China healthcare: MNCs’ June-quarter results read-through (2)

Research evidence excerpt

China healthcare: MNCs’ June-quarter results read-through (2)

Global Markets Research

2 August 2026China healthcare

EQUITY: HEALTH CARE & PHARMACEUTICALS

MNCs’ June-quarter results read-through (2) Research Analysts

China Health Care &

Most saw a lukewarm quarter in 2Q26 in China; their Pharmaceuticals

Chinese counterparts should share the same chill Jialin Zhang, CFA, CPA - NIHK

jialin.zhang@nomura.com

Siemens Healthneers (SHL GR, Not rated) +852 2252 6134

On 31 July (local time), the company reported its June-quarter 2026 results: sales grew

2.8% y-y to EUR5.8bn, and adjusted EPS rose 10% y-y to EUR0.70.

Management mentioned downbeat performance in China due to rising competition for its

medical imaging business and unfavorable policy for its diagnostic business.

GE Healthcare (GEHC US, Not rated)

On 29 July (local time), GE Healthcare released its 2Q26 results, with sales rising 6% y-y

to USD5.3bn and net income growing 15% y-y to USD561mn. According to management,

the company’s China sales resumed growth of 3.4% y-y on a low base of 2Q25 to

USD582mn in 2Q26.

During the earnings call, management stated China sales performance was in line with its

expectations. However, it remained prudent to assume a y-y decline in its China business

in 2026E, given unimproved market dynamics.

Regarding volume-based procurement (VBP), management expects China to expand the

scope of VBP in the future.

Align Tech (ALGN US, Not rated)

On 29 July (local time), Align Tech released its 2Q26 results with sales/case shipments

increasing by 4.3%/7.4% y-y to USD1.06bn/692K. According to management, in 2Q26,

case shipments reported a double-digit y-y growth pace in APAC.

The relative better performance of aligner in China is also shared by Angelalign (6699 HK,