China hospital drug sales fell in 2Q26, while domestic pharma and biotech companies generally outperformed multinational peers

Overview

Nomura reviews Pharmcube's sampled-hospital drug-sales data for China in 2Q26 to assess major pharmaceutical companies' 1H26 performance. The tracker points to a contracting market, but relative resilience among domestic pharmaceutical companies and continued commercialization progress for several biotech products.

Core views

Pharmcube's sampled-hospital data show that China pharmaceutical market sales fell 3.9% year on year and 2.9% quarter on quarter to CNY251bn in 2Q26. Nomura attributes the decline to an unfavorable operating environment, seasonal factors and continued migration of prescription-drug demand into retail pharmacies. The institution uses the data as an additional lens on major companies' 1H26 results rather than as a direct replacement for company disclosures. The report's principal relative-performance finding is that domestic pharmaceutical companies did better than many multinational companies. Hengrui, Hansoh and CSPC recorded 2.8%, 5.1% and 4.2% year-on-year sales growth to CNY6.1bn, CNY2.2bn and CNY4.3bn, respectively. In contrast, AstraZeneca, Roche and Pfizer recorded declines of 9.2%, 7.3% and 9.7% to CNY6.8bn, CNY3.8bn and CNY3.5bn. There were exceptions: Novartis grew 13.1% to CNY5.5bn, partly supported by Leqvio sales rising 718% year on year to CNY324mn. Qilu Pharma and Sino Biopharmaceutical recorded sales declines of 1.5% and 11.5% to CNY4.7bn and CNY4.8bn. Biotech companies generally continued to scale commercial sales. Innovent, Akeso and Remegen posted growth of 20.5%, 172% and 32.1%, reaching CNY2.5bn, CNY513mn and CNY478mn, respectively; BeOne's sales fell 4.5% to CNY1.3bn. At Innovent, tafolecimab and teprotumumab were the principal growth products, reaching CNY365mn and CNY181mn, while sintilimab declined 7% to CNY941mn and rituximab fell 25% to CNY196mn. Akeso's candonilimab and ivonescimab ramped to CNY274mn and CNY234mn, up 152% and 193%. Remegen's telitacicept rose 51% to CNY265mn and disitamab vedotin increased 14% to CNY213mn. Kelun Biotech's sacituzumab tirumotecan reached CNY135mn, compared with CNY12mn in 2Q25. Within large domestic companies, product performance was mixed. Hengrui's growth products—henagliflozin, rezvilutamide and recaticimab—offset declines in camrelizumab, pyrotinib, mecapegfilgrastim, nab-paclitaxel and loversol. Those declining products fell 10%, 16%, 24%, 68% and 12% year on year to CNY315mn, CNY186mn, CNY281mn, CNY43mn and CNY738mn, while herombopag olamine grew 3% to CNY397mn. At CSPC, NBP resumed growth, rising 9% year on year to CNY1.9bn after a 7% decline in 1Q26, and Mingfule rose 33% to CNY574mn; oncology was weak, with Duomeisu down 90% to CNY7mn and Jinyouli down 14% to CNY276mn. Hansoh's almonertinib and flumatinib grew 10% and 39% to CNY797mn and CNY268mn, while tenofovir amibufenamide increased 15% to CNY383mn. The GLP-1 market also displayed diverging product trajectories. Novo Nordisk and Eli Lilly sales rose 7.2% and 13.6% to CNY4.2bn and CNY1.2bn, respectively. Novo's semaglutide sales increased only 0.7% to CNY1.2bn, whereas Eli Lilly's tirzepatide accelerated to CNY290mn, versus CNY6mn in 4Q25 and CNY91mn in 1Q26. Nomura's channel check indicates that tirzepatide sales were stronger in retail channels. Nomura cautions that Pharmcube hospital-sample data do not always reconcile with reported company figures. For Hengrui and Sino Biopharmaceutical, the institution explicitly notes inconsistencies with company disclosures. For Sino Biopharmaceutical, it attributes the gap to retail-pharmacy sales not being captured and to timing differences between distributor sell-in and hospital sales realization, including rising accounts receivable. It offers a similar retail-channel explanation for Akeso, whose drugs had been sold through retail pharmacies before NRDL inclusion.

Analysis framework

Nomura uses Pharmcube's sampled-hospital drug-sales data to examine 2Q26 market conditions and company-level product sales, then compares domestic companies, multinational peers and biotech firms. It cross-checks the tracker against interim reports and channel observations, identifying retail-channel coverage and distributor-to-hospital timing as reasons why sampled-hospital data can differ from reported sales.

Methodology notes

• Industry AnalysisVolume-price decomposition

  Drug-sales tracking by company and product

  The report compares reported sales levels and growth rates across companies and individual drugs to identify which products and groups drove relative performance.

• Industry AnalysisUpstream-Midstream-Downstream Transmission

  Hospital sales versus retail pharmacy sales and distributor sell-in

  Nomura explains data gaps by distinguishing hospital demand captured by Pharmcube from retail sales and from sales booked to distributors before hospitals realize the sales.

Asset mapping & comparison

Structured mapping from thesis to named assets (strengths, weaknesses, peers, risks).

• Hengrui (600276 CH/1276 HK)

  Covered domestic pharmaceutical company with modest aggregate sales growth despite mixed product trends.

  Strengths

  Growth in henagliflozin, rezvilutamide and recaticimab offset some product declines.

  Weaknesses

  Camrelizumab, pyrotinib, mecapegfilgrastim, nab-paclitaxel and loversol sales declined.

  Comparison

  Outperformed several multinational peers on year-on-year sales growth.

  Risks

  Pharmcube data contradict company-reported figures.

• Hansoh (3692 HK)

  Covered domestic pharmaceutical company.

  Strengths

  Aggregate sales grew 5.1% year on year; almonertinib, flumatinib and tenofovir amibufenamide grew.

  Comparison

  Outperformed several multinational peers on year-on-year sales growth.

• CSPC Pharma (1093 HK)

  Covered domestic pharmaceutical company.

  Strengths

  NBP resumed growth and Mingfule sales rose 33% year on year.

  Weaknesses

  Oncology sales were weak, including a 90% decline in Duomeisu.

  Comparison

  Outperformed several multinational peers on aggregate year-on-year sales growth.

• Sino Biopharmaceutical (1177 HK)

  Covered domestic pharmaceutical company.

  Strengths

  Flurbiprofen cataplasms sales rose 16% year on year.

  Weaknesses

  Aggregate sales declined 11.5%; anlotinib and magnesium isoglycyrrhizinate sales also fell.

  Comparison

  Its sales trend was weaker than the highlighted domestic growers.

  Risks

  Pharmcube data differ from company-reported data because retail sales may be excluded and hospital realization may lag distributor sales.

• Innovent (1801 HK)

  Covered biotech company with continued commercial ramp-up.

  Strengths

  Aggregate sales grew 20.5%; tafolecimab and teprotumumab grew strongly, while bevacizumab increased 13%.

  Weaknesses

  Sintilimab and rituximab sales declined.

  Comparison

  Part of the group of biotechs that outgrew the overall market.

• Akeso (9926 HK)

  Covered biotech company with rapidly ramping products.

  Strengths

  Candonilimab and ivonescimab sales rose 152% and 193% year on year.

  Comparison

  Its 172% aggregate sales growth was among the strongest results cited.

  Risks

  Hospital-tracker data may understate sales previously generated through retail pharmacies before NRDL inclusion.

• Remegen (688331 CH/9995 HK)

  Covered biotech company.

  Strengths

  Aggregate sales rose 32.1%; telitacicept and disitamab vedotin increased 51% and 14%.

  Comparison

  Part of the biotech group that continued to ramp sales.

Key data

• China pharmaceutical market salesCNY251bn2Q26 sales, down 3.9% year on year and 2.9% quarter on quarter
• Hengrui salesCNY6.1bnUp 2.8% year on year in 2Q26
• CSPC Pharma salesCNY4.3bnUp 4.2% year on year in 2Q26
• AstraZeneca salesCNY6.8bnDown 9.2% year on year in 2Q26
• Akeso salesCNY513mnUp 172% year on year in 2Q26
• Eli Lilly tirzepatide salesCNY290mnCompared with CNY6mn in 4Q25 and CNY91mn in 1Q26

Impact & implications

The report indicates that a weak hospital pharmaceutical market did not affect companies uniformly: domestic firms and commercial-stage biotechs generally showed stronger sales momentum than several multinational peers. It also suggests that retail-channel exposure and the timing of distributor sales can materially affect the interpretation of hospital-tracker data.

Risks

• Sampled-hospital data may not capture retail-pharmacy sales and can therefore diverge from company-reported sales.
• Timing differences between distributor sales and hospital sales realization, including rising accounts receivable, can distort period comparisons.

What to watch

• Whether prescription-drug demand continues to shift from hospitals to retail pharmacies.
• The reconciliation of Pharmcube hospital-sample data with company-reported interim results, particularly for Hengrui and Sino Biopharmaceutical.
• The continued sales ramp of tirzepatide, Akeso's candonilimab and ivonescimab, and other commercial-stage biotech products.