Hansoh Pharma: Innovative Drugs Gain Momentum and BD-Driven Global Expansion Accelerates, Entering a Phase of High-Quality Growth

(Source: A Large Pine Tree)

Event:The Company Released Its 2025 Annual Earnings Announcement, Achieving a Full-Year Revenue of RMB 15.028 Billion, a Year-on-Year Increase of 22.6%; Net Profit for the Year Reached RMB 5.555 Billion, a Year-on-Year Increase of 27.1%.

Innovative Drugs Drive Growth, Revenue Structure Continuously Optimized

In 2025, the company's performance achieved rapid growth, coreDriving ForceDriven by the continuous growth of innovative drugs, the revenue structure has been further optimized. The annual revenue from innovative drugs and collaborative products reached RMB 12.354 billion, representing a year-on-year increase of 30.4%, with its proportion rising to 82.2%, becoming the core driver of the company's revenue growth. In terms of therapeutic areas, the oncology segment remains the company’s mainstay, generating revenue of RMB 9.974 billion, accounting for 66.4%; the metabolism and other diseases segment achieved revenue of RMB 2.158 billion, accounting for 14.3%, showing a rapid growth trend; the anti-infective and central nervous system segments remained stable overall.

Core Products Continue to Gain Traction, Aumolertinib Globalization Accelerates

As the first domestically produced third-generation EGFR-TKI in China, Aumolertinib is the company’s core product. The indications for Aumolertinib in China have continued to expand, with newly approved indications for adjuvant treatment and maintenance/consolidation treatment of EGFR-sensitive mutations added in 2025, all of which have been included in the National Reimbursement Drug List (NRDL). It has become the first domestically produced third-generation EGFR-TKI in China to achieve NRDL coverage for four major indications: adjuvant, first-line, second-line, and locally advanced treatments. In January 2026, Aumolertinib received approval for a new indication as a combination therapy with chemotherapy for first-line treatment of EGFR-sensitive mutation NSCLC, bringing its total number of approved indications in China to five. Its New Drug Application (NDA) for use in combination with Damelitinib (a c-MET inhibitor) for treating MET-amplified NSCLC patients previously treated with EGFR TKIs has been accepted by the NMPA.

Ameitinib Achieves Breakthrough in Overseas Commercialization, Approved for Marketing in the UK and EU for First-Line Treatment of EGFR Mutation-Positive NSCLC and Second-Line Treatment of EGFR T790M Mutation Patients; Rights for Development and Commercialization in the Middle East, Africa, and Australia Granted to Glenmark.

Multiple BD Landings, Continuous Realization of Innovative Value

In 2025, the company made significant progress in BD, successively reaching multiple high-profile licensing collaborations with Regeneron, Roche, and Glenmark, covering key areas such as GLP-1/GIP dual targets and ADC. The total value of BD deals in 2025 exceeded $4.5 billion, which is expected to continuously contribute cash flow to the company.

Endogenous Innovation Continues to Advance, Pipeline Enters Harvest Period

In 2025, Hansoh Pharma continues to advance its internal innovation, achieving several key developments in its major pipelines within the metabolic and oncology fields. In the metabolic field, the company is primarily advancing its GLP-1 receptor agonist-related pipelines. In addition to the already out-licensed GLP-1/GIP dual receptor agonist HS-20094 (Phase III) and the oral GLP-1RA drug HS-10535 (Phase I), the company also has two oral GLP-1RA drugs in reserve: HS-10501 (Phase II) and HS-10535 (Phase I), as well as a GLP1R/GIPR/GCGR triagonist (preclinical). In the oncology field, significant progress has been made with ADC drugs. The B7-H4 ADC (HS-20089), licensed to GSK, was approved by the NMPA in 2025 for inclusion in the breakthrough therapy designation for patients with platinum-resistant recurrent ovarian cancer, fallopian tube cancer, and primary peritoneal cancer. The B7-H3 ADC (HS-20093) received FDA breakthrough therapy designation for later-line treatment of osteosarcoma patients. Both drugs have now entered Phase III clinical trials. Meanwhile, the company’s self-developed TYK2 inhibitor (HS-10374) is currently undergoing a Phase III clinical trial for moderate to severe plaque psoriasis.

Risk Warning

Slower-than-expected R&D progress, policy change risks, intense market competition

Securities Research Report: "Tianfeng Securities- Hansoh Pharma: Continuous Growth of Innovative Drugs Combined with Accelerated BD Overseas Expansion, Entering a High-Quality Growth Phase》

External Release Date: April 22, 2026

Report Publishing Institution: TF Securities Co., Ltd.

Analysts of this report:

Cao Wenqing SAC Certificate No.: S1110523120003