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JPM Conference: Chinese Pharmaceutical Companies Showcase Strengths — In-Depth Look at 6 Top Drugs, 24 Companies Enter the 'Home Ground Era'

On January 15th,The J.P. Morgan Healthcare Conference entered its final day. On this top-tier global stage for healthcare, 24 Chinese pharmaceutical companies collectively took the spotlight, showcasing their commanding presence in the global market with significant deals, impressive pipeline data, and FDA approval pursuits as key accomplishments.

This 'Chinese pharmaceutical delegation's' world-class showcase has become one of the most dazzling highlights of this year’s JPM Healthcare Conference, triggering a surge in both the A-share and Hong Kong stock markets.

Coincidentally, Clarivate recently released an in-depth report titled 'The Drugs to Watch in 2026,' which extensively highlighted the robust development of China's pharmaceutical market.

Behind this, China is continuously becoming a critical strategic hub for the global pharmaceutical industry, transitioning from a manufacturing center to an innovation powerhouse.

Section 01: How valuable are the innovative star drugs from this cohort?

The Clarivate report pointed out that by 2026, six top drug candidates in the Chinese market will be worth watching, four of which originate from local Chinese innovators such as Zhengda Tianqing, Hengrui Pharma, Salubris, and Akeso Biopharma, indicating their R&D capabilities can now rival multinational brands.

Why are these drugs noteworthy? Clarivate provides scientific annotations based on clinical data within the report and also makes the following predictions.

Chia Tai Tianqing — Andewe (Expected sales in China by 2031 > $4 billion):

Leveraging its strong clinical efficacy, competitive pricing strategy, and clear differentiation advantages over durvalumab and sugemalimab, Andewe is expected to dominate the treatment market for unresectable Stage III NSCLC in China.

Hengrui Pharma — HRS-9531 (Expected sales in China by 2031 > $3 billion):

As the first domestically developed GIP/GLP-1 dual receptor agonist in China poised for approval, it will directly compete with Mounjaro (tirzepatide, Eli Lilly) for market share upon launch.

Johnson & Johnson — Icotrokinra (Expected sales in China by 2031 > $2 billion):

It is expected to become the world's first oral IL-23 receptor antagonist. More importantly, it may accelerate the shift toward oral therapies as a first-line treatment for moderate-to-severe psoriasis, significantly improving patient access to treatment while potentially reshaping the clinical treatment landscape for moderate-to-severe psoriasis in China.

Eli Lilly and Co — Orforglipron (Expected sales in China by 2031 ~ $15 billion):

With its potent blood glucose control, clinically meaningful weight loss effects, and the convenience of oral administration, Orforglipron is not only expected to capture a significant share in the rapidly growing Chinese T2DM and obesity markets but also greatly enhance treatment accessibility for a broader patient population.

Salubris — Xinchao (Expected sales in China by 2031 > $5 billion):

Although the drug’s initial indication is for hypertension, based on positive early clinical data and the significant unmet medical needs in the field of heart failure with reduced ejection fraction (HFrEF) in China, its potential to expand into HFrEF treatment appears very promising.

The core differentiating advantage lies in the ability to reduce serum uric acid levels, a feature particularly beneficial for heart failure patients with diuretic-related hyperuricemia, addressing a specific unmet need in this patient population.

Leveraging local R&D background, anticipated cost advantages, and enhanced accessibility potential in rural areas, it is expected to achieve broad clinical adoption in the future.

Akeso Biopharma - EDAFANG (Expected sales in China by 2031 ~$5 billion):

By integrating immune checkpoint inhibition and anti-angiogenic mechanisms into a single formulation, EDAFANG establishes a differentiated therapeutic advantage, potentially becoming a transformative treatment in PD-L1-positive NSCLC and EGFR-TKI-resistant non-squamous NSCLC, while also showing potential for expansion into solid tumors such as triple-negative breast cancer.

In addition, the Clarivate report highlights other noteworthy pipelines from Chinese domestic research. These include:

GLP-1 field:Another related drug from Hengrui Pharma and a GLP-1 dual-target drug under development by Huadong Medicine.

Multiple Sclerosis (MS):

NORSE BioPharma’s BTK inhibitor orelabrutinib, currently in Phase III clinical trials in collaboration with Zenas BioPharma, targeting primary progressive multiple sclerosis (PP-MS) and non-relapsing secondary progressive multiple sclerosis (nrSP-MS).

Protein degraders:

BeiGene's BGB-16673, as a BTK-targeted chimeric degradation activating compound (CDAC), targets relapsed/refractory chronic lymphocytic leukemia/small lymphocytic lymphoma (CLL/SLL). Relevant clinical trial data shows potential efficacy for both BTK wild-type and mutant diseases.

Haisco Pharmaceutical has recently obtained a patent for SMARCA2 degrader PROTACs, which has been reported to be applicable in lung cancer treatment.

The Clarivate report points out that in the fields of PROTACs, molecular glue degraders (MGDs), and E3 ligase-related patents, China ranks second globally. Over the past decade, there have been a total of 717 related patents worldwide, with 265 filed by companies in mainland China (accounting for 37%), second only to the United States (319 patents, accounting for 44.5%).

In addition to technological breakthroughs, China’s vast and highly promising market has become fertile ground for the development of these innovative drugs.

With 690 million people classified as overweight or obese (nearly double the population of the United States) and the continuous rise in cancer incidence, China holds immense commercial opportunity.

Over the past 20 years, the prevalence of overweight and obesity in mainland China has increased nearly threefold. As of 2022, approximately 34.8% of the population is overweight, and 14.1% meet the criteria for obesity (Chen et al., 2023). Among those who are overweight or obese, the prevalence rates of prediabetes, dyslipidemia, and hypertension are approximately 68%, 74%, and 58%, respectively.

Cancer incidence continues to rise steadily, with breast cancer being the second most common malignant tumor among Chinese women, with an incidence rate as high as 51.71 per 100,000 (Han et al., 2024).

The Clarivate report concludes that leadership in innovation within China’s pharmaceutical market is undergoing significant transformation. The market is transitioning from being dominated by generic drugs to developing therapies capable of competing with multinational brands—and even challenging their position—demonstrating that China is not only a manufacturing hub but also a key player in global pharmaceutical innovation.

This conclusion has clearly been validated at top global conferences, where China’s innovative drugs have entered the 'home field era.'

02, What qualifies them to take center stage at JPM?

If the localized innovative achievements of Chinese pharmaceutical companies are seen as their 'internal cultivation,' then the 2026 J.P.Morgan Healthcare Conference showcased a 'new posture' for China's innovative drug globalization.

In terms of participation methods,They have increasingly transitioned from being 'observers' or 'visitors' to becoming 'speakers' and 'leaders.'

From the perspective of innovation quality,The approach has shifted from 'selling early-stage projects' to 'collaborative innovation at the source,' with cutting-edge technologies such as bispecific antibodies, ADCs, and PROTACs becoming key drivers in overseas markets, aligning clinical data with global standards.

In terms of collaboration dynamics,There has been a shift from 'low valuation' to 'high value,' with more Chinese innovative drugs now commanding global pricing power and influence.

As the largest and most influential healthcare investment and industry collaboration summit globally, the JPM Healthcare Conference’s attendance and presentation level directly reflect a company’s standing within the global industry.

The main venue has always been a 'competitive stage' for global pharmaceutical giants, and securing a spot there is itself an affirmation of a company’s global competitiveness.

This year’s main venue speaker lineup features three WuXi-related CXO companies (Wuxi Apptec, Wuxi Bio, Wuxi XDC) and four leading innovative pharmaceutical companies (BeiGene, Zai Lab, Ascentage Pharma, Legend Biotech), becoming key negotiation targets for global capital and multinational pharmaceutical firms.

BeiGene, Zai Lab, and Legend Biotech have also consecutively presented at the main venue of the JPM Healthcare Conference for four years. Ascentage Pharma missed its presentation last year due to its IPO.

BeiGene: Zanubrutinib Reaches Global Pinnacle, Aiming to 'End Cancer'

At the conference, BeiGene (BeOne) Co-founder, Executive Chairman, and CEO John Oyler led the core team in a significant appearance, focusing on the central issue of 'ending cancer,' announcing dual breakthroughs in financial profitability and pipeline development by 2025. The team elaborated on the advantages of the leading drug in the CLL (chronic lymphocytic leukemia) field and revealed several key milestone plans for 2026.

The current size of the CLL market is $12-13 billion and continues to grow. John Oyler stated that the core BTK inhibitor BRUKINSA (zanubrutinib) has topped the U.S. and global CLL markets with superior performance compared to similar drugs. Data shows that BRUKINSA outperforms the first-generation drug ibrutinib and the second-generation drug acala.

The Phase I data for BRUKINSA+Sonrotinib (ZS combination) is highly impressive, potentially fulfilling the promise of fixed-duration treatment; the innovative BTK-CDAC therapy for relapsed CLL achieves an overall response rate of 86% and is currently undergoing head-to-head Phase III trials.

BeiGene boasts a 4,800-strong R&D team, which has advanced 15 NMEs into clinical trials over the past 18 months, with plans to add 8-10 more annually. The company's self-built clinical team enhances efficiency, prioritizes differentiated pipelines, and has set dual goals of 'growth + margin improvement.'

The CLL market continues to grow, with the ZS combination and BRUKINSA jointly expanding market share. The ZS combination targets the premium fixed-duration treatment segment, while BRUKINSA extends its leadership in the continuous treatment field.

John Oyler emphasized that 2025 will be a 'pivotal year' for BeiGene; financially, the company will deliver on last year’s promises, achieving product revenue growth, GAAP profitability, and robust cash flow.

The company has established dual objectives of 'growth + margin improvement,' leveraging technological breakthroughs, enhanced efficiency, and economies of scale to align long-term with profit margins typical of large pharmaceutical companies.

Currently, Sonrotinib in the hematological oncology space has received Breakthrough Therapy Designation from the U.S., submitted four regulatory applications, secured its first global approval, and initiated five Phase III trials. In the solid tumor domain, six assets have completed proof-of-concept, with five new molecules entering clinical trials.

In 2026, BeiGene will reach key milestones such as the Phase III frontline data for MCL and the global launch of Sonro, continuously reshaping the landscape of cancer treatment and advancing towards the goal of 'eradicating cancer.'

Zai Lab: Dual-Engine Strategy Powers First-in-Class Global ADC, Multiple Innovations Roll Out in Quick Succession

Dr. Samantha Du, Founder, Chairwoman, and CEO of Zai Lab, clearly stated on-site that the company is entering a new phase driven by a dual-engine strategy comprising 'China Commercialization Business + Global Innovation Engine.' The company currently has eight commercialized products in China, forming a sustainable pipeline portfolio that provides a strong financial foundation for global R&D; its cross-border integrated R&D platform efficiently translates innovations, exemplified by Zoci's rapid progression from first-in-human trials to pivotal global clinical studies.

President and Chief Operating Officer Josh Smiley added that the differentiated pipeline in the Chinese market continues to contribute to steady growth, while the industry reputation as a 'preferred partner' allows the company to continuously attract high-quality innovative achievements and efficiently advance the development of its global pipeline.

DLL3 ADC Product — Zoci Leads Globally, Three Pivotal Registrational Studies to Launch Within the Year

As the core of the global pipeline, the progress of Zoci, a potential first-in-class/best-in-class drug, has become the focus. The conference disclosed plans to initiate three pivotal registrational studies by the end of 2026:

Second-line/Third-line SCLC: A Phase III registrational study has been initiated, with previous data showing an overall objective response rate of 68%. The incidence of grade 3 or higher adverse events at a dose of 1.6 mg/kg was low, with no cases of treatment-related discontinuation.

First-line SCLC: A Phase I study combining PD-L1±chemotherapy is ongoing, paving the way for a Phase III study by year-end; another Phase I study of a novel combination therapy started in the first half of the year.

Neuroendocrine Carcinoma (NEC): A Phase I study is underway, with results expected in the first half of the year and a registrational clinical trial planned for the second half.

Aside from Zoci, timelines for the advancement of multiple globally innovative pipelines have also been disclosed.

ZL-6201 (LRRC15 ADC): The first novel ADC targeting tumor-associated fibroblasts, intended for use in sarcoma, breast cancer, etc., with global Phase I trials set to begin in the first quarter;

ZL-1222 (PD-1xIL-12): A next-generation immune cytokine effective in both PD-1 sensitive and resistant models, with clinical trial applications expected to be completed this year;

ZL-1311 (MUC17xCD3): The first TCE project with full global rights, aimed at gastrointestinal tumors such as gastric cancer, entering global clinical trials within the year;

ZL-1503 (IL-13xIL-31R): A dual-target therapy for atopic dermatitis, with data from a first-in-human study on healthy subjects expected in the second half of the year.

Further commercial expansion and early strategic positioning for medical insurance access

In terms of regional business, the commercial launch of the recently approved Keytruda will focus on physician education and real-world evidence generation to pave the way for medical insurance inclusion. Additionally, potential products like povetacicept and elegrobart (VRDN-003) nearing market entry will further enrich the pipeline and support regional growth.

The year 2026 has been designated as a 'pivotal year' for Zai Lab, during which, apart from pipeline progress, several key data readouts and regulatory milestones are expected to be achieved:

Global Phase III data for fgartigimod in ocular myasthenia gravis and myositis; interim analysis of global Phase III trials for povetacicept in IgA nephropathy; potential China approval for IVDAK (TF ADC) in recurrent/metastatic cervical cancer; and acceptance by China's NMPA of TFields for pancreatic cancer treatment. These milestones will continue to mitigate R&D risks and accelerate value realization.

Zai Lab stated that, leveraging its globally integrated R&D platform, solid financials, and scaled operational capabilities, it will continue to address unmet medical needs in oncology and immunology, steadily advancing towards becoming a globally competitive biopharmaceutical company.

Legend Biotech: CARVYKTI surpasses $1.7 billion in annual sales, aiming for full profitability by 2026.

At the conference, Legend Biotech's CEO Dr. Huang Ying showcased the company’s core product CARVYKTI. As the world's largest independent cell therapy company, Legend Biotech disclosed its commercial achievements for CAR-T therapies, pipeline progress, and strategic goals for 2026, aiming for absolute leadership in the multiple myeloma CAR-T field.

The flagship product CARVYKTI (a CAR-T therapy for multiple myeloma) demonstrates strong growth potential.

Data shows that as of the end of the third quarter of 2025, CARVYKTI achieved net sales of $1.7 billion within 12 months, with over 10,000 patients treated cumulatively since its launch.

Clinical data continues to lead:

In the CARTITUDE-1 study, one-third of heavily pre-treated patients who had received a median of 6.5 lines of therapy achieved treatment-free remission for five years after a single infusion, with a median progression-free survival (PFS) of 35 months; in the CARTITUDE-4 Phase III trial, nearly three years of follow-up on over 400 patients receiving 1-3 lines of therapy has yet to reach median PFS, with third-line patients achieving a median PFS of 50.4 months, setting a new efficacy benchmark.

Significant advantages in production and accessibility:

Global manufacturing success rate is 97%, with operations spanning 279 treatment sites across 14 countries; after the expansion of the New Jersey manufacturing facility, it became the world’s largest cell therapy site, supported by four global supply hubs, with annual capacity to treat 10,000 patients. Its unique delayed cytokine release syndrome (CRS) profile allows nearly half of treatments to be administered in outpatient settings, promoting community adoption.

Dr. Huang Ying emphasized at the event that Legend Biotech is one of the few companies in the industry with both commercial scale and a robust next-generation pipeline. By 2026, 75% of CARVYKTI’s revenue is expected to come from early treatment scenarios (lines two to four), up from the current 60%. Additionally, one-third of the 141 treatment sites in the US are located in community settings (where 70% of relapsed/refractory multiple myeloma patients receive care), and plans are underway to expand the community collaboration network with the goal of ensuring all US multiple myeloma patients can access a treatment site within 30 miles.

Due to supply constraints and pricing reimbursement considerations, CARVYKTI is not yet available in China. Future efforts will focus on promoting lower-cost off-the-shelf or in-vivo CAR-T therapies tailored to local needs.

While consolidating CARVYKTI’s leading position, Legend Biotech is accelerating its next-generation cell therapy pipeline, which currently includes 10 ongoing projects.

The pipeline focuses on three core directions:

① Hematological tumors and next-generation multiple myeloma therapies (including allogeneic and in vivo treatments);

② Solid tumors (such as the DLL3 autologous CAR-T project in collaboration with Novartis);

③ Autoimmune diseases (Phase I trials have been initiated, entering the blue ocean where CAR-T is not yet approved). The company stands out for its R&D efficiency, completing the process from candidate drug screening to first human dosing in just six months for one of its in vivo projects.

The newly completed Philadelphia R&D center is focusing on advancing in vivo CAR-T technology – which could reduce manufacturing complexity and expand accessibility. Phase I clinical trials have already begun, with related data expected to be released by 2026.

The company currently holds nearly $1 billion in cash and liquidity, and CARVYKTI achieved operational profitability in Q3 2025. Gross margin remains stable at around 60%, with a clear goal to achieve overall corporate profitability by 2026.

Additionally, 17 Chinese pharmaceutical companies including Hengrui Pharma, Baili Tianheng, 3SBio, and RemeGen made a collective appearance at the “Asia-Pacific Special Session” of the 2026 JPM Healthcare Conference. Their businesses span innovative drugs, biologics, medical devices, and more. From established pharmaceutical firms to emerging unicorns, from ADCs and bispecific antibodies to AI-driven drug discovery, the diversified corporate matrix and technological landscape highlight China’s pharmaceutical industry ecosystem that features “full-chain innovation and multi-level globalization.”

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