Next-gen IO-ADC to lead pipeline globalization; initiate at 2025 | 9:53PM HKT | Research | Equity We initiate coverage on Buy rating and a risk-adjusted DCF-based 12-month TP of HK$100.70. Henlius Biotech is strategically evolving from an early mover in biosimilar to a global innovative biopharma. The transition is well supported by 1) an expanding pipeline led by key assets HLX43, which emerges as a potential best-in-class pan-tumor PD-L1 ADC poised for global pivotal studies; 2) a global biosimilar franchise to provide meaningful cash flow to drive R&D; and 3) early- proven global capabilities in clinical operations, regulatory affairs and biomanufacturing.