China healthcare: MNCs‘ June-quarter results read-through (1)

研报英文原文证据摘录

China healthcare: MNCs‘ June-quarter results read-through (1)

Global Markets Research

29 July 2026China healthcare

EQUITY: HEALTH CARE & PHARMACEUTICALS

MNCs’ June-quarter results read-through (1) Research Analysts

China Health Care &

PharmaceuticalsIn general, operations in China saw a sluggish quarter Jialin Zhang, CFA, CPA - NIHK

jialin.zhang@nomura.com

GSK (GSK LN, Not rated) +852 2252 6134

On 28 July (local time), GSK released its 2Q26 results with sales/net income rising by

5%/8% y-y to GBP8.4bn/2.0bn. Nucala (mepolizumab)’s 2Q26 international sales were up

18% y-y, partially driven by its majority share of bio-naïve patients in COPD and ideal

listing in severe asthma and nasal polyps in China.

For its ris-rez and mo-rez, a B7-H3 ADC and a B7-H4 ADC that it licensed in from Hansoh

(3692 HK, Neutral), management: 1) highlighted that Hansoh's phase III study (ARTEMIS-

008) for ris-rez in patients with 2L small cell lung cancer has met primary endpoint with

improved overall survival (OS) and expects the data will be published by end of 2026E. It

expects pivotal data from its global phase III EMBOLD SCLC-301 trial in relapsed

extensive-stage small cell lung cancer (ES-SCLC) in 2027E and also plans to initiate

additional phase III studies in lung and prostate cancers for ris-rez in 2026E, and 2) plans

to initiate five phase III pivotal trials for moz-rez: two (BEHOLD-Ovarian01 and BEHOLD-

Endometrial01) are now actively recruiting patients, while the other three are expected to

start later in 2026E.

AstraZeneca (AZN LN, Not rated)

On 27 July (local time), AstraZeneca released its 2Q26 results. Revenue/earnings

increased 6%/2% y-y to USD15.4bn/2.51bn.

The company’s China sales declined 7% y-y (13% excluding FX impact) to USD1.59bn in