Pharmaron Beijing (300759) Q3 2025 earnings summary

Executive summary

• Revenue for the first three quarters of 2025 reached ¥10.09 billion, up 14.38% year-over-year, with Q3 revenue at ¥3.64 billion, up 13.44% from the same period last year.

• Net profit attributable to shareholders for the first three quarters was ¥1.14 billion, down 19.76% year-over-year, despite a strong Q3 net profit of ¥439.5 million, up 42.52% year-over-year.

• Cash flow from operating activities increased 37.59% year-over-year to ¥2.44 billion for the first three quarters.

• Strategic partnership with Zhejiang University and acquisition of real-world research and health economics business to enhance AI and data capabilities.

Financial highlights

• Gross margin for laboratory services was 45.13%, CMC (small molecule CDMO) services 32.10%, and clinical research services 11.79% for the first three quarters.

• Revenue from China-based operations grew 14.80% year-over-year, accounting for 87.53% of total revenue; overseas operations grew 11.58%.

• Revenue from global top 20 pharma clients rose 37.93% year-over-year, now 17.68% of total revenue.

• Revenue by region: North America up 11.90%, Europe up 23.25%, China up 16.08%.

• New contract signings increased over 13% year-over-year, with laboratory services up 12% and CMC services up 20%.

Outlook and guidance

• Full-year 2025 revenue is expected to grow 12–16% year-over-year, based on current orders and new contracts.

• Guidance assumes stable global pharma industry and regulatory environment; realization subject to external uncertainties.