MNCs' Sept-quarter results read-through (3): Operations improved or stabilized in China for MNC names

This note reviews Sept-quarter 2026 results of global medtech and pharma names for read-through on China. Novo Nordisk reported 3Q26 sales up 4% y-y to DKK79.2bn and net income of DKK16.7bn, down 16.3% y-y, and lifted FY26E sales and operating profit growth guidance to -2~2% y-y. China revenue fell 5% y-y to DKK5.0bn amid GLP-1 pricing pressure and competition, with Wegovy injectables up 184% y-y to DKK327mn while Ozempic declined 22% to DKK1.3bn. CagriSema Phase III data showed 12.4% weight loss in REIMAGINE 5 and 21% at week 68 in REDEFINE 9; China NDA reviews for the Wegovy pill and CagriSema are expected in 2027/28E and 1H28E. Siemens Healthineers revenue rose 5.9% y-y to EUR6.8bn with China down 1.9% to EUR656mn, as diagnostics keeps rebasing while the synergetic core grows at low but stable levels. BD called China dynamics pretty stable, noting VBP is not new and China is only ~4% of revenue. GSK said Shingrix in-arm demand is ~300,000 shots per month (+60% y-y) with inventory dr