InnoCare Pharma (9969.HK): China Healthcare Corporate Day 2026 Takeaways — Target 2 BD deals by YE26

研报英文原文证据摘录

InnoCare Pharma (9969.HK): China Healthcare Corporate Day 2026 Takeaways — Target 2 BD deals by YE26

Equity Research

29 June 2026 | 1:42AM HKT

InnoCare Pharma (9969.HK): China Healthcare Corporate Day 2026

Takeaways — Target 2 BD deals by YE26

Ziyi Chen

+852-2978-0526 | ziyi.chen@gs.com

Goldman Sachs (Asia) L.L.C.

Honglin Yan

+852-2978-6666 | honglin.yan@gs.com

Presenters: Xin Fu, CFO; Bonnie Yuan - IRD

Bottom line: Management highlighted resilient growth for Orelabrutinib, with

manageable near-term policy impact and unchanged ~30% guidance supported by

strong MZL and 1L CLL/SLL momentum. Company targets to achieve 2 BD deals by

YE26 with BCL2i as priority asset.

Key Takeaways

Resilient BTK franchise supports stable growth; policy impact manageable with

guidance unchanged: Management indicated that the recent anti-corruption

tightening has led to reduced physician interactions and lower conference

participation, but that overall impact on the company’s product sales remains

manageable so far, supported by underlying patient demand and relatively stable

competitive dynamics. Orelabrutinib continues to anchor growth with guidance of

~30% sales growth in 2026 unchanged, driven by strong momentum in MZL (c.40%+

sales mix, with continued new patient inflow) and 1L CLL/SLL (>50% mix, accelerated

growth post NRDL listing on larger base). The company expects 1H sales to remain

solid, while maintaining full-year guidance pending further clarity on policy impacts.

Pipeline expanding for autoimmune leadership with multiple near-term

catalysts: In autoimmune, ICP332 (TYK2-JH1) is advancing across five dermatology

indications, with AD Phase 3 topline data expected in Jul–Aug and NDA filing

targeted for 1H27, alongside additional phase 2 data readouts in vitiligo, psoriasis