CSPC Pharma reported a mixed 1Q26 where a recovery in finished drugs (+6% y/y) was offset by weak API pricing. Goldman Sachs remains Buy-rated with a raised target price of HK$12.08 as finished drug margins expand.
Key Takeaways
- 1.CSPC Pharma's 1Q26 results were mixed: finished drug revenue grew 6% y/y, outperforming expectations and showing margin expansion, but total revenue was dragged down by a 26% decline in API sales.
- 2.The API segment is currently under pricing pressure but has shown early signs of sequential recovery compared to 4Q25.
- 3.Goldman Sachs maintains a Buy rating and raised the 12-month price target to HK$12.08, reflecting slightly better-than-expected finished drug sales.
Table of Contents
- Price Target Risks and Methodology - CSPC Pharma
- Investment Thesis - CSPC Pharma
- Disclosure Appendix
- GS Factor Profile
- M&A Rank
- Quantum
- Disclosures
- Company-specific regulatory disclosures
- Distribution of ratings/investment banking relationships
- Price target and rating history chart(s)
- Target price history table(s)
- Regulatory disclosures
- Ratings, coverage universe and related definitions
- Global product; distributing entities
- General disclosures
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Authors
Ziyi ChenHonglin YanEddie Song
Securities
1093.HK
Themes
Pharma Margin ExpansionAPI Price CyclicalityR&D Pipeline Advancement
Regions
Asia PacificChina