During the 2026 Yabuli Forum Summer Annual Meeting, Henlius (02696.HK) Executive Director and CEO Dr. Zhu Jun outlined the company's "systematic globalization" strategy in an in-depth conversation, emphasizing its focus on sustainable growth over short-term gains.
Dr. Zhu detailed two distinct approaches to international expansion. One is the common industry practice of "selling seedlings"—licensing out early-stage pipelines to external partners. He noted that in such cases, "the actual probability of successfully registering, obtaining approval, launching, and selling in a local country is likely no higher than 10%," making it essentially a short-term monetization of R&D capabilities. The other approach, which Henlius adheres to, is "systematic globalization," aimed at securing "long-term returns." Under this model, products undergo complete clinical development from Phase I through Phase III, achieve pivotal trial results, and then gain approval, launch, and sales in target markets. "Henlius can collect its rightful sales share every single year, and this isn't a one-year affair," he stated.
On pricing strategy, Dr. Zhu highlighted the critical importance of pricing in the first country of launch, especially given the U.S. reinstatement of the "Most Favored Nation" (MFN) drug pricing policy last year. He described the pricing framework as a vital intangible asset within the commercialization process, adding that Henlius must carefully weigh "whether the first launch country should be China, Japan, or the United States."
On the revenue front, Dr. Zhu reported first-half revenue of RMB 3.588 billion, with overseas revenue contributing 19%. Overseas product sales surged 159.4% year-over-year to RMB 105 million. "Starting last year, we have been aiming to double overall overseas revenue each year." Furthermore, overseas revenue boasts "exceptionally high profit margins," with roughly "70% to 80%" of it being reinvested into innovative R&D.
Dr. Zhu provided a clear outlook on the future revenue mix: if HLX22, a novel-epitope anti-HER2 monoclonal antibody, and HLX43, an anti-PD-L1 antibody-drug conjugate, both secure approvals as expected and enter the most developed markets, "by 2030, we anticipate innovative drug revenue will significantly surpass that of biosimilars."
When addressing the ambition of becoming a China-headquartered multinational pharmaceutical company (C-MNC), Dr. Zhu acknowledged the steep challenges ahead but expressed strong confidence. He attributed Henlius's momentum to three unique advantages: its systematic platform capabilities, a rich pipeline reserve, and a dedicated, hard-driving corporate culture. Responding to the "hexagonal warrior" label used by outsiders, Dr. Zhu concurred: "Every segment of our business holds a distinct advantage. As long as we continue to refine our systems, we will ultimately achieve synergistic growth across all divisions."