Healthcare - China (H): Apr-2026 pharmaceutical drug sales: retail channel saw 3.8% YoY growth

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Healthcare - China (H): Apr-2026 pharmaceutical drug sales: retail channel saw 3.8% YoY growth

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Healthcare - China (H)

Apr-2026 pharmaceutical drug sales: retail

channel saw 3.8% YoY growth

Price Objective Change

China pharma market: sales down 1.4% in April 23 June 2026

In April, China’s pharmaceutical market recorded sales of RMB73.4bn, down 1.4% YoY. Equity

Sample drug sales of hospital/retail segment changed by -1.9%/+3.8% YoY in April. China

Healthcare

Hansoh: strong YoY growth across core innovative drugs

David Li >>

Hansoh posted total sample sales of RMB666.4mn in April, implying 17.0% YoY growth. Research Analyst

Among its key products, almonertinib/flumatinib recorded solid YoY growth of 11.7%/ Merrill Lynch (Hong Kong)

+852 3508 4531

30.2%, reaching RMB239.4mn/RMB69.3mn, respectively. But, olanzapine/saxagliptin davidbo.li@bofa.com

sales fell 5.7%/24.4% YoY. Thus, we lower these two drugs’ near-term revenue estimate Sandra Sun >>

and slightly cut 2026E BD revenue. We cut 2026E-28E revenue estimate by 1%-2%. We Research Analyst

Merrill Lynch (Hong Kong)

also update observed beta to 0.72 (from 0.66). Thus, we lower DCF-derived PO to sandra.sun@bofa.com

HK$44.1 (from HK$47.7) and reiterate Buy, given its on-track pipeline development. Ethan Cui >>

Research Analyst

Sino Biopharm: down 2.5% YoY in Apr; solid PD-L1 growth Merrillethan.cui@bofa.comLynch (Hong Kong)

SBP’s total sample sales were RMB1,470.1mn, with a 2.5% YoY decline in April. Monthly

sales of benmelstobart/bevacizumab increased 41.0%/24.7% YoY to RMB16.0mn/

RMB63.5mn. Meanwhile, penpulimab dropped 40.1% YoY to RMB3.8mn. To reflect key Exhibit 1: PO changes

drugs performance, pipeline progress and collaboration with GSK on bepirovirsen, we We cut PO for Hansoh and SBP