Pharmaron (3759.HK): 3Q26 Earnings Review: In line; FY26 revenue guidance on track; lab services orders accelerating

Goldman Sachs's 3Q26 earnings review on Pharmaron (3759.HK / 300759.SZ) concludes results were broadly in line, with revenue and adjusted non-IFRS earnings matching expectations. The team highlights three incremental positives: accelerating lab services momentum driven by strong bioscience trends and notably stronger demand from a leading global AIDD player, with AIDD-related revenue continuing to rise as a share of total revenue; CDMO order momentum remaining on track despite quarterly phasing from a high base, order-timing delays and normal quarterly fluctuation, further validating the CRDMO model, while the Ningbo API facility passed its second FDA on-site inspection;