Jiangsu Hengrui: Landmark US$15.2bn Strategic Collaboration with BMS Accelerates Globalization

研报英文原文证据摘录

Jiangsu Hengrui: Landmark US$15.2bn Strategic Collaboration with BMS Accelerates Globalization

Update

May 12, 2026 07:57 AM GMT

Morgan Stanley Asia Limited+MJiangsu Hengrui | Asia Pacific Alexis Yan, CFA

Equity Analyst

Landmark US$15.2bn Strategic Alexis.Yan@morganstanley.comClinton Ng +852 2239-7953

Clinton.Ng@morganstanley.com +852 2848-6659

Collaboration with BMS

Jiangsu Hengrui (1276.HK, 1276 HK)

Top Pick Accelerates Globalization China Healthcare | China

Stock Rating Overweight

Key Takeaways Industry View Attractive

Price target HK$92.00

Hengrui and BMS announced a global strategic collaboration for asset in/out Up/downside to price target (%) 39

Shr price, close (May 11, 2026) HK$66.05

licensing and "co-co" agreement, involving 13 preclinical-stage assets. 52-Week Range HK$95.20-52.50

Sh out, dil, curr (mn) 225

Hengrui will out-license 4 oncology/hematology assets to BMS, in-license China Mkt cap, curr (mn) Rmb356,077.9

rights of 4 immunology assets, and co-develop 5 next-gen assets with BMS. EV, curr (mn) Rmb315,006.8

Avg daily trading value (mn) HK$305

Total deal value of US$15.2bn includes a US$600mn upfront payment, US Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

$350mn anniversary payments in 2027-28, up to US$14.3bn milestones, and EPS (Rmb)** 1.16 1.36 1.58 1.92

tiered sales royalties. EPS (Rmb)§ 1.32 1.46 1.68 2.03

Revenue, net (Rmb mn) 31,629.435,696.541,346.048,882.4

Hengrui will advance the 8 assets to POC stages, while it also has the option for EBITDA (Rmb mn) 8,954.310,923.513,074.515,670.7

ModelWare net inc 7,711.1 9,053.510,468.012,730.7

global co-development and co-commercialization with BMS for certain programs. (Rmb mn)

P/E 54.8 41.8 36.2 29.7

Accounting wise, the US$600mn upfront fee will be recognized in tranches P/BV 6.9 5.5 4.8 4.2