1 Apr 2026 CMB International Global Markets | Equity Research | Company Update 3SBio (1530 HK) 3SBio (1530 HK) - Short-term Short-term pressure on product sales; ASCO 2026 in focus 3SBio reported revenue of RMB17.7bn (+94.3% YoY) in 2025, driven by the RMB9.4bn out-licensing income from Pfizer for 707. However, product sales declined by 10.3% YoY to RMB8.0bn amid China's VBP and reimbursement control headwinds. Excluding the licensing income, R&D and administrative expense ratios rose ~4ppts and ~2ppts, res ...