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China's largest pharmaceutical R&D company, developing innovative oncology, metabolic and other prescription drugs.
China's largest pharmaceutical R&D company, developing innovative oncology, metabolic and other prescription drugs.
Earns mostly from selling prescription drugs to Chinese hospitals, where older drugs face government bulk-purchase tenders and newer innovative medicines carry better prices. Licensing deals with overseas drugmakers bring upfront and milestone payments. It listed in Hong Kong in 2025 on top of its Shanghai listing.
In one line: China's leading innovative-drug company, akin to a domestic Merck/BMS in R&D scale.
Moat: narrow (IP / patents, scale, process know-how). Largest domestic R&D pipeline and patent estate among Chinese pharma companies.
Headquarters: Lianyungang, China · Founded: 1970 · Employees: 20,602
Size Jiangsu Hengrui Pharmaceuticals (1276.HK) is a Hong Kong Health Care company (Pharmaceuticals: Major) with a market value of $48.8B, the 36th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$52.20 on 6 Nov 2026.
Performance Over six months the shares fell 20.4%, against +20.9% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — lowest of 21 in its peer set.
Growth Revenue grew 11.3% over the last twelve months (peer median +11.7%); the operating margin is 27.5% (peer median 21.4%).
Valuation It trades at 32.1× forward earnings against a peer median of 18.6× (6th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 10% a year for seven years (Req g). Recent delivered growth is +2%, so the hurdle is +8 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 25.1 points above its cost of capital (7.0% WACC).
Next results Next results expected around 19 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$37.3B | HK$34.1B | HK$30.1B | HK$25.0B | HK$24.6B |
| Revenue growth | — | +13% | +20% | +2% | — |
| Gross profit | HK$32.8B | HK$28.9B | HK$25.6B | HK$20.7B | HK$20.2B |
| EBITDA | n/a | HK$9.72B | HK$7.88B | HK$5.42B | HK$4.25B |
| Net income | HK$10.1B | HK$8.36B | HK$6.87B | HK$4.75B | HK$4.54B |
| Free cash flow | HK$7.08B | HK$9.03B | HK$5.97B | HK$6.91B | -HK$652M |
| Capital expenditure | HK$4.48B | HK$3.21B | HK$2.14B | HK$1.64B | HK$2.32B |
| Total debt | HK$493M | HK$1.04B | HK$712M | HK$693M | HK$1.91B |
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 |
|---|---|---|---|---|---|---|
| Jiangsu Hengrui Pharmaceuticals 1276.HK | $48.8B | -20% | +11% | 27% | 32.1× | 10.2% |
| Innovent Biologics 1801.HK | $19.2B | -5% | +43% | 17% | 53.3× | 11.7% |
| BeOne Medicines 688235.SS | $45.8B | +19% | +28% | 15% | 74.5× | 23.3% |
| Sbp 1177.HK | $12.7B | +4% | +15% | 30% | 18.3× | -5.4% |
| Merck & MRK | $362B | +33% | +5% | 18% | 17.4× | 4.1% |
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 | 1276.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +6.2% | +10.7% | 7th lowest of 21 |
| 6-month return | -20.4% | +20.9% | lowest of 21 |
| Distance from 52-week high | -35.5% | -9.0% | 3rd lowest of 21 |
| Revenue growth (TTM) | +11.3% | +11.7% | 11th highest of 21 |
| Operating margin | 27.5% | 21.4% | 8th highest of 21 |
| Forward P/E | 32.1× | 18.6× | 6th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 10.2% | 7.7% | 5th most demanding of 20 |
| Growth delivered (Del g) | +2.0% | +8.9% | 4th lowest of 20 |
| Hurdle (Req g minus delivered) | +8.2 pp | -1.9 pp | 5th most demanding of 20 |
| ROIC minus cost of capital | +25.1 pp | +4.6 pp | 5th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Jiangsu Hengrui Pharmaceuticals 1276.HK | Hong Kong | $48.8B | -20% | +11% | 27% | 32.1× | 10.2% | +2.0% |
| Sun Pharmaceutical Industries SUNPHARMA.NS | India | $47.3B | +1% | +12% | 23% | 35.4× | 28.4% | +11.7% |
| BeOne Medicines 688235.SS | China | $45.8B | +19% | +28% | 15% | 74.5× | 23.3% | +79.3% |
| Sandoz SDZ.SW | Switzerland | $44.4B | +24% | +1% | 15% | 25.3× | 7.9% | +0.4% |
| Galderma GALD.SW | Switzerland | $54.8B | +17% | +16% | 19% | 48.1× | 18.4% | +6.4% |
| Haleon HLN.L | United Kingdom | $40.1B | +1% | +1% | 23% | 16.3× | 4.6% | +2.2% |
| Bayer BAYN.DE | Germany | $61.2B | +46% | -2% | 14% | 12.3× | 2.1% | +1.9% |
| Royalty Pharma RPRX | United States | $38.8B | +33% | +11% | 66% | 11.3× | 9.9% | +2.3% |
| Otsuka Hldgs 4578.T | Japan | $38.6B | +2% | +11% | 18% | 16.3× | 0.4% | +11.7% |
| Biogen BIIB | United States | $36.7B | +28% | +2% | 17% | 16.8× | 9.4% | -5.1% |
| Wuxi Apptec 2359.HK | Hong Kong | $66.3B | +40% | +38% | 44% | 20.4× | 8.7% | +20.4% |
| Takeda Pharmaceutical 4502.T | Japan | $66.4B | +24% | +6% | 18% | 42.1× | 3.0% | +7.1% |
| Chugai Pharmaceutical 4519.T | Japan | $71.0B | -15% | +17% | 50% | 22.1× | 3.6% | +9.8% |
| Merck KGaA MRK.DE | Germany | $72.5B | +23% | 0% | 20% | 17.5× | 7.7% | +3.8% |
| Zoetis ZTS | United States | $32.8B | -4% | +1% | 38% | 12.8× | -4.3% | +7.2% |
| Daiichi Sankyo 4568.T | Japan | $31.9B | +7% | +17% | 13% | 18.6× | 7.2% | +17.1% |
| Divi's Laboratories DIVISLAB.NS | India | $29.0B | +54% | +16% | 31% | 82.0× | 50.9% | +8.9% |
| Astellas Pharma 4503.T | Japan | $28.2B | +11% | +19% | 23% | 11.6× | -11.0% | +11.4% |
| Roivant Sciences ROIV | United States | $28.1B | +36% | -68% | -18,146% | n/a | n/a | n/a |
| Hansoh Pharma 3692.HK | Hong Kong | $26.9B | -7% | +25% | 38% | 27.5× | 8.9% | +10.8% |
| Regeneron Pharmaceuticals REGN | United States | $93.5B | +27% | +19% | 30% | 11.3× | -2.2% | +11.0% |