HENLIUS (02696) released its 2026 interim results on August 21, showcasing a high-quality, steadily growing revenue and profit performance. During the reporting period, the company achieved revenue of RMB3.5882 billion, up 27.3% year-on-year, with net profit reaching RMB430.4 million, representing a 10.3% increase. On other operational metrics, non-IFRS profit hit RMB572.3 million, up 46.7% year-on-year, while non-IFRS adjusted EBITDA reached RMB904.1 million, a 35.2% increase. Behind these positive financial figures lies HENLIUS's global systemic advantage spanning innovative R&D, clinical development, regulatory filings, manufacturing quality, and commercialization, which continues to drive the realization of its "accelerated innovation—global monetization—performance validation" endogenous growth logic.
According to information from the financial news platform, since achieving its first full-year profitability in 2023, HENLIUS has continued to deliver double growth in both revenue and profit in the first half of this year. Notably, despite significantly increasing R&D investment to RMB1.4507 billion, up 45.7% year-on-year, the company still maintained a 10.3% profit growth to RMB430.4 million, fully demonstrating its strong self-sustaining cash generation capability. In the first half of this year, HENLIUS's profit growth contributions primarily came from the coordinated development of both domestic and overseas markets. As of the end of June 2026, HENLIUS had 10 products approved for marketing in over 60 countries and regions worldwide, with 4 products receiving US FDA approval and 5 products receiving EU EC approval. Global product revenue reached RMB2.939 billion, up 14.9% year-on-year. Among these, the company's overseas product sales revenue surged 159.4% year-on-year to RMB105 million, with overseas product profit of RMB60 million, more than four times that of the same period last year, further strengthening its global commercialization capability.
As the core product in HENLIUS's lung cancer and gastrointestinal tumor treatment portfolio, H药 汉斯状® achieved global revenue of RMB598 million during the reporting period. In the domestic market, 汉斯状® has received approval for 5 indications, with the new indication for perioperative treatment of gastric cancer approved through the priority review procedure in June 2026. This makes it the world's first and only anti-PD-1 monoclonal antibody approved for perioperative treatment of gastric cancer, filling a global clinical gap. The regimen successfully achieves "postoperative chemotherapy-free" treatment, replacing traditional adjuvant chemotherapy with immunotherapy monotherapy. This innovative "reduced toxicity with enhanced efficacy" treatment model significantly improves therapeutic outcomes while balancing safety and patient tolerability. This unique clinical value directly corresponds to a substantial unmet medical need. From a market structure perspective, China accounts for approximately 40% of the world's new gastric cancer cases annually, and perioperative immunotherapy has long lacked a standard regimen. The approval of this indication directly enters a vast blue ocean market, and with its "world's only" differentiated label, it holds a first-mover advantage in clinical settings, poised to rapidly achieve hospital penetration and volume growth, opening significant space for the second growth curve of H药 in the domestic market while further consolidating the company's differentiated leadership in the gastrointestinal tumor field.
The academic endorsement is equally robust. In June this year, the Phase III clinical study (ASTRUM-006) data for H药 in neoadjuvant/adjuvant treatment of gastric cancer was first officially presented as an oral presentation at the ASCO annual meeting, and simultaneously published online in The Lancet, a top international medical journal, earning authoritative recognition from two of the world's premier academic platforms. In overseas markets, during the reporting period, H药 achieved an important milestone marking the first anniversary of EU marketing approval. During the period, the product added three new indications in the EU for first-line treatment of non-squamous non-small cell lung cancer (nsqNSCLC), esophageal squamous cell carcinoma (ESCC), and squamous non-small cell lung cancer (sqNSCLC), further expanding its European regional indication landscape and continuously enhancing market coverage capabilities. In July, the ES-SCLC indication for H药 was successfully incorporated into the UK NHS. To date, the product has entered the reimbursement lists or public payment systems of 12 countries including the UK, Germany, Italy, and Sweden. Looking globally, leveraging the company's comprehensive systemic advantages in regulatory filings, manufacturing quality, and commercialization, H药 has now been approved for marketing in over 50 countries and regions worldwide, continuing to achieve breakthroughs in lung cancer and gastrointestinal tumors, with its FIC and BIC potential rapidly being unleashed. Meanwhile, addressing broader clinical needs, clinical development and registration processes for H药 are being comprehensively accelerated in core markets such as China, the EU, and the US, as well as more emerging markets. Driven by the company's robust global systemic commercialization, H药 is advancing toward becoming the next domestically developed innovative drug to surpass RMB10 billion in annual global sales.
In the breast cancer treatment field, HENLIUS achieved global product sales revenue of RMB1.698 billion in this segment during the reporting period. As the key pillar for the commercialization of the company's full-spectrum, full-cycle, global breast cancer treatment pipeline, 汉曲优® (trastuzumab, US trade name: HERCESSI™, European trade name: Zercepac®) achieved global sales revenue of RMB1.484 billion and is currently approved for marketing in over 50 countries and regions worldwide. During the same period, other products in the breast cancer pipeline contributed revenue simultaneously: 汉奈佳® (neratinib) achieved sales revenue of RMB196 million, 汉倍优® (pertuzumab, US and European trade name: POHERDY®) achieved sales revenue of RMB7.7 million, and 复妥宁® (foveciclib) recorded revenue of RMB10.7 million during the period. Building on the commercialization foundation established by 汉曲优®, the company's "full-spectrum, full-cycle, global" breast cancer product matrix is rapidly taking shape. Among these, 汉倍优® (pertuzumab) received domestic market approval in May this year, joining forces with 汉曲优® to create the first domestically developed trastuzumab-pertuzumab dual-target combination therapy approved in China, the US, and Europe, completing an important piece of the first-line breast cancer treatment landscape. Furthermore, the company continues to intensify its investment in cutting-edge breast cancer innovation tracks, strategically focusing on novel endocrine therapies, neo-epitope anti-HER2 monoclonal antibodies, HER2 ADCs, KAT6A/B oral small molecule inhibitors, HER2 bispecific ADCs, and domestically developed subcutaneous fixed-dose combinations of pertuzumab and trastuzumab, further consolidating HENLIUS's leading position in the global breast cancer treatment arena.
The interim report shows that in the first half of 2026, HENLIUS confirmed R&D investment of RMB1.451 billion, up 45.7% year-on-year. Strong revenue growth and cash reserves provide robust support for the company's innovation and R&D efforts. Leveraging next-generation IO platforms, Hanjugator ADC platforms, multispecific TCE platforms, and AI-driven technology platforms, the company has established a comprehensive innovation and R&D system, continuously empowering the development and iteration of high-potential innovative molecules. The continuously increasing R&D investment and mature technology platform systems are driving the company's self-developed FIC/BIC innovative pipeline into a concentrated harvest phase. In the first half of this year, HENLIUS held 32 INDs and 25 BLAs globally, covering nearly 50 countries and regions including China, the US, Europe, Japan, and Canada, with its global clinical and regulatory footprint continuing to accelerate. Early-stage cutting-edge pipeline assets are deployed across multiple fronts, with multiple next-generation innovative molecules possessing FIC/BIC potential steadily advancing, covering multispecific TCEs (HLX3901, HLX3902), bispecific ADCs (HLX48), small molecule inhibitors (HLX97), fusion proteins (HLX316), and other cutting-edge tracks.
As a core innovative asset of significant strategic value in HENLIUS's pipeline, the development progress of HLX43 is undoubtedly a major highlight for investors in this earnings report. According to the financial news platform, as the world's second broad-spectrum anti-tumor PD-L1 ADC with potential BIC capabilities, key subgroup data from HLX43's treatment of NSCLC was formally presented as a rapid oral presentation at this year's ASCO annual meeting, once again demonstrating significant antitumor activity and manageable safety in the NSCLC indication, further validating its strong "monotherapy as pipeline" potential. In addition to continuously increasing investment in innovative R&D, HENLIUS is also further strengthening its manufacturing and quality system construction, expanding product international registrations and commercial collaboration boundaries, accelerating the company's strategic march toward becoming a new-era C-MNC.
Notably, following the licensing collaboration agreement with Sandoz for the ipilimumab biosimilar HLX13 in April last year, the commercial collaboration between HENLIUS and Sandoz has been further deepened this year. On August 17, the company announced it would grant Sandoz exclusive rights for the registration and commercialization of up to 10 collaborative products globally, excluding China. HENLIUS will receive upfront payments, related milestone payments, and non-refundable option fees totaling up to USD322 million. It is worth noting that the two parties will engage in deep collaboration from the early stages of project development, spanning critical phases including product development, regulatory filings, manufacturing, commercialization, and lifecycle management. This move will undoubtedly further consolidate HENLIUS's global systemic advantages, laying a solid foundation for the company's future global expansion to comprehensively cover major Western biopharmaceutical markets and numerous emerging markets.
According to statistics from Guosen Securities, southbound capital has accumulated net inflows of RMB11.3 billion over the past month and nearly RMB380 billion year-to-date, with the trend of sustained net inflows into Hong Kong stocks being evident. Meanwhile, foreign capital maintains an overall bullish stance on the Hong Kong market. As of July this year, cumulative net inflows from active and passive foreign capital into Hong Kong stocks exceeded USD18 billion. On the day of the earnings release, August 21, the Hang Seng Index Series quarterly review results were simultaneously announced, confirming that HENLIUS has been included as a constituent of the Hang Seng Composite Index. Subsequently, it will meet the inclusion criteria for southbound trading under the Stock Connect schemes, effective from September 7. With the company's inclusion in Hong Kong's core value system and further improvement of mainland capital trading channels, it is expected to continue attracting southbound capital inflows in the future.
It is clear that global capital is accelerating its allocation to the Hong Kong stock market, with the underlying logic being the recent marginal pressure on US dollar credit and the strengthening allocation momentum for Hong Kong stocks. Within specific sectors, measured by the number of stocks hitting 250-day highs, the pharmaceutical sector shows the most pronounced new-high effect. Against this market backdrop, HENLIUS is well-positioned to attract attention from southbound capital. Additionally, HENLIUS's extremely strong self-sustaining advantages in differentiated innovation and global commercialization, coupled with its steadily improving fundamentals, align well with the current investment preferences in Hong Kong-listed pharmaceutical stocks. Therefore, in the context of improving market sentiment, the company is expected to further demonstrate stable allocation value and an upward trend in the secondary market.
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