RemeGen (9995) Q3 2026 earnings summary

Executive summary

• Q3 revenue was RMB910.5m, up 46.41% YoY; 9M revenue reached RMB6.764bn, up 293.28%, driven by commercial sales and RC148 licensing revenue.

• 9M net profit attributable to shareholders was RMB5.273bn versus a RMB550.7m loss in 9M 2025; excluding non-recurring gains and losses, net profit was RMB4.412bn.

• Domestic commercial sales reached RMB2.150bn in 9M, up 26.1% YoY, with an 83.6% gross margin; the base business was on track to profitability.

Financial highlights

• 9M operating revenue was RMB6.764bn versus RMB1.720bn in 9M 2025; operating profit was RMB5.286bn versus a RMB537.3m operating loss.

• Q3 net profit attributable to shareholders was RMB610.9m; 9M total profit was RMB5.274bn.

• 9M operating cash flow was RMB4.084bn, up 1,781.39%; cash receipts from sales and services reached RMB6.488bn.

• 9M R&D spending was RMB695.3m versus RMB890.6m; R&D spending was 10.28% of revenue.

• Domestic commercial gross margin was 83.6%; the selling expense ratio fell to 40.5% in 9M from 48.2%.

Outlook and guidance

• 4Q26: China NRDL negotiation results expected for telitacicept and disitamab vedotin in 1L urothelial cancer.

• 1H27: Vor Bio expects global telitacicept Phase III generalized myasthenia gravis topline data; China ocular myasthenia gravis Phase III data also expected.

• 1H27: Pfizer expects global Phase III results and a BLA filing for disitamab vedotin in 1L urothelial cancer; RC148 global development to advance with AbbVie.

• RC148 plus chemotherapy global Phase III study in 1L squamous NSCLC targeted for first-patient-in in 4Q26; multiple NME IND filings planned for 2027.