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China is getting a great deal on drugs.

On Thursday, authorities there released a new list of medicines that the government health system will pay for. The prices are significantly below U.S. and international norms.

The list, released by China’s National Health Security Administration, includes 70 new drugs, according to a Friday morning note from SVB Leerink analyst Andrew Berens. Drugmakers with discounted products included on the list include AbbVie (ticker: ABBV), Gilead (GILD), Johnson & Johnson (JNJ), and AstraZeneca (AZN).

“In the majority of cases, the biopharma companies did not negotiate access for flagship products, many of which have not yet been approved in China, but provided significantly discounted, highly effective drugs in a number of key therapeutic areas,” Berens wrote.

Berens argued that the list was a win for the drug companies. “In our view, the negotiation process was a near-term victory for a number of biopharma companies that were able to gain access to the Chinese market by conceding favorable pricing in exchange for volume,” Berens wrote.

Shares of AbbVie and Johnson & Johnson were flat in premarket trading Friday after the Thanksgiving holiday. Shares of AstraZeneca and Gilead were both down 0.3%.

The list, called the National Reimbursement Drug List, is updated rarely. According to Berens, the 70 drugs added to the list are priced at discounts averaging an estimated 61%. Pricing details weren’t given for every drug; Berens extrapolated from the data that was available to reach that figure.

The prices are substantially lower than those at which the drugs had previously been available in China. “So far it is not clear exactly what the prices will be by comparison to the US prices, but compared to the existing list prices in China (which are already 25-35% below US list prices), the newly negotiated prices appear to be an additional 45-85%” lower, Berens wrote.

Still, the drugs on the list are “relatively mature brands where pricing has been established in most other markets,” he wrote The deals give Chinese consumers access to the medicines, but appear to have been designed to not undermine global sales of newer drugs.

Drugs on the list include Pfizer’s (PFE) Xeljanz, Johnson & Johnson’s Remicade, Regeneron’s (REGN) Eylea, and Gilead’s Genvoya. According to Leerink, Genvoya, an older HIV drug, is priced at $6.11 per pill, 57% below its list price.

Write to Josh Nathan-Kazis at josh.nathan-kazis@barrons.com