Hengrui Pharma expects over 40 drug approvals in 2027-2028

The scale of Hengrui's projected approval wave — over 40 across five therapeutic areas — matters less as a count than as a signal that the company is shifting from a generics base toward a portfolio of differentiated assets. SHR-A2009 is the one to watch: a first-in-China single-target HER3 ADC submission would test whether domestic developers can hold an early-mover position in a modality where global competition is already intense. Whether that submission converts into an approval, and on what timeline, is the open question.