恒瑞医药集团有限公司 | 亚太区全球医疗健康大会要点

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Update

September 15, 2026 09:56 PM GMT

Hansoh Pharmaceutical Group Co Ltd | Asia Pacific

Morgan Stanley Asia Limited+

Alexis Yan, CFA

Equity Analyst

Global Healthcare Conference

Takeaways

Key Takeaways

B7H3 ADC (Ris-rez): GSK frames it as a "pipeline in an asset", by the robust China

Ph3 data and high consistency with GSK's internal data to be presented later.

B7H4 ADC (Mo-rez): GSK is running two Ph3 BEHOLD trials for 2L+ PROC and 2L

+ EC with 3 more pivotal studies to start within 2026.

Hansoh Pharmaceutical Group Co Ltd (3692.HK, 3692

HK)

China Healthcare | China

Stock Rating

Industry View

Price target

Shr price, close (Sep 15, 2026)

52-Week Range

Sh out, dil, curr (mn)

Mkt cap, curr (mn)

EV, curr (mn)

Avg daily trading value (mn)

Overweight

Attractive

HK$48.00

HK$33.92

HK$44.22-28.06

5,922

Rmb171,826.6

Rmb137,201.5

HK$353

Oral IL-23 (ex-China rights under NXTC): Global biopharma shared enthusiasm for

next-gen immunology asset. Hansoh's oral IL-23 exhibited compelling Ph1 data.

GLP-1/GIP inj.: It is pointed to as an overlooked asset of Regeneron by some

investors. While a relative latecomer, it has demonstrated superior safety.

We attended fireside chats of global biopharma/biotech, including Hansoh's global

partners. Below we summarize panelists' latest comments on Hansoh's assets and

the global opportunities for relevant modalities.

B7H3 and B7H4 ADC partered with GSK: GSK is highly enthusiastic about the two

candidates, in particular Ris-rez which it described as a "pipeline in an asset" and a

key driver of its mid-term targets. Its increased confidence is underpinned by: 1)

robust China Ph3 data in 2L SCLC just presented at WCLC (link); 2) high consistency

with GSK's internal data in ex-China patients to be presented shortly; 3) broad

consistency across cancers and positive lateral reads from competitor's data,

strengthening evidence for the B7H3 class.

Oral IL-23: Global biopharma shared enthusiasm for advanced I&I therapies

including orals and next-gen biologics. We point to Hansoh's oral IL-23 peptide (HS20118/AVR-001), which has demonstrated antibody-like efficacy and favorable PK to

…