Gan & Lee Pharmaceuticals Co. (603087.SS): Asia Healthcare Corporate Day 2026 Takeaways: Long-acting metabolic pipeline advances

Goldman Sachs hosted Gan & Lee Pharmaceuticals at its Asia Healthcare Corporate Day. The domestic insulin business is recovering from 1Q26 VAT-rate related disruption, with continued volume growth, while overseas expansion is becoming a more meaningful growth contributor: international revenue grew about 60% yoy in 9M26, led by Brazil and other emerging markets. Insulin glargine, lispro and aspart have received European approvals, with shipments to Sandoz starting in September, and the Brazil PDP project continues to progress. Incremental capacity from the Shandong facility should support domestic and overseas supply, with supply relatively tight in 1H27 before easing in 2H27. Together with innovative-drug licensing income, management remains confident in meeting its FY26 equity-incentive earnings target. On the pipeline, bofanglutide (GZR18), a once-weekly GLP-1RA, met primary endpoints in both the China Phase III obesity study and the US Phase II study, the China obesity NDA has been