HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Thematic (Sector/Industry)

Industry viewpoints:<ul>
<li>The National Health Care Security Administration pointed out that the volume-based purchase (VBP) of Chinese patent medicine will be carried out.</li>
<li>The market is quite concerned about the centralized procurement of medical equipment.</li>
<li>Regarding the centralized procurement of medical devices, how can investors clearly distinguish the information and be more rational about the companies involved? We summarized some conditions that can be used for reference.</li>
</ul>Company news:News about the updated progress on cooperation agreement and new drugs of <a href="https://www.smartkarma.com/entities/remegen-co-ltd" target="_blank" data-smartkarma-citation="entities:29191:1" rel="noopener">Remegen Co Ltd (9995 HK)</a>, <a href="https://www.smartkarma.com/entities/innovent-biologics-inc" target="_blank" data-smartkarma-citation="entities:27452:1" rel="noopener">Innovent Biologics Inc (1801 HK)</a>, <a href="https://www.smartkarma.com/entities/shanghai-junshi-bioscience-h" target="_blank" data-smartkarma-citation="entities:27760:1" rel="noopener">Shanghai Junshi Bioscience Co. Ltd. (1877 HK)</a> and <a href="https://www.smartkarma.com/entities/hutchmed-china-ltd" target="_blank" data-smartkarma-citation="entities:133:1" rel="noopener">Hutchmed China Ltd (13 HK).</a>Market review:Last week, stock price for healthcare sector in A share decreased 1.47%, while CSI 300 increased 0.5% over the same period of time. Risk disclosure:Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

Industry viewpoints:
The National Health Care Security Administration pointed out that the volume-based purchase (VBP) of Chinese patent medicine will be carried out.
The market is quite concerned about the centralized procurement of medical equipment.
Regarding the centralized procurement of medical devices, how can investors clearly distinguish the information and be more rational about the companies involved? We summarized some conditions that can be used for reference.
Company news:News about the updated progress on cooperation agreement and new drugs of Remegen Co Ltd (9995 HK), Innovent Biologics Inc (1801 HK), Shanghai Junshi Bioscience Co. Ltd. (1877 HK) and Hutchmed China Ltd (13 HK).Market review:Last week, stock price for healthcare sector in A share decreased 1.47%, while CSI 300 increased 0.5% over the same period of time. Risk disclosure:Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shanghai-junshi-biosciences-co-838d3eb3-3e0d-45f0-a9c5-ab0764709221" target="_blank" data-smartkarma-citation="entities:27760:1" rel="noopener">Shanghai Junshi Biosciences (1877 HK)</a> reported 32% revenue growth during 1Q25, driven by toripalimab in China. 10 out of total 12 approved indications of the drug were included in NRDL.</li>
<li>Toripalimab was launched in the U.S. in January 2024 and reported ~$19M revenue for 2024. Approvals received in new geographies like India, UK, Singapore, Australia etc.</li>
<li>Loss narrowed to RMB 239M in 1Q25 from RMB 307M in 1Q24 as the company slowly and steadily optimizes the R&amp;D spend.</li>
</ul>



Shanghai Junshi Biosciences (1877 HK) reported 32% revenue growth during 1Q25, driven by toripalimab in China. 10 out of total 12 approved indications of the drug were included in NRDL.
Toripalimab was launched in the U.S. in January 2024 and reported ~$19M revenue for 2024. Approvals received in new geographies like India, UK, Singapore, Australia etc.
Loss narrowed to RMB 239M in 1Q25 from RMB 307M in 1Q24 as the company slowly and steadily optimizes the R&amp;D spend.


Shanghai Junshi Bioscience (1877 HK): Tuoyi Gains Momentum; Losses Narrow; New Geographies Open Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/celltrion-inc" target="_blank" data-smartkarma-citation="entities:991:1" rel="noopener">Celltrion Inc (068270 KS)</a> has launched Humira biosimilar Yuflyma in the U.S. market, with a list price of $6,576.50 per month, 5% cheaper than Humira.</li>
<li>Yuflyma is a citrate-free formulation that is highly concentrated. More than 80% of patients treated with Humira in the U.S. rely on a high-concentration and citrate-free formulation.</li>
<li>Celltrion has submitted marketing application to the FDA for Eylea biosimilar candidate, CT-P42. The company plans to file for approval for the same in Europe and other countries later.</li>
</ul>



Celltrion Inc (068270 KS) has launched Humira biosimilar Yuflyma in the U.S. market, with a list price of $6,576.50 per month, 5% cheaper than Humira.
Yuflyma is a citrate-free formulation that is highly concentrated. More than 80% of patients treated with Humira in the U.S. rely on a high-concentration and citrate-free formulation.
Celltrion has submitted marketing application to the FDA for Eylea biosimilar candidate, CT-P42. The company plans to file for approval for the same in Europe and other countries later.


Celltrion (068270 KS): Humira Biosimilar Launch in US; Filed New Biosimilar Marketing Application

<ul>
<li>
<a href="https://www.smartkarma.com/entities/alteogen-inc" target="_blank" data-smartkarma-citation="entities:15886:1" rel="noopener">Alteogen Inc (196170 KS)</a> signed its fourth licensing deal for ALT-B4, a proprietary human recombinant hyaluronidase enzyme, with Sandoz. Given the strong demand more such deals are expected to follow.</li>
<li>Alteogen is reportedly in talks with global pharmaceutical companies for a technology transfer deal for Herceptin SC biosimilar. If successful, Alteogen will be a re-rating candidate.</li>
<li>Alteogen has established Altos Biologics to facilitate global phase 3 clinical trials and commercial development of Eylea biosimilar. Altos Biologics aims to be listed on the KOSDAQ in 2024.</li>
</ul>



Alteogen Inc (196170 KS) signed its fourth licensing deal for ALT-B4, a proprietary human recombinant hyaluronidase enzyme, with Sandoz. Given the strong demand more such deals are expected to follow.
Alteogen is reportedly in talks with global pharmaceutical companies for a technology transfer deal for Herceptin SC biosimilar. If successful, Alteogen will be a re-rating candidate.
Alteogen has established Altos Biologics to facilitate global phase 3 clinical trials and commercial development of Eylea biosimilar. Altos Biologics aims to be listed on the KOSDAQ in 2024.


Alteogen (196170 KS): Distinct Platform Technology; Biosimilar Pipeline; Potential Value Unlocking

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shanghai-junshi-bioscience-h" target="_blank" data-smartkarma-citation="entities:27760:1" rel="noopener">Shanghai Junshi Bioscience Co. Ltd. (1877 HK)'s</a> oncology drug candidate toripalimab marketing application is currently under priority review by the FDA, with a target action date of April 30, 2022.</li>
<li>However, FDA may reject toripalimab application, as it is predominantly based on China clinical trial data. Toripalimab may also face delay in FDA decision due to delayed regulatory inspection.</li>
<li>PD-1 drug market in the U.S. is intensely competitive, making the commercialization prospect of a new drug quite difficult. Toripalimab reported muted performance in China due to pricing headwind.</li>
</ul>



Shanghai Junshi Bioscience Co. Ltd. (1877 HK)'s oncology drug candidate toripalimab marketing application is currently under priority review by the FDA, with a target action date of April 30, 2022.
However, FDA may reject toripalimab application, as it is predominantly based on China clinical trial data. Toripalimab may also face delay in FDA decision due to delayed regulatory inspection.
PD-1 drug market in the U.S. is intensely competitive, making the commercialization prospect of a new drug quite difficult. Toripalimab reported muted performance in China due to pricing headwind.


Shanghai Junshi Bioscience (1877 HK): Uncertainties Prevailing Ahead of First U.S. Drug Approval

United States

Coherus Biosciences Inc., is a biopharmaceutical company. The Company develops biosimilar therapeutics to aid patients.

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Coherus Biosciences (CHRS US)

China Healthcare Weekly (Aug.13)

The insight analyzed the VBP of Chinese patent medicine, market concerns on centralized procurement of medical equipment, and necessary conditions...

Xinyao (Criss) Wang

Shanghai Junshi Bioscience (1877 HK): Tuoyi Gains Momentum; Losses Narrow; New Geographies Open Up

Shanghai Junshi Biosciences sees 32% revenue growth in 1Q25, driven by toripalimab in China. Loss narrowed to RMB 239M in 1Q25 from RMB 307M in...

Tina Banerjee

Celltrion (068270 KS): Humira Biosimilar Launch in US; Filed New Biosimilar Marketing Application

Celltrion has launched Humira biosimilar Yuflyma in the US, with a list price of $6,576.50 per month, 5% cheaper than Humira. The company filed for...

Tina Banerjee

Alteogen (196170 KS): Distinct Platform Technology; Biosimilar Pipeline; Potential Value Unlocking

Alteogen’s formulation platform change technology is in constant demand. The company can be potential first-mover in Eylea biosimilar. Its...

Tina Banerjee

Shanghai Junshi Bioscience (1877 HK): Uncertainties Prevailing Ahead of First U.S. Drug Approval

Going by the FDA’s recent action, Junshi Bioscience’s toripalimab has a chance to get rejected by the FDA. It may miss the approval timeline....

Tina Banerjee

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

China Healthcare Weekly (Aug.13)

The insight analyzed the VBP of Chinese patent medicine, market concerns on centralized procurement of medical equipment, and necessary conditions...

Xinyao (Criss) Wang

Shanghai Junshi Bioscience (1877 HK): Tuoyi Gains Momentum; Losses Narrow; New Geographies Open Up

​Shanghai Junshi Biosciences sees 32% revenue growth in 1Q25, driven by toripalimab in China. Loss narrowed to RMB 239M in 1Q25 from RMB 307M in...

Tina Banerjee

Celltrion (068270 KS): Humira Biosimilar Launch in US; Filed New Biosimilar Marketing Application

Celltrion has launched Humira biosimilar Yuflyma in the US, with a list price of $6,576.50 per month, 5% cheaper than Humira. The company filed for...

Tina Banerjee

Alteogen (196170 KS): Distinct Platform Technology; Biosimilar Pipeline; Potential Value Unlocking

Alteogen’s formulation platform change technology is in constant demand. The company can be potential first-mover in Eylea biosimilar. Its...

Tina Banerjee

Shanghai Junshi Bioscience (1877 HK): Uncertainties Prevailing Ahead of First U.S. Drug Approval

Going by the FDA’s recent action, Junshi Bioscience’s toripalimab has a chance to get rejected by the FDA. It may miss the approval timeline....

Tina Banerjee

Shanghai Junshi Biosciences sees 32% revenue growth in 1Q25, driven by toripalimab in China. Loss narrowed to RMB 239M in 1Q25 from RMB 307M in...