Global Healthcare Analyst

Tina Banerjee

Equity research analyst having 15+ years of experience, with an interest on fundamentally strong global healthcare companies. I have been helping investors to find future winners in healthcare space to grow their wealth by focusing on the strength and potential of the business models of the companies. My initiating coverage reports and pitch help investors to know ‘what to buy’, ‘why to buy’, and ‘when to buy’. My clients always remain on top of the sector with the help of my timely and detailed notes on earnings or any news update. I also provide broader view on the entire healthcare sector through periodic thematic reports.

Jiangsu Hengrui (1276 HK): Deals Galore; This Time for Hypertrophic Cardiomyopathy with Braveheart

Jiangsu Hengrui Pharmaceuticals (1276 HK): Is HRS-9821 Licensing Deal with GSK Good Enough?

Equity Bottom-Up

Jiangsu Hengrui Pharmaceuticals / Equity Bottom-Up

Jiangsu Hengrui Pharmaceuticals (1276 HK)

<ul>
<li>In 1H25, Jiangsu Hengrui reported 16% YoY increase in revenue to RMB 15.8B primarily attributable to the growth of innovative drugs sales along with increase in licensing revenue.</li>
<li>R&amp;D expenses surged 6% to RMB 3.2B due to ongoing clinical trials. Net profit increased 30% YoY to RMB 4.5B resulting in net margin expanding 310bps to 28.3% in 1H25.</li>
<li>In 1H25, the company obtained marketing approvals for six Class 1 innovative drugs, including trastuzumab rezetecan injection (as second line of treatment for NSCLC with HER2 mutations).</li>
</ul>


In 1H25, Jiangsu Hengrui reported 16% YoY increase in revenue to RMB 15.8B primarily attributable to the growth of innovative drugs sales along with increase in licensing revenue.
R&amp;D expenses surged 6% to RMB 3.2B due to ongoing clinical trials. Net profit increased 30% YoY to RMB 4.5B resulting in net margin expanding 310bps to 28.3% in 1H25.
In 1H25, the company obtained marketing approvals for six Class 1 innovative drugs, including trastuzumab rezetecan injection (as second line of treatment for NSCLC with HER2 mutations).


Shanghai Fosun Pharmaceutical (Group) (2196 HK)

Jiangsu Hengrui (1276 HK): Robust 1H25; Innovative Drugs Key; Out-Licensing Affirm Pipeline Strength