Everest Medicines (1952.HK): China Healthcare Corporate Day 2026 Takeaways — 2026 EBIT breakeven hinges on Nefecon/policy

研报英文原文证据摘录

Everest Medicines (1952.HK): China Healthcare Corporate Day 2026 Takeaways — 2026 EBIT breakeven hinges on Nefecon/policy

Equity Research

29 June 2026 | 9:17AM HKT

Everest Medicines (1952.HK): China Healthcare Corporate Day 2026

Takeaways — 2026 EBIT breakeven hinges on Nefecon/policy

Ziyi Chen

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

Goldman Sachs (Asia) L.L.C.

Linhai Zhao, Ph.D.

+852-3966-4059 | linhai.zhao@gs.com

Eddie SongPresenters: Haifei Gao - IR Director, Jing Yang - IR +852-2978-6426 | eddie.song@gs.com

Bottom line: Management highlighted: 1) Pipeline expansion by multiple in-licensed

late-stage assets with near-term launch visibility, 2) Near breakeven guidance given

earnings constrained by elevated commercial investments and uncertainties from

policy impact, and 3) Strategic settlement with Herui over Nefecon to defend market

leadership and sustain margin amid intensifying competition in IgNA

Key Takeaways

n Growing pipeline supplemented by license-in deals: Everest has in-licensed 8

assets since last October, mgmt highlighted: 1) Cardamyst (etripamil, Milestone

Pharmaceuticals), a nasal spray for treating paroxysmal supraventricular

tachycardia (PSVT), will get approved in 3Q and launch this year; 2) LNZ100

(Corxel Pharmaceuticals), an eye drop for the treatment of presbyopia; 3)

Lerochol (PCSK9 inhibitor, LIB Therapeutics), the expected anchor product in

CVD, just received NMPA acceptance of BLA; 4) MT1013 (Micot), a CaSR/OGP

dual-agonist for secondary hyperparathyroidism (SHPT) in dialysis patients, is in

pivotal ph3, and mgmt expects Rmb800mn-1bn sales potential; and 5)

DMX-200 (Dimerix), a ph3 CCR2 inhibitor for Focal Segmental

Glomerulosclerosis (FSGS), as the latest deal to grow its renal franchise. The