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Henlius Biotech (2696.HK): China Healthcare Corporate Day 2026 Takeaways — Encouraging efficacy for HLX43 supports BD potential

发布日期: 2026-06-29研究机构: Goldman Sachs报告页数: 6原文语言: English证据页码: 1

研报英文原文证据摘录

Equity Research

29 June 2026 | 2:09AM HKT

Henlius Biotech (2696.HK): China Healthcare Corporate Day 2026

Takeaways — Encouraging efficacy for HLX43 supports BD potential

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: Teresa Yucheng Gao - IR and Capital Development Manager

Bottom line: HLX43 offers meaningful global BD opportunity with encouraging early

efficacy updated in ASCO, while biosimilars provide stable cash flow and overseas

growth. Near-term outlook remains stable with manageable policy impacts, and

serplulimab continues to be a key growth driver driven with indication expansion.

Key Takeaways

Policy impact needs longer monitoring with guidance intact: Company indicated

that the recent anti-corruption tightening has had limited impact so far, given the

company’s well-established compliance framework, although physician engagement

has softened in the short term. Guidance of positive y/y growth for product sales in

1H remained unchanged pending further visibility on policy impacts. Serplulimab

remains a key growth driver, maintaining leading share in SCLC, with additional

upside from perioperative gastric cancer indication (recently approved, NRDL

negotiation expected YE26) where longer treatment duration (~16 months vs. ~6

months in SCLC) could significantly expand its market potential. Internationally,

partnerships (e.g., Eisai in Japan) continue to support incremental growth through

upfront payments and potential royalty streams.

Encouraging early data for HLX43 supports global Ph3 plans and BD remains a

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