Hansoh Pharma Unveils Next-Generation Blockbuster Pipeline in Strong H1 2026 Results

On August 27, Hansoh Pharma’s share price rose by 16% for the day, marking its largest single-day gain this year.

The catalyst for this market rally was Hansoh Pharma’s better-than-expected interim report. On the evening of August 26, Hansoh released its 2026 semi-annual report, showing that the company’s revenue for the first half of the year reached RMB 8.304 billion, a year-on-year increase of 11.7%; net profit amounted to RMB 4.258 billion, representing a year-on-year growth of 35.8%.

Following the earnings release, Goldman Sachs immediately raised its 2026 earnings forecast for Hansoh Pharma by 15%.

Goldman Sachs sees the potential for Hansoh Pharma to continue creating value for shareholders. In the first half of 2026, the company's innovative drug revenue reached RMB 7.092 billion, accounting for a record high of 85.4% of total revenue. Moreover,Excluding BD revenue, Hansoh Pharma’s innovative drug product sales grew by 21.6%, outpacing the overall revenue growth.

On the other hand, Hansoh Pharma achieved rapid sales growth while its selling expenses increased by only 2.3%. This indicates that the company’s innovative products have already established word-of-mouth effects and economies of scale in the market, gaining greater clinical recognition without relying solely on marketing expenditures and academic promotion.

Quality products speak for themselves. Hansoh Pharma’s operational performance demonstrates that the company’s innovation strategy over the past few years has been successful and capable of sustaining a continuous ripple effect. In the first half of the year,Hansoh Pharma’s Four New Product Marketing Applications Accepted; Three Phase III Pivotal Registration Clinical Trials Initiated,Four new innovative drug candidates have entered clinical trials, potentially creating additional profit drivers.

Hansoh Pharma has transcended the typical development stage of innovative pharmaceutical companies, demonstrating that innovation-driven drug development can break away from the粗放 logic of simply burning cash for growth, achieving a precise balance between high investment and financial health. This is what truly sets Hansoh Pharma apart.

Focus on Mid-to-Long-Term Growth and Build the Strongest Product Moat

Aumolertinib is undoubtedly Hansoh Pharma's most important commercialized asset. Management expects,Aumolertinib’s sales are projected to peak at RMB 8 billion in 2030, with future potential to synergize with new pipeline assets such as c-MET inhibitors and fourth-generation EGFR-TKIs, aiming to achieve RMB 10 billion in sales.

However, judging from its current financial performance, Hansoh Pharma does not rely solely on aumolertinib.Hansoh Pharma's mature products have covered many high-value therapeutic areas, including solid tumors, hematologic malignancies, the central nervous system, and anti-infectives.The market features products that occupy niche segments, such as flumatinib, the first domestically developed second-generation BCR-ABL inhibitor; inebilizumab, the first domestically produced CD19 monoclonal antibody; and pemapetide, the world’s only marketed Class 1 small-molecule peptide drug.

In the first half of 2026, Hansoh Pharma’s oncology segment generated RMB 5.473 billion in revenue, accounting for 65.9% of total revenue; revenue from non-oncology areas reached RMB 2.831 billion, representing 34%. Both segments boast robust foundations, providing Hansoh Pharma with the confidence to continue betting on its future. As of June 30, 2026, Hansoh Pharma had more than 40 innovative drug candidates in its pipeline.

Hansoh Pharma’s innovation strategy is to deepen and maximize its strengths in established therapeutic areas, leveraging R&D and market advantages to their fullest extent; meanwhile, it explores multiple opportunities in clinical unmet needs and less competitive spaces to build differentiated barriers with First-in-Class (FIC) or Best-in-Class (BIC) assets.

For instance, in the non-small cell lung cancer (NSCLC) domain, where Hansoh Pharma holds a dominant position, the company has deployed the c-MET inhibitor dalmertinib to directly address the challenge of resistance to EGFR inhibitors in NSCLC, thereby expanding the market potential for combination therapies with aumolertinib. In May this year, its fourth-generation EGFR inhibitor advanced into Phase III clinical trials.

In the non-oncology sector, Hansoh Pharma has expanded its presence in chronic kidney disease (CKD), building on the foundation established by pemvidutide, by developing HS-10568 for the treatment of secondary hyperparathyroidism in patients with CKD. Meanwhile, the dual GLP-1/GIP receptor agonist olezepatide succeeds pegylated loxenatide.This is the product with the greatest commercial potential currently in Hansoh Pharma’s pipeline, with the possibility of creating an entirely new market space in China’s GLP-1 competitive landscape.

Orforglipron’s dual-biased design achieves a superior balance between weight loss efficacy and tolerability. Phase III clinical trial data show that after 48 weeks of treatment, subjects achieved a maximum weight reduction of 19.3%, comparable to the efficacy of current mainstream products; the incidence rates of nausea and vomiting were below 10% and 5%, respectively, demonstrating significant control over side effects. In the second half of the escalated competition in the weight-loss drug market, this has become a key strategic advantage for Hansoh Pharma to break through.

In the first half of this year, the marketing applications for damalitinib, HS-10569 injection, and olepatide were all accepted by the National Medical Products Administration (NMPA), with approval expected next year. Meanwhile, the OX2R-selective insomnia drug HS-10506 has entered pivotal Phase III registration trials this year.

At this point,Hansoh Pharma’s tiered portfolio of innovative products has taken shape: mature products generate cash flow, mid-to-late-stage pipeline assets provide rapid succession, and early-stage R&D builds the pipeline reserve, collectively establishing Hansoh Pharma’s strongest risk-resilience capability.

Hansoh Pharma is operating at the ideal state for an innovative pharmaceutical company: a robust portfolio of flagship products, a deep product pipeline, innovation R&D risks hedged by mature products, and no gaps in the progression of subsequent pipelines toward commercialization.

This is precisely the ideal business structure for many large multinational pharmaceutical companies. Innovation does not require a company to remain at the forefront at all times; rather, like waves crashing against the shore, it should provide the sustained momentum to drive the enterprise forward indefinitely. Hansoh Pharma is on the right path.

Transforming China’s Innovative Drugs into Global Blockbuster Assets

In the first half of this year, Hansoh Pharma reported a net cash inflow from operating activities of RMB 2.337 billion. During the same period, the company’s R&D expenditure amounted to RMB 1.739 billion, indicating substantial room for further investment in innovation. Consequently, Hansoh’s management expects the company’s R&D spending to increase by 30% in 2026.

Hansoh Pharma has a different strategic intent behind this additional investment of hundreds of millions of yuan in R&D: having reached its current stage of development, the company’s next step must be to enter the international arena in pursuit of greater value. This requires laying a deeper foundation and presenting its best drug candidates to compete with the top multinational pharmaceutical companies.

In June this year, Hansoh Pharma licensed its IL-23 receptor antagonist HS-20118 to Avere Therapeutics through a NewCo model, with a total deal value of $2.3 billion. Just one month later, Avere went public by merging with NextCure, a Nasdaq-listed company.

This marks the first time Hansoh Pharma has achieved capital-level success with its NewCo overseas expansion.Traditional license-out deals involve merely the licensing of a single product, whereas the NewCo model enables Chinese innovative products to access global capital markets, thereby unlocking greater potential for value realization. This success demonstrates that Hansoh Pharma has acquired the capability to internationally package, capitalize, and globally commercialize its innovative assets.

If the establishment of a NewCo once demonstrated Hansoh Pharma’s capability in asset management, then the global expansion of almonertinib truly tests the company’s ability to execute global commercial operations. In February this year, almonertinib successfully entered the European market, gaining approval for two indications as monotherapy for non-small cell lung cancer (NSCLC), becoming the first Chinese-originated third-generation EGFR inhibitor approved for marketing in the European Union.

After securing the top two position in China, Aumolertinib has set its sights on Europe, where the penetration rate of third-generation EGFR inhibitors remains relatively low. The goal is to establish the industry standing of Chinese innovative lung cancer drugs in the high-end market, thereby paving the way for the future global launch of additional products.

In addition to these two models, Hansoh Pharma also licenses out its next-generation blockbuster candidates through business development (BD) transactions.

China is a global R&D hub for ADCs, accounting for 40% of the worldwide pipeline. Hansoh Pharma has avoided crowding into the hottest targets, yet has developedB7H3 ADC (HS-20093) and B7H4 ADC (HS-20089) are Hansoh Pharma’s two most globally competitive flagship assets,It is Hansoh Pharma’s most promising blockbuster asset poised to capture the First-in-class market.

In 2023, these two pipelines were successively licensed to GSK, with the total value of the two transactions reaching up to $3.28 billion. In July this year, the Phase III data for HS-20093 was released.The first B7-H3 ADC to demonstrate a significant overall survival benefit in a Phase III trial.Meanwhile, the treatment of osteosarcoma also reached the primary endpoint of progression-free survival, among drugs with the same target.The only drug worldwide to achieve Phase III clinical trial success across multiple tumor types.

This means that Hansoh Pharma and GSK have joined forces to reach a height that no global pharmaceutical giant has ever achieved. GSK regards this partnership as the core pillar of its oncology pipeline, sparing no expense in acquiring Nuvalent for $10.6 billion to provide a lung cancer platform to support the rapid expansion of HS-20093.

Currently, the Phase III pivotal clinical trials of HS-20093 for non-small cell lung cancer and esophageal squamous cell carcinoma are ongoing, while key proof-of-concept clinical studies for head and neck cancer, prostate cancer, and colorectal cancer are being efficiently advanced. This productIt has secured 11 regulatory designations, including Breakthrough Therapy and Priority Review, in the United States, China, Europe, and Japan, making it the B7-H3 ADC with the highest number of regulatory recognitions to date.

B7-H4 ADC (HS-20089) is a rising star drug in gynecologic oncology from Hansoh Pharma.HS-20089 is the first drug in its class globally to enter Phase III clinical trials. Clinical studies are progressing smoothly.For indications such as platinum-resistant ovarian cancer in Phase III clinical trials. Globally, GSK disclosed that five pivotal Phase III studies for HS-20089 will be conducted this year, with trials for platinum-resistant ovarian cancer and second-line endometrial cancer already initiated.

The simultaneous success of three internationalization initiatives demonstrates that Hansoh Pharma has a higher starting point and a stronger foundation for its global expansion, positioning it for greater achievements in the future.

Hansoh Pharma’s evolution follows a clear and discernible logic: progressing from blockbuster drugs to comprehensive advancement, and from the domestic market to global competition. As a long-termist driven by systematic capabilities, Hansoh Pharma sustains continuous growth. Its enduring momentum stems from mature and stable R&D and marketing strategies. This is not a breakthrough born of fleeting inspiration, but rather a well-established strategic system. The forward march of this Chinese innovation aircraft carrier will showcase to the world the true strength of China’s innovative capabilities.

By |Yang Xixia

Edited by Jiang Yun, Jia Ting

Operations | Nian Shisan

Illustration | Visual China

Disclaimer: Original content by Jian Shi Ju. Do not reproduce without permission.

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