Hansoh Pharma (3692 HK) Strong sales growth of innovative drugs Strong sales growth of innovative drugs in 1H24. Hansoh reported RMB6.51bn revenue in 1H24, including US$185mn upfront payment from GSK regarding the out-licensing of HS-20093 (B7-H3 ADC). In 1H24, Hansoh recorded RMB5.10bn (+13.8% YoY) revenue from product sales, representing 48% of our previous FY24 estimate, in line with our expectations. In 1H24, 77% of the total revenue came from innovative drugs. Excluding collaboration revenue, the sales ...