Has the Hong Kong Pharma Industry valuation changed over the past few years?

Investors are optimistic on the Hong Kong Pharmaceuticals industry, and appear confident in long term growth rates. The industry is trading at a PE ratio of 24.4x which is higher than its 3-year average PE of 18.4x. The 3-year average PS ratio of 1.2x is lower than the industry's current PS ratio of 1.3x.

Which industries have driven the changes within the Hong Kong Healthcare industry?

There are no additional sub-industries under this industry.

Hong Kong (HSI) Pharma Industry Analysis

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Wed, 22 Jul 2026	HK$682.7b	HK$522.8b	HK$28.1b	14.2x	24.3x	1.3x
Fri, 19 Jun 2026	HK$618.9b	HK$522.2b	HK$29.3b	12.7x	21.1x	1.2x
Sun, 17 May 2026	HK$709.5b	HK$519.5b	HK$29.7b	14.4x	23.9x	1.4x
Tue, 14 Apr 2026	HK$779.9b	HK$516.6b	HK$30.2b	15.3x	25.8x	1.5x
Thu, 12 Mar 2026	HK$760.8b	HK$500.5b	HK$30.5b	12.6x	24.9x	1.5x
Sat, 07 Feb 2026	HK$813.5b	HK$495.0b	HK$30.3b	13.3x	26.8x	1.6x
Mon, 05 Jan 2026	HK$779.2b	HK$490.0b	HK$30.0b	12.9x	25.9x	1.6x
Wed, 03 Dec 2025	HK$825.5b	HK$484.7b	HK$29.7b	13.8x	27.8x	1.7x
Fri, 31 Oct 2025	HK$769.4b	HK$480.6b	HK$30.1b	13.7x	25.5x	1.6x
Sun, 28 Sep 2025	HK$768.9b	HK$478.6b	HK$30.6b	13.4x	25.2x	1.6x
Tue, 26 Aug 2025	HK$820.8b	HK$477.8b	HK$30.8b	12.7x	26.7x	1.7x
Thu, 24 Jul 2025	HK$719.8b	HK$476.4b	HK$29.1b	11.8x	24.7x	1.5x
Sat, 21 Jun 2025	HK$617.3b	HK$476.8b	HK$28.8b	11.6x	21.4x	1.3x
Mon, 19 May 2025	HK$514.0b	HK$475.0b	HK$29.0b	10.2x	17.7x	1.1x
Wed, 16 Apr 2025	HK$478.1b	HK$465.3b	HK$28.5b	10x	16.8x	1x
Fri, 14 Mar 2025	HK$455.7b	HK$464.6b	HK$31.9b	8.8x	14.3x	1x
Sun, 09 Feb 2025	HK$421.8b	HK$462.0b	HK$31.9b	8.7x	13.2x	0.9x
Tue, 07 Jan 2025	HK$416.9b	HK$459.1b	HK$31.7b	8.7x	13.2x	0.9x
Thu, 05 Dec 2024	HK$447.3b	HK$462.9b	HK$31.9b	8.2x	14x	1x
Sat, 02 Nov 2024	HK$448.5b	HK$471.5b	HK$32.7b	8.2x	13.7x	1x
Mon, 30 Sep 2024	HK$484.3b	HK$478.0b	HK$33.2b	7.9x	14.6x	1x
Wed, 28 Aug 2024	HK$430.0b	HK$466.2b	HK$31.1b	7.1x	13.8x	0.9x
Fri, 26 Jul 2024	HK$417.9b	HK$460.0b	HK$32.6b	7.4x	12.8x	0.9x
Sun, 23 Jun 2024	HK$446.5b	HK$462.1b	HK$33.8b	7.8x	13.2x	1x
Tue, 21 May 2024	HK$490.7b	HK$462.9b	HK$33.7b	8.8x	14.6x	1.1x
Thu, 18 Apr 2024	HK$429.5b	HK$464.6b	HK$33.8b	7.3x	12.7x	0.9x
Sat, 16 Mar 2024	HK$468.3b	HK$470.3b	HK$33.3b	7.7x	14.1x	1x
Mon, 12 Feb 2024	HK$410.1b	HK$471.8b	HK$33.7b	6.6x	12.2x	0.9x
Wed, 10 Jan 2024	HK$465.0b	HK$472.8b	HK$33.8b	7.7x	13.7x	1x
Fri, 08 Dec 2023	HK$475.6b	HK$472.6b	HK$33.8b	7.5x	14.1x	1x
Sun, 05 Nov 2023	HK$489.5b	HK$469.1b	HK$31.9b	6.9x	15.4x	1x
Tue, 03 Oct 2023	HK$436.3b	HK$469.6b	HK$31.6b	6.8x	13.8x	0.9x
Thu, 31 Aug 2023	HK$435.1b	HK$454.9b	HK$30.9b	7.8x	14.1x	1x
Sat, 29 Jul 2023	HK$495.6b	HK$446.8b	HK$27.9b	9.3x	17.8x	1.1x


HK Market	2.31%
Healthcare	0.098%
Pharma	1.03%
Pharma	1.03%

Company	Last Price	7D	1Y	Valuation
2630 Vigonvita Life Sciences	HK$78.20	33.7% +HK$3.3b	n/a	PS110.9x
1177 Sino Biopharmaceutical	HK$5.35	2.3% +HK$2.1b	-20.0%	PE35.1x
6915 Jiangxi Institute of Biological Products	HK$10.30	93.2% +HK$1.5b	n/a	PE28.9x
3320 China Resources Pharmaceutical Group	HK$4.78	3.0% +HK$879.6m	-13.4%	PE6.4x
2096 Simcere Pharmaceutical Group	HK$13.32	2.5% +HK$847.5m	13.3%	PE22x

Announcement • 10h

Xuanzhu Biopharmaceutical Co., Ltd. Announces Arbitration Award Against the Company

Xuanzhu Biopharmaceutical Co., Ltd. had made this announcement on a voluntary basis to inform the shareholders of the Company and potential investors of certain business update of the Group. The Company recently received an arbitration award (the “Award”) from the China International Economic and Trade Arbitration Commission (“CIETAC”) in respect of a dispute arising from a technology transfer contract (the “Contract”) between a biotechnology company established in the People’s Republic of China (the “Applicant”) and the Company (the “Arbitration”). On May 21, 2021, the Company entered into the Contract with the Applicant, pursuant to which the Applicant exclusively transferred to the Company the rights to apply for marketing authorization and commercialize certain pharmaceutical product in the People’s Republic of China. In the context where the generic drugs of this product have been included in the National Centralized Volume-Based Drug Procurement (“National Centralized Procurement”), and the prices of similar drugs have declined significantly following the implementation of the National Centralized Procurement, disputes aroused in respect of the research and development deliverables and the subsequent progression of good manufacturing practice (GMP) inspection, and the parties had previously engaged in discussions regarding a no-liability termination of the Contract, but failed to reach an settlement. On October 17, 2024, the Applicant filed an arbitration application with CIETAC, seeking, among other things, confirmation of the termination of the Contract, compensation for economic losses, reimbursement of prepaid expenses, legal fees, and arbitration costs. On July 15, 2026, the arbitral tribunal has issued the final Award and ordered the Company to pay a total amount of approximately RMB 9.33 million. The Award is final and binding as of the date of issuance. The Company has made accounting provisions in respect of the Arbitration in its 2025 annual financial statements. The Board has assessed the impact of the Award on the Group’s financial and operational position, and believes that: (i) the payment obligation of approximately RMB 9.33 million will not place significant pressure on the Company’s working capital or daily operations, and the Company has made accounting provisions in respect of the Arbitration in its 2025 annual financial statements which would not bring material effect on the Company’s 2026 interim financial statements and the subsequent results of operation; and (ii) the relevant pharmaceutical product is an introduced generic pharmaceutical product. At present, the generic products of this variety have been included in the National Centralized Procurement, resulting in a significant shrinking in the market potential. After prudent evaluation, the Company considers its commercialization value to be limited and determines that there is no necessity for continued advancement. Accordingly, the relevant pharmaceutical product was never included in the Company’s core product pipeline planning or valuation model, and has no relevance to the Company’s current research and development system or core commercialization business. To the best of the Directors’ knowledge, information and belief, the Arbitration does not affect the Company’s core business or the R&D progress of its key pipelines and is not expected to have any material adverse effect on the Group’s overall business operations and financial position. This announcement is made by the Company for the purpose of keeping its shareholders and potential investors informed of the Group’s latest business developments. Shareholders and potential investors of the Company are advised to exercise caution when dealing in the securities of the Company.

Announcement • Jul 16

China Medical System Holdings Limited Obtains Drug Clinical Trial Approval For CMS-D017 Capsules For Age-Related Macular Degeneration

China Medical System Holdings Limited announced that on 15 July 2026, the Group’s self-developed innovative drug, Complement Factor B inhibitor CMS-D017 capsules (CMS-D017 or the Product), obtained the Drug Clinical Trial Approval Notice issued by the National Medical Products Administration (NMPA). The NMPA has approved the Group to conduct clinical trials to evaluate the safety and efficacy of CMS-D017 in the treatment of age-related macular degeneration (AMD). CMS-D017 is a novel oral selective small-molecule inhibitor of complement factor B. The complement system, a vital component of the innate immune system, exerts its biological functions through activation via the classical, lectin, and alternative pathways. Complement factor B, a specific serine protease primarily synthesized in the liver, serves as the “core switch” and “amplifier” of the alternative complement pathway, with its activity directly influencing the intensity of complement responses. Studies have shown that overactivation of the complement system is closely associated with the pathogenesis of AMD. As the alternative pathway serves as a powerful amplification mechanism in the complement system, blocking its activation can effectively inhibit complement activation. By targeting and inhibiting complement factor B, CMS-D017 blocks abnormal activation of the alternative complement pathway, reduces damage to target tissues and organs caused by the membrane attack complex, and slows the progression of complement dysregulation-related diseases such as AMD. CMS-D017 has demonstrated favourable efficacy and safety profiles in preclinical studies. It is being developed for the treatment of age-related macular degeneration, complement-mediated kidney diseases, paroxysmal nocturnal hemoglobinuria, and other conditions. Age-related macular degeneration is one of the leading causes of visual impairment and blindness in the elderly. According to the Chinese Clinical Practice Guidelines for Age-related Macular Degeneration (2023), the global number of AMD patients is projected to reach 288 million by 2040. In China, the prevalence of AMD among people aged 70 and above is 20.2%. With the acceleration of population aging in China, the number of AMD patients continues to rise. Current clinical treatments for AMD mainly focus on intravitreal anti-VEGF therapies for neovascular AMD, which rapidly inhibit the leakage and growth of choroidal neovascularization, thereby improving or stabilising patients’ vision. However, for patients with early-to-intermediate-stage AMD and geographic atrophy, where abnormal complement activation and chronic inflammation are important features, there remains an urgent need for long-term, disease-modifying therapies. CMS-D017, administered orally, specifically blocks the upstream complement factor B in the alternative pathway without affecting other complement pathways, and is expected to delay disease progression and provide AMD patients with a potentially superior and more convenient treatment option. Upon approval for marketing, CMS-D017 will significantly enhance the overall competitiveness of the Group’s ophthalmology business company—CMS Vision, which focuses on ophthalmology and covers fundus diseases, asthenopia, glaucoma, and has extended into the ear, nose and throat (ENT) field. CMS-D017 will synergise with the marketed innovative drug Beovu (Brolucizumab Injection, indicated for diabetic macular oedema, etc.), the marketed product Lucentis (Ranibizumab Injection, indicated for neovascular age-related macular degeneration, etc.), and the marketed exclusive product Augentropfen Stulln Mono Eye Drops (Esculin and Digitalis glycoside Eye Drops, indicated for senile macular degeneration and all forms of asthenopia) in expert resources and channel networks, while forming differentiated complementary products, providing a multi-layered, precise and comprehensive solution for ophthalmic diseases. Previously, CMS-D017 obtained Drug Clinical Trial Approval Notices for the indications of paroxysmal nocturnal hemoglobinuria and complement-mediated kidney diseases on 30 January 2026 and 3 February 2026, respectively. Future development plans for the Product also include the treatment of myasthenia gravis and other conditions. The Group is actively preparing to initiate relevant clinical trials and strives to launch the Product as soon as possible.

Hong Kong (HSI) Pharma Industry Analysis

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Latest News

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Xuanzhu Biopharmaceutical Co., Ltd. Announces Arbitration Award Against the Company

New minor risk - Share price stability

New minor risk - Share price stability

China Traditional Chinese Medicine Holdings Co. Limited Provides Consolidated Earnings Guidance for the Six Months Ended 30 June 2026

China Medical System Holdings Limited Obtains Drug Clinical Trial Approval For CMS-D017 Capsules For Age-Related Macular Degeneration

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Investor sentiment improves as stock rises 15%

Investor sentiment improves as stock rises 27%

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