Healthcare - China (H/A): Apr-2026 pharmaceutical drug sales: retail channel saw 3.8% YoY growth

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Healthcare - China (H/A): Apr-2026 pharmaceutical drug sales: retail channel saw 3.8% YoY growth

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Healthcare - China (H/A)

Apr-2026 pharmaceutical drug sales: retail

channel saw 3.8% YoY growth

Price Objective Change

China pharma market: sales down 1.4% in April 23 June 2026

In April, China’s pharmaceutical market recorded sales of RMB73.4bn, down 1.4% YoY. Equity

Sample drug sales of hospital/retail segment changed by -1.9%/+3.8% YoY in April. China

Healthcare

Hansoh: strong YoY growth across core innovative drugs

David Li >>

Hansoh posted total sample sales of RMB666.4mn in April, implying 17.0% YoY growth. Research Analyst

Among its key products, almonertinib/flumatinib recorded solid YoY growth of 11.7%/ Merrill Lynch (Hong Kong)

+852 3508 4531

30.2%, reaching RMB239.4mn/RMB69.3mn, respectively. But, olanzapine/saxagliptin davidbo.li@bofa.com

sales fell 5.7%/24.4% YoY. Thus, we lower these two drugs’ near-term revenue estimate Sandra Sun >>

and slightly cut 2026E BD revenue. We cut 2026E-28E revenue estimate by 1%-2%. We Research Analyst

Merrill Lynch (Hong Kong)

also update observed beta to 0.72 (from 0.66). Thus, we lower DCF-derived PO to sandra.sun@bofa.com

HK$44.1 (from HK$47.7) and reiterate Buy, given its on-track pipeline development. Ethan Cui >>

Research Analyst

Hengrui: mixed products performance Merrillethan.cui@bofa.comLynch (Hong Kong)

In April, the total sample sales of Hengrui rose 3.3% YoY to RMB1784.7mn. Ioversol

remained the company’s largest contributor, although sales declined 2.7% YoY/4.3%

MoM to RMB222.7mn. Henagliflozin/rezvilutamide delivered strong YoY growth of Exhibit 1: PO changes

103.0%/60.3%, respectively. Meanwhile, butorphanol/sevoflurane declined 22.4%/21.9% We cut PO for Hansoh and SBP

YoY to RMB76.5mn/RMB95.8mn.