China Adds AJOVY to 2026 National Reimbursement List of 3,331 Drugs
Key Facts
NeuroGen announced on 14 November that AJOVY, Teva’s licensed fremanezumab injection, had been added to China’s National Reimbursement Drug List following a round of national price negotiations. The decision places the treatment on the 2026 health insurance list, with the revised list set to take effect early next year. NeuroGen said the drug licensed by Teva was successfully included, describing the move as a transition to national coverage after negotiations. The inclusion comes in a market where the company says about 100 million people live with migraine. NeuroGen describes AJOVY as the first CGRP inhibitor covered by national insurance, making the decision a step toward expanding access to treatment through the government reimbursement system.
The move makes an existing drug available through the reimbursement system and does not represent a new regulatory approval. Teva’s rights to market and distribute AJOVY in China stem from a strategic partnership with NeuroGen announced by the company in April 2026. Under the arrangement, NeuroGen serves as the local partner for marketing and distributing the treatment. The drug is administered subcutaneously at a monthly dose of 225 mg or a quarterly dose of 675 mg. Its inclusion on the list gives the marketing and distribution partnership a broader framework for reaching patients through national insurance coverage.
NeuroGen estimated that the annual prevalence of migraine is 9.3% among adults aged 18 to 65 in China. The estimate places the condition among a broad range of treatment needs in the market targeted by AJOVY. The announcement, however, did not give a number for patients expected to receive treatment following the inclusion or details on the coverage available per patient. The company said about 100 million people live with migraine in the country, its estimate of the affected population. This means the commercial impact of the inclusion will become clearer once coverage takes effect, as the treatment moves from negotiations to the reimbursement list.
The decision forms part of a broad annual revision of the National Reimbursement Drug List, which China’s National Healthcare Security Administration said totals 3,331 drugs in its 2026 edition. The total comprises 1,935 Western medicines and 1,396 registered Chinese patent medicines. The agency said the revision added 107 drugs, including 51 innovative Class 1 drugs, and removed 34 drugs from the list. It described the 2026 revision as the ninth annual update since its establishment. After accounting for additions, removals and the consolidation of dosage forms, the list’s net count rose by 78 entries, according to the agency.
Teva raised its 2026 revenue forecast for AJOVY to a range of $930 million to $960 million, from a previous range of $850 million to $870 million. The update places the drug among the brands for which the company revised its forecasts during the year. China’s inclusion comes as Teva seeks to market and distribute the drug in a new market through its partnership with NeuroGen. The company did not link its revenue forecast update to the inclusion in the figures it disclosed, nor did it specify expected revenue from China. The published forecast therefore remains for AJOVY’s total revenue in 2026, while Chinese coverage begins the following year.
In trading, TEVA closed at $44.5 on 13 November, compared with a close of $42.97 on 9 November, according to EL7 daily data. NeuroGen announced the inclusion the day after the 13 November session closed. Approved data are not available for the stock’s opening price or session high and low, so this trading review is limited to the closing price and the comparison between the two dates. The move alone does not establish that the market priced in the inclusion announcement, which was issued on 14 November. The 13 November closing price remains a reference point for the session before the announcement.
The new list is scheduled to take effect on 1 January 2027, according to the National Healthcare Security Administration. The agency directed local authorities to update their systems and include the new drugs in accordance with the rules ahead of the list’s implementation. The date sets a gap between the inclusion announcement in November and the start of national coverage. The next step is local implementation of the updated list before it takes effect. Once implementation begins, AJOVY’s inclusion will form part of China’s new health reimbursement list.