and data readouts from 25 Phase III studies. Key data for major assets in the pipeline, such as the HER2 ADC, KRAS G12D inhibitor, and oral GLP-1, are set to be revealed.
On the commercialization front: With 10 new products included in the updated National Reimbursement Drug List, the company's revenue from innovative drugs is expected to achieve a year-on-year growth exceeding 25%, entering an accelerated volume growth phase. On the globalization front: The company will drive the establishment of more global partnerships using flexible models, initiate more global clinical trials, and accelerate marketing authorization applications outside China for specific products. Concurrently, it will continue to advance the building of its endogenous international team and enhance operational capabilities.
Looking at Hengrui's path of advancement, its strategic style remains distinct: resembling a heavy sword without a sharp edge, driven by internal strength. Platform-based R&D ensures continuous self-renewal, BD makes its global value visible, and its overseas clinical and organizational systems are gradually taking shape. The market once continually questioned Hengrui's positioning. Today, the answer is increasingly clear: it is proactively transforming, committed to becoming a "globally leading pharmaceutical company, delivering innovative medicines to patients worldwide in better, faster, and more accessible ways." This path of transformation is also a microcosm of Chinese innovative drugs moving towards "winning through quality." As the 2026 JPM placed greater emphasis on BD value realization and assets with sustainable output and reliable delivery capabilities, Hengrui's long-accumulated advantages in certainty were further amplified. It can not only rely on its powerful R&D engine to continuously supply high-quality pipelines but also, through its increasingly robust global clinical and regulatory capabilities, ensure these assets successfully land on the international stage.
Poised at this new爆发点, Hengrui has amassed substantial internal strength. A new era of globalization, deeply defined by Chinese innovative power, awaits its leadership to commence.
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