China Healthcare Takeaways from US Pharma/Biotech Analyst Call: Durable innovation, disciplined capital, limited policy disruption

Research evidence excerpt

China Healthcare Takeaways from US Pharma/Biotech Analyst Call: Durable innovation, disciplined capital, limited policy disruption

J P M O R G A N Asia Pacific Equity Research

11 June 2026

China Healthcare

Takeaways from US Pharma/Biotech Analyst Call:

Durable innovation, disciplined capital, limited policy

disruption

We hosted our US Pharma/Biotech analysts - Chris Schott, Jessica Fye, Anupam Healthcare

ACRama, Tessa T Romero and Brian Cheng - to share their thoughts on ASCO, ADA, Yang Huang

and 2H26 outlook. The US analysts believe that high‑impact IO (immuno- (852) 2800 3812

oncology) drugs and ADCs, including PD‑1/VEGF approaches, reinforced the yang.huang@jpmorgan.com

view that clinically differentiated innovation—regardless of origin country —will J.P.MorganMorganBrokingSecurities(Hong (AsiaKong)Pacific)LimitedLimited/ J.P.

continue to attract global demand and partnership interest, with pragmatic

Derek Choi

solutions expected to navigate geopolitical considerations. Against this backdrop, (852) 2800-8744

M&A and out‑licensing activity is likely to remain active but increasingly derek.c.choi@jpmorgan.com

disciplined, with large pharma favoring to obtain de‑risked and late‑stage assets by J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

Morgan Broking (Hong Kong) Limited

M&A and early-stage assets through licensing. While US policy and regulatory

scrutiny remain an overhang, the US team’s view is that these factors are more Eric Zhao, CFA

(86-21) 6106 6256

likely to affect investor sentiment rather than fundamentally alter the trajectory of eric.zhao@jpmorgan.com

global drug development. SAC Registration Number: S1730524050001

J.P. Morgan Securities (China) Company Limited

• Structural demand for Chinese assets from globalized drug innovation