CSPC Pharma (1093.HK): China Healthcare Corporate Day 2026 Takeaways — Guidance maintained with manageable policy impacts

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CSPC Pharma (1093.HK): China Healthcare Corporate Day 2026 Takeaways — Guidance maintained with manageable policy impacts

Goldman Sachs CSPC Pharma (1093.HK)

efficacy of its PCSK9 candidate is comparable to inclisiran, suggesting competitive

positioning within the current RNAi landscape. For extrahepatically delivered siRNA,

asset targeting ALK will file IND by YE26 and FXI has obtained IND.

ADC strategy prioritizing payload innovation and GI tumors: CSPC’s ADC strategy is

increasingly focused on payload innovation rather than bispecific ADC approaches, as

management views delivery efficiency as the primary constraint on efficacy. The

company believes current ADCs have largely solved tumor delivery challenges and that

future differentiation will depend on novel toxin platforms and resistance management.

In terms of disease focus, CSPC is prioritizing gastrointestinal tumors as a key expansion

area for its ADC pipeline. EGFR ADC (SYS6010) is progressing across multiple key clinical

settings, including 1L/2L EGFR wild-type and mutant populations, with data readouts

expected in 2H and a potential BLA filing around end-2025/early-2026. Management

mentioned that they do not plan to initiate global phase 3 trials in the near-term, citing

financial cost considerations and rapidly evolving treatment paradigm in late-line

settings, while still debating the strategy for frontline setting.

Price Target Risks and Methodology - CSPC Pharma

Our 12-m TP of HK$12.08 is based on a SOTP: 1) DCF-based valuation of HK$7.5bn for

NBP (factors in 2028E VBP scenario), 2) HK$57.8bn for new product wave with DCF

rolled fwd, 3) HK$37.1bn for legacy portfolio and generics business; and 4) API business

on 4.8x 2026E P/E (valuation of HK$2.9bn). Discount rate is 9%. Key downside risks: 1)