May 2026 biotech drug sales: most firms saw solid YoY growth

研报英文原文证据摘录

May 2026 biotech drug sales: most firms saw solid YoY growth

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China Healthcare

May 2026 biotech drug sales: most firms

saw solid YoY growth

Industry Overview

BeOne: key products maintained steady YoY growth 24 July 2026

BeOne’s total sample sales of drugs increased 9.9% YoY to RMB698.4mn in China. Key Equity

products of BeOne showed differentiated performance in May. Among self-developed China

products, tislelizumab/zanubrutinib remained the main growth drivers, with sales Healthcare

increasing by 8.3%/24.5% YoY. Denosumab, the largest in-licensed product, maintained David Li >>

solid growth at 15.8% YoY to RMB206.0mn. Also, blinatumomab/trametinib delivered Research Analyst

3.2%/6.0% YoY growth in May. We maintain our Buy rating with a PO of Merrill+852 3508Lynch4531(Hong Kong)

US$403.8/HK$243.83. davidbo.li@bofa.com

Ethan Cui >>

Innovent: mazdutide increased 23.4% MoM in May ResearchMerrill LynchAnalyst(Hong Kong)

Total sample sales of Innovent remained strong, increasing 16.3% YoY to RMB577.4mn. ethan.cui@bofa.com

Sintilimab/bevacizumab recorded 3.3%/2.7% YoY rise to RMB228.1mn/RMB175.6mn as Sandra Sun >>

Research Analyst

the key sales contributors. Mazdutide recorded 23.4% MoM growth to RMB11.7mn. Merrill Lynch (Hong Kong)

Other products continued gaining momentum, with tafolecimab/teprotumumab rising sandra.sun@bofa.com

223.7%/1144.3% YoY, respectively. We maintain Buy rating with a PO of HK$119.2.

Zai Lab: total sales declined 5.0% YoY

Zai Lab’s total sample sales declined 5.0% YoY/7.3% MoM to RMB125.6mn. Niraparib

sales declined 16.7% YoY/4.1% MoM to RMB55.7mn; efgartigimod alfa also saw 0.9%

YoY decline. In contrast, omadacycline/ripretinib recorded positive YoY change of 15.1%/ BTK: Bruton's tyrosine kinase

4.1% at RMB34.0mn/RMB8.8mn.