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China's largest innovative drugmaker, developing oncology, metabolic and autoimmune drugs alongside a generics business.
China's largest innovative drugmaker, developing oncology, metabolic and autoimmune drugs alongside a generics business.
Sells to Chinese hospitals through a large sales force and also earns upfront and milestone payments when it licenses drugs to foreign companies. Over the past decade it has moved from mainly generics toward its own new drugs, which are now the main driver. It is controlled through a holding company associated with chairman Sun Piaoyang and added a Hong Kong listing in 2025.
In one line: China's Eli Lilly/Pfizer in miniature.
Moat: narrow (IP / patents, scale, brand). Largest domestic R&D pipeline and sales force among Chinese pharma, with growing licensing deals to global players.
Headquarters: Lianyungang, China · Founded: 1970 · Employees: 20,602
Size Jiangsu Hengrui Pharmaceuticals (600276.SS) is a China Health Care company (Pharmaceuticals: Major) with a market value of $49.7B, the 34th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥50.43 on 6 Nov 2026.
Performance Over six months the shares fell 6.4%, against +20.9% for the median peer and -16.4% for the China market (cap-weighted) — 3rd lowest of 21 in its peer set.
Growth Revenue grew 6.0% over the last twelve months (peer median +11.7%); the operating margin is 27.4% (peer median 21.4%).
Valuation It trades at 36.4× forward earnings against a peer median of 18.6× (5th most expensive of 20).
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 +3%, so the hurdle is +12 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 22.9 points above its cost of capital (6.8% WACC).
Next results Next results expected around 19 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥32.9B | CN¥31.4B | CN¥27.8B | CN¥22.6B | CN¥21.1B |
| Revenue growth | — | +13% | +23% | +7% | — |
| Gross profit | CN¥28.9B | CN¥26.7B | CN¥23.6B | CN¥18.7B | CN¥17.4B |
| EBITDA | n/a | CN¥8.96B | CN¥7.27B | CN¥4.90B | CN¥3.66B |
| Net income | CN¥8.88B | CN¥7.71B | CN¥6.34B | CN¥4.30B | CN¥3.91B |
| Free cash flow | CN¥6.11B | CN¥8.32B | CN¥5.51B | CN¥6.26B | -CN¥560M |
| Capital expenditure | CN¥3.92B | CN¥2.96B | CN¥1.97B | CN¥1.48B | CN¥1.99B |
| Total debt | CN¥422M | CN¥938M | CN¥669M | CN¥629M | CN¥1.70B |
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 600276.SS | $49.7B | -6% | +6% | 27% | 36.4× | 14.9% |
| BeOne Medicines 688235.SS | $45.8B | +19% | +28% | 15% | 74.5× | 23.3% |
| Innovent Biologics 1801.HK | $19.2B | -5% | +43% | 17% | 53.3× | 11.7% |
| Lilly (Eli) LLY | $1.27T | +43% | +46% | 51% | 28.9× | 5.9% |
| Pfizer PFE | $168B | +14% | +1% | 26% | 10.4× | -4.3% |
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 | 600276.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +7.3% | +10.7% | 7th lowest of 21 |
| 6-month return | -6.4% | +20.9% | 3rd lowest of 21 |
| Distance from 52-week high | -25.7% | -9.0% | 4th lowest of 21 |
| Revenue growth (TTM) | +6.0% | +11.7% | 8th lowest of 21 |
| Operating margin | 27.4% | 21.4% | 8th highest of 21 |
| Forward P/E | 36.4× | 18.6× | 5th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 14.9% | 7.7% | 5th most demanding of 20 |
| Growth delivered (Del g) | +2.7% | +8.9% | 6th lowest of 20 |
| Hurdle (Req g minus delivered) | +12.2 pp | -1.9 pp | 4th most demanding of 20 |
| ROIC minus cost of capital | +22.9 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 600276.SS | China | $49.7B | -6% | +6% | 27% | 36.4× | 14.9% | +2.7% |
| 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% |
| Galderma GALD.SW | Switzerland | $54.8B | +17% | +16% | 19% | 48.1× | 18.4% | +6.4% |
| Sandoz SDZ.SW | Switzerland | $44.4B | +24% | +1% | 15% | 25.3× | 7.9% | +0.4% |
| Bayer BAYN.DE | Germany | $61.2B | +46% | -2% | 14% | 12.3× | 2.1% | +1.9% |
| Haleon HLN.L | United Kingdom | $40.1B | +1% | +1% | 23% | 16.3× | 4.6% | +2.2% |
| 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% |
| 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% |
| Biogen BIIB | United States | $36.7B | +28% | +2% | 17% | 16.8× | 9.4% | -5.1% |
| 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% |