Jiangsu Hengrui Pharmaceuticals (600276) Q3 2026 earnings summary

Executive summary

• 9M revenue rose 5.26% YoY to RMB24.41bn; net income attributable to shareholders increased 20.38% to RMB6.92bn, supported by licensing income and innovation-led growth.

• Q3 revenue grew 20.55% YoY to RMB8.95bn; attributable net income rose 88.92% to RMB2.46bn.

Financial highlights

• 9M adjusted net income, excluding nonrecurring items, increased 11.70% YoY to RMB6.24bn; Q3 adjusted net income rose 90.93% to RMB2.51bn.

• 9M operating cash flow was RMB7.84bn, down 13.90% YoY; Q3 operating cash flow increased 21.76% to RMB5.86bn.

• 9M total profit reached RMB7.73bn, up 20.53% YoY; Q3 total profit was RMB2.78bn, up 103.97%.

Outlook and guidance

• Full-year innovation-drug sales growth is expected to fall short of the target set at the start of the year, despite improved Q3 growth.

• Q4 priorities include accelerating new-product access and academic promotion to support faster revenue growth.