China Pharma "H126 preview: Innovative drug sales and license income..."

研报英文原文证据摘录

China Pharma "H126 preview: Innovative drug sales and license income..."

Global Research

24 July 2026ab

China Pharma Equities

ChinaH126 preview: Innovative drug sales and license

income remain the two dominant drivers Healthcare

Anita Wei

Analyst

anita.wei@ubs.com

We expect sector median revenue/NP growth of 8%/1% in H126 +852-2971 7459

We expect our China pharma coverage to deliver median revenue/earnings growth of Chen Chen, PhD

8%/1% in H126, supported by resilient product sales (median of +3%) and increasing Analyst

licensing (BD) income. Our H126 revenue estimates are 5%/4% above consensus for S1460520100001

Hansoh/Kelun Pharma, due to stronger product sales and licensing income at Hansoh chen-zb.chen@ubs.com

and a stabilising legacy business at Kelun Pharma. We expect 3SBio/United Lab to miss +86-10-5832 8201

consensus revenue by 6%/16% due to weaker core product sales and softer-than- Liz Han, CFA

expected 6-APA price recovery, respectively, while our forecasts for the remaining names Analyst

are broadly in line. Overall, we believe innovative drug growth and licensing income liz.han@ubs.com

remain the key drivers of earnings differentiation across the sector. +852-2971 6106

David Guo, PhD

IQVIA sales data supports our view; resilient innovative drug sales in 5M26 Analyst

Despite the disruption from the anti-corruption campaign since May 2026 (IQVIA China S1460524040001

total drug sales flat YoY in May), recent feedback from management indicates a recovery david-za.guo@ubs.com

+86-10-5832 8010in June, with most companies confident of achieving their full-year sales targets.

Hengrui maintained 25% YoY growth in innovative-drug sales in 5M26, while key Jun Deng

products from Hansoh, Simcere and CSPC generally tracked in line with or ahead of our Analyst