Keymed Biosciences (2162.HK): Stapokibart Added to NEDL; Positive for Hospital Access and Lower-tier Penetration

Research evidence excerpt

Keymed Biosciences (2162.HK): Stapokibart Added to NEDL; Positive for Hospital Access and Lower-tier Penetration

Equity Research

9 July 2026 | 10:32PM HKT

Keymed Biosciences (2162.HK): Stapokibart Added to NEDL; Positive for

Hospital Access and Lower-tier Penetration

Stapokibart added into NEDL: China’s National Health Commission (NHC) officially Honglin Yan

+852-2978-6666 | honglin.yan@gs.com

released the 2026 National Essential Drug List (NEDL) on July 9 (see news link), Goldman Sachs (Asia) L.L.C.

expanding the catalogue from 685 to 794 drugs while incorporating selected Ziyi Chen

innovative medicines demonstrating high clinical value, broad patient relevance and +852-2978-0526Goldman Sachs (Asia)| ziyi.chen@gs.comL.L.C.

suitability across healthcare settings. The policy emphasizes priority stocking and

use of essential medicines, improved drug availability at low-tier hospitals, and

stronger linkage across different tiers of healthcare facilities. According to the newly

released NEDL, Keymed’s stapokibart has been included while Sanofi’s dupilumab

has not, representing a policy differentiation within the AD biologics market, in our

view. We reiterate our positive view on stapokibart’s commercial execution,

supported by its approximately two-year NRDL exclusivity window versus domestic

competitors (see our Corporate Day takeaway highlighting potential sales guidance

upside).

Incremental positive for hospital access and lower-tier penetration: We view

NEDL inclusion as a positive access catalyst for stapokibart. As public hospitals are

encouraged to prioritize the stocking and use of essential medicines, the designation

could facilitate formulary admission, inventory reservation and procurement

discussions, supporting broader hospital penetration nationwide.