Follow clinical progress, product pipelines, commercialization and industry performance.
In the third quarter of 2026, Yunnan Baiyao’s revenue returned to growth, rising 10.4% year on year, while net profit fell 2%. Morgan Stanley believes the distribution business may have driven growth and values the company’s dividends and defensive qualities.
In the third quarter of 2026, Pien Tze Huang’s revenue and profit fell 13.9% and 71.7% year over year, respectively, both below Morgan Stanley’s expectations. Sales of liver disease medicines were under pressure, but lower procurement spending lifted operating cash flow. The cost benefits of lower bezoar prices will have to wait until high-priced inventory has been used up.
According to media reports, CVS is preparing to split into two publicly traded companies. Bernstein believes the move could sharpen business focus but may sacrifice pharmacy synergies, and cannot directly eliminate investors’ near-term concerns about the pharmacy benefit management business.
Pfizer’s third-quarter revenue was broadly flat year over year, while profit exceeded market expectations; growth products still account for a small share, and long-term growth depends on progress in the obesity and oncology pipelines.
A Nomura expert interview suggests that transitional arrangements can cushion the near-term impact, but the actual effects will depend on the specific company list, contract implementation and scope of investment restrictions.
Tigermed’s growth in newly signed orders in the first three quarters exceeded its full-year target set at the start of the year, but its third-quarter gross margin fell quarter on quarter. JPMorgan believes higher prices on new contracts will improve margins only as older contracts are gradually replaced.
Fresenius and Wuxi Bio have signed an exclusive development agreement covering the next decade. Nomura believes the agreement will help support long-term demand for services, but a more significant financial contribution depends on the success of the candidates and subsequent manufacturing arrangements.
Incyte’s third-quarter revenue rose 14% year over year, with Opzelura driving a beat against the revenue consensus. The company discontinued a phase III ovarian cancer trial; Bernstein supports the decision but remains on the sidelines.
The company raised its 2026 revenue guidance, but the expiry of Eliquis’s European patent will create pressure. Bernstein believes clinical results for Milvexian and Cobenfy will shape the handover to future growth.
In the week ended 23 October, US GLP-1 prescriptions rose 2.7% week over week, with Zepbound contributing the largest increase; among new-to-brand prescriptions for oral drugs, Wegovy Pill grew faster than Foundayo.
Third-quarter same-store sales grew 7.5% year over year, supporting revenue and profit growth; promotions and the business mix weighed on gross margin, while cost controls provided a cushion. J.P. Morgan cut its earnings forecasts but maintained its Overweight rating.
Overseas markets remain the main growth driver, and domestic diagnostics market share is rising, but slower overseas growth in the third quarter, foreign exchange losses and component costs are pressuring earnings. JPMorgan has lowered its earnings forecasts and price target while maintaining its Overweight rating.
Management plans to at least double related protein expression capacity every 3 to 6 months, with repeat purchases also more frequent than for traditional services. JPMorgan is positive on revenue growth, but its optimistic scenario depends on whether utilization and prices can be maintained.
In the third quarter of 2026, Aier Eye’s revenue rose 7.1% year on year, but higher impairment charges and taxes weighed on net profit attributable to shareholders, which fell 11.6%. JPMorgan believes refractive surgery volumes have stabilized and that recent revenue growth remains driven mainly by higher charges per procedure.
IDEXX’s third-quarter revenue and earnings per share both exceeded market expectations, with consumables and reference laboratories the main highlights. The company raised its full-year organic growth and EPS guidance while lowering its operating margin expansion range.
Revenue and net profit declined slightly in the third quarter of 2026, while revenue from innovative products and related services continued to grow rapidly. Citi cut its earnings forecasts and target price, expecting the commercial contribution of new drugs to become more pronounced in 2028.
In a US phase II trial of ASC30 involving 100 patients with type 2 diabetes, all three dose groups achieved statistically significant placebo-adjusted reductions in blood glucose. Citi believes the data support its best-in-class potential and expects phase III doses to be discussed soon.
In the third quarter of 2026, Regeneron’s revenue and earnings per share exceeded market consensus by 12% and 28%, respectively. Bernstein raised its earnings forecasts and price target but maintained its Market Perform rating.
Weakness in vaccines and the general medicines business prompted Bernstein to lower its medium-term earnings forecasts for GSK, but the firm believes the first-mover advantage of long-acting injectables and the new drug VH184 could extend the life of its HIV business.
In the third quarter of 2026, Mindray’s overseas revenue rose 6.3% year on year, while domestic revenue fell 0.7%. HSBC Qianhai is positive on the medium-term growth of its overseas and recurring businesses, while cutting its earnings forecasts for the next two years.
