Hengrui Medicine (600276.SS): China Healthcare Corporate Day 2026 Takeaways — Reiterated 30%+ growth guidance for innovative drug

研报英文原文证据摘录

Hengrui Medicine (600276.SS): China Healthcare Corporate Day 2026 Takeaways — Reiterated 30%+ growth guidance for innovative drug

Equity Research

28 June 2026 | 6:49PM HKT

Hengrui Medicine (600276.SS): China Healthcare Corporate Day 2026

Takeaways — Reiterated 30%+ growth guidance for innovative drug

Ziyi Chen

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

Goldman Sachs (Asia) L.L.C.

Honglin Yan

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

Eddie SongPresenters: Lina Zhang - Head of Capital Markets +852-2978-6426 | eddie.song@gs.com

Bottom line: Management acknowledged near-term impacts from recent

anti-corruption tightening, while reiterating guidance of 30%+ growth for innovative

drug sales for 2026. BD momentum continued, with visible multi-year collaboration

income contribution.

Key Takeaways

n Innovative drug sales guidance unchanged amid near-term policy impacts:

Management indicated that the recent anti-corruption tightening has created

short-term disruptions for academic promotional activities and hospital

formulary listings, while June showing marginal improvement vs. May. The impact

is more pronounced for non-VBP generic drugs, as well as lower-tier cities, where

physician prescribing behaviors warrant ongoing monitoring. Despite the policy

headwinds in 2Q, company maintains its 2026 growth guidance of ~30% for

innovation drugs.

n Strong BD momentum with multi-year collaboration income contribution:

BD momentum for Hengrui remains robust following the GSK deal, with no

observable impact from geopolitical concerns. Management expects GSK deal’s

US$250mn upfront to be recognized in 2026, alongside BMS (Bristol Myers

Squibb)-related payments (~US$600mn cash payment expected in 4Q, with

near-term revenue recognition to P&L in similar pace as GSK deal). Larger