Hansoh Pharma has demonstrated strong revenue growth and earnings delivery, supported by sustained robust momentum in innovative drug sales. The company’s revenue mix has shifted toward innovativemedicines, driven by aumolertinib and other innovative products. In FY25, innovative drug sales rose 30% YoY to RMB10.2bn, exceeding management’s RMB10bn target. For FY26, management has guided for double-digit revenue growth, with innovative drug revenue excluding BD expected to grow at close to 20%.
Hansoh has maintained a strong commitment to R&D investment, with R&D expenses reaching RMB3.4bn in 2025, equivalent to 26% of total product sales. The company has more than 40 clinical-stage innovative assets and aims to advance 8–10 new molecules into clinical stage each year. Hansoh has demonstrated solid innovation capabilities through a consistent record of out-licensing transactions with global pharmaceutical partners, including GSK, Roche, Regeneron, MSD, and Glenmark. Cumulative upfront payments received from partnerships and out-licensing agreements have exceeded US$660mn, while aggregate potential future milestone payments surpass US$11bn, in addition to tiered royalties on overseas sales.
We expect 2026 to be a catalyst-rich year for Hansoh’s R&D pipeline, with multiple late-stage assets progressing toward regulatory approval in China. Key programs at or near the NDA stage include HS-20094 (GLP-1/GIP; obesity, NDA filed in June 2026), HS-10241 (c-MET TKI; second-line MET-amplified NSCLC, NDA filed in February 2026), and HS-10365 (RET inhibitor; NDA filed in October 2025).
HS-20093 (risvutatug rezetecan,Ris-rez) is a B7-H3-targeting ADC comprising a fullyhumanized anti-B7-H3 monoclonal antibody conjugated to a topoisomerase I inhibitor(TOPOi) payload. In December 2023, Hansoh out-licensed the ex-China rights of HS-20093 to GSK. Under the agreement, Hansoh received an upfront payment of US$185mn and is eligible for up to US$1.525bn in milestone payments, in addition to tiered royalties on global net sales. HS-20089 (B7-H4 ADC) is in multiple global Phase 3 trials for gynecological cancers.
The broad GLP-1 portfolio is led by NDA-stage HS-20094 (GLP-1/GIP), which has shown strong weight loss, with particularly favorable gastrointestinal tolerability. HS-20118, a differentiated oral IL-23 asset with the potential advantage of once-weekly dosing, offers strategic upside for Hansoh through a NewCo structure.
We maintain BUY rating on Hansoh, with a TP of HK$47.19.
