Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Hansoh’s risvutatug rezetecan for second-line treatment of SCLC has been included in NMPA’s Priority Review. InSilico completed first patient enrollment and dosing in Phase 3 trial evaluating rentosertib in IPF.</li>
<li>Shionogi received approval in Australia for cefiderocol for the treatment of carbapenem-resistant Gram-negative bacterial infections. Kyowa Kirin’s Phase 2 trial for ophthalmic drug candidate did not meet primary endpoint.</li>
<li>Samsung Biologics signed a new CMO contract worth $262M with a European pharmaceutical company. SK Biopharmaceutical received notification regarding FDA's partial clinical hold on its epilepsy drug candidate, opakalim.</li>
</ul>


Hansoh’s risvutatug rezetecan for second-line treatment of SCLC has been included in NMPA’s Priority Review. InSilico completed first patient enrollment and dosing in Phase 3 trial evaluating rentosertib in IPF.
Shionogi received approval in Australia for cefiderocol for the treatment of carbapenem-resistant Gram-negative bacterial infections. Kyowa Kirin’s Phase 2 trial for ophthalmic drug candidate did not meet primary endpoint.
Samsung Biologics signed a new CMO contract worth $262M with a European pharmaceutical company. SK Biopharmaceutical received notification regarding FDA's partial clinical hold on its epilepsy drug candidate, opakalim.


APAC Healthcare Weekly (Sept 13) – Hansoh, InSilico, Shionogi, Kyowa Kirin, Samsung Bio, SK Biopharm

Equity Bottom-Up

Shanghai Henlius Biotech / Equity Bottom-Up

<ul>
<li>During 2025, <a href="https://www.smartkarma.com/entities/shanghai-henlius-biotech-inc" target="_blank" data-smartkarma-citation="entities:27888:1" rel="noopener">Shanghai Henlius Biotech (2696 HK)</a> clocked revenue of RMB 6.7B, representing an increase of 16.5% YoY, mainly backed by Hanquyou (trastuzumab for injection) and Hansizhuang (serplulimab injection).</li>
<li>Net profit in 2025 stood at RMB 827M, up 1% YoY, despite R&amp;D expense growing 46% to RMB 1.5B and selling &amp; distribution expenses rising 15% to RMB 2.2B.</li>
<li>The recurrent licensing agreement, the increasing contribution of in-house innovative drug coupled with consistent indication and geographic expansion will help build a sustainable revenue flow.</li>
</ul>


During 2025, Shanghai Henlius Biotech (2696 HK) clocked revenue of RMB 6.7B, representing an increase of 16.5% YoY, mainly backed by Hanquyou (trastuzumab for injection) and Hansizhuang (serplulimab injection).
Net profit in 2025 stood at RMB 827M, up 1% YoY, despite R&amp;D expense growing 46% to RMB 1.5B and selling &amp; distribution expenses rising 15% to RMB 2.2B.
The recurrent licensing agreement, the increasing contribution of in-house innovative drug coupled with consistent indication and geographic expansion will help build a sustainable revenue flow.


Shanghai Henlius (2696 HK): Innovative Portfolio Carry 2025 Along, Globalization Strategy On Track

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shanghai-henlius-biotech-inc" target="_blank" data-smartkarma-citation="entities:27888:1" rel="noopener">Shanghai Henlius Biotech (2696 HK)</a> granted Eisai license to develop, manufacture and commercialize Hansizhuang (serplulimab injection) in the treatment of oncology indications in Japan.</li>
<li>Hansizhuang is an innovative anti-PD-1 monoclonal antibody approved for marketing in China for indications including the combination with chemotherapy for the first-line treatment of sq &amp; nsq-NSCLC, ES-SCLC and ESCC.</li>
<li>The recurrent licensing agreement, the increasing contribution of in-house innovative drug coupled with consistent indication and geographic expansion will help build a sustainable revenue flow.</li>
</ul>



Shanghai Henlius Biotech (2696 HK) granted Eisai license to develop, manufacture and commercialize Hansizhuang (serplulimab injection) in the treatment of oncology indications in Japan.
Hansizhuang is an innovative anti-PD-1 monoclonal antibody approved for marketing in China for indications including the combination with chemotherapy for the first-line treatment of sq &amp; nsq-NSCLC, ES-SCLC and ESCC.
The recurrent licensing agreement, the increasing contribution of in-house innovative drug coupled with consistent indication and geographic expansion will help build a sustainable revenue flow.


Shanghai Henlius (2696 HK): Licensing Agreement With Eisai for Hansizhuang Yet Another Milestone

<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>Sichuan Kelub Biotech’s sac-TMT in combination with Keytruda as a first-line treatment for PD-L1-negative non-squamous NSCL) met primary endpoint. NMPA accepted CSPC Pharma’s NDA for Trastuzumab Envedotin (HER2-targeted ADC).</li>
<li>InSilico Medicine announced a multi-target strategic alliance with Bora Pharmaceuticals. Eisai secured FDA approval for a once-weekly Leqembi subcutaneous autoinjector as an initiation dose for Alzheimer’s disease.</li>
<li>Celltrion obtained domestic approval for Phase 1 clinical trials for its Tremfya biosimilar candidate, CT-P68. Mesoblast achieved target of 300 patients treated in Phase 3 trial of rexlemestrocel-L for CLBP.</li>
</ul>


Sichuan Kelub Biotech’s sac-TMT in combination with Keytruda as a first-line treatment for PD-L1-negative non-squamous NSCL) met primary endpoint. NMPA accepted CSPC Pharma’s NDA for Trastuzumab Envedotin (HER2-targeted ADC).
InSilico Medicine announced a multi-target strategic alliance with Bora Pharmaceuticals. Eisai secured FDA approval for a once-weekly Leqembi subcutaneous autoinjector as an initiation dose for Alzheimer’s disease.
Celltrion obtained domestic approval for Phase 1 clinical trials for its Tremfya biosimilar candidate, CT-P68. Mesoblast achieved target of 300 patients treated in Phase 3 trial of rexlemestrocel-L for CLBP.


APAC Healthcare Weekly (July 19) – Kelun Bio, CSPC Pharma, Insilico, Eisai, Celltrion, Mesoblast

China

Shanghai Henlius Biotech is a global, innovation-driven biopharmaceutical company focused on delivering high-quality, affordable biologic therapies for oncology, autoimmune diseases, and ophthalmic diseases. The company is engaged in biopharmaceutical research and development, manufacturing, and commercialization, offering products such as the biosimilars HANLIKANG (rituximab), HANQUYOU (trastuzumab), HANDAYUAN (adalimumab), and HANBEITAI (bevacizumab), as well as the innovative biologic HANSIZHUANG (serplulimab). Headquartered in Shanghai, China, the company was founded in 2010.

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Shanghai Henlius Biotech (2696 HK)

APAC Healthcare Weekly (Sept 13) – Hansoh, InSilico, Shionogi, Kyowa Kirin, Samsung Bio, SK Biopharm

Hansoh’s risvutatug rezetecan has been included in NMPA’s Priority Review. InSilico initiates rentosertib Phase 3 trial in IPF. Samsung Biologics...

Tina Banerjee

Shanghai Henlius (2696 HK): Innovative Portfolio Carry 2025 Along, Globalization Strategy On Track

Shanghai Henlius saw robust revenue growth in 2025 driven by key products, despite rising expenses. Aiming for sustainable revenue through...

Tina Banerjee

Shanghai Henlius (2696 HK): Licensing Agreement With Eisai for Hansizhuang Yet Another Milestone

Shanghai Henlius Biotech grants Eisai license for Hansizhuang in Japan for oncology treatment, expanding revenue opportunities with innovative...

Tina Banerjee

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 (July 19) – Kelun Bio, CSPC Pharma, Insilico, Eisai, Celltrion, Mesoblast

Kelun Biotech’s sac-TMT met primary endpoint in Phase 3 trial. FDA approves Eisai’s Leqembi Iqlik for Alzheimer’s starting therapy. Mesoblast met...

Tina Banerjee

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APAC Healthcare Weekly (Sept 13) – Hansoh, InSilico, Shionogi, Kyowa Kirin, Samsung Bio, SK Biopharm

Hansoh’s risvutatug rezetecan has been included in NMPA’s Priority Review. InSilico initiates rentosertib Phase 3 trial in IPF. Samsung Biologics...

Tina Banerjee

Shanghai Henlius (2696 HK): Innovative Portfolio Carry 2025 Along, Globalization Strategy On Track

​Shanghai Henlius saw robust revenue growth in 2025 driven by key products, despite rising expenses. Aiming for sustainable revenue through...

Tina Banerjee

Shanghai Henlius (2696 HK): Licensing Agreement With Eisai for Hansizhuang Yet Another Milestone

​Shanghai Henlius Biotech grants Eisai license for Hansizhuang in Japan for oncology treatment, expanding revenue opportunities with innovative...

Tina Banerjee

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 (July 19) – Kelun Bio, CSPC Pharma, Insilico, Eisai, Celltrion, Mesoblast

Kelun Biotech’s sac-TMT met primary endpoint in Phase 3 trial. FDA approves Eisai’s Leqembi Iqlik for Alzheimer’s starting therapy. Mesoblast met...

Tina Banerjee

Shanghai Henlius saw robust revenue growth in 2025 driven by key products, despite rising expenses. Aiming for sustainable revenue through...

Shanghai Henlius Biotech grants Eisai license for Hansizhuang in Japan for oncology treatment, expanding revenue opportunities with innovative...