China Healthcare Obesity drug R&D monthly tracker – July 2026

Research evidence excerpt

China Healthcare Obesity drug R&D monthly tracker – July 2026

Global Research

31 July 2026ab

China Healthcare Equities

ChinaObesity drug R&D monthly tracker – July 2026

Healthcare

Chen Chen, PhD

Hengrui's multiple top-line readouts and trial initiations Analyst

We highlight three major updates from Hengrui in July: 1) The company reported chen-zb.chen@ubs.com

positive Phase 3 data for oral small-molecule GLP-1 HRS-7535 in HARBOR-1, with +86-10-5832 8201

120mg/180mg doses delivering 9.5%/10.9% mean weight loss at Week 44 versus Anita Wei

2.5% in the placebo group under the efficacy estimand; weight loss reached 11.1% at Analyst

Week 50. We think the strong efficacy with clean safety update support a near-term anita.wei@ubs.com

China NDA submission for HRS-7535 in weight management. 2) Hengrui’s ribupatide +852-2971 7459

(GLP-1/GIP) injection reported positive Phase 3 data in treatment-naïve T2D patients in David Guo, PhD

China. At Week 36, 2mg/4mg delivered HbA1c reductions of 2.37%/2.67% under the Analyst

efficacy estimand versus 0.36% for placebo, while HbA1c <7% target achievement S1460524040001

reached 87.7%/94.5%. We think the result supports a near-term China sNDA for T2D. david-za.guo@ubs.com

3) HRS-4729, Hengrui’s weekly GLP-1/GIP/GCG triple agonist, has moved into Phase +86-10-5832 8010

2 obesity trials in China. Liz Han, CFA

Analyst

China: Innovent weekly oral GLP-1 IND; 1st domestic small molecule GLP-1 NDA liz.han@ubs.com

+852-2971 6106

1) Innovent’s IBI3042 IND was accepted by NMPA. This is a once-weekly oral small-

molecule GLP-1 receptor agonist. Preclinical ADA data showed dose-dependent weight Sky Hong

loss in humanised GLP-1R DIO mice and efficacy comparable to or better than daily Analyst

S1460520010001orforglipron in obese cynomolgus monkeys.