Healthcare Analyst

Wilfred Yuen

Thematic (Sector/Industry)

<ul>
<li>For World Lung Cancer Conference (WCLC 2026), we wrap-up key data updates, covering drugs from Akeso/SMMT, Hansoh/GSK, MediLink/Roche, RemeGen/AbbVie, Leads Biolabs, GenFleet, CSPC, Hengrui, and Henlius
</li>
<li>AI drugs news flow: 1) Lilly Tunelab announced agreements with Genscript, Twist, Gingko; 2) Harbour Bio developed world's first language model for heavy-chains-only antibodies; 3) ByteDance's Anew Labs raised US$290m</li>
<li>Other updates include LEGN's new CEO appointment, Chimagen/GSK licensing deal, China's 5-year plan for pharmaceutical industry</li>
</ul>


For World Lung Cancer Conference (WCLC 2026), we wrap-up key data updates, covering drugs from Akeso/SMMT, Hansoh/GSK, MediLink/Roche, RemeGen/AbbVie, Leads Biolabs, GenFleet, CSPC, Hengrui, and Henlius

AI drugs news flow: 1) Lilly Tunelab announced agreements with Genscript, Twist, Gingko; 2) Harbour Bio developed world's first language model for heavy-chains-only antibodies; 3) ByteDance's Anew Labs raised US$290m
Other updates include LEGN's new CEO appointment, Chimagen/GSK licensing deal, China's 5-year plan for pharmaceutical 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

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

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Legend Biotech reported strong financial results for the third quarter of 2025, highlighting significant progress in its CARVYKTI program and future growth prospects in cell therapy.</li><li>The company's financial performance drew attention with net trade sales for CARVYKTI reaching approximately $524 million, marking an 84% increase year-over-year.</li><li>This positioned CARVYKTI as a prominent player in the CAR-T cell therapy market, particularly for multiple myeloma, illustrating its potential to become an increasingly vital revenue stream.</li></ul>

Legend Biotech reported strong financial results for the third quarter of 2025, highlighting significant progress in its CARVYKTI program and future growth prospects in cell therapy.The company's financial performance drew attention with net trade sales for CARVYKTI reaching approximately $524 million, marking an 84% increase year-over-year.This positioned CARVYKTI as a prominent player in the CAR-T cell therapy market, particularly for multiple myeloma, illustrating its potential to become an increasingly vital revenue stream.

Legend Biotech: The Outpatient Advantage—A Practical Edge That Could Accelerate CARVYKTI Adoption Beyond Academic Centers!

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
 <li>Legend Biotech is a commercial-stage biotechnology company whose value is primarily driven by its sole commercial product, Carvykti (ciltacabtagene autoleucel), a highly effective CAR-T cell therapy for multiple myeloma.</li>
 <li>The company's strategic partnership with Janssen (a Johnson &amp; Johnson company) is critical, providing global development, manufacturing, and commercialization expertise, which significantly de-risks execution. The agreement is structured as a 50/50 cost and profit share globally, except for Greater China (70% Legend/30% Janssen).</li>
 <li>Future growth hinges on Carvykti's expansion into earlier lines of therapy, successful manufacturing scale-up to meet high demand, and advancement of its broader cell therapy pipeline, though the company remains unprofitable and faces intense competition.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  Legend Biotech is a commercial-stage biotechnology company whose value is primarily driven by its sole commercial product, Carvykti (ciltacabtagene autoleucel), a highly effective CAR-T cell therapy for multiple myeloma.
  The company's strategic partnership with Janssen (a Johnson &amp; Johnson company) is critical, providing global development, manufacturing, and commercialization expertise, which significantly de-risks execution. The agreement is structured as a 50/50 cost and profit share globally, except for Greater China (70% Legend/30% Janssen).
  Future growth hinges on Carvykti's expansion into earlier lines of therapy, successful manufacturing scale-up to meet high demand, and advancement of its broader cell therapy pipeline, though the company remains unprofitable and faces intense competition.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Legend Biotech Corp (LEGN US) - Jan 2026

Global Healthcare Analyst

Tina Banerjee

<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

China

Legend Biotech Corporation operates as a biopharmaceutical company. The Company engages in discovery and development of novel cell therapies for oncology and other indications. Legend Biotech serves customers in the State of New Jersey.

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Legend Biotech Corp (LEGN US)

China Healthcare Weekly Wrap (14-18 Sep)

Key news over the week: 1) WCLC cancer conference updates, 2) AI news flows (TuneLab/Genscript, Harbour Bio, ByteDance's Anew Labs), 3)others:...

Wilfred Yuen

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

Legend Biotech: The Outpatient Advantage—A Practical Edge That Could Accelerate CARVYKTI Adoption Beyond Academic Centers!

Legend Biotech reported strong financial results for the third quarter of 2025, highlighting significant progress in its CARVYKTI program and...

Baptista Research

Primer: Legend Biotech Corp (LEGN US) - Jan 2026

Legend Biotech is a commercial-stage biotechnology company whose value is primarily driven by its sole commercial product, Carvykti...

αSK Primers

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

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