Summary of China Healthcare & Pharmaceuticals 3Q25 Drug Sales Tracker Industry Overview - The report focuses on the **China healthcare and pharmaceuticals industry**, specifically analyzing drug sales data for the third quarter of 2025 (3Q25) [1][2]. Key Findings - **Overall Market Performance**: The overall drug market sales in China declined by **6.2% year-on-year (y-y)** but increased by **6% quarter-on-quarter (q-q)**, totaling **CNY 226 billion** in 3Q25 [2][1]. - **Performance of Domestic Pharma Companies**: - **Hengrui**: Sales decreased by **0.1% y-y** to **CNY 5.8 billion**. - **Sinobio**: Sales fell by **0.9% y-y** to **CNY 4.1 billion**. - **Hansoh**: Sales declined by **0.8% y-y** to **CNY 2.0 billion**. - **Qilu Pharma**: Experienced a **9% y-y decline** to **CNY 4.7 billion**. - **CSPC**: Sales dropped by **17% y-y** to **CNY 3.6 billion** [4][4]. - **Biotech Companies' Growth**: - **BeOne**: Sales increased by **20.4% y-y** to **CNY 1.5 billion**. - **Innovent**: Sales rose by **24.6% y-y** to **CNY 1.5 billion**. - **Akeso**: Notable growth of **130.1% y-y** to **CNY 156 million**. - **Remegen**: Sales grew by **54.2% y-y** to **CNY 255 million** [5][5]. - **Multinational Corporations (MNCs) Performance**: - **AstraZeneca**: Sales decreased by **4.9% y-y** to **CNY 6.1 billion**. - **Novartis**: Sales fell by **7.3% y-y**. - **Roche**: Sales declined by **13.6% y-y**. - **Pfizer**: Sales dropped by **13.9% y-y** [6][6]. - **Notable Growth in Specific Products**: - **Novo Nordisk**: Sales increased by **22.3% y-y** to **CNY 3.7 billion**, driven by **Semaglutide** sales growth of **35% y-y** to **CNY 1.3 billion**. - **Eli Lilly**: Sales of **Tirzepatide** reached **CNY 2 million** in 3Q25 [7][7]. Additional Insights - **Hengrui's Specific Products**: - **Camrelizumab**: Sales rose by **34% y-y** to **CNY 445 million**. - **Pyrotinib**: Sales remained flat at **CNY 280 million**. - **Mecapegfilgrastim**: Sales increased by **4% y-y** to **CNY 435 million** [9][9]. - **Sinobio's Product Performance**: - **Anlotinib**: Sales grew by **6% y-y** to **CNY 646 million**. - **Magnesium Isoglycyrrhizinate**: Sales increased by **7% y-y** to **CNY 682 million** [9][9]. - **CSPC's Oncology Drugs**: - **Duomeisu**: Sales surged by **91% y-y** to **CNY 40 million**. - **Jinyouli**: Sales declined by **19% y-y** to **CNY 609 million** [10][10]. - **Hansoh's Oncology Drugs**: - **Almonertinib**: Sales rose by **14% y-y** to **CNY 560 million**. - **Flumatinib**: Sales increased by **25% y-y** to **CNY 185 million** [10][10]. Conclusion - The China healthcare and pharmaceuticals market is experiencing mixed results, with domestic companies facing declines while biotech firms show significant growth. MNCs are also struggling, indicating a challenging environment for the industry overall. The data suggests potential investment opportunities in biotech companies that are outperforming their peers.

Financial Data and Key Metrics Changes - The company reported a 10% revenue growth through the first nine months of the year, with product sales growth at 11% driven by a 14% volume growth [5][6] - In Q3, revenue growth was 12%, also driven by 14% volume growth [6][7] - Non-GAAP research and development expenses increased by 31% year over year in Q3, with a guidance for mid-twenty percentages for the year [8][9] Business Line Data and Key Metrics Changes - Repatha experienced a 30% year-over-year growth in the first nine months, with significant potential for future growth due to low penetration rates in the PCSK9 therapy market [11] - EVENITY also grew by 30% year over year, holding a 60% market share in the U.S. bone builder market [12] - TESSPIRE achieved 50% year-over-year growth, reaching $1 billion in sales in the U.S. [13] - The rare disease portfolio is annualizing at nearly $5 billion, growing 12% year over year, with Aplisna growing 50% year over year [14] - The biosimilar portfolio grew 40% year over year, now annualizing at approximately $3 billion [16] Market Data and Key Metrics Changes - The company noted that over 90% of women at high risk of fractures remain untreated, indicating significant market opportunity for EVENITY [12] - The penetration of PCSK9 therapy remains low, suggesting ample room for growth for Repatha [11] Company Strategy and Development Direction - The company is focused on a volume-driven growth strategy, investing in innovation and science to enable longer, healthier lives [6][8] - The capital allocation strategy prioritizes innovation, with a strong emphasis on research and development [26][27] - The company is actively engaging with the current administration regarding pricing and access policies, aiming to enhance affordability for patients [31][32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the momentum of the business and pipeline, highlighting strong debt paydown and ongoing investments in innovation [6][7] - The company anticipates increased competitive intensity in the biosimilar market but expects growth from its six major growth drivers [49][50] - Management remains optimistic about the potential of Meritide and its applications in various therapeutic areas [66][70] Other Important Information - The company has a capital expenditure guide of $2.2 billion to $2.3 billion for the year, focusing on optimizing network capacity [29] - The company is open to business development opportunities, including licensing and acquisitions, particularly in the rare disease space [55][56] Q&A Session Summary Question: How does Amgen view the momentum going into 2026? - Management highlighted strong revenue growth and volume-driven strategies, indicating optimism for continued momentum [5][6] Question: What are the capital allocation priorities? - The company prioritizes innovation, with a significant focus on research and development, while remaining open to external opportunities [26][27] Question: How is Amgen addressing the competitive landscape in biosimilars? - Management acknowledged the expected increase in competitive intensity but emphasized the growth potential from existing products and new launches [49][50] Question: What is the outlook for the rare disease portfolio? - The company expressed satisfaction with its recent acquisitions and is keen on exploring further opportunities in the rare disease market [55][56] Question: How does Amgen plan to navigate pricing and access challenges? - Management is actively engaging with the administration to ensure patient affordability and fair pricing for innovation [31][32]

Core Insights - Multiple biotech companies are experiencing significant stock price increases, reaching new 52-week highs due to clinical advancements, regulatory milestones, and strategic funding initiatives [1] Company Summaries Amylyx Pharmaceuticals Inc. (AMLX) - On September 10, 2025, Amylyx reached a new 52-week high of $12.25, a substantial increase from its previous low of $2.47 [2] - The company announced a $175 million underwritten public offering of common stock, consisting of 17.5 million shares priced at $10.00 each, with an option for underwriters to purchase an additional 2.625 million shares [3] - Proceeds from the offering will support the commercial launch of avexitide, currently in Phase 3 trials, and fund ongoing research and development, general corporate purposes, and working capital [3] - Despite discontinuing the ORION program for AMX0035 due to disappointing results, Amylyx continues to advance other candidates, including AMX0035 for Wolfram syndrome and AMX0114 for ALS [4] Amneal Pharmaceuticals Inc. (AMRX) - On September 10, 2025, Amneal's stock reached a new 52-week high of $9.97 during intraday trading, closing at $9.82, reflecting a slight decline of 0.71% from the previous close [4][5] - The stock's performance is supported by the approval of its risperidone extended-release injectable suspension, enhancing its central nervous system portfolio [5] - Amneal is awaiting FDA decisions on biosimilar candidates for denosumab, with potential regulatory approval expected later in 2025, which could significantly boost revenue [6] - The company is also expanding its specialty portfolio with the rollout of Brekiya and the adoption of CREXONT, alongside a collaboration with Metsera to develop GLP-1 therapies [6] argenx SE (ARGX) - On September 10, 2025, argenx reached a new 52-week high of $779.03, closing slightly lower at $762.89, reflecting a modest intraday decline of 0.54% [7] - The increase in share price follows positive topline results from the ADAPT-SERON trial for VYVGART in seronegative generalized myasthenia gravis, which met its primary endpoint [8] - The successful trial positions argenx to pursue FDA label expansion for VYVGART, potentially broadening its market reach and revenue [8][9] - Upcoming milestones include an R&D spotlight webinar on ARGX-119 and expected label expansion decisions for VYVGART-SC in Japan and Canada by year-end [10]