恒瑞医药：创新药收入突破163亿，对外许可常态化打开增长新空间

证券市场周刊03-31

近日，恒瑞医药（600276.SH）发布2025年年度报告。报告显示，公司全年实现营业收入316.29亿元，同比增长13.02%；实现归母净利润77.11亿元，同比增长21.69%；现金流达112.35亿元，同比增长51.36%。报告期间在创新药成果加速转化与对外许可收入常态化入账的双重驱动下，公司业绩实现稳健增长，经营质量持续优化，展现出从研发投入到商业变现的良性循环能力。　　创新成果加速驱动...

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growth","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"159992":1.5,"600276":1.5,"06978":1.5,"01276":1.5},"content_text":"近日，恒瑞医药（600276.SH）发布2025年年度报告。报告显示，公司全年实现营业收入316.29亿元，同比增长13.02%；实现归母净利润77.11亿元，同比增长21.69%；现金流达112.35亿元，同比增长51.36%。报告期间在创新药成果加速转化与对外许可收入常态化入账的双重驱动下，公司业绩实现稳健增长，经营质量持续优化，展现出从研发投入到商业变现的良性循环能力。　　创新成果加速驱动业绩增长　　从经营端来看，创新药的成果转化已成为恒瑞医药业绩增长的核心驱动力。　　据年报披露，2025年公司创新药销售收入163.42亿元，同比增长26.09%，占药品销售收入的比重达58.34%。其中抗肿瘤产品收入132.40亿元，同比增长18.52%，占整体创新药销售收入的81.02%。　　报告期间，公司瑞维鲁胺、达尔西利凭借明确的临床优势持续放量，氟唑帕利、海曲泊帕等品种依托新适应症获批贡献稳定增量。而伊立替康脂质体、瑞康曲妥珠单抗等新品虽未纳入医保，但凭借疗效优势实现上市初期快速放量。通过持续领域深耕，截至目前恒瑞医药在肿瘤领域已具备丰富的研发管线，为公司在肿瘤治疗领域的持续创新构筑了坚实根基。　　与此同时，在非肿瘤领域，恒瑞医药亦进行了广泛布局，旨在通过多领域协同发力，打造支撑公司长期发展的多元化增长曲线。数据显示，2025年公司非肿瘤产品收入31.02亿元，同比增长达73.36%。期间，公司恒格列净（SGLT2抑制剂）、瑞马唑仑（GABAa受体激动剂）等医保内产品通过临床优势的有效传递，价值逐步兑现。　　在肿瘤领域持续深耕、非肿瘤领域多元布局的共同推动下，公司创新药业务已形成稳固的增长基础。据国泰海通研究报告显示，恒瑞医药2024-2025年进入临床的多款双抗、CDK4抑制剂等新药将于2026年起逐步读出I期数据，重点品种FXI单抗、ANGPTL3单抗亦有望披露中国III期结果；叠加2025年医保谈判新增的10款新药及5项新适应症于2026年开始放量，有望共同支撑公司创新药业务在新一年的加速增长。预计未来恒瑞深厚的研发积淀与持续优化的商业化体系，将有望成为其持续高质量发展的保障。　　对外许可常态化驱动创新药出海提速　　在创新药业务持续发力的同时，公司亦在不断加大研发投入，并积极推动创新药出海。　　数据显示，2025年全年，恒瑞医药累计研发投入87.24亿元，其中费用化研发投入69.61亿元。公司正持续加大创新力度，维持较高的研发投入，以支撑前沿技术布局与全球多中心临床的持续推进。根据2025年Citeline发布的管线规模排名，公司自研管线规模位居全球第二。公司创新药研发已基本形成了上市一批、临床一批、开发一批的良性循环，构筑起强大的自主研发能力。这种高强度的研发投入与高效的管线推进能力，为公司构建了可持续的创新资产供给体系，成为其长期竞争力的核心壁垒。　　此外值得一提的是，创新药对外许可已成为公司常态化业务，报告期内收入达33.92亿元，是公司营业收入的重要组成部分。据披露，报告期内，公司与MSD、IDEAYA Biosciences、Merck KGaA、Braveheart Bio等多家药企达成对外许可合作，相关首付款及股权已确认为收入。同时与GSK达成的5亿美元首付款根据履约进度已确认收入约1亿美元。凭借持续的对外授权合作，公司实现了研发管线的价值提前兑现，也为创新药国际化战略积累了丰富的合作经验与资本储备。　　业内人士分析指出，当前国家持续强化对创新药产业的全链条支持，国产创新药“出海”势头强劲。而就恒瑞医药而言，其庞大的自研管线中不乏具有全球竞争力的品种，且未来对外许可合作有望保持常态化，并可能向更高附加值的模式演进。因此随着研发投入的持续加码与国际化路径的日益成熟，公司长期成长价值有望愈发凸显。（文章来源：证券市场周刊）","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"dataReport","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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