Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

Jiangsu Hengrui Medicine / Equity Bottom-Up

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<li>
<a href="https://www.smartkarma.com/entities/jiangsu-hengrui-medicine-co-ltd" target="_blank" data-smartkarma-citation="entities:14128:1" rel="noopener">Jiangsu Hengrui Medicine (600276 CH)</a> and Merck entered into an exclusive license agreement for HRS-5346, an investigational oral small-molecule drug. The collaboration positions Merck to challenge two other pharma giants.</li>
<li>Hengrui has granted Merck exclusive rights to develop, manufacture, and commercialize HRS-5346 worldwide for an upfront payment of $200M. Hengrui is also eligible to receive milestone payments up to $1.77B.</li>
<li>Hengrui reported strong 19% YoY revenue growth during 9MFY25 to RMB 20B, while profits rose 6% YoY to RMB 5B. The company will report full-year 2024 result on March 31.</li>
</ul>



Jiangsu Hengrui Medicine (600276 CH) and Merck entered into an exclusive license agreement for HRS-5346, an investigational oral small-molecule drug. The collaboration positions Merck to challenge two other pharma giants.
Hengrui has granted Merck exclusive rights to develop, manufacture, and commercialize HRS-5346 worldwide for an upfront payment of $200M. Hengrui is also eligible to receive milestone payments up to $1.77B.
Hengrui reported strong 19% YoY revenue growth during 9MFY25 to RMB 20B, while profits rose 6% YoY to RMB 5B. The company will report full-year 2024 result on March 31.


Jiangsu Hengrui Medicine (600276 CH) Signs Deal With Merck For a New Class of Cardiovascular Drug

Hansoh Pharmaceutical Group  / Equity Bottom-Up

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<li>
<a href="https://www.smartkarma.com/entities/hansoh-pharmaceutical-group-co" target="_blank" data-smartkarma-citation="entities:23675:1" rel="noopener">Hansoh Pharmaceutical Group (3692 HK)</a> reported 33% YoY net profit growth to RMB4.4B on 21% YoY revenue growth to RMB12.3B in 2024. Oncology revenue jumped 32% YoY to RMB8.1B.</li>
<li>Revenue from innovative drugs zoomed 38% YoY to RMB9.5B and its proportion to total revenue increased to 77.3% in 2024 from 67.9% in 2023.</li>
<li>In 2024, three key innovative drug candidates entered the phase 3 clinical stage for the first time. Hansoh will continue to focus on R&amp;D of innovative drugs and internationalization strategy.</li>
</ul>



Hansoh Pharmaceutical Group (3692 HK) reported 33% YoY net profit growth to RMB4.4B on 21% YoY revenue growth to RMB12.3B in 2024. Oncology revenue jumped 32% YoY to RMB8.1B.
Revenue from innovative drugs zoomed 38% YoY to RMB9.5B and its proportion to total revenue increased to 77.3% in 2024 from 67.9% in 2023.
In 2024, three key innovative drug candidates entered the phase 3 clinical stage for the first time. Hansoh will continue to focus on R&amp;D of innovative drugs and internationalization strategy.


Hansoh Pharmaceutical (3692 HK): Innovative Drugs Drive 2024 Performance; Outlook Is Positive

Thematic (Sector/Industry)

<ul>
<li>Kissei Pharmaceutical initiates additional Phase III clinical trial for Rovatirelin (KPS-0373) for the treatment of spinocerebellar degeneration. Shanghai Junshi Biosciences received 11th indication approval for toripalimab in China.</li>
<li>AstraZeneca Entered into exclusive licensing agreement worth $1.35B with Alteogen to use latter’s hyaluronidase protein, ALT-B4, to develop subcutaneous versions of its “several oncology assets.”</li>
<li>Celltrion Has unveiled “Value-up Program,” whereby the company is targeting 30% revenue CAGR by 2027 to reach KRW5T revenue and 7% ROE. HLB faced another rejection from FDA for rivoceranib.</li>
</ul>


Kissei Pharmaceutical initiates additional Phase III clinical trial for Rovatirelin (KPS-0373) for the treatment of spinocerebellar degeneration. Shanghai Junshi Biosciences received 11th indication approval for toripalimab in China.
AstraZeneca Entered into exclusive licensing agreement worth $1.35B with Alteogen to use latter’s hyaluronidase protein, ALT-B4, to develop subcutaneous versions of its “several oncology assets.”
Celltrion Has unveiled “Value-up Program,” whereby the company is targeting 30% revenue CAGR by 2027 to reach KRW5T revenue and 7% ROE. HLB faced another rejection from FDA for rivoceranib.


APAC Healthcare Weekly (Mar 23)- Kissei, Alteogen, Junshi Biosciences, Celltrion, Lunit, HLB

<ul>
<li>In 4Q24, <a href="https://www.smartkarma.com/entities/beigene-ltd" target="_blank" data-smartkarma-citation="entities:27352:1" rel="noopener">BeiGene (6160 HK)</a> reported U.S. sales of Brukinsa of $616M, up 97% YoY and 22% QoQ, with 60%+ of demand growth coming from expanded use in CLL. </li>
<li>Brukinsa holds 25% market share in new patient starts in the U.S. in CLL, followed by Calquence (20%). For the first time, Brukinsa’s quarterly U.S. revenue outpaced that of Calquence.</li>
<li>Beigene has guided for 2025 revenue of $4.9–5.3B (up 29–39% YoY), driven by Brukinsa’s U.S. leadership position and continued global expansion in both Europe and other markets.</li>
</ul>


In 4Q24, BeiGene (6160 HK) reported U.S. sales of Brukinsa of $616M, up 97% YoY and 22% QoQ, with 60%+ of demand growth coming from expanded use in CLL. 
Brukinsa holds 25% market share in new patient starts in the U.S. in CLL, followed by Calquence (20%). For the first time, Brukinsa’s quarterly U.S. revenue outpaced that of Calquence.
Beigene has guided for 2025 revenue of $4.9–5.3B (up 29–39% YoY), driven by Brukinsa’s U.S. leadership position and continued global expansion in both Europe and other markets.


BeiGene (6160 HK): Brukinsa Outpaces Competitor in 4Q US Sales; Solid Guidance for 2025

<ul>
<li>In its January 2025 meeting, EMA’s human medicines committee (CHMP) recommended eight medicines for approval, including four innovative, three biosimilars, and one generic drugs.</li>
<li>The committee has also recommended extensions of indication for eight medicines that are already authorized in the EU.</li>
<li>Marketing applications for two medicines were withdrawn. Among them, withdrawal of Daiichi Sankyo’s datopotamab deruxtecan for non-squamous non-small cell lung cancer is noteworthy.</li>
</ul>


In its January 2025 meeting, EMA’s human medicines committee (CHMP) recommended eight medicines for approval, including four innovative, three biosimilars, and one generic drugs.
The committee has also recommended extensions of indication for eight medicines that are already authorized in the EU.
Marketing applications for two medicines were withdrawn. Among them, withdrawal of Daiichi Sankyo’s datopotamab deruxtecan for non-squamous non-small cell lung cancer is noteworthy.


CHMP Meeting Update: Eight New Medicines Recommended For Approval

United Kingdom

AstraZeneca PLC operates as a holding company. The Company, through its subsidiaries, researches, manufactures, and sells pharmaceutical and medical products. AstraZeneca focuses its operations on eight therapeutic areas, including gastrointestinal, oncology, cardiovascular, respiratory, central nervous system, pain control, anaesthesia, and infection.

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AstraZeneca (AZN SS)

Jiangsu Hengrui Medicine (600276 CH) Signs Deal With Merck For a New Class of Cardiovascular Drug

Hengrui and Merck strike exclusive deal for HRS-5346, with upfront payment of $200M and potential milestone payments up to $1.77B. HRS-5346 is...

Tina Banerjee

Hansoh Pharmaceutical (3692 HK): Innovative Drugs Drive 2024 Performance; Outlook Is Positive

Hansoh Pharma reported 33% YoY net profit growth on 21% YoY revenue growth in 2024. Revenue from innovative drugs grew 38% YoY and its proportion...

Tina Banerjee

APAC Healthcare Weekly (Mar 23)- Kissei, Alteogen, Junshi Biosciences, Celltrion, Lunit, HLB

Kissei Pharma initiates additional P3 trial. Junshi Biosciences' drug got indication expansion. AstraZeneca partners with Alteogen. Celltrion aims...

Tina Banerjee

BeiGene (6160 HK): Brukinsa Outpaces Competitor in 4Q US Sales; Solid Guidance for 2025

BeiGene's Brukinsa sees significant growth in U.S. sales, surpassing Calquence for the first time, with 60%+ demand growth from expanded use in...

Tina Banerjee

CHMP Meeting Update: Eight New Medicines Recommended For Approval

In its January 2025 meeting, CHMP recommended 8 drugs for approval, including 4 innovative, 3 biosimilars, and 1 generic drugs. The committee has...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Jiangsu Hengrui Medicine (600276 CH) Signs Deal With Merck For a New Class of Cardiovascular Drug

​Hengrui and Merck strike exclusive deal for HRS-5346, with upfront payment of $200M and potential milestone payments up to $1.77B. HRS-5346 is...

Tina Banerjee

Hansoh Pharmaceutical (3692 HK): Innovative Drugs Drive 2024 Performance; Outlook Is Positive

Hansoh Pharma reported 33% YoY net profit growth on 21% YoY revenue growth in 2024. Revenue from innovative drugs grew 38% YoY and its proportion...

Tina Banerjee

APAC Healthcare Weekly (Mar 23)- Kissei, Alteogen, Junshi Biosciences, Celltrion, Lunit, HLB

​Kissei Pharma initiates additional P3 trial. Junshi Biosciences' drug got indication expansion. AstraZeneca partners with Alteogen. Celltrion aims...

Tina Banerjee

BeiGene (6160 HK): Brukinsa Outpaces Competitor in 4Q US Sales; Solid Guidance for 2025

​BeiGene's Brukinsa sees significant growth in U.S. sales, surpassing Calquence for the first time, with 60%+ demand growth from expanded use in...

Tina Banerjee

CHMP Meeting Update: Eight New Medicines Recommended For Approval

In its January 2025 meeting, CHMP recommended 8 drugs for approval, including 4 innovative, 3 biosimilars, and 1 generic drugs. The committee has...

Tina Banerjee

Hengrui and Merck strike exclusive deal for HRS-5346, with upfront payment of $200M and potential milestone payments up to $1.77B. HRS-5346 is...

Kissei Pharma initiates additional P3 trial. Junshi Biosciences' drug got indication expansion. AstraZeneca partners with Alteogen. Celltrion aims...

BeiGene's Brukinsa sees significant growth in U.S. sales, surpassing Calquence for the first time, with 60%+ demand growth from expanded use in...