Healthcare - China (H): March 2026 pharmaceutical drug sales: Hansoh posted solid growth

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Healthcare - China (H): March 2026 pharmaceutical drug sales: Hansoh posted solid growth

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Healthcare - China (H)

March 2026 pharmaceutical drug sales:

Hansoh posted solid growth

Price Objective Change

China pharma market: modest March growth 22 May 2026

In March, China’s pharmaceutical market, based on the data from sample hospitals and Equity

retail pharmacies, generated RMB69.7bn in sales, implying 1.4% YoY growth. Sample China

drug sales from hospital segment rose 1.2% YoY to RMB63.4bn in March, while the retail Healthcare

channel contributed RMB6.2bn with 2.9% YoY growth. David Li >>

Hansoh: solid March growth led by core innovative drugs ResearchMerrill LynchAnalyst(Hong Kong)

Hansoh recorded total sample sales of RMB622.7mn in March, implying 15.9% YoY +852davidbo.li@bofa.com3508 4531

growth. Almonertinib sales reached RMB235.1mn, up 14.8% YoY, while sales of Ethan Cui >>

flumatinib/ tenofovir amibufenamide/peg-loxenatide grew 30.8%/33.8%/14.0% YoY to Research Analyst

RMB67.9mn/ RMB97.4mn/RMB22.8mn. Enzalutamide delivered strong YoY growth of Merrillethan.cui@bofa.comLynch (Hong Kong)

93.9% to RMB29.6mn. Among other products, imatinib declined 33.6% YoY, while Sandra Sun >>

repaglinide increased 22.6% YoY. We maintain Buy with a PO of HK$47.7 on Hansoh. Research Analyst

Merrill Lynch (Hong Kong)

Sino Biopharm: 13.5% YoY growth for anlotinib sandra.sun@bofa.com

Sino Biopharm’s total sample sales rose 2.6% YoY to RMB1419.6mn in March. Monthly

sales of isoglycyrrhizic acid/anlotinib increased 1.6%/13.5% YoY to RMB157.7mn/

RMB198.2mn. Meanwhile, sales of flurbiprofen/budesonide changed +23.2%/-38.6% YoY

to RMB77.6mn/RMB35.8mn in March. We maintain Buy with a PO of HK$7.4.

CSPC: -6.1% YoY in March; lower PO to HK$7.2 Exhibit 1: PO changes