InnoCare Pharma (9969) Q3 2026 earnings summary

Executive summary

• Jan–Sep 2026 revenue rose 88.21% YoY to RMB2.099bn; net profit was RMB648.3m versus a RMB72.0m loss, while attributable net profit reached RMB655.7m versus a RMB64.4m loss.

• Growth was supported by higher orelabrutinib volumes, new tafasitamab and zurletrectinib sales, and license milestone payments; pipeline progress included 14 ongoing registrational trials and 3 global Phase 3 trials.

Financial highlights

• Q3 revenue was RMB962.0m, up 150.60% YoY; Q3 drug sales revenue was RMB530.5m, up 38.59%.

• Jan–Sep drug sales revenue rose 41.47% YoY to RMB1.449bn; BD and other revenue was RMB650m, versus RMB91m in the prior-year period.

• Jan–Sep attributable net profit excluding non-recurring items was RMB586.0m; Q3 adjusted attributable net profit was RMB399.0m.

• Jan–Sep R&D spending rose 16.12% YoY to RMB785.1m; R&D/revenue was 37.40%, down 23.21 percentage points.

Outlook and guidance

• 2026 target is to sustain profitable performance throughout the year; management expects high-quality growth supported by commercialization and pipeline progress.

• Soficitinib AD NDA submission is planned for H1 2027 after safety follow-up; ITP NDA approval is an upcoming milestone, and SLE Phase 3 enrollment is to accelerate.

• Mesutoclax 1L CLL/SLL fixed-duration Phase 3 data and NDA submission, and BTKi-treated MCL NDA submission, are expected in H1 2027.