Weekly Rx Express 2026.08.07

研报英文原文证据摘录

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M

Update

August 7, 2026 02:07 PM GMT

Morgan Stanley Asia Limited+

China Healthcare | Asia Pacific

Laurence Tam

Equity Analyst

Weekly Rx Express 2026.08.07

Alexis Yan, CFA

Equity Analyst

Key Takeaways

Jack Lin

Equity Analyst

China healthcare was up 5.2% WoW (HSI -0.8%). WuXi AppTec's strong 2Q26

earnings beat sparked a rally across Chinese CDMO names (+19.5% WoW).

Marco Wong

Research Associate

Year to date, the sector is +3.1% (HSI +0.1%), driven by CDMOs (+56.6%),

Vanessa Liao

Biotechs (+13.6%) and APIs (+3.4%).

Research Associate

Apeloa signed a CDMO collaboration agreement with METiS TechBio to

accelerate AI-powered drug development.

Hengrui's insulin sudelidec (daily basal insulin analog injection for T2D) received

marketing approval from the NMPA.

Akeso partner Summit Therapeutics will start a global PhII/III study of its

China Healthcare

Asia Pacific

Industry View

ivonescimab (FIC PD-1/VEGF bsAb) + enfortumab vedotin in 1L bladder cancer.

Attractive

This week started off with strong results from WuXi AppTec, which raised its

revenue guidance significantly from 18-22% (continuous basis) to 35-39% YoY for

2026 (note). This was followed by another MNC and China partnership, as CSPC

partnered with AstraZeneca to form a 51-49 joint venture to set up a new biologics

manufacturing site in Shijiazhuang. WuXi Bio announced the acquisition of a CDMO

manufacturing site in Hangzhou from Transcenta's subsidiary HJB for Rmb190mn

(note), marking its sixth acquisition in China. Hengrui's ribupatide (a GLP-1/GIP dualtargeting peptide for T2D) met the primary endpoint of its Phase III head-to-head

trial versus semaglutide in China. At week 36, the weekly injection delivered average

HbA1c reductions from baseline of 2.8% (4mg) and 2.3% (2mg) vs. 2.3% for

semaglutide (1mg). The company plans to file an NDA in China shortly. On global

GLP-1 medications, Lilly's Foundayo (orforglipron, launched in early Apr-26)

recorded sales of US$98mn in 2Q26 (note), while Novo's oral Wegovy (semaglutide,

launched in early Jan-26) generated sales of ~US$500mn in 2Q26.

Exhibit 1:

Weekly valuation changes,

by segment

US$ bn

…