HK Stock Concept Tracker | Overseas BD Transaction Value for Domestic Innovative Drugs Expected to Exceed US$150 Billion in 2026; Overseas Commercialization Entering a Phase of Intensive Realization (with Concept Stocks)

Title context: HK Stock Concept Tracker | Overseas BD Transaction Value for Domestic Innovative Drugs Expected to Exceed US$150 Billion in 2026; Overseas Commercialization Entering a Phase of Intensive Realization (with Concept Stocks) Text: Statistics from PharmaCube show that in the first half of the year, Chinese innovative drugs completed 105 out-licensing transactions, with total upfront payments reaching US$5 billion and total potential transaction value approaching US$100 billion, already close to last year's full-year level of US$135.7 billion. The full-year total potential transaction value may exceed US$150 billion, but the final scale will still depend on the subsequent completion of transactions. In 2026, patents on core products of major global pharmaceutical companies will expire in concentrated fashion. AbbVie, Eli Lilly, AstraZeneca, Sanofi, and Rochethese giants that once made easy money from blockbuster drugsnow face enormous pressure from growth gaps. According to statistics, over the next five years, nearly 70 star drugs in the global pharmaceutical industry will lose patent protection, with about US$236 billion in annual sales at risk. Large global pharmaceutical companies need to find new revenue sources on the scale of hundreds of billions of dollars to fill the patent revenue that is about to disappear. In January 2026, REMEGEN announced that it had signed an exclusive licensing agreement with AbbVie for RC148, a novel PD-1/VEGF bispecific antibody drug independently developed by REMEGEN. Thanks to the PD-1/VEGF bispecific antibody licensing transaction with AbbVie (US$650 million upfront payment), REMEGEN turned profitable year on year in the first three quarters. In the first three quarters, the company achieved operating revenue of approximately RMB6.764 billion, up 293.28% year on year, with net profit attributable to shareholders of approximately RMB5.273 billion. In May 2026, INNOVENT BIO announced a major global strategic collaboration with global pharmaceutical giant Pfizer, under which the two parties will carry out in-depth R&D and commercialization binding around 12 high-potential early-stage oncology innovative drug projects. Under the agreement, INNOVENT BIO will receive an upfront payment of US$650 million and will be eligible to receive development, regulatory, and commercialization milestone payments of up to US$9.85 billion, for a total transaction value of US$10.5 billion. In the first half of 2026, INNOVENT BIO achieved operating revenue of RMB8.618 billion, up 44.76% year on year; net profit attributable to parent company was RMB1.253 billion, up 50.20% year on year. In the same month, Jiangsu Hengrui Pharmaceuticals reached a global strategic collaboration and licensing agreement with Bristol Myers Squibb to jointly advance 13 early-stage projects covering oncology, hematology, and immunology. Under the agreement, the total potential transaction value of this collaboration could reach approximately US$15.2 billion, including an upfront payment of US$600 million. In the first three quarters of this year, Jiangsu Hengrui Pharmaceuticals achieved revenue of RMB24.41 billion, up 5.3% year on year; net profit attributable to parent company was RMB6.92 billion, up 20.4% year on year. Revenue contribution from the out-licensing business steadily increased; in the first three quarters, its innovative drug out-licensing business recognized revenue of RMB2.78 billion, up 31.1% year on year. Guosen said that domestic sales in the innovative drug sector are growing rapidly, and overseas markets are about to intensively enter the commercialization stage. Most domestic innovative drug companies have entered the stage of volume expansion of major products under medical insurance, driving rapid revenue growth; innovation going global 2.0 will also usher in a harvest period. In addition, Chinese innovative drugs have made progress in overseas clinical development and are about to enter the global commercialization stage. Sinolink said that against the backdrop of expiring patents on core products of multinational pharmaceutical companies and continuously released demand for pipeline replenishment, it remains bullish on the trend of innovative drugs going global and suggests paying attention to BD-active tracks such as bispecific antibodies, ADCs, and small nucleic acids, as well as innovative drug companies with clinical data catalysts and continuously advancing overseas collaborations. Innovative drug companies are about to reach a turning point of performance turnaround, with dense clinical data catalysts throughout the year, coupled with smooth overseas clinical progress of out-licensed pipelines, the sector's investment opportunities are clear. Related concept stocks: Jiangsu Hengrui Pharmaceuticals (01276): In the first three quarters of this year, Jiangsu Hengrui Pharmaceuticals achieved revenue of RMB24.41 billion, up 5.3% year on year; net profit attributable to parent company was RMB6.92 billion, up 20.4% year on year. Revenue contribution from the out-licensing business steadily increased; in the first three quarters, its innovative drug out-licensing business recognized revenue of RMB2.78 billion, up 31.1% year on year. WuXi AppTec (02359): WuXi AppTec announced that third-quarter operating revenue was RMB16.640 billion, up 38.01% year on year; net profit attributable to shareholders of the listed company was RMB8.318 billion, up 136.67% year on year. INNOVENT BIO (01801): In the first half of 2026, INNOVENT BIO achieved operating revenue of RMB8.618 billion, up 44.76% year on year; net profit attributable to parent company was RMB1.253 billion, up 50.20% year on year. Pharmaron Beijing (03759): In the third quarter of 2026, the company achieved operating revenue of RMB4.408 billion, up 20.94% year on year; net profit attributable to shareholders of the listed company was RMB497 million, up 13.06% year on year. In the first three quarters of 2026, the company's newly signed orders increased by more than 30% year on year. Among them, newly signed orders in the laboratory services segment increased by more than 25% year on year, newly signed orders in the CDMO services segment increased by more than 40% year on year, and newly signed orders in the clinical research services segment increased by more than 25% year on year.