Healthcare Analyst

Wilfred Yuen

Healthcare analyst with 12+ years’ experience in both sell-side and buy-side leadership roles, with extensive experience IPO experience and a robust network of institutional investors and corporate executives. Coverage spans biopharma, biotech, CROs, devices, and health-tech stocks, delivered through with stock/sector/thematic reports, detailed financial models, and direct corporate access.

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

China Healthcare Weekly Wrap (31 Aug - 4 Sep)

Akeso (9926.HK): SMMT 2Q26 Call Takeaways on Ivonescimab

Innovent (1801.HK): 1H26 Another Strong Set of Results; Unveiled New 2030 Revenue Target RMB35-40bn

WuXi XDC (2268.HK): 1H26 Results Call Takeaways: GPM Outlook, Singapore Site, BioDlink Integration

Equity Bottom-Up

<ul>
<li>Commercial revenue was up 29% YoY (or +11% HoH) to RMB1.8bn. Akeso attributed the revenue growth to the three indications newly added to NRDL for cadonilimab and ivonescimab</li>
<li>Without 20% price cut on cadonilimab, revenue would have increased by 45% per management. Key events (4Q26): 1) Harmoni-3 (1L sqNSCLC) final PFS readout; 2) FDA PDUFA (2L EGFR NSCLC)</li>
<li>Akeso share price: -16% YTD. We attribute the underperformance to 1) lack of meaningful catalysts (until 1H27: OS readout for sqNSCLC), 2) FDA PDUFA: binary outcome, 3) increasing PD-(L)1/VEGF competition...</li>
</ul>


Commercial revenue was up 29% YoY (or +11% HoH) to RMB1.8bn. Akeso attributed the revenue growth to the three indications newly added to NRDL for cadonilimab and ivonescimab
Without 20% price cut on cadonilimab, revenue would have increased by 45% per management. Key events (4Q26): 1) Harmoni-3 (1L sqNSCLC) final PFS readout; 2) FDA PDUFA (2L EGFR NSCLC)
Akeso share price: -16% YTD. We attribute the underperformance to 1) lack of meaningful catalysts (until 1H27: OS readout for sqNSCLC), 2) FDA PDUFA: binary outcome, 3) increasing PD-(L)1/VEGF competition...


Akeso 9926.HK: 1H26 Results Missed on Topline; Upcoming Events on Harmoni-3 Readout and FDA PDUFA