Jiangsu Hengrui Medicine (600276 CH) Buy: Recurring BD confirmed with USD15.2bn deal with BMS

研报英文原文证据摘录

Jiangsu Hengrui Medicine (600276 CH) Buy: Recurring BD confirmed with USD15.2bn deal with BMS

ue to lack of BD and catalysts. ROE (%) 16.0 17.1 18.1 18.6

We think Hengrui’s R&D and BD capabilities are undervalued. 52-WEEK PRICE (CNY)

We think enthusiasm on China’s BD could continue. We think the higher BD 84.00

value of USD15.2bn for Hengrui’s nine out-license/co-development with BMS, vs last 66.00

year’s 12 assets in Hengrui and GSK’s USD12.5bn deal implies that Hengrui’s early-

48.00

stage R&D capabilities and efficiency are broadly recognised by leading global 05/25 11/25 05/26

pharma companies. We also think Hengrui’s 100+ robust clinical pipelines, 10+ in- Target price: 80.00 High: 72.47 Low: 51.58 Current: 55.86

house R&D platforms and high new drug discovery efficiency to bring 20+ innovative Source: LSEG IBES, HSBC Qianhai Securities estimates

molecules to clinical stage per year could support its recurring BD model with more

collaboration opportunities with global leading pharma and biotech companies. Linda Shu*, PhD (Reg. No. S1700522120001)

Head of China Healthcare Research

Industry wise, we think China’s BD with global MNCs could continue despite HSBC Qianhai Securities Limited

geopolitical risks (China Healthcare - Temporary sentiment uncertainty from US bill to linda.y.l.shu@hsbcqh.com.cn

+86 755 88983246

limit clinical data from China), as we believe the high efficiency, low R&D costs and

Cindy Chai* (Reg. No. S1700523040001)

increasing data transparency of China’s innovative drug companies are attractive for Analyst, China Healthcare Research

global MNCs which are facing a huge patent cliff in 2026-32e. HSBC Qianhai Securities Limited

cindy.x.r.chai@hsbcqh.com.cn

Estimate changes.