Top 10 Chinese Pharmaceutical Companies by R&D Investment File Prospectus Highlighting Innovation Pipeline and Commercial Progress

　　【Pharmaceutical Network Industry Dynamics】The sustainable development of innovative drugs cannot be separated from sufficient financial support. In recent years, with the support and encouragement of favorable national policies, pharmaceutical companies have been continuously increasing their R&D investment in innovative drugs. The top 10 pharmaceutical companies in China with the highest R&D investment include BeOne Medicines, Hengrui Pharma, Fosun Pharmaceutical, CSPC, Sino Biopharm, Legend Biotech, Innovent Bio, Shanghai Hutchison Pharmaceuticals, Hansoh Pharma, and Junshi Biosciences.
 

Among them, BeOne Medicines' R&D expenses in 2023 reached 1.779 billion USD (12.533 billion yuan), accounting for 72.34% of its revenue. It is reported that BeOne Medicines is accelerating the advancement of its global clinical layout and progress. Data shows that the company's R&D pipeline covers 23 development projects and more than 60 preclinical projects, involving various technology platforms and treatment modalities such as small molecules, CDAC, monoclonal antibodies, bispecific/trispecific antibodies, ADC, cell therapy, and mRNA. It is expected that within the next 18 months, more than 15 new molecules will enter the clinical stage, potentially driving another wave of market investment enthusiasm.
 

Years of investment have also started to pay off for BeOne Medicines. In 2023, its core product zanubrutinib benefited from indications such as CLL, SLL, WM, FL, and MZL. Particularly, the new first-line CLL and SLL indications were launched in multiple countries including Europe, the United States, Australia, and China. Global sales increased by 138.7% year-over-year, reaching 9.138 billion yuan (approximately 1.3 billion US dollars), making it an innovative drug with annual sales exceeding one billion US dollars in China.
 

Hengrui Pharma Invested a Total of 6.15 Billion Yuan in R&D in 2023, Accounting for 27% of Revenue. Additionally, Its R&D Expenses Reached 1.22 Billion Yuan in the First Quarter of 2024.
 

High R&D Investment Enables Hengrui Pharma to Continuously Deliver Innovative Achievements. To date, Hengrui Pharma has received approval for 16 Class 1 innovative drugs in China, 14 of which were independently developed. Particularly in 2023, the company accelerated the implementation of its innovative achievements, with three Class 1 innovative drugs (Adebrelimab, Ripaglinide Phosphate, and Oteseconazole) and four Class 2 new drugs (Dexmedetomidine Hydrochloride Nasal Spray, Abiraterone Acetate Nanocrystals, Irinotecan Hydrochloride Liposome, and Empagliflozin Metformin Sustained-Release Tablets) approved for marketing in China. Additionally, 14 marketing applications have been accepted by the NMPA, including new drug applications such as Recasibart and Emaxitinib, as well as new indications like the combination of Fluzoparib and Apatinib, covering treatment areas such as cancer, diabetes, autoimmune diseases, ophthalmology, and pain management.
 

Currently, Hengrui Pharma's R&D pipeline is advancing rapidly. In 2023, Hengrui Pharma has progressed 12 clinical trials to Phase III, 35 clinical trials to Phase II, and 30 clinical trials to Phase I. The company currently has over 90 self-innovated products in clinical development, with nearly 300 clinical trials being conducted both within and outside of China.
 

In 2023, Fosun Pharmaceutical's total R&D investment amounted to 5.937 billion yuan, accounting for 14.34% of its total revenue. Fosun Pharmaceutical stated that the optimization of product mix and sales growth driven by the launch of innovative products were the main contributors to the company’s performance in 2023. During the reporting period, there was rapid revenue growth from products such as HANSIZHUANG (Serplulimab Injection), HANQUYOU (Trastuzumab for Injection) and Trastuzumab drug substance, SUKEXIN (Malate Avatrombopag Tablets), as well as OTEZLA (Apremilast Tablets) and OKANZA (Netupitant/Palonosetron Capsules), which were newly included in the National Reimbursement Drug List (officially implemented in March 2023). Additionally, several new products/new indications received approval for marketing, including HANSIZHUANG (Serplulimab Injection), PANGBIFU (Etelcalcetide Hydrochloride Injection), BEIWEN (Kapragliptin Hydrochloride Tablets), PEIJIN (Toremifene Pegfilgrastim Injection), and YIXINTAN (Sacubitril Valsartan Sodium Tablets).
 

In addition to the three pharmaceutical companies mentioned above, CSPC's R&D investment reached 4.83 billion yuan in 2023, accounting for 18.8% of its revenue; Sino Biopharm's R&D investment reached 4.704 billion yuan in 2023, accounting for 18% of its revenue; Legend Biotech's R&D investment reached 2.693 billion yuan in 2023, accounting for 134.1% of its revenue; Innovent Bio's R&D investment reached 2.228 billion yuan in 2023, accounting for 35.9% of its revenue; Hutchison China MediTech's R&D investment reached 2.128 billion yuan in 2023, accounting for 36% of its revenue; Hansoh Pharma's R&D investment reached 2.097 billion yuan in 2023, accounting for 20.8% of its revenue; Junshi Biosciences' R&D investment reached 1.937 billion yuan in 2023, accounting for 128.9% of its revenue.
 

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