The pharmaceutical industry is undergoing a round of structural recovery. Regarding the layout of the innovative drug sector, some analysts point out that, based on the research and judgments of multiple institutions, three main lines can be focused on: innovative drug leaders with global competitiveness, enterprises with technological advantages in specific niches, and supporting links in the industrial chain.
For the leading innovative drug companies with global competitiveness, analysis points out that Hengrui Pharmaceutical, BeiGene, and Innovent Biologics, among others, can be focused on due to their rich pipelines and improved commercialization capabilities.
Among them, Hengrui Pharmaceutical, which made its fortune through generic drugs, has essentially completed its industrial transformation and upgrading. Data shows that in the first quarter of 2026, the company achieved operating revenue exceeding 8.1 billion yuan, representing a year-on-year increase of approximately 13%; net profit attributable to shareholders was close to 2.3 billion yuan, up about 22% year-on-year. From 2023 to 2025, the company's revenue and net profit saw consecutive annual growth for three years, with net profit attributable to shareholders growing at a double-digit rate.
In terms of revenue from innovative drugs, in 2025, the company's sales revenue from innovative drugs amounted to RMB 16.342 billion, representing a year-on-year increase of 26.09% and accounting for 58.34% of the total drug sales revenue. In the first quarter of 2026, the sales revenue from innovative drugs reached RMB 4.526 billion, with the proportion increasing to 61.69%. It is reported that Hengrui Pharmaceutical has obtained approval for the marketing of over 20 Class 1 innovative drugs in China. The company stated that with the continuous approval of new products and new indications, as well as the gradual access of innovative drugs that have been included in medical insurance to hospitals, the company will strive to achieve a growth of over 30% in sales revenue from innovative drugs for the whole year. It is reported that the licensing of innovative drugs has become a normalized business for Hengrui Pharmaceutical. In 2025, the company's licensing revenue reached RMB 3.392 billion, and in the first quarter of 2026, it was RMB 787 million.
BeiGene has finally reaped the rewards of its years of research and development, turning losses into profits for the first time in 2025. That year, the company achieved a net profit of 1.461 billion yuan, a significant increase of 129.34% year-on-year! What's even more commendable is that this growth momentum is expected to continue. According to BeiGene's forecast, the total revenue in 2026 is expected to be between 43.6 billion yuan and 45 billion yuan.
As a pioneering oncology treatment company, BeiGene develops innovative anti-tumor drugs for cancer patients worldwide and enhances the accessibility of these drugs. BeiYueZe is one of the company's flagship products. In 2025, BeiYueZe achieved global sales of 28 billion yuan. BeiYueZe can inhibit the proliferation of malignant B cells and has been approved in over 75 markets worldwide, enjoying widespread application. Another core product is the PD-1 tumor drug Tislelizumab, which achieved global sales of 5.297 billion yuan in 2025, representing an 18.6% year-on-year increase. Currently, Tislelizumab has been approved in over 50 markets worldwide. In addition to these two products, BeiGene also has other products nearing commercialization.
Innovative drugs from Innovent also reaped benefits. In the first quarter of 2026, the company's product revenue exceeded RMB 3.8 billion, marking a year-on-year growth of over 50%. The company's position in the oncology field has become increasingly prominent, with rapid sales volume increase following the addition of five tyrosine kinase inhibitors (TKIs) to the National Reimbursement Drug List (NRDL). Meanwhile, the comprehensive product line has become a strong emerging driver of the company's revenue growth, primarily due to the excellent performance of core products such as Xinermei® (mazdutide injection), Xinbile® (tolicimab injection), and Xinbimin® (tecentriq N01 injection).
For enterprises with technological advantages in niche markets, the analysis points out that particular attention should be paid to representative companies in the bispecific antibody and ADC fields, such as Kangfang Biologics, Coronbiotech, and Baili Tianheng. For example, Coronbiotech is a domestic enterprise that has authorized its independently developed ADC drugs to multinational pharmaceutical companies. As early as 2022, it reached a cooperation agreement with Merck & Co. with a total transaction value exceeding $11.8 billion, setting a record for a single licensing deal in China's biopharmaceutical industry. Up to now, the company has four innovative drugs approved for marketing, covering eight indications, namely Lukangsatolizumab, Boduzumab, Tagolizumab, and Cetuximab N01. Three products have been successfully included in the "National Medical Insurance Catalogue 2025", and their sales are continuously increasing. It is worth noting that Lukangsatolizumab is a fast-commercializing ADC drug. It was first approved in November 2024, becoming the first ADC drug approved for marketing in China.
In the supporting links of the industry chain, including CXO and scientific research service enterprises, it is suggested to focus on companies such as WuXi AppTec and Kailaiying, which are expected to benefit from the recovery of global R&D demand and order resurgence. For example, after WuXi AppTec doubled its net profit in 2025, its performance continued to grow strongly in the first quarter of 2026. Its revenue in the first quarter crossed the "10 billion" threshold for the first time, and both net profit and orders on hand achieved significant growth.
It is reported that WuXi AppTec's TIDES (oligonucleotide and peptide) business, which has attracted investors' attention, contributed 2.38 billion yuan in revenue in the first quarter of this year. The number of customers increased by 28% year-on-year, and the number of molecules under research increased by 59% year-on-year. Based on the current order visibility, WuXi AppTec expects the TIDES business to grow by about 40% for the whole year, and the revenue scale is expected to exceed the 15 billion yuan mark. In addition, in terms of backlog orders, as of the end of the first quarter of 2026, WuXi AppTec's backlog orders for ongoing operations reached 59.77 billion yuan, an increase of 23.6% year-on-year.
In the context of structural recovery in the pharmaceutical industry, the three main development trajectories within the innovative drug sector have their respective focuses and develop synergistically. Leading enterprises drive industry innovation with their global competitiveness, while niche players achieve differentiated breakthroughs through technological advantages. Supporting enterprises in the industry chain embrace growth opportunities as industry demand recovers. With the continuous optimization of domestic and international pharmaceutical industry policy environments, the innovative drug sector is expected to continue experiencing value revaluation, and outstanding enterprises within these three main trajectories may continue to unleash their growth potential.