Fosun Pharma (2196 HK): Catalysts on the horizon

CSIWM takes the same view as CLSA Research. According to the CLSA Research report titled "Catalysts on the horizon" dated 28 Oct 2026, Fosun Pharma delivered largely in-line 3Q26 results, with revenue up 1.4% YoY to Rmb30.4bn and net profit up 15.2% YoY to Rmb946m, a progress rate of 74.2% against its ESOP guidance, while adjusted NP fell 8.3% YoY to Rmb562m. The pharmaceutical segment remained the key growth driver, with novel product sales increasing 15.5% YoY in 9M26 and lifting overall GPM by 1.5ppts to 49.7%. CLSA sees AR1001's global Phase III Alzheimer's data readout at CTAD 2026 on 16 Nov as the key near-term clinical catalyst, with topline results potentially available by end-Oct/early-Nov;