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Chinese biopharma making biosimilar and innovative monoclonal antibodies for oncology and autoimmune disease.
Chinese biopharma making biosimilar and innovative monoclonal antibodies for oncology and autoimmune disease.
Earns from selling its own antibodies in China, from licensing overseas rights to partners that pay upfront and milestone fees and then buy supply, and from biosimilars, lower-cost versions of established cancer drugs. Fosun Pharma is the controlling shareholder.
In one line: A Chinese Amgen-biosimilars-style oncology antibody maker.
Moat: narrow (regulatory licence, scale, process know-how). Approved biosimilar manufacturing and regulatory track record across multiple markets.
Headquarters: Shanghai, China · Founded: 2010 · Employees: 3,762
Size Shanghai Henlius Biotech (2696.HK) is a Hong Kong Health Care company (Pharmaceuticals: Major) with a market value of $3.41B, the 317th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$49.02 on 6 Nov 2026.
Performance Over six months the shares fell 37.3%, against +2.2% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — lowest of 20 in its peer set.
Growth Revenue grew 32.6% over the last twelve months (peer median +10.6%); the operating margin is 12.0% (peer median 17.8%).
Valuation It trades at 23.8× forward earnings against a peer median of 20.4× (6th most expensive of 15).
Price implies For today's price to make sense, revenue must grow about 15% a year for seven years (Req g). Recent delivered growth is +61%, so the hurdle is -46 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.0 points above its cost of capital (7.4% WACC).
Next results Next results expected around 19 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$8.30B | HK$7.23B | HK$6.21B | HK$5.96B | HK$3.74B |
| Revenue growth | — | +16% | +4% | +59% | — |
| Gross profit | HK$6.13B | HK$5.36B | HK$4.48B | HK$4.26B | HK$2.65B |
| EBITDA | HK$1.47B | HK$1.35B | HK$1.35B | HK$1.09B | -HK$176M |
| Net income | HK$969M | HK$897M | HK$890M | HK$603M | -HK$809M |
| Free cash flow | HK$855M | HK$957M | HK$1.02B | HK$491M | HK$334M |
| Capital expenditure | HK$1.62B | HK$1.30B | HK$908M | HK$1.12B | HK$1.59B |
| Total debt | n/a | HK$4.01B | HK$3.88B | HK$4.51B | HK$4.14B |
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 |
|---|---|---|---|---|---|---|
| Shanghai Henlius Biotech 2696.HK | $3.41B | -37% | +33% | 12% | 23.8× | 15.2% |
| Innovent Biologics 1801.HK | $19.2B | -5% | +43% | 17% | 53.3× | 11.7% |
| Shanghai Junshi Biosciences 1877.HK | $4.08B | -39% | +36% | -14% | n/a | n/a |
| Amgen AMGN | $249B | +40% | +9% | 36% | 18.9× | 1.8% |
| Celltrion 068270.KS | $34.3B | +10% | +40% | 32% | 34.1× | 8.3% |
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 | 2696.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -14.0% | +3.5% | 2nd lowest of 21 |
| 6-month return | -37.3% | +2.2% | lowest of 20 |
| Distance from 52-week high | -43.7% | -23.8% | lowest of 21 |
| Revenue growth (TTM) | +32.6% | +10.6% | 6th highest of 19 |
| Operating margin | 12.0% | 17.8% | 8th lowest of 18 |
| Forward P/E | 23.8× | 20.4× | 6th most expensive of 15 |
| Growth the price implies (Req g, 7 yrs) | 15.2% | 0.4% | 6th most demanding of 15 |
| Growth delivered (Del g) | +61.4% | +6.2% | 4th highest of 15 |
| Hurdle (Req g minus delivered) | -46.2 pp | -9.4 pp | 4th least demanding of 15 |
| ROIC minus cost of capital | +2.0 pp | +9.2 pp | 4th lowest of 15 |
| EV / EBITDA | 20.7× | 29.3× | 4th cheapest of 9 |
| Net debt / EBITDA | 2.5× | -0.7× | 3rd most indebted of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Shanghai Henlius Biotech 2696.HK | Hong Kong | $3.41B | -37% | +33% | 12% | 23.8× | 15.2% | +61.4% |
| Viking Therapeutics VKTX | United States | $3.42B | -17% | n/a | n/a | n/a | n/a | n/a |
| Tarsus Pharmaceuticals TARS | United States | $3.38B | +12% | +86% | -10% | n/a | 31.9% | +159.5% |
| Piramal Pharma PPLPHARMA.NS | India | $3.37B | +30% | +9% | 3% | 159.9× | n/a | n/a |
| Wockhardt WOCKPHARMA.NS | India | $3.35B | +19% | +26% | 13% | n/a | 56.9% | +4.2% |
| Jiangsu Nhwa Pharmaceutical 002262.SZ | China | $3.47B | +2% | +3% | 19% | 19.6× | -2.2% | +12.0% |
| China National Medicines 600511.SS | China | $3.31B | +2% | +3% | 4% | 10.7× | -9.8% | +5.4% |
| China Medical System 0867.HK | Hong Kong | $3.30B | -16% | +15% | 20% | 10.9× | 2.9% | +2.7% |
| Parabilis Medicines PBLS | United States | $3.52B | n/a | n/a | n/a | n/a | n/a | n/a |
| Acutaas Chemicals ACUTAAS.NS | India | $3.28B | +39% | +45% | 36% | 61.8× | n/a | n/a |
| Viridian Therapeutics VRDN | United States | $3.23B | +72% | -63% | -1,781% | n/a | n/a | n/a |
| Suzhou Zelgen Biopharmaceuticals 688266.SS | China | $3.60B | -13% | +136% | 29% | 43.4× | 20.5% | +98.4% |
| Arcutis Biotherapeutics ARQT | United States | $3.21B | +21% | +76% | 7% | 37.9× | 48.9% | +367.3% |
| Tasly Pharmaceutical 600535.SS | China | $3.20B | -5% | -4% | 19% | 16.5× | -7.6% | -9.6% |
| Simcere Pharmaceutical 2096.HK | Hong Kong | $3.63B | -7% | +27% | 18% | 14.3× | -2.8% | +10.6% |
| Organon & OGN | United States | $3.64B | +4% | -3% | 20% | 4.0× | -4.5% | -1.0% |
| Chengdu Kanghong Pharmaceutical 002773.SZ | China | $3.18B | -7% | -11% | 24% | 21.3× | -2.2% | +7.0% |
| ACADIA Pharmaceuticals ACAD | United States | $3.66B | -5% | +12% | 8% | 21.5× | 16.7% | +19.4% |
| Livzon Pharmaceutical 1513.HK | Hong Kong | $3.69B | -11% | -10% | 19% | 11.3× | -7.7% | +2.0% |
| Amylyx Pharmaceuticals AMLX | United States | $3.70B | +97% | +100% | n/a | n/a | n/a | n/a |
| Apeloa Pharmaceutical 000739.SZ | China | $3.73B | +18% | -16% | 10% | 25.1× | 6.3% | +4.5% |