Healthcare - China (H/A): March 2026 pharmaceutical drug sales: Hansoh and Hengrui posted solid growth

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Healthcare - China (H/A): March 2026 pharmaceutical drug sales: Hansoh and Hengrui posted solid growth

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Healthcare - China (H/A)

March 2026 pharmaceutical drug sales:

Hansoh and Hengrui posted solid growth

Price Objective Change

China pharma market: modest March growth 22 May 2026

In March, China’s pharmaceutical market, based on the data from sample hospitals and Equity

retail pharmacies, generated RMB69.7bn in sales, implying 1.4% YoY growth. Sample China

drug sales from hospital segment rose 1.2% YoY to RMB63.4bn in March, while the retail Healthcare

channel contributed RMB6.2bn with 2.9% YoY growth. David Li >>

Hansoh: solid March growth led by core innovative drugs ResearchMerrill LynchAnalyst(Hong Kong)

Hansoh recorded total sample sales of RMB622.7mn in March, implying 15.9% YoY +852davidbo.li@bofa.com3508 4531

growth. Almonertinib sales reached RMB235.1mn, up 14.8% YoY, while sales of Ethan Cui >>

flumatinib/ tenofovir amibufenamide/peg-loxenatide grew 30.8%/33.8%/14.0% YoY to Research Analyst

RMB67.9mn/ RMB97.4mn/RMB22.8mn. Enzalutamide delivered strong YoY growth of Merrillethan.cui@bofa.comLynch (Hong Kong)

93.9% to RMB29.6mn. Among other products, imatinib declined 33.6% YoY, while Sandra Sun >>

repaglinide increased 22.6% YoY. We maintain Buy with a PO of HK$47.7 on Hansoh. Research Analyst

Merrill Lynch (Hong Kong)

Hengrui: sales ramp-up continued for henagliflozin sandra.sun@bofa.com

In March, Hengrui’s total sample sales increased 11.4% YoY to RMB1733.4mn. Monthly

sales of Ioversol/camrelizumab/mecapegfilgrastim/rafutrombopag were RMB232.8mn/

RMB98.4mn/RMB92.6mn/RMB111.4mn, representing YoY growth of 7.3%/9.8%/3.5%/

10.1%, while butorphanol/sevoflurane saw 21.3%/25.5% YoY decline, with sales of

RMB78.0mn/RMB86.8mn.