Follow clinical progress, product pipelines, commercialization and industry performance.
Goldman Sachs sees modest differentiation for Amgen’s dazodalibep in improving dryness symptoms. Early data for two allogeneic CAR-T therapies are also encouraging, although patient numbers and follow-up remain limited.
Implant cases rose 15% year on year in the third quarter of 2026, but the average price fell 10%, limiting revenue growth to 3.6%. Management lowered its full-year case guidance, and Goldman Sachs subsequently cut its earnings forecasts and target price.
The phase III T-pam trial met its primary endpoint, but the progression-free survival benefit was limited and the incidence of interstitial lung disease was relatively high. Citi believes previously lowered expectations have softened the impact of the results on BioNTech, while also watching the endometrial cancer opportunity and other oncology programs.
Third-quarter revenue and core operating profit both fell short of market consensus, while net profit attributable to shareholders exceeded expectations mainly because of non-recurring gains. The company maintained its full-year growth guidance, implying a significant jump in fourth-quarter revenue from the third quarter.
Third-quarter revenue rose 16.9% year on year, but Goldman Sachs said a delay in recognizing business development and licensing revenue weighed on results. Overseas sales and two innovative drug candidates made progress, while potentially higher R&D spending prompted Goldman Sachs to lower its earnings forecasts for the next two years.
In the first three quarters of 2026, new orders for WuXi AppTec’s continuing operations rose more than 60% year over year at constant exchange rates. Citi raised its earnings forecasts and target prices while factoring in the potential erosion of chemistry gross margins from new capacity.
Research & Development Solutions drove IQVIA’s third-quarter earnings beat, while order momentum also supported improving demand. At the same time, the backlog cleanup was larger than expected, and full-year organic growth guidance was trimmed slightly.
Third-quarter profit grew faster than revenue, and the company raised its full-year guidance again. JPMorgan sees growth from late-stage projects and commercial manufacturing, but the timing of large-order deliveries and the ramp-up of overseas capacity will affect when results materialize.
Morgan Stanley says Hengrui’s third-quarter revenue and profit were both slightly above market consensus: innovative drug sales accelerated and recognized collaboration revenue increased, but generic drug sales continued to decline and product gross margin also fell.
Dazodalibep met the primary endpoint in patients with systemic disease activity, and dosing every four weeks also improved patient-reported dryness symptoms. Morgan Stanley considers it highly competitive, although differences in placebo responses limit cross-trial comparisons.
Pharmaron’s third-quarter revenue came in slightly above the Bloomberg consensus, with CMC leading in revenue and new-order growth; exchange-rate effects and higher finance costs caused net profit attributable to shareholders to grow more slowly than revenue.
Nomura estimates that Hengrui's third-quarter drug sales grew 4.9% year on year, reversing the previous quarter's decline. A sharp increase in collaboration revenue pushed total revenue and net profit attributable to shareholders above Bloomberg consensus estimates, although full-year growth in innovative drug sales may fall short of the company's target set at the start of the year.
Bernstein expects Democrats to be in a position to take control of the House, while the Senate outcome is too close to call. If some provisions of the healthcare legislation are delayed, pressure on Medicaid enrollment and insurer margins could ease. Hospitals would also benefit, but the firm believes much of the upside is already reflected in valuations.
Molina’s third-quarter adjusted earnings per share exceeded Bernstein’s expectations but fell by more than half year over year. Preliminary renewal rates for 2027 have improved and could ease pressure from medical costs; membership losses and delays to new contracts, however, weigh on the revenue outlook.
Johnson & Johnson management expects operational sales growth to accelerate in 2027 and says the medical devices business had rebounded in October. Longer-term growth depends on new product launches and pipeline progress, particularly expansion into solid tumors.
Mo-rez achieved a confirmed response rate of 62% in platinum-resistant ovarian cancer, while global data for Ris-rez in small-cell lung cancer were also close to those from a Chinese study. Goldman Sachs sees both assets as competitive, but higher doses were associated with more serious adverse events, and the near-term focus remains oncology drug commercialization.
A declining birth rate and industry competition weighed on revenue. Overseas business grew rapidly but remained a small share of the total. Goldman Sachs cut its revenue forecasts for the next three years, raised its net profit forecasts and maintained a Neutral rating.
Third-quarter revenue and net profit were broadly in line with Goldman Sachs’ expectations, but the bank believes tight funding conditions and an expansion model reliant on franchising could limit Lao Bai Xing’s ability to gain share during industry consolidation.
Phase III and commercial small-molecule projects are accelerating orders, while early-stage R&D demand is also recovering. Goldman Sachs sees improved revenue visibility for 2027, but the timing of large-order deliveries, capacity expansion and exchange rates could still cause quarterly fluctuations.
The company’s third-quarter revenue rose 4.1% year on year, while profit was 7% below Morgan Stanley’s forecast. Sales of core ejiao products were weak, while accounts receivable rose and operating cash flow declined. Management expects the latter two metrics to return to normal by year-end.
