Company Coverage
CSPC Innovation Pharmaceutical Co (300765 CH): 3Q26: Swings Back To A Net Loss; Late-Stage Pipeline Gathers Pace
BUY (Maintained)
Current price:
Target price:
Upside:
Previous TP :
Rmb38.24
Rmb50.00
30.8%
Rmb57.00
Analyst
Analyst
Highlights
- CSPC Innovation’s 9M26 revenue rose 149.6% yoy to Rmb3,976.5m and net profit was Rmb1,209.9m, vs a net loss of Rmb24.0m in 9M25. 3Q26 revenue rose 35.5% yoy on a US$25m AstraZeneca milestone, but the adjusted net loss widened 211.7% yoy to Rmb73.8m.
- With SYS6010 meeting its Phase 3 primary endpoint and the DP303c NDA accepted, we expect new launches to support earnings growth from 2028 onward.
- Maintain BUY and lower target price to Rmb50.00, reflecting its weaker 3Q26 earnings.

Analysis
- 3Q26 revenue rose 35.5% yoy, but the quarter swung back to a net loss. CSPC Innovation Pharmaceutical’s (CSPC Innovation) 3Q26 revenue rose 35.5% yoy to Rmb736.2m, including the US$25m first R&D milestone under the AstraZeneca peptide licence. The net loss widened 141.0% yoy to Rmb51.3m, and the adjusted net loss widened 211.7% yoy to Rmb73.8m.

Highlights
- CSPC Innovation’s 9M26 revenue rose 149.6% yoy to Rmb3,976.5m and net profit was Rmb1,209.9m, vs a net loss of Rmb24.0m in 9M25. 3Q26 revenue rose 35.5% yoy on a US$25m AstraZeneca milestone, but the adjusted net loss widened 211.7% yoy to Rmb73.8m.
- With SYS6010 meeting its Phase 3 primary endpoint and the DP303c NDA accepted, we expect new launches to support earnings growth from 2028 onward.
- Maintain BUY and lower target price to Rmb50.00, reflecting its weaker 3Q26 earnings.

Analysis
- 3Q26 revenue rose 35.5% yoy, but the quarter swung back to a net loss. CSPC Innovation Pharmaceutical’s (CSPC Innovation) 3Q26 revenue rose 35.5% yoy to Rmb736.2m, including the US$25m first R&D milestone under the AstraZeneca peptide licence. The net loss widened 141.0% yoy to Rmb51.3m, and the adjusted net loss widened 211.7% yoy to Rmb73.8m.

BUY (Maintained)
Current price:
Target price:
Upside:
Previous TP :
Rmb38.24
Rmb50.00
30.8%
Rmb57.00
Analyst
Analyst
IMPORTANT NOTICE - DISCLOSURES AND DISCLAIMERS
This report is provided subject to, and must be read together with, the full Disclosures / Disclaimers available at this link, which are incorporated by reference into this report. In particular, this report is intended for general circulation and informational purposes only and does not constitute personal investment advice or a recommendation to buy or sell any investment product or security. You should independently evaluate the information and, where necessary, seek advice from a qualified financial adviser regarding the suitability of any investment. Analyst certifications required under applicable regulations, including SEC Regulation AC (where relevant), are included in this report. By accessing, receiving or using this report, you acknowledge that you have read, understood and agreed to be bound by the Disclosures / Disclaimers, as may be amended, supplemented or updated from time to time.
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