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Chinese biotech developing orelabrutinib, a BTK-inhibitor drug for blood cancers, plus a broader oncology/autoimmune pipeline.
Chinese biotech developing orelabrutinib, a BTK-inhibitor drug for blood cancers, plus a broader oncology/autoimmune pipeline.
Sells orelabrutinib mainly in China, where hospital access and patient affordability depend on the national reimbursement list, which trades a negotiated lower price for much wider coverage. Autoimmune and cancer trials are paid for from sales, licensing deals and investor money. The company also has a Hong Kong listing alongside this Shanghai STAR Market line.
In one line: A Chinese BeiGene/Innovent, focused on BTK inhibitors.
Moat: narrow (IP / patents, regulatory licence). Patent-protected, approved domestic BTK-inhibitor competing with imported drugs like ibrutinib.
Headquarters: Beijing, China · Founded: 2015 · Employees: 1,259
Size InnoCare Pharma (688428.SS) is a China Health Care company (Pharmaceuticals: Major) with a market value of $2.31B, the 1102nd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥26.22 on 6 Nov 2026.
Performance Over six months the shares fell 1.6%, against -10.5% for the median peer and -16.4% for the China market (cap-weighted) — 8th highest of 21 in its peer set.
Growth Revenue grew 135.4% over the last twelve months (peer median -0.9%); the operating margin is 35.4% (peer median 8.6%).
Valuation It trades at 94.3× forward earnings against a peer median of 17.5× (most expensive of 14).
Price implies For today's price to make sense, revenue must grow about -9% a year for seven years (Req g). Recent delivered growth is +344%, so the hurdle is -353 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 19.9 points above its cost of capital (5.0% WACC).
Next results Next results expected around 1 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥3.36B | CN¥2.36B | CN¥999M | CN¥733M | CN¥621M |
| Revenue growth | — | +136% | +36% | +18% | — |
| Gross profit | CN¥3.12B | CN¥2.07B | CN¥763M | CN¥517M | CN¥407M |
| EBITDA | n/a | CN¥571M | -CN¥438M | -CN¥609M | -CN¥709M |
| Net income | CN¥1.36B | CN¥642M | -CN¥441M | -CN¥631M | -CN¥887M |
| Free cash flow | CN¥364M | CN¥134M | -CN¥310M | -CN¥801M | -CN¥763M |
| Capital expenditure | CN¥132M | CN¥70.2M | CN¥78.2M | CN¥255M | CN¥370M |
| Total debt | CN¥2.13B | CN¥1.61B | CN¥1.57B | CN¥1.65B | CN¥343M |
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 |
|---|---|---|---|---|---|---|
| InnoCare Pharma 688428.SS | $2.31B | -2% | +135% | 35% | 94.3× | -8.8% |
| BeOne Medicines Ltd. Sponsored ADR ONC | $43.3B | +30% | +34% | 15% | 45.6× | 16.4% |
| AbbVie ABBV | $515B | +45% | +11% | 36% | 18.4× | -0.1% |
| AstraZeneca AZN.L | $291B | +1% | +5% | 23% | 18.3× | 14.5% |
| Lilly (Eli) LLY | $1.27T | +43% | +46% | 51% | 28.9× | 5.9% |
| Johnson & Johnson JNJ | $665B | +26% | +8% | 26% | 24.5× | 3.5% |
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 | 688428.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -3.0% | +0.7% | 8th lowest of 21 |
| 6-month return | -1.6% | -10.5% | 8th highest of 21 |
| Distance from 52-week high | -25.1% | -27.1% | 9th highest of 21 |
| Revenue growth (TTM) | +135.4% | -0.9% | highest of 19 |
| Operating margin | 35.4% | 8.6% | highest of 18 |
| Forward P/E | 94.3× | 17.5× | most expensive of 14 |
| Growth the price implies (Req g, 7 yrs) | -8.8% | 2.4% | 2nd least demanding of 14 |
| Growth delivered (Del g) | +344.2% | +2.9% | highest of 14 |
| Hurdle (Req g minus delivered) | -353.0 pp | -0.3 pp | least demanding of 14 |
| ROIC minus cost of capital | +19.9 pp | -2.5 pp | highest of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| InnoCare Pharma 688428.SS | China | $2.31B | -2% | +135% | 35% | 94.3× | -8.8% | +344.2% |
| Shandong Buchang Pharmaceuticals 603858.SS | China | $2.31B | -7% | +4% | 10% | n/a | -2.2% | -5.8% |
| Zhejiang Hisun Pharmaceutical 600267.SS | China | $2.32B | +18% | -7% | 15% | 17.0× | -9.1% | -1.5% |
| Tonghua Dongbao Pharmaceutical 600867.SS | China | $2.29B | -14% | +18% | n/a | 26.2× | 1.6% | +0.3% |
| Fujian Cosunter Pharmaceutical 300436.SZ | China | $2.26B | -35% | 0% | -47% | n/a | n/a | n/a |
| NewAmsterdam Pharma NAMS | United States | $2.26B | -51% | -26% | -900% | n/a | n/a | n/a |
| Perrigo PRGO | United States | $2.20B | +35% | -4% | 5% | 6.3× | 13.1% | +0.8% |
| Biohaven BHVN | United States | $2.19B | +47% | n/a | n/a | n/a | n/a | n/a |
| Haw Par H02.SI | Singapore | $2.18B | -27% | -13% | 30% | 12.4× | 3.7% | +15.7% |
| Keymed Biosciences 2162.HK | Hong Kong | $2.48B | -6% | 0% | -73% | 18.6× | n/a | n/a |
| Nanjing King-friend Biochemical Pharmaceutical 603707.SS | China | $2.15B | -3% | +9% | 14% | 22.8× | 6.1% | +6.4% |
| CSPC Hunan Jingfeng Pharmaceutical 000908.SZ | China | $2.13B | -27% | +5% | -18% | n/a | n/a | n/a |
| Tonghua Golden-Horse Pharmaceutical Industry 000766.SZ | China | $2.12B | -41% | -18% | 9% | n/a | 37.9% | +0.9% |
| Zhejiang Jiuzhou Pharmaceutical 603456.SS | China | $2.12B | +17% | -1% | 14% | 17.5× | 2.4% | +15.7% |
| Dermapharm DMP.DE | Germany | $2.11B | -25% | 0% | 22% | 14.5× | -3.8% | +8.0% |
| Zymeworks ZYME | United States | $2.10B | +24% | -70% | -419% | 12.0× | n/a | n/a |
| Harbin Pharmaceutical 600664.SS | China | $2.10B | +55% | +2% | 5% | 23.1× | -2.9% | +8.2% |
| HUTCHMED (China) 0013.HK | Hong Kong | $2.58B | +9% | -9% | -6% | 40.8× | 49.9% | +19.3% |
| Regencell Bioscience RGC | United States | $2.61B | -82% | n/a | n/a | n/a | n/a | n/a |
| Jinyu Bio-Technology 600201.SS | China | $2.04B | -15% | +22% | 10% | 62.4× | 24.4% | -2.4% |
| Prestige Consumer Healthcare PBH | United States | $2.04B | -18% | -1% | 26% | 9.3× | -0.2% | +2.9% |