Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cspc-pharmaceutical-group-ltd" target="_blank" data-smartkarma-citation="entities:229:1" rel="noopener">CSPC Pharmaceutical Group (1093 HK)</a> entered into a strategic collaboration and license agreement with AstraZeneca for the development of innovative long-acting peptide medicines.</li>
<li>CSPC will receive upfront payment of US$1.2B and will be eligible for US$3.5B in R&amp;D milestone payments, US$13.8B in sales milestone payments, plus up to double-digit royalties.</li>
<li>CSPC’s play in the weight management drug scene will surely help boost revenues, but intense competition is likely to make the party short lived.</li>
</ul>



CSPC Pharmaceutical Group (1093 HK) entered into a strategic collaboration and license agreement with AstraZeneca for the development of innovative long-acting peptide medicines.
CSPC will receive upfront payment of US$1.2B and will be eligible for US$3.5B in R&amp;D milestone payments, US$13.8B in sales milestone payments, plus up to double-digit royalties.
CSPC’s play in the weight management drug scene will surely help boost revenues, but intense competition is likely to make the party short lived.


CSPC Pharma (1093 HK): AstraZeneca Collaboration Good, Impact Might Be Short Lived Given Competition

Healthcare Analyst

Wilfred Yuen

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...



<ul>
<li>Henlius Biotech is collaborating with Sandoz for commercialization of up to 10 biosimilars in ~$322M deal. Wuxi XDC achieved GMP release of its antibody bioconjugates production line at Singapore site.</li>
<li>Chugai Pharmaceutical signed an exclusive license agreement with GSK for the anti-dengue virus antibody AID351. Daiichi Sankyo’s Enhertu demonstrated PFS improvement as first-line treatment of NSCLC in Phase 3 trial.</li>
<li>Celltrion has launched IV formulation of Steqeyma in Japan. Eubiologics submitted an IND to the MFDS for domestic Phase 1 trial for its Alzheimer’s disease vaccine candidate, Padivax.</li>
</ul>


Henlius Biotech is collaborating with Sandoz for commercialization of up to 10 biosimilars in ~$322M deal. Wuxi XDC achieved GMP release of its antibody bioconjugates production line at Singapore site.
Chugai Pharmaceutical signed an exclusive license agreement with GSK for the anti-dengue virus antibody AID351. Daiichi Sankyo’s Enhertu demonstrated PFS improvement as first-line treatment of NSCLC in Phase 3 trial.
Celltrion has launched IV formulation of Steqeyma in Japan. Eubiologics submitted an IND to the MFDS for domestic Phase 1 trial for its Alzheimer’s disease vaccine candidate, Padivax.


APAC Healthcare Weekly (August 23) – Henlius Bio, Wuxi XDC, Chugai Pharma, Daiichi Sankyo, Celltrion

<ul>
<li>Fosun Pharmaceutical initiated Phase 2 trial of FXS7553 for COPD in China. CSPC Pharma’s mpox mRNA vaccine candidate obtained clinical trial approval from the FDA.</li>
<li>Akeso secured NMPA approval for ivonescimab, in combination with chemotherapy, for the treatment of first-line squamous non-small cell lung cancer (sq-NSCLC). This indication marks ivonescimab’s third major approval.</li>
<li>Daiichi Sankyo’s Enhertu got China approval for the first-line treatment of breast cancer. Peptidream marked a milestone following the initiation of Phase 1 study for two radioligand therapies by Novartis.</li>
</ul>


Fosun Pharmaceutical initiated Phase 2 trial of FXS7553 for COPD in China. CSPC Pharma’s mpox mRNA vaccine candidate obtained clinical trial approval from the FDA.
Akeso secured NMPA approval for ivonescimab, in combination with chemotherapy, for the treatment of first-line squamous non-small cell lung cancer (sq-NSCLC). This indication marks ivonescimab’s third major approval.
Daiichi Sankyo’s Enhertu got China approval for the first-line treatment of breast cancer. Peptidream marked a milestone following the initiation of Phase 1 study for two radioligand therapies by Novartis.


APAC Healthcare Weekly (August 16) – Akeso, Fosun Pharma, CSPC Pharma, Daiichi Sankyo, Peptidream

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Oct 2nd.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Lenovo, Baba, Meituan, Tencent, Kb Laminates, Zj Innolight.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Oct 2nd.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Lenovo, Baba, Meituan, Tencent, Kb Laminates, Zj Innolight.


HK Short Interest Weekly: Lenovo, Baba, Meituan, Tencent, Kb Laminates, Zj Innolight

China

CSPC Pharmaceutical Group Limited is a prominent Chinese pharmaceutical company engaged in the research, development, manufacturing, and sale of pharmaceutical products, including innovative drugs and bulk drugs. Its key products include innovative drugs for nervous system diseases, oncology, anti-infectives, and cardiovascular diseases, as well as bulk products like vitamin C, antibiotics, and caffeine. The company was formally established in 1997 and is headquartered in Shijiazhuang, Hebei Province, China.

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CSPC Pharmaceutical (1093 HK)

CSPC Pharma (1093 HK): AstraZeneca Collaboration Good, Impact Might Be Short Lived Given Competition

CSPC Pharma partnered with AstraZeneca for long-acting peptide medicines, receiving substantial upfront and milestone payments. Weight loss drug...

Tina Banerjee

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

APAC Healthcare Weekly (August 23) – Henlius Bio, Wuxi XDC, Chugai Pharma, Daiichi Sankyo, Celltrion

Henlius strikes biosimilar commercialization deal with Sandoz. Chugai signs exclusive license deal with GSK for anti-dengue virus antibody....

Tina Banerjee

APAC Healthcare Weekly (August 16) – Akeso, Fosun Pharma, CSPC Pharma, Daiichi Sankyo, Peptidream

Akeso’s ivonescimab and Daiichi Sankyo’s Enhertu got additional indications approvals in China. CSPC Pharma’s mpox mRNA vaccine candidate got FDA...

Tina Banerjee

HK Short Interest Weekly: Lenovo, Baba, Meituan, Tencent, Kb Laminates, Zj Innolight

We analyzed the latest HK SFC report for aggregate short position as of Oct 2nd and highlight short interest changes in Lenovo, Baba, Meituan,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

CSPC Pharma (1093 HK): AstraZeneca Collaboration Good, Impact Might Be Short Lived Given Competition

​CSPC Pharma partnered with AstraZeneca for long-acting peptide medicines, receiving substantial upfront and milestone payments. Weight loss drug...

Tina Banerjee

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

APAC Healthcare Weekly (August 23) – Henlius Bio, Wuxi XDC, Chugai Pharma, Daiichi Sankyo, Celltrion

Henlius strikes biosimilar commercialization deal with Sandoz. Chugai signs exclusive license deal with GSK for anti-dengue virus antibody....

Tina Banerjee

APAC Healthcare Weekly (August 16) – Akeso, Fosun Pharma, CSPC Pharma, Daiichi Sankyo, Peptidream

Akeso’s ivonescimab and Daiichi Sankyo’s Enhertu got additional indications approvals in China. CSPC Pharma’s mpox mRNA vaccine candidate got FDA...

Tina Banerjee

HK Short Interest Weekly: Lenovo, Baba, Meituan, Tencent, Kb Laminates, Zj Innolight

We analyzed the latest HK SFC report for aggregate short position as of Oct 2nd and highlight short interest changes in Lenovo, Baba, Meituan,...

Ke Yan, CFA, FRM

CSPC Pharma partnered with AstraZeneca for long-acting peptide medicines, receiving substantial upfront and milestone payments. Weight loss drug...