"BD bonus" enters the cashing window, accelerating the value differentiation of innovative pharmaceutical companies.

The overseas authorization transactions of innovative drugs, which are continuing to heat up, are entering a window of value realization. The down payments and milestone payments from previous BD transactions will be reflected intensively in the regular reports of listed companies. As the deadline for the disclosure of the semi-annual report in 2026 approaches, the market is closely watching whether these BD transactions can truly increased performance and improved cash flow for listed companies. The semi-annual report will also be a key observation window to evaluate the "gold content" of BD for each company. The logic of "BD always leads to growth" was broken after September 2025. The market gradually realized that the "total amount" in the BD announcements of pharmaceutical companies does not necessarily equal actual income received, and that there is even a risk of being unable to realize most of the amount beyond the down payment due to strict trigger conditions and slow clinical progress of the partners in some BD transactions. More importantly, as BD goes from being an "occasional surprise" to a "normal narrative," investors begin to question: Is this BD about "selling potential" or "showing off muscles"? Different answers can lead to vastly different valuations for pharmaceutical companies.