Hengrui Medicine (600276.SS): SHR-1139 Phase II readouts at EADV reveal a differentiated efficacy-safety-convenience profile

Hengrui presented Phase II data for SHR-1139, a potential first-in-class IL-23p19/IL-36R bispecific antibody, at EADV 2026, demonstrating competitive efficacy, durable responses and encouraging tolerability in psoriasis. Management indicated that the company has initiated discussions with the FDA regarding its global Phase III protocols, suggesting the potential for independent global development, while we continue to see meaningful BD optionality given the asset's differentiated profile. We view SHR-1139 as Hengrui's promising immunology asset combining IL-23-class safety, near-IL-17-class efficacy, consistent efficacy in biologic-experienced patients, and potentially industry-leading dosing convenience, although the Phase II results require confirmation in a larger sample study, with Phase III dose selection, dosing frequency, immunogenicity and longer-term infection monitoring as important issues to watch.