--- title: "Fosun Pharma 2026 Q1 Earnings Review" type: "Topics" locale: "en" url: "https://longbridge.com/en/topics/40275352.md" description: "First quarter revenue was 10.073 billion, a year-on-year increase of +6.93%; excluding the impact of exchange rates, the growth rate under the constant exchange rate basis was approximately 8.58%. Net profit attributable to the parent company was 871 million, a year-on-year increase of +13.87%; net profit attributable to the parent company after deducting non-recurring gains and losses was 501 million, a year-on-year increase of +21.96%; in terms of profit structure, the difference between net profit attributable to the parent company and the figure after deducting non-recurring items was 370 million, of which fair value changes and disposal gains on financial assets amounted to 271 million yuan, and gains/losses on disposal of non-current assets were 148 million yuan. The net profit attributable to the parent company after deducting non-recurring items, close to 500 million, grew 22% year-on-year..." datetime: "2026-04-29T02:55:06.000Z" locales: - [en](https://longbridge.com/en/topics/40275352.md) - [zh-CN](https://longbridge.com/zh-CN/topics/40275352.md) - [zh-HK](https://longbridge.com/zh-HK/topics/40275352.md) author: "[少年维特](https://longbridge.com/en/profiles/24775693.md)" --- # Fosun Pharma 2026 Q1 Earnings Review First-quarter revenue was 10.073 billion, up 6.93% year-over-year; excluding the impact of exchange rates, the growth rate on a constant currency basis was approximately 8.58%. Net profit attributable to shareholders was 871 million, up 13.87% year-over-year; net profit attributable to shareholders excluding non-recurring items was 501 million, up 21.96% year-over-year. In terms of profit structure, the difference between net profit and non-recurring profit was 370 million, of which fair value changes and disposal gains of financial assets amounted to 271 million, and gains/losses from disposal of non-current assets amounted to 148 million. The non-recurring net profit attributable to shareholders, close to 500 million, grew 22% year-over-year. Compared to the full-year 2025 growth of around 1%, this is a solid signal of recovery in profitability indicators. In addition, operating cash flow was 1.149 billion, up 8.8% year-over-year, continuing the +16% trend from the previous full year. Fosun Pharma is still in a phase of high R&D investment, coupled with relatively complex business operations. Both profits and cash flow are rising, further solidifying the improvement at the operational level. On the expense side, R&D expenses were 897 million, an increase of 159 million year-over-year, accounting for nearly 9% of revenue. Financial expenses declined, mainly due to the company's deleveraging and debt structure optimization efforts over the past two years. The financing cost has been continuously declining, with the historical average financing cost dropping from about 5% to around 4%. From a financial indicator perspective, last year saw profit recovery and cash flow improvement, but the core business elasticity was not strong enough. The acceleration of non-recurring net profit in the first quarter of this year is a relatively positive signal. Since the new management took over in 2025, the company has been very determined in its focus on the dual-engine drive of "innovation and internationalization." In terms of pipeline and business progress, the company had 4 innovative drug applications accepted and 14 clinical trials approved in the first quarter, indicating an accelerating pace. Looking closely, there isn't a particularly standout product yet, but collectively, the pipeline feels substantial. The logic is to trade quantity for quality, not betting on a single product, and building the R&D system into a platform. **For example, antibody/ADC, small molecules, and cell therapy are being advanced simultaneously, covering the success probabilities of different technical pathways.** Biosimilars like HLX14 and HLX04 are progressing with overseas registrations, taking on more cash flow and certainty roles. ADCs and multi-specific antibodies like HLX43 and HLX3901 have higher ceilings in the innovative drug direction. Regarding internationalization, Denosumab was approved in Canada, and Bevacizumab was submitted in the US, achieving product overseas expansion. This demonstrates the capability to push products into European and American regulatory systems. The marginal cost of replication will become increasingly lower, and commercial value will gradually materialize. The self-developed rare tumor innovative drug Luwomeitinib was successfully selected for an ASCO rapid oral presentation. The subsidiary Henlius disclosed preclinical data for HLX3901 and HLX3902 at the 2026 American Association for Cancer Research (AACR) annual meeting. Subsequent BD collaborations and overseas licensing can be anticipated. Finally, regarding AI, FoSTRAID and PharmAID represent the AI for Science logic, focusing on improving R&D efficiency and decision-making capabilities. For a company like Fosun with a large pipeline, this seems like a necessity, although no corresponding data has been disclosed yet. From a horizontal comparison perspective, Fosun Pharma has a substantial revenue scale, but profit efficiency is still recovering, and its R&D intensity is in the first tier. Hengrui is a high-R&D, high-profit innovative drug realization type, while Huadong relies on product volume expansion for profit. The models and paths are different. While focusing on innovative drugs, Fosun Pharma has stronger internationalization capabilities. Last year, overseas revenue exceeded 30%, making it one of the most solidly globalized Chinese pharmaceutical companies besides BeiGene. It is more balanced and stable, so it basically avoids issues of single-quarter deceleration. However, it might be at a disadvantage when innovative drug stocks are performing well. It is believed that Fosun Pharma will increase its investment in innovative drugs going forward. For now, it can be considered a platform discount. $FOSUN PHARMA(02196.HK) $FOSUN PHARMA(600196.SH) ### Related Stocks - [02196.HK](https://longbridge.com/en/quote/02196.HK.md) - [00656.HK](https://longbridge.com/en/quote/00656.HK.md) - [600276.CN](https://longbridge.com/en/quote/600276.CN.md) - [02696.HK](https://longbridge.com/en/quote/02696.HK.md) - [600196.CN](https://longbridge.com/en/quote/600196.CN.md) - [01276.HK](https://longbridge.com/en/quote/01276.HK.md)