Follow clinical progress, product pipelines, commercialization and industry performance.
Third-quarter revenue rose 7.1% year on year, slightly above Bloomberg consensus; net profit attributable to shareholders fell 11.6%, missing expectations. Nomura maintained its buy rating and price target of 13.13 yuan.
Merck raised the lower end of its 2026 guidance, but Bernstein noted that part of the third-quarter revenue beat came from purchase timing and that full-year earnings-per-share guidance also benefited from tax rates and exchange rates.
Bristol-Myers Squibb’s third-quarter revenue rose 7% year over year, with both its growth and mature product portfolios exceeding market consensus; however, gross margin fell and Cobenfy sales missed expectations. The company raised its full-year revenue guidance, while Bernstein turned its attention to declines in mature products and trials of new drugs.
Quyu Jianpi Tea has entered the public consultation stage for OTC conversion, and existing out-of-hospital channels could help expand its sales. SIF001, a drug in which the company holds an indirect stake, has entered Phase II clinical trials in the United States, but its long-term sales potential still depends on research and development progress.
In the first three quarters of 2026, Yifeng Pharmacy’s revenue rose 5.49% year on year, while net profit attributable to shareholders rose 10.36%. Guojin Securities believes industry store closures and improving same-store growth at the company could support further growth.
A Bernstein expert interview suggests that Trop2 ADCs combined with immunotherapy could change first-line treatment for some patients with non-small cell lung cancer, but overall survival benefits, toxicity management and global trials will determine the scope of their use.
Domestic revenue growth picked up and overseas growth remained strong, but R&D, share-based compensation and foreign exchange losses weighed on profit. Goldman Sachs cut its future earnings forecasts while maintaining its Buy rating.
Lower testing prices weighed on revenue, but high-value tests and laboratory partnerships improved the business mix. Goldman Sachs lowered its revenue forecasts for the next three years and maintained its Buy rating.
In the first half of 2026, the total value of China's outbound innovative drug licensing deals reached 99.7 billion US dollars. Guosen Securities believes that increased domestic sales under medical insurance coverage and progress in overseas commercialization will be two drivers of growth for the sector.
Third-quarter revenue rose 2% year on year and net profit rose 70% year on year. Goldman Sachs raised its earnings forecasts while cutting its price target from 50 yuan to 48 yuan because of a decline in the market value of its listed company holdings.
Third-quarter revenue was broadly in line with Goldman Sachs' expectations, but a lower margin and a wider non-operating loss left net profit slightly below forecast. Innovative products continued to grow, while the medical aesthetics business continued to decline. Goldman Sachs lowered its target price and maintained its neutral rating.
Newly reimbursed products are entering hospitals faster, and management maintains its full-year innovative drug sales target; Goldman Sachs raises its earnings forecasts and includes recognition of the Novo Nordisk deal’s upfront payment in the first quarter of 2027.
INT combined with Keytruda increased the two-year recurrence-free survival rate in melanoma patients by 12.2 percentage points, but the distant metastasis benefit was weaker than in phase II, and overall survival data remain immature. Barclays sees substantial room in postoperative adjuvant treatment and maintains its Overweight rating on Merck.
Gains in domestic insulin market share drove Tonghua Dongbao’s third-quarter revenue and profit above Goldman Sachs estimates; a one-off gain in the same period last year contributed to a steep year-on-year decline in net profit. Goldman Sachs raised its earnings forecasts but still sees the company’s long-term growth prospects as weaker than those of its major peers.
Slower equipment tenders delayed revenue recognition, while competition and changes in the sales mix compressed gross margin; the company maintained its break-even targets, and Goldman Sachs cut its earnings forecasts and target price.
In a phase III trial of patients with type 2 diabetes, both Retatrutide dose groups achieved more than twice the weight loss of the Ozempic 2 mg group, but adverse events increased with dose. Citi maintained its buy rating on Eli Lilly and is watching the direct comparison with tirzepatide.
In the third quarter of 2026, Pharmaron continued to grow across its businesses. CDMO gross margin improved year on year, while laboratory services gross margin fell due to movements in the renminbi exchange rate. Citi forecasts revenue growth of 19% in both 2026 and 2027.
Citi expects combined third-quarter sales of Mounjaro and Zepbound to reach 15.6 billion dollars, with both above the Visible Alpha consensus; new Medicare patients, the launch of an oral drug and restored channel access are key sales trends to watch.
Consolidation of an acquisition and growth in contact lens sales drove Eyebright’s third-quarter revenue up 45% year on year, but selling expenses weighed on profit. Goldman Sachs maintained its revenue forecasts while cutting its earnings forecasts for the next three years and its price target.
In the third quarter of 2026, the company's revenue and net profit both fell short of Goldman Sachs' expectations. Rural inclusive vaccination programs pushed the decline in the average selling price of flu vaccines beyond expectations, prompting Goldman Sachs to cut its earnings forecasts for the next three years and its target price.
