Jiangsu Hengrui Pharmaceuticals (600276.SS): What‘s new from China Healthcare Tour: Continued BD momentum; innovative drug sales guidance holds

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Jiangsu Hengrui Pharmaceuticals (600276.SS): What‘s new from China Healthcare Tour: Continued BD momentum; innovative drug sales guidance holds

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15 Jun 2026 14:46:39 ET │ 11 pages

Jiangsu Hengrui Pharmaceuticals (600276.SS)

What’s new from China Healthcare Tour: Continued BD momentum;

innovative drug sales guidance holds

CITI’S TAKE Buy

We visited Hengrui Medicine’s offices in Shanghai and met with oncology Price (15 Jun 26 15:00) Rmb47.880

clinical research VP Dr. Wei Shi, AIDD Director Lianyi Han, and IRD Lina Target price Rmb123.000

Zhang on Jun 15. We are positive on the stock based on the company’s

Expected share price return 156.9% continued BD momentum, 30% innovative drug sales growth target, rich

pipeline, and adoption of AI into drug discovery. Hengrui is one of our top Expected dividend yield 0.4%

picks in the China pharma sector. Expected total return 157.3%

Market Cap Rmb317,529M

More bundle BD deals — Hengrui’s BD strategy is increasingly centered on pipeline US$46,732M

bundle deals, which allow it to co-develop and co-promote assets with overseas

partners while simultaneously developing its international team capabilities and

improving R&D efficiency. Hengrui’s BD team comprises over 30 professionals, led by

senior executives with overseas industry backgrounds, and is organized into John Yung, CFAAC

dedicated domestic and international sub-teams. For GSK and BMS deals, Hengrui +852-2501-2790

will book license-out revenues across the years. john.yung@citi.com

Innovative drug sales growth intact with limited impact from anti-corruption Zoe Bian

campaign — Mgmt reaffirmed its full-year target of 30% innovative drug sales +852-2501-2752

growth, stating limited impact from normalized anti-corruption regime. Per mgmt, zoe.bian@citi.com