Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

CSPC Pharmaceutical Group / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cspc-pharmaceutical-group-ltd" target="_blank" data-smartkarma-citation="entities:229:1" rel="noopener">CSPC Pharmaceutical Group (1093 HK)</a> 9M25 revenue dropped 12% YoY as finished drugs witnessed decrease on VBP and NRDL inclusion. Bulk products and license fees compensated to an extent.</li>
<li>Pressure on revenue will continue to be felt. Newly launched products, pipeline strength and out licensing opportunities would help ward off the effects of lower revenues from finished drugs.</li>
<li>CSPC Pharmaceutical aims to expand into the high-end market to achieve competitive differentiation and thereby command higher prices. Pivotal data read outs awaited.</li>
</ul>



CSPC Pharmaceutical Group (1093 HK) 9M25 revenue dropped 12% YoY as finished drugs witnessed decrease on VBP and NRDL inclusion. Bulk products and license fees compensated to an extent.
Pressure on revenue will continue to be felt. Newly launched products, pipeline strength and out licensing opportunities would help ward off the effects of lower revenues from finished drugs.
CSPC Pharmaceutical aims to expand into the high-end market to achieve competitive differentiation and thereby command higher prices. Pivotal data read outs awaited.


CSPC Pharma (1093 HK): 9M25 Remain Subdued on Finished Drugs; Key Pivotal Data Read Outs Awaited

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>Sales mildly recovered in 3Q25. CSPC reported total revenue of RMB19.9bn for 9M25, including RMB1.54bn in business development (BD) income.</li><li>Excluding BD contributions, core revenue reached RMB18.4bn, down 19% YoY, representing 73.4% of our prior FY25 forecast and broadly in line with expectations.</li><li>Notably, core revenue (excl. BD income) returned to sequential growth in 3Q25, increasing 4.2% QoQ.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Sales mildly recovered in 3Q25. CSPC reported total revenue of RMB19.9bn for 9M25, including RMB1.54bn in business development (BD) income.Excluding BD contributions, core revenue reached RMB18.4bn, down 19% YoY, representing 73.4% of our prior FY25 forecast and broadly in line with expectations.Notably, core revenue (excl. BD income) returned to sequential growth in 3Q25, increasing 4.2% QoQ.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CSPC Pharmaceutical (1093 HK) - BD Continues to Drive Long-Term Growth

Thematic (Sector/Industry)

<ul>
<li>Fosun Pharma is acquiring 53% stake in Green Valley Pharmaceuticals for ~$200M, to bolster CNS portfolio. Hansoh Pharmaceutical entered an exclusive license agreement with Glenmark Pharma for NSCLC drug Ameile.</li>
<li>Daiichi Sankyo received FDA approval for Enhertu as first-line treatment for HER2+ breast cancer. Takeda Pharmaceutical announced positive topline results for two P3 studies of zasocitinib in moderate-to-severe plaque psoriasis.</li>
<li>Hanmi Pharmaceutical filed domestic marketing application for efpeglenatide autoinjector, the first domestically developed GLP-1-based obesity drug. Max Healthcare announced INR10B+ investment for a ~450 bedded hospital in Pune.</li>
</ul>


Fosun Pharma is acquiring 53% stake in Green Valley Pharmaceuticals for ~$200M, to bolster CNS portfolio. Hansoh Pharmaceutical entered an exclusive license agreement with Glenmark Pharma for NSCLC drug Ameile.
Daiichi Sankyo received FDA approval for Enhertu as first-line treatment for HER2+ breast cancer. Takeda Pharmaceutical announced positive topline results for two P3 studies of zasocitinib in moderate-to-severe plaque psoriasis.
Hanmi Pharmaceutical filed domestic marketing application for efpeglenatide autoinjector, the first domestically developed GLP-1-based obesity drug. Max Healthcare announced INR10B+ investment for a ~450 bedded hospital in Pune.


APAC Healthcare Weekly (December 21)–Fosun Pharma, Hansoh, Daiichi Sankyo, Takeda, Hanmi, Max Health

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cspc-pharmaceutical-group-ltd" target="_blank" data-smartkarma-citation="entities:229:1" rel="noopener">CSPC Pharmaceutical Group (1093 HK)</a> 1H25 revenue dropped 18.5% YoY as finished drugs witnessed decrease on VBP and NRDL inclusion. Bulk products and license fees compensated to an extent.</li>
<li>More license and collaboration in relation to the development, manufacturing and commercialization of certain products of the company awaited in 2H25 and augurs well in terms of future revenue visibility.</li>
<li>CSPC Pharmaceutical aims to expand into the high-end market to achieve competitive differentiation and thereby command higher prices.</li>
</ul>



CSPC Pharmaceutical Group (1093 HK) 1H25 revenue dropped 18.5% YoY as finished drugs witnessed decrease on VBP and NRDL inclusion. Bulk products and license fees compensated to an extent.
More license and collaboration in relation to the development, manufacturing and commercialization of certain products of the company awaited in 2H25 and augurs well in terms of future revenue visibility.
CSPC Pharmaceutical aims to expand into the high-end market to achieve competitive differentiation and thereby command higher prices.


CSPC Pharma (1093 HK): Finished Drugs Drag 1H25; 2H25 Expected To End with More Licensing Deals

<ul><li>Management expects a recovery in product sales in 2H25. CSPC reported total revenue of RMB13.3bn in 1H25, including RMB1.08mn from out-licensing (BD) income.</li><li>Excluding BD contributions, core revenue reached RMB12.2bn, down 25% YoY and 4% HoH, representing 44% of our prior FY25 estimate and broadly in line with expectations.</li><li>In 2Q25, core revenue declined by 6% QoQ (or -22% YoY), primarily due to continued softness in NBP sales, impacted by tighter hospital prescription controls, and the implementation of volume-based procurement (VBP) for Duomeisu and Jinyouli. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Management expects a recovery in product sales in 2H25. CSPC reported total revenue of RMB13.3bn in 1H25, including RMB1.08mn from out-licensing (BD) income.Excluding BD contributions, core revenue reached RMB12.2bn, down 25% YoY and 4% HoH, representing 44% of our prior FY25 estimate and broadly in line with expectations.In 2Q25, core revenue declined by 6% QoQ (or -22% YoY), primarily due to continued softness in NBP sales, impacted by tighter hospital prescription controls, and the implementation of volume-based procurement (VBP) for Duomeisu and Jinyouli. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CSPC Pharmaceutical (1093 HK) - Two More Large-Scale BD Deals Anticipated in 2H25

China

CSPC Pharmaceutical Group Limited, through its subsidiaries, manufactures and sells pharmaceutical products.  The Company's products include vitamin C, antibiotics and common generic drugs. The Company is also engages in the development of innovative drugs and antibiotics.

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CSPC Pharmaceutical Group (1093 HK)

CSPC Pharma (1093 HK): 9M25 Remain Subdued on Finished Drugs; Key Pivotal Data Read Outs Awaited

CSPC Pharmaceutical's revenue dropped 12% YoY due to finished drugs decline, but bulk products and license fees helped compensate. Focus on new...

Tina Banerjee

CSPC Pharmaceutical (1093 HK) - BD Continues to Drive Long-Term Growth

Sales mildly recovered in 3Q25. CSPC reported total revenue of RMB19.9bn for 9M25, including RMB1.54bn in business development (BD) income.

CMB International

APAC Healthcare Weekly (December 21)–Fosun Pharma, Hansoh, Daiichi Sankyo, Takeda, Hanmi, Max Health

Fosun Pharma is acquiring 53% stake in Green Valley. Hansoh inked exclusive license agreement with Glenmark Pharma. Daiichi Sankyo’s Enhertu got...

Tina Banerjee

CSPC Pharma (1093 HK): Finished Drugs Drag 1H25; 2H25 Expected To End with More Licensing Deals

CSPC Pharma's 1H25 revenue dropped 18.5% YoY, on lower finished drug sales. However, future revenue visibility looks promising with upcoming...

Tina Banerjee

CSPC Pharmaceutical (1093 HK) - Two More Large-Scale BD Deals Anticipated in 2H25

Management expects a recovery in product sales in 2H25. CSPC reported total revenue of RMB13.3bn in 1H25, including RMB1.08mn from out-licensing...

CMB International

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CSPC Pharma (1093 HK): 9M25 Remain Subdued on Finished Drugs; Key Pivotal Data Read Outs Awaited

​CSPC Pharmaceutical's revenue dropped 12% YoY due to finished drugs decline, but bulk products and license fees helped compensate. Focus on new...

Tina Banerjee

CSPC Pharmaceutical (1093 HK) - BD Continues to Drive Long-Term Growth

Sales mildly recovered in 3Q25. CSPC reported total revenue of RMB19.9bn for 9M25, including RMB1.54bn in business development (BD) income.

CMB International

APAC Healthcare Weekly (December 21)–Fosun Pharma, Hansoh, Daiichi Sankyo, Takeda, Hanmi, Max Health

Fosun Pharma is acquiring 53% stake in Green Valley. Hansoh inked exclusive license agreement with Glenmark Pharma. Daiichi Sankyo’s Enhertu got...

Tina Banerjee

CSPC Pharma (1093 HK): Finished Drugs Drag 1H25; 2H25 Expected To End with More Licensing Deals

​CSPC Pharma's 1H25 revenue dropped 18.5% YoY, on lower finished drug sales. However, future revenue visibility looks promising with upcoming...

Tina Banerjee

CSPC Pharmaceutical (1093 HK) - Two More Large-Scale BD Deals Anticipated in 2H25

Management expects a recovery in product sales in 2H25. CSPC reported total revenue of RMB13.3bn in 1H25, including RMB1.08mn from out-licensing...

CMB International

CSPC Pharmaceutical's revenue dropped 12% YoY due to finished drugs decline, but bulk products and license fees helped compensate. Focus on new...

CSPC Pharma's 1H25 revenue dropped 18.5% YoY, on lower finished drug sales. However, future revenue visibility looks promising with upcoming...