In today’s briefing:
- Jiangsu Hengrui Medicine (600276.CH) 2022/23Q1 – The Situation Is Not as Optimistic as Imagined
Jiangsu Hengrui Medicine (600276.CH) 2022/23Q1 – The Situation Is Not as Optimistic as Imagined
- The contribution of innovative drugs cannot offset the generics revenue decline caused by VBP. Without PD-1 level big variety emerging, the pressure of VBP would continue for a long time.
- Hengrui launched Luzsana to develop global business, seeming to send “a compromise and ambiguous signal” to various complex forces within this traditional pharmaceutical empire. ADC pipeline remains to be seen.
- Hengrui still has many problems that are difficult to solve. Even though there is a rebound, Hengrui’s stock price performance may not deliver excess returns, with lower-than-expected upside elasticity.
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