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Chinese pharma maker of generic drugs and IV infusions, with a biotech arm developing antibody-drug conjugates licensed to Merck.
Chinese pharma maker of generic drugs and IV infusions, with a biotech arm developing antibody-drug conjugates licensed to Merck.
Earns most of its income from selling large-volume IV infusions, such as saline and glucose bags, and generics to hospitals, a volume business squeezed by government bulk-buying tenders. Its separately listed subsidiary, Kelun-Biotech, brings licensing and milestone income from Merck for antibody-drug conjugates, drugs that carry a toxin straight to tumor cells.
In one line: A generics manufacturer with a Seagen-like ADC biotech unit.
Moat: narrow (IP / patents, scale). Large generics/infusion base funds an ADC pipeline validated by a major Merck licensing deal.
Headquarters: Chengdu, China · Founded: 1996 · Employees: 20,127
Size Sichuan Kelun Pharmaceutical (002422.SZ) is a China Health Care company (Biotechnology) with a market value of $10.8B, the 230th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥45.08 on 6 Nov 2026.
Performance Over six months the shares gained 30.4%, against +9.0% for the median peer and -16.4% for the China market (cap-weighted) — 8th highest of 21 in its peer set.
Growth Revenue grew 0.3% over the last twelve months (peer median +38.0%); the operating margin is 9.4% (peer median 12.3%).
Valuation It trades at 37.3× forward earnings against a peer median of 34.7× (5th most expensive of 12).
Price implies For today's price to make sense, revenue must grow about 7% a year for seven years (Req g). Recent delivered growth is +2%, so the hurdle is +5 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 1.6 points above its cost of capital (5.0% WACC).
Next results Next results expected around 29 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥18.3B | CN¥18.4B | CN¥21.6B | CN¥21.3B | CN¥18.9B |
| Revenue growth | — | -15% | +2% | +13% | — |
| Gross profit | CN¥9.60B | CN¥8.40B | CN¥10.8B | CN¥10.8B | CN¥9.57B |
| EBITDA | n/a | CN¥3.43B | CN¥5.14B | CN¥4.54B | CN¥3.39B |
| Net income | CN¥1.97B | CN¥1.70B | CN¥2.94B | CN¥2.46B | CN¥1.71B |
| Free cash flow | CN¥2.49B | CN¥1.19B | CN¥3.02B | CN¥3.70B | CN¥2.34B |
| Capital expenditure | CN¥1.40B | CN¥1.62B | CN¥1.68B | CN¥1.77B | CN¥897M |
| Total debt | CN¥4.33B | CN¥4.36B | CN¥4.42B | CN¥7.56B | CN¥11.6B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Sichuan Kelun Pharmaceutical 002422.SZ | $10.8B | +30% | 0% | 9% | 37.3× | 7.2% |
| Jiangsu Hengrui Pharmaceuticals 600276.SS | $49.7B | -6% | +6% | 27% | 36.4× | 14.9% |
| Merck & MRK | $362B | +33% | +5% | 18% | 17.4× | 4.1% |
| Sbp 1177.HK | $12.7B | +4% | +15% | 30% | 18.3× | -5.4% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 002422.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +16.3% | -4.6% | 4th highest of 21 |
| 6-month return | +30.4% | +9.0% | 8th highest of 21 |
| Distance from 52-week high | -14.6% | -26.1% | 6th highest of 21 |
| Revenue growth (TTM) | +0.3% | +38.0% | 3rd lowest of 18 |
| Operating margin | 9.4% | 12.3% | 9th lowest of 18 |
| Forward P/E | 37.3× | 34.7× | 5th most expensive of 12 |
| Growth the price implies (Req g, 7 yrs) | 7.2% | 18.7% | 5th least demanding of 12 |
| Growth delivered (Del g) | +2.3% | +19.8% | 2nd lowest of 12 |
| Hurdle (Req g minus delivered) | +4.8 pp | -8.7 pp | 5th most demanding of 12 |
| ROIC minus cost of capital | +1.6 pp | -3.2 pp | 7th highest of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Sichuan Kelun Pharmaceutical 002422.SZ | China | $10.8B | +30% | 0% | 9% | 37.3× | 7.2% | +2.3% |
| BioMarin Pharmaceutical BMRN | United States | $10.9B | +4% | +20% | 19% | 10.3× | 6.5% | +12.0% |
| Kymera Therapeutics KYMR | United States | $11.2B | +53% | +134% | -396% | n/a | n/a | n/a |
| ALTEOGEN 196170.KS | South Korea | $10.3B | -46% | +61% | 53% | 47.0× | 29.8% | +38.5% |
| Bio-Techne TECH | United States | $11.4B | +51% | 0% | 22% | 35.9× | 31.3% | +5.5% |
| Vaxcyte PCVX | United States | $10.1B | +21% | n/a | n/a | n/a | n/a | n/a |
| Halozyme Therapeutics HALO | United States | $11.8B | +62% | +41% | 57% | 10.7× | 2.5% | +39.2% |
| Cspc Pharma 1093.HK | Hong Kong | $12.4B | +5% | +25% | 28% | 9.3× | -10.3% | +0.1% |
| Elanco Animal Health ELAN | United States | $12.9B | +9% | +12% | 7% | 21.8× | 34.8% | +7.6% |
| Krystal Biotech KRYS | United States | $8.92B | -2% | +26% | 48% | 34.7× | 11.9% | +26.0% |
| Summit Therapeutics SMMT | United States | $13.1B | -10% | n/a | n/a | n/a | n/a | n/a |
| Genscript Biotech 1548.HK | Hong Kong | $8.81B | +96% | +53% | 12% | 297.9× | 36.5% | +19.8% |
| Arrowhead Pharmaceuticals ARWR | United States | $8.22B | -20% | +17% | -34% | n/a | n/a | n/a |
| BridgeBio Pharma BBIO | United States | $14.5B | +10% | +167% | -37% | n/a | n/a | n/a |
| Twist Bioscience TWST | United States | $7.95B | +112% | +19% | -32% | n/a | n/a | n/a |
| 10x Genomics TXG | United States | $7.72B | +174% | -4% | -14% | n/a | 41.8% | +16.6% |
| Caris Life Sciences CAI | United States | $7.13B | +56% | +85% | 15% | 86.1× | 18.7% | +85.4% |
| Axsome Therapeutics AXSM | United States | $6.96B | -39% | +54% | -19% | 75.5× | n/a | n/a |
| Neurocrine Biosciences NBIX | United States | $16.7B | +8% | +38% | 25% | 18.2× | -1.7% | +22.3% |
| CG Oncology CGON | United States | $6.74B | +9% | +1,030% | -4,056% | n/a | n/a | n/a |
| Immunovant IMVT | United States | $6.31B | +5% | n/a | n/a | n/a | n/a | n/a |