China Healthcare: China biotech Mar-26 sales: Akeso and Innovent continue saw robust growth

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China Healthcare: China biotech Mar-26 sales: Akeso and Innovent continue saw robust growth

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China Healthcare

China biotech Mar-26 sales: Akeso and

Innovent continue saw robust growth

Industry Overview

BeOne: +17.9% YoY growth to RMB788mn 21 May 2026

In Mar, BeOne’s total sample drug sales increased 17.9% YoY to RMB788.4mn in China. Equity

Sales of self-developed/in-licensed products were RMB412.6mn/RMB375.1mn, implying China

a YoY growth of 16.5%/19.4%. Among core products, tislelizumab/zanubrutinib delivered Healthcare

YoY growth of 14.5%/23.4%, with sales reaching RMB313.2mn/RMB99.3mn. For in- David Li >>

licensed portfolio, denosumab saw a YoY growth of 34.2%, with sales rebounding 56.0% Research Analyst

MoM to RMB246.1mn in Mar. Sales of trametinib/dabrafenib/carfilzomib grew Merrill+852 3508Lynch4531(Hong Kong)

13.3%/14.6%/ 20.2% YoY to RMB21.7mn/RMB22.8mn/RMB26.3mn in Mar. We maintain davidbo.li@bofa.com

Buy with a PO of US$403.8/HK$243.8 on BeOne. Ethan Cui >>

Research Analyst

Innovent: tafolecimab sales achieved a post-launch high Merrillethan.cui@bofa.comLynch (Hong Kong)

In Mar, Innovent’s total sample drug sales increased to RMB639.9mn, up 38.9% YoY, Sandra Sun >>

supported by growth in both innovative drug and biosimilar segments. Core products Research Analyst

continued to anchor growth, with sintilimab delivering 13.5% YoY growth to Merrill Lynch (Hong Kong) sandra.sun@bofa.com

RMB247.0mn. Meanwhile, sales of bevacizumab reached RMB197.2mn, implying 28.1%

YoY growth. In addition, tafolecimab recorded sales of RMB72.5mn, with a MoM growth

of 44.3% in Mar driving sales to a post-launch high, exceeding pre-CNY levels. Sales of

rituximab saw both YoY/MoM decline of 9.2%/1.8%, while most products showed

positive YoY growth.