HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

WinHealth International Holding / Equity Capital Markets

<ul>
<li>By establishing a multi-engine BD model of "M&amp;A+licensing cooperation+CSO", WinHealth’s ability to identify and acquire innovative drugs and other high-quality assets with significant commercial potential is effectively enhanced.</li>
<li>Based on our forecast, high growth in 2025 is driven by the Kyowa Kyrin China Acquisition.In 2026-2027, Kapruvia is expected to drive the growth of WinHealth.However, revenue growth gradually declined. </li>
<li>Valuation should be lower than pure innovative drug companies (e.g. Innovent, Akeso, Kelun Bio, etc.), and CMS who has similar business model but more mature system and higher profit margin.</li>
</ul>


By establishing a multi-engine BD model of "M&amp;A+licensing cooperation+CSO", WinHealth’s ability to identify and acquire innovative drugs and other high-quality assets with significant commercial potential is effectively enhanced.
Based on our forecast, high growth in 2025 is driven by the Kyowa Kyrin China Acquisition.In 2026-2027, Kapruvia is expected to drive the growth of WinHealth.However, revenue growth gradually declined. 
Valuation should be lower than pure innovative drug companies (e.g. Innovent, Akeso, Kelun Bio, etc.), and CMS who has similar business model but more mature system and higher profit margin.


Pre-IPO WinHealth International Holding- A BD-Driven Model May Not Guarantee Sustainable High Growth

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WinHealth International Holding (WHI HK)

Pre-IPO WinHealth International Holding- A BD-Driven Model May Not Guarantee Sustainable High Growth

WinHealth's multi-engine BD model boosts ability to acquire innovative drugs, with short -term growth driven by acquisitions of Kyowa Kyrin, but...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pre-IPO WinHealth International Holding- A BD-Driven Model May Not Guarantee Sustainable High Growth

​WinHealth's multi-engine BD model boosts ability to acquire innovative drugs, with short -term growth driven by acquisitions of Kyowa Kyrin, but...

Xinyao (Criss) Wang

WinHealth's multi-engine BD model boosts ability to acquire innovative drugs, with short -term growth driven by acquisitions of Kyowa Kyrin, but...