UBS China Healthcare Weekly: Key Takeaways from Major US/EU Earnings
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Key Views
MNC pharma reported solid China revenue growth in 2025: Roche pharmaceuticals +10%, Eli Lilly +18%, Novo Nordisk +8%, and Sanofi +9.9%. However, Merck tumbled 66% due to Gardasil headwinds. Multiple companies emphasized China-partnered assets, particularly in ADC and immuno-oncology. AbbVie, Bristol-Myers Squibb, and Pfizer highlighted PD-(L)1/VEGF assets. Merck noted sac-TMT (Hengrui/Akeso) could yield multiple pivotal readouts in 2027.
Medical device firms faced China revenue pressure, with GE HealthCare (−11%), Siemens Healthineers (−11%), and Roche Diagnostics (−12%) declining in Q4 2025. In CRO/CDMO, Lonza biologics revenue grew 32.2%, while Fujifilm CDMO rose 18.5%.
Outlook
Hengrui's dual-antibody combination resubmission has a PDUFA date of July 23, 2026. United Laboratories announced China clinical trial approval for UBT251 in OSA with obesity.
Recommended Securities
Top picks include BeOne, WuXi XDC, JD Health, Hansoh Pharma, Yifeng Pharmacy, Yuwell Medical, Great Wall TCM, Dong'e E-Jiao, Shanghai Pharma, and CanSino.