Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

Jiangsu Hengrui Pharmaceuticals / Equity Bottom-Up

Jiangsu Hengrui Pharmaceuticals (1276 HK)

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<li>
<a href="https://www.smartkarma.com/entities/jiangsu-hengrui-pharmaceuticals-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:44224:1" rel="noopener">Jiangsu Hengrui Pharmaceuticals (1276 HK)</a> entered into a license agreement with Novo Nordisk for obesity drug candidate HRS-1596, with potential for once-weekly oral dosing for total deal value of $2.6B.</li>
<li>The company is expected to launch GLP-1/GIP injectable ribupatide (HRS9531) in early 2027. If launched, injectable ribupatide will be third drug of its class in China market.</li>
<li>With near-to-market GLP-1 anchor assets, Hengrui is ready to build a leading obesity franchise in China. Although obesity market is competitive, China market is large enough to accommodate multiple players.</li>
</ul>



Jiangsu Hengrui Pharmaceuticals (1276 HK) entered into a license agreement with Novo Nordisk for obesity drug candidate HRS-1596, with potential for once-weekly oral dosing for total deal value of $2.6B.
The company is expected to launch GLP-1/GIP injectable ribupatide (HRS9531) in early 2027. If launched, injectable ribupatide will be third drug of its class in China market.
With near-to-market GLP-1 anchor assets, Hengrui is ready to build a leading obesity franchise in China. Although obesity market is competitive, China market is large enough to accommodate multiple players.


Jiangsu Hengrui Pharmaceuticals (1276 HK): Big Fat Obesity Pipeline Is At Inflection Point

Healthcare Analyst

Wilfred Yuen

Thematic (Sector/Industry)

<ul>
<li>We track 36 major commercial-stage biotech/pharma companies in China to analyse the following key trends: 1) innovative drugs sales growth, 2) BD contribution (upfront + milestone payments), 3) upcoming catalysts/readouts</li>
<li>Key 1H26 results takeaways: 1) Innovent new revenue target of RMB30-35bn by 2030, 2) Hengrui 2Q26 missed by oncology and generics; 3) CSPC: highest BD income; 4) Hansoh robust 1H26...</li>
<li>Upcoming catalysts through early 2027: 1) ESMO data in October eg. sac-TMT's Lung06 data, 2) SMMT/Akeso: Harmoni-3 sqNSCLC: final PFS/interim OS, 3) Innovent IBI363 China pivotal melanoma/ PoC NSCLC data...</li>
</ul>


We track 36 major commercial-stage biotech/pharma companies in China to analyse the following key trends: 1) innovative drugs sales growth, 2) BD contribution (upfront + milestone payments), 3) upcoming catalysts/readouts
Key 1H26 results takeaways: 1) Innovent new revenue target of RMB30-35bn by 2030, 2) Hengrui 2Q26 missed by oncology and generics; 3) CSPC: highest BD income; 4) Hansoh robust 1H26...
Upcoming catalysts through early 2027: 1) ESMO data in October eg. sac-TMT's Lung06 data, 2) SMMT/Akeso: Harmoni-3 sqNSCLC: final PFS/interim OS, 3) Innovent IBI363 China pivotal melanoma/ PoC NSCLC data...


China Biotech/Pharma Sector: 1H26 Results Wrap and Pipeline Catalyst Table

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<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...



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Sino Biopharm licensed out ex-China rights of PDE3/4 inhibitor for upfront US$200m and obtained the China sales rights for two respiratory products of GSK. See our call takeaways for details
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<li>
China expands National Essential Drug List after 8 years. Per Locust Walk 2Q26 report, China accounted for 60% of licensing deal value and 15% of  biotech VC in 1H26 globally</li>
<li>Other key news include Insilico Medicine (profit alert; rentosertib entering phase 3), Hansoh (B7H3 ADC met primary endpoint), Hengrui (oral GLP-1 positive topline data; FDA declined to approved camrelizumab/rivoceranib)...</li>
</ul>



Sino Biopharm licensed out ex-China rights of PDE3/4 inhibitor for upfront US$200m and obtained the China sales rights for two respiratory products of GSK. See our call takeaways for details


China expands National Essential Drug List after 8 years. Per Locust Walk 2Q26 report, China accounted for 60% of licensing deal value and 15% of  biotech VC in 1H26 globally
Other key news include Insilico Medicine (profit alert; rentosertib entering phase 3), Hansoh (B7H3 ADC met primary endpoint), Hengrui (oral GLP-1 positive topline data; FDA declined to approved camrelizumab/rivoceranib)...


<ul>
<li>This week we saw 3 licensing deals from China biopharma: 1) CSPC/AstraZeneca on siRNA drug discovery, 2) Insilico Medicine/Takeda on AI drug discovery, 3) Metis TechBio/Deerfield’s Boulevard Bio on a trispecific TCE</li>
<li>
Innovent expands its China commercial portfolio by adding Lilly’s CDK4/6 inhibitor Verzenios; Fosun licenses China right of Junshi’s near-approval IL-17A drug for psoriasis</li>
<li>US House Committee to launch national security investigations into 5 big pharmas for clinical trials at Chinese military sites; Other companies update include Hutchmed, Abbisko, BeOne, Hengrui </li>
</ul>


This week we saw 3 licensing deals from China biopharma: 1) CSPC/AstraZeneca on siRNA drug discovery, 2) Insilico Medicine/Takeda on AI drug discovery, 3) Metis TechBio/Deerfield’s Boulevard Bio on a trispecific TCE

Innovent expands its China commercial portfolio by adding Lilly’s CDK4/6 inhibitor Verzenios; Fosun licenses China right of Junshi’s near-approval IL-17A drug for psoriasis
US House Committee to launch national security investigations into 5 big pharmas for clinical trials at Chinese military sites; Other companies update include Hutchmed, Abbisko, BeOne, Hengrui 


China Healthcare Weekly Wrap (29 Jun - 3 July)

China

Jiangsu Hengrui Medicine Co., Ltd. develops, manufactures, and markets a variety of medicines and medicine packing materials. The Company's products include anti-tumor medicines, pain-killers, anti-infection medicines, aluminum foil, and other related products.

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Jiangsu Hengrui Medicine (600276 CH)

Jiangsu Hengrui Pharmaceuticals (1276 HK): Big Fat Obesity Pipeline Is At Inflection Point

Hengrui stuck license deal with Novo for obesity drug candidate HRS-1596 for total value of $2.6B. With near-to-market GLP-1 assets, Hengrui is...

Tina Banerjee

China Biotech/Pharma Sector: 1H26 Results Wrap and Pipeline Catalyst Table

We track 36 major commercial-stage biotech/pharma companies in China for key takeaways/readthroughs and updated sector's major pipeline catalysts...

Wilfred Yuen

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

China Healthcare Weekly Wrap (6-10 July)

Key news: 1) SBP deals with AZ and GSK, 2) China expands Essential Drug List, 3) clinical/regulatory updates from Hengrui (oral GLP-1; FDA on PD-1...

Wilfred Yuen

China Healthcare Weekly Wrap (29 Jun - 3 July)

Licensing deals continue this week: CSPC/AstraZeneca on siRNA, Insilico/Takeda on AI drugs, Metis/Deerfield's Boulevard on trispecific TCE;...

Wilfred Yuen

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52-week Range

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Jiangsu Hengrui Pharmaceuticals (1276 HK): Big Fat Obesity Pipeline Is At Inflection Point

Hengrui stuck license deal with Novo for obesity drug candidate HRS-1596 for total value of $2.6B. With near-to-market GLP-1 assets, Hengrui is...

Tina Banerjee

China Biotech/Pharma Sector: 1H26 Results Wrap and Pipeline Catalyst Table

We track 36 major commercial-stage biotech/pharma companies in China for key takeaways/readthroughs and updated sector's major pipeline catalysts...

Wilfred Yuen

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

China Healthcare Weekly Wrap (6-10 July)

Key news: 1) ​SBP deals with AZ and GSK, 2) China expands Essential Drug List, 3) clinical/regulatory updates from Hengrui (oral GLP-1; FDA on PD-1...

Wilfred Yuen

China Healthcare Weekly Wrap (29 Jun - 3 July)

Licensing deals continue this week: CSPC/AstraZeneca on siRNA, Insilico/Takeda on AI drugs, Metis/Deerfield's Boulevard on trispecific TCE;...

Wilfred Yuen

Key news: 1) SBP deals with AZ and GSK, 2) China expands Essential Drug List, 3) clinical/regulatory updates from Hengrui (oral GLP-1; FDA on PD-1...