China Healthcare: 1H26 Results Preview: BD Deals to alleviate Pharma sales; CDMOs sold

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China Healthcare: 1H26 Results Preview: BD Deals to alleviate Pharma sales; CDMOs sold

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21 Jul 2026 08:34:56 ET │ 31 pages

China Healthcare

1H26 Results Preview: BD Deals to alleviate Pharma sales; CDMOs

solid

John Yung, CFA AC

CITI'S TAKE +852-2501-2790

We expect leading CDMO companies may see beat in 1H25, resting on john.yung@citi.com

strong backlog growth. Some leading pharmas/biopharma to miss revenue AC Zoe Bian

in 1H26, despite episodic BD/out-licensing deals providing bottom-line

support. Medical device names are likely to see mixed results – key factors +852-2501-2752

are FX loss impact and domestic ASP pressure. Hospitals and distribution zoe.bian@citi.com

ACcontinue to face headwinds from strict medical insurance budget control. Eva Zhao, CFA

Consumer-facing sub-sectors — Medical Aesthetics (Imeik, Bloomage), +852-2501-2701

Healthcare Services (Aier, Topchoice), and TCM (DEEJ) — remained broadly

soft in 1H26. See 30/90-day catalyst watches: +ve: WuXi Bio / WuXi eva.zhao@citi.com

AppTec/ Pharmaron/ Tigermed/ SBP/ MicroPort Medbot/ Yifeng; -ve: 3S

Bio, PAGD, Weigao, United Imaging.

CRO/CDMO: strong results confirmed; potential guidance uplift in focus —

Following positive results, market attention shifts to FY26 and FY27 outlook. WuXi

AppTec could deliver adj. net profit beat, with TIDES strength and funding recovery

as key drivers; mgmt. likely to lift guidance after result. We expect revenue beat for

WuXi XDC on strong ADC/XDC momentum. WuXi Bio’s revenue should be in-line;

adjusted profit intact despite headline drag from FX/FV losses. Tigermed’s revenue

should be in-line with net profit dragged by fair value losses in 2Q26, but revenue

and gross margin expansion remain on track. Pharmaron’s profit alert showed inline

revenue and adj.