Hengrui Medicine (1276.HK) fell more than 2% during regular trading to HK$48.22, hitting a record low.
The decline followed the release of first-half results that disappointed investors despite headline growth. Revenue rose to RMB 15.46 billion with net profit of RMB 4.47 billion. Innovative drug sales reached RMB 8.81 billion, up 16% year on year and accounting for 63% of total revenue, with non-oncology innovative drugs surging 74%. Analysts, however, flagged intensifying competition and reimbursement pressure on oncology products, alongside lingering generic-drug tail risks, saying the earnings pace fell short of expectations.
Separately, the company announced regulatory approval for its novel PNH treatment lecano-pan capsule (fumarate salt) and disclosed clinical trial approvals for three pipeline assets — HRS-3095 tablets, SHR-7012 injection and SHR-8203 injection — spanning autoimmune diseases and advanced solid tumors, with cumulative R&D investment of approximately RMB 278 million.