Healthcare Analyst

Wilfred Yuen

Equity Bottom-Up

Sino Biopharmaceutical / Equity Bottom-Up

<ul>
<li>Today SBP (1177.HK) announced two deals today: 1) licensing out ex-China rights of PDE3/4 inhibitor TQC3721 to AstraZeneca; 2) obtained China sales right for two respiratory drugs from GSK</li>
<li>SBP will receive USD200m upfront from AstraZeneca (mgmt expects majority to recognise in 2H26); SBP expects c.RMB1bn incremental revenue from GSK's Trelegy Ellipta and Anoro Ellipta in China.</li>
<li>On future BD deals, SBP highlights key data readouts and registration study initiations in 2H26, as well as key upcoming IND filings. See below tables for details.</li>
</ul>


Today SBP (1177.HK) announced two deals today: 1) licensing out ex-China rights of PDE3/4 inhibitor TQC3721 to AstraZeneca; 2) obtained China sales right for two respiratory drugs from GSK
SBP will receive USD200m upfront from AstraZeneca (mgmt expects majority to recognise in 2H26); SBP expects c.RMB1bn incremental revenue from GSK's Trelegy Ellipta and Anoro Ellipta in China.
On future BD deals, SBP highlights key data readouts and registration study initiations in 2H26, as well as key upcoming IND filings. See below tables for details.


Sino Biopharm (1177.HK): Call Takeaways on BD Deals with AstraZeneca and GSK

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

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<ul><li>AstraZeneca reported an 8% increase in total revenue for the first quarter of 2026, driven by strong demand for its innovative medicines and robust growth across oncology and rare disease sectors.</li><li>Operating profit rose by 12%, attributed to operating leverage, while core earnings per share advanced 5%, albeit impacted by a low prior period tax rate.</li><li>The company secured 14 new approvals since the end of 2025 and continues broad investment in R&D, including transformative technologies such as cell therapies and T cell engagers.</li></ul>

AstraZeneca reported an 8% increase in total revenue for the first quarter of 2026, driven by strong demand for its innovative medicines and robust growth across oncology and rare disease sectors.Operating profit rose by 12%, attributed to operating leverage, while core earnings per share advanced 5%, albeit impacted by a low prior period tax rate.The company secured 14 new approvals since the end of 2025 and continues broad investment in R&D, including transformative technologies such as cell therapies and T cell engagers.

AstraZeneca: Why Datroway’s Oncology Trials Could Become A Major Inflection Point For Future Growth!

<ul><li>AstraZeneca has steadily built one of the most diversified oncology portfolios in the pharmaceutical industry, and a single drug increasingly sits at the center of that strategy: Imfinzi.</li><li>Originally launched in 2017 as an immunotherapy for lung cancer, the drug has gradually expanded into multiple tumor types, including bladder, liver, biliary tract, and endometrial cancers.</li><li>The latest milestone came with regulatory approval in Europe allowing Imfinzi to be used in combination with chemotherapy for early-stage gastric and gastroesophageal cancers, marking yet another step in the drug’s expanding clinical footprint.</li></ul>

AstraZeneca has steadily built one of the most diversified oncology portfolios in the pharmaceutical industry, and a single drug increasingly sits at the center of that strategy: Imfinzi.Originally launched in 2017 as an immunotherapy for lung cancer, the drug has gradually expanded into multiple tumor types, including bladder, liver, biliary tract, and endometrial cancers.The latest milestone came with regulatory approval in Europe allowing Imfinzi to be used in combination with chemotherapy for early-stage gastric and gastroesophageal cancers, marking yet another step in the drug’s expanding clinical footprint.

AstraZeneca: The $6 Billion Imfinzi Story Is Expanding Beyond Lung Cancer

<ul><li>AstraZeneca has reported robust financial and operational performance for the full year and fourth quarter of 2025, showcasing strong growth driven by its diversified product portfolio and significant advancements in its pipeline.</li><li>The company reported an 8% increase in total revenue, amounting to $25.6 billion, with product revenue growing by 10%, demonstrating strong demand for its innovative medicines across various segments.</li><li>Core earnings per share (EPS) grew by 11%, reflecting solid profitability.</li></ul>

AstraZeneca has reported robust financial and operational performance for the full year and fourth quarter of 2025, showcasing strong growth driven by its diversified product portfolio and significant advancements in its pipeline.The company reported an 8% increase in total revenue, amounting to $25.6 billion, with product revenue growing by 10%, demonstrating strong demand for its innovative medicines across various segments.Core earnings per share (EPS) grew by 11%, reflecting solid profitability.

AstraZeneca: Can Dapagliflozin-Based Combos Unlock a $5 Billion Opportunity in Heart and Kidney Care?

Thematic (Sector/Industry)

<ul>
<li>
Genscript delivered a strong set of 1H26 results, driven by AI demands. Kelun Bio, CSPC, Sino Biopharm delivered positive 1H26 results, thanks to revenue ramp-up from innovative drugs and BD</li>
<li>Hengrui missed its 2Q26 results, dragged down by generic drugs (-17% QoQ to RMB2.3bn) and moderating growth from oncology segment (-6% YoY). Yet, we are positive on its pipeline progress</li>
<li>Other updates from this week include Zai Lab/Argenx, Hutchmed/AstraZeneca, and EyePoint/Betta Pharma...
</li>
</ul>



Genscript delivered a strong set of 1H26 results, driven by AI demands. Kelun Bio, CSPC, Sino Biopharm delivered positive 1H26 results, thanks to revenue ramp-up from innovative drugs and BD
Hengrui missed its 2Q26 results, dragged down by generic drugs (-17% QoQ to RMB2.3bn) and moderating growth from oncology segment (-6% YoY). Yet, we are positive on its pipeline progress
Other updates from this week include Zai Lab/Argenx, Hutchmed/AstraZeneca, and EyePoint/Betta Pharma...



United Kingdom

AstraZeneca is a multinational pharmaceutical and biotechnology company that researches, develops, and manufactures prescription medicines. The company focuses on core therapeutic areas including oncology, cardiovascular, renal and metabolic diseases, respiratory and immunology, and rare diseases. It was founded in 1999 and is headquartered in Cambridge, UK.

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AstraZeneca (AZNN MM)

Sino Biopharm (1177.HK): Call Takeaways on BD Deals with AstraZeneca and GSK

SBP to receive USD200m upfront from AZ for license-out PDE3/4. SBP obtained sales rights of 2 GSK drugs (with c.RMB1bn revenue). SBP highlights its...

Wilfred Yuen

AstraZeneca: Why Datroway’s Oncology Trials Could Become A Major Inflection Point For Future Growth!

AstraZeneca reported an 8% increase in total revenue for the first quarter of 2026, driven by strong demand for its innovative medicines and...

Baptista Research

AstraZeneca: The $6 Billion Imfinzi Story Is Expanding Beyond Lung Cancer

AstraZeneca has steadily built one of the most diversified oncology portfolios in the pharmaceutical industry, and a single drug increasingly sits...

Baptista Research

AstraZeneca: Can Dapagliflozin-Based Combos Unlock a $5 Billion Opportunity in Heart and Kidney Care?

AstraZeneca has reported robust financial and operational performance for the full year and fourth quarter of 2025, showcasing strong growth...

Baptista Research

China Healthcare Weekly Wrap (17-21 Aug)

In this weekly wrap, we cover 1H26 results from Genscript, Hengrui, Sino Biopharm, CSPC, Kelun Biotech. Other news/updates include Zai Lab/Argenx,...

Wilfred Yuen

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