Nomura China Healthcare: Key Takeaways from the 2026 JPM Healthcare Conference
Summaries are public. PDF access requires an active membership; all members have the same access. Sign in
The 44th Annual JPMorgan Healthcare Conference in San Francisco showcased unprecedented interest in Chinese healthcare companies, largely driven by strong equity performance and numerous asset out-licensing deals in 2025. Nomura highlights critical updates from participating Chinese firms.
WuXi AppTec maintains unique competitive advantages, with its TIDES business expected to generate over RMB 11 billion in 2025 revenue, up more than 90% year-on-year. WuXi XDC projects a 30% to 35% revenue compound annual growth rate through 2030, capitalizing on its leading position in the antibody-drug conjugate market. WuXi Biotech anticipates accelerated growth in 2026, supported by its extensive IND pipeline and technological edge.
Mindray Medical continues leveraging three core engines: globalization, recurring business expansion, and smart digital integration. Hengrui Pharmaceuticals expects a catalyst-heavy 2026, planning over 10 innovative drug approvals and 25 Phase III data readouts. Sino Biopharmaceutical forecasts its innovative drug revenue share will climb to approximately 70% by 2028. BeiGene emphasized the efficacy of its hematology portfolio. Nomura assigns Buy ratings to the WuXi entities, Mindray, Hengrui, Sino Biopharmaceutical, and BeiGene, reflecting the global ascendance of Chinese medical innovation.