Innovative drug stocks surged across the board. As of press time, 3SBIO (01530) rose 9.55% to HK$33.04; HBM HOLDINGS-B (02142) gained 6.25% to HK$16.99; HUTCHMED (00013) climbed 5.81% to HK$24.76; UNITED LAB (03933) increased 5.52% to HK$17.58; WUXI BIO (02269) advanced 5.16% to HK$37.1; and HENGRUI PHARMA (01276) rose 2.95% to HK$83.75.
On the news front, the 2025 World Lung Cancer Congress (WCLC) will be held from September 6-9 in Barcelona, Spain. Multiple leading innovative drug companies are expected to release significant new products during the conference. Research findings and exchanges at academic conferences will bring new development opportunities and market attention to innovative drug enterprises.
Institutions are optimistic about the valuation recovery potential of the innovative drug sector, with the following rationale: 2025 interim results showed outstanding performance in innovative drugs and their supply chain; dense data catalysts expected in the PD-(L)1/VEGF track in H2 2025; multiple BD expectations likely to materialize within the year, opening up growth opportunities in global markets.
Since the beginning of this year, Chinese innovative drug companies' BD overseas expansion has become normalized. From January to July, License out amounts reached nearly $80 billion, representing a year-over-year increase of over 160%. In August, multiple Chinese innovative drug companies continued to announce large-scale patent licensing transactions.
Analysts believe that the essence of Chinese innovative drug companies going global in 2025 is to replace part of the overseas biotech ecosystem through national competitive advantages. If overseas markets begin a rate-cutting cycle and the investment and financing environment improves significantly, the global innovative drug industry is expected to see new industrial breakthroughs and "blockbuster drugs." The Chinese and US innovative drug industries will experience a round of prosperity resonance. China's innovative drug sector's deep participation in the global supply chain this round will fully benefit from the global innovation cycle.