Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

CSPC Pharmaceutical Group Limited is a prominent Chinese pharmaceutical company engaged in the research, development, manufacturing, and sale of pharmaceutical products, including innovative drugs and bulk drugs. Its key products include innovative drugs for nervous system diseases, oncology, anti-infectives, and cardiovascular diseases, as well as bulk products like vitamin C, antibiotics, and caffeine. The company was formally established in 1997 and is headquartered in Shijiazhuang, Hebei Province, China.

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<a href="https://www.smartkarma.com/entities/cspc-pharmaceutical-group-limited" target="_blank" data-smartkarma-citation="entities:229:1" rel="noopener">CSPC Pharmaceutical (1093 HK)</a> 1Q26 revenue dropped 8% YoY as finished drugs witnessed decrease on VBP and NRDL inclusion. License fees compensated to an extent.</li>
<li>CSPC received upfront payment of US$ 1.2B from AstraZeneca for agreement entered to develop innovative long-acting peptide medicines, utilising the CSPC’s proprietary delivery technology platform and AI-driven drug discovery platform.</li>
<li>CSPC Pharmaceutical aims to expand into the high-end market to achieve competitive differentiation and thereby command higher prices. We remain bullish on the name.</li>
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CSPC Pharmaceutical (1093 HK) 1Q26 revenue dropped 8% YoY as finished drugs witnessed decrease on VBP and NRDL inclusion. License fees compensated to an extent.
CSPC received upfront payment of US$ 1.2B from AstraZeneca for agreement entered to develop innovative long-acting peptide medicines, utilising the CSPC’s proprietary delivery technology platform and AI-driven drug discovery platform.
CSPC Pharmaceutical aims to expand into the high-end market to achieve competitive differentiation and thereby command higher prices. We remain bullish on the name.


CSPC Pharma (1093 HK): 1Q26 Revenue Down, Regular Approvals and New Launches Hold Key For Future

SK Biopharmaceuticals   / Equity Bottom-Up

SK Biopharmaceuticals Co., Ltd. researches and develops new drugs. The Company develops and markets brain disorders treatment drugs, central nervous system disorders treatment drugs, and other products. SK Biopharmaceuticals markets its products worldwide.

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<a href="https://www.smartkarma.com/entities/sk-biopharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:28966:1" rel="noopener">SK Biopharmaceuticals (326030 KS)</a> announced strong 1Q26 result, with revenue increasing 58% YoY and 17% QoQ to KRW228B, with Xcopri U.S. revenue increasing 48% YoY and 16% QoQ to KRW198B.</li>
<li>This quarter is significant in that operating profit approached approximately KRW90B, reaching an all-time high despite increased research and development and marketing expenses compared to the previous year. </li>
<li>For full-year 2026, SKBP guided for Xcopri U.S. revenue of $550–580M, up 24–31% YoY. Considering 1Q26 momentum, the company is well-positioned to meet the guidance.</li>
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SK Biopharmaceuticals (326030 KS) announced strong 1Q26 result, with revenue increasing 58% YoY and 17% QoQ to KRW228B, with Xcopri U.S. revenue increasing 48% YoY and 16% QoQ to KRW198B.
This quarter is significant in that operating profit approached approximately KRW90B, reaching an all-time high despite increased research and development and marketing expenses compared to the previous year. 
For full-year 2026, SKBP guided for Xcopri U.S. revenue of $550–580M, up 24–31% YoY. Considering 1Q26 momentum, the company is well-positioned to meet the guidance.


SK Biopharmaceuticals (326030 KS): Record High Operating Profit in 1Q; Xcopri Guidance Maintained

Equity Capital Markets

Lung Fung Group Holdings Limited conducts cosmeceutical retail chain businesses. The Company sells pharmaceutical, health, and beauty products. Lung Fung Group Holdings markets products online and offline.

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<li>Lung Fung Group launched Hongkong IPO to raise up to HK$ 797.5B.  They are a Hong Kong-based chain retail store of beauty, health and pharmaceutical products under ‘‘Lung Fung’’ brand.</li>
<li>Lung Fung Group intends to use the IPO proceeds to enhance sales network, upgrade IT systems, repay loans, brand management &amp; marketing, strengthen supply chain, strategic investment and working capital.</li>
<li>The valuation seems reasonable considering the near to medium term outlook. We would recommend that investors can surely buy into the issue keeping the medium-term investment horizon in mind.</li>
</ul>


Lung Fung Group launched Hongkong IPO to raise up to HK$ 797.5B.  They are a Hong Kong-based chain retail store of beauty, health and pharmaceutical products under ‘‘Lung Fung’’ brand.
Lung Fung Group intends to use the IPO proceeds to enhance sales network, upgrade IT systems, repay loans, brand management &amp; marketing, strengthen supply chain, strategic investment and working capital.
The valuation seems reasonable considering the near to medium term outlook. We would recommend that investors can surely buy into the issue keeping the medium-term investment horizon in mind.


Lung Fung Group IPO: New Stores Driving Growth Is Enough To Bring In Investor Footfall

Thematic (Sector/Industry)

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<li>Innovent Biologics enters global licensing and collaboration agreement with Pfizer for the R&amp;D of 12 promising breakthrough early-stage and de novo cancer medicines. Total value of the deal is $10.5B.</li>
<li>Olympus has decided to acquire Israel-based medical devices manufacturer BioProtect for $270M. GC Biopharma announced that Eli Lilly is acquiring entire stake of its U.S. affiliate Curevo Vaccine for $1.5B.</li>
<li>Daewoong Pharmaceutical received approval for its type 2 diabetes drug Enblo in Mexico. Dong-A ST announced that MetaVia’s obesity drug candidate DA-1726 demonstrated safety and tolerability in Phase 1 trial.</li>
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Innovent Biologics enters global licensing and collaboration agreement with Pfizer for the R&amp;D of 12 promising breakthrough early-stage and de novo cancer medicines. Total value of the deal is $10.5B.
Olympus has decided to acquire Israel-based medical devices manufacturer BioProtect for $270M. GC Biopharma announced that Eli Lilly is acquiring entire stake of its U.S. affiliate Curevo Vaccine for $1.5B.
Daewoong Pharmaceutical received approval for its type 2 diabetes drug Enblo in Mexico. Dong-A ST announced that MetaVia’s obesity drug candidate DA-1726 demonstrated safety and tolerability in Phase 1 trial.


APAC Healthcare Weekly (May 31) – Innovent Biologics, Junshi Bio, Henlius Bio, Olympus, GC Bio

Innovent Biologics is a biopharmaceutical company that discovers, develops, manufactures, and commercializes innovative medicines. The company focuses on therapeutic areas including oncology, autoimmune, cardiovascular and metabolic, and ophthalmology diseases, with 18 products currently on the market. Innovent Biologics was founded in 2011 and is headquartered in Suzhou, Jiangsu, China.

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<a href="https://www.smartkarma.com/entities/innovent-biologics-inc" target="_blank" data-smartkarma-citation="entities:27452:1" rel="noopener">Innovent Biologics Inc (1801 HK)</a> maintains momentum as preliminary 1H26 revenue grows over 50% YoY. In 2025, the company had recorded its maiden net profit of RMB 813M.</li>
<li>Despite an overcrowded PD-1 inhibitor market in China, core oncology product, Tyvyt maintained good growth momentum. Tyvyt is under NDA review for its tenth indications.</li>
<li>Ongoing product launches and robust pipeline will support the growth momentum of the company. In the coming years, Innovent aims to achieve RMB 20B product revenue in 2027.</li>
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Innovent Biologics Inc (1801 HK) maintains momentum as preliminary 1H26 revenue grows over 50% YoY. In 2025, the company had recorded its maiden net profit of RMB 813M.
Despite an overcrowded PD-1 inhibitor market in China, core oncology product, Tyvyt maintained good growth momentum. Tyvyt is under NDA review for its tenth indications.
Ongoing product launches and robust pipeline will support the growth momentum of the company. In the coming years, Innovent aims to achieve RMB 20B product revenue in 2027.


Innovent Biologics Inc (1801 HK): 2025 Momentum Continues in 1Q26, Pipeline Strength Promising

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.

Tina Banerjee
Global Healthcare Analyst

CSPC Pharma (1093 HK): 1Q26 Revenue Down, Regular Approvals and New Launches Hold Key For Future

CSPC Pharma's 1Q26 revenue declined as finished drugs dragged. Recent $1.2B upfront payment from AstraZeneca will help boost upcoming quarters....

Tina Banerjee

SK Biopharmaceuticals (326030 KS): Record High Operating Profit in 1Q; Xcopri Guidance Maintained

SK Biopharmaceuticals reported strong 1Q26 results with revenue up 58% YoY, operating profit at all-time high, and guided for Xcopri U.S. revenue...

Tina Banerjee

Lung Fung Group IPO: New Stores Driving Growth Is Enough To Bring In Investor Footfall

Hong Kong's Lung Fung Group launches IPO to raise funds for expansion and growth, with a reasonable valuation for potential investors.

Tina Banerjee

APAC Healthcare Weekly (May 31) – Innovent Biologics, Junshi Bio, Henlius Bio, Olympus, GC Bio

Innovent stuck $10.5B outlicensing deal with Pfizer. Olympus will acquire BioProtect. Eli Lilly is acquiring GC Bio’s US affiliate. Dong-A’s...

Tina Banerjee

Innovent Biologics Inc (1801 HK): 2025 Momentum Continues in 1Q26, Pipeline Strength Promising

Innovent entered into a strategic global licensing and collaboration agreement with Pfizer for the R&D of 12 promising breakthrough early-stage and...

Tina Banerjee

CSPC Pharma (1093 HK): 1Q26 Revenue Down, Regular Approvals and New Launches Hold Key For Future

​CSPC Pharma's 1Q26 revenue declined as finished drugs dragged. Recent $1.2B upfront payment from AstraZeneca will help boost upcoming quarters....

Tina Banerjee

SK Biopharmaceuticals (326030 KS): Record High Operating Profit in 1Q; Xcopri Guidance Maintained

​SK Biopharmaceuticals reported strong 1Q26 results with revenue up 58% YoY, operating profit at all-time high, and guided for Xcopri U.S. revenue...

Tina Banerjee

Lung Fung Group IPO: New Stores Driving Growth Is Enough To Bring In Investor Footfall

​Hong Kong's Lung Fung Group launches IPO to raise funds for expansion and growth, with a reasonable valuation for potential investors.

Tina Banerjee

APAC Healthcare Weekly (May 31) – Innovent Biologics, Junshi Bio, Henlius Bio, Olympus, GC Bio

Innovent stuck $10.5B outlicensing deal with Pfizer. Olympus will acquire BioProtect. Eli Lilly is acquiring GC Bio’s US affiliate. Dong-A’s...

Tina Banerjee

Innovent Biologics Inc (1801 HK): 2025 Momentum Continues in 1Q26, Pipeline Strength Promising

Innovent entered into a strategic global licensing and collaboration agreement with Pfizer for the R&D of 12 promising breakthrough early-stage and...

Tina Banerjee

CSPC Pharma's 1Q26 revenue declined as finished drugs dragged. Recent $1.2B upfront payment from AstraZeneca will help boost upcoming quarters....

SK Biopharmaceuticals reported strong 1Q26 results with revenue up 58% YoY, operating profit at all-time high, and guided for Xcopri U.S. revenue...

Hong Kong's Lung Fung Group launches IPO to raise funds for expansion and growth, with a reasonable valuation for potential investors.