3SBio Inc

3SBio subsidiaries Zhejiang Sunshine Mandi and Zhejiang Wansheng have signed an agreement with MindRank AI to commercialize MDR-001, an oral GLP-1 candidate in Phase 3 obesity trials. The deal lands as 3SBio shares trade at HK$15.07, with a 1-year total shareholder return down 45.58 percent, a 30-day share price return down 6.69 percent and a year-to-date share price return down 38.69 percent, even as the 3-year total shareholder return is up more than 2x. On valuation, 3SBio trades at a P/E of 3.9x against a Hong Kong Biotechs industry average of 17.3x and a peer group average of 36.2x, with an estimated fair P/E of 8.2x. A discounted cash flow model puts 3SBio's estimated future cash flow value at HK$33.62 versus the current HK$15.07 share price. Recent declines in revenue and net income, combined with the weak 1-year return, could pressure sentiment if MDR-001 progress disappoints.

Pfizer is expected to report higher oncology sales in the third quarter of 2026, driven by key drugs Padcev, Lorbrena and the Braftovi-Mektovi combination, which should offset declining sales of Ibrance and Adcetris. Oncology comprises around 27% of Pfizer's total revenues, and in the second quarter of 2026 oncology revenues increased 3% to $4.17 billion, with 2% operational growth. The Zacks Consensus Estimate for Padcev is $692 million, while that for Ibrance is $1.01 billion. Pfizer, which markets six cancer biosimilars, is also expected to provide updates on key oncology candidates on its third-quarter conference call, including atirmociclib, sasanlimab and sigvotatug vedotin, as well as PF-08634404, a dual PD-1/VEGF inhibitor in-licensed from Chinese biotech 3SBio in 2025 for which Pfizer has initiated nine studies, including two pivotal phase III trials. Pfizer will announce its third-quarter results on Nov. 3.

Pfizer's pipeline strategy is centered on obesity and oncology as the company seeks to revive growth after declining COVID-19 product revenues and upcoming patent expirations. As of Aug. 4, 2026, Pfizer had 95 pipeline programs, with the most important assets concentrated in these two areas. The key emerging asset is berobenatide, a monthly GLP-1 receptor agonist from the Metsera acquisition, which is in phase III for chronic weight management and targets potential approvals starting in 2028. In oncology, Pfizer is advancing late-stage candidates such as atirmociclib, sigvotatug vedotin, and mevrometostat, and has initiated pivotal phase III studies for PF-08634404, a dual PD-1/VEGF inhibitor in-licensed from 3SBio. Pfizer stock has risen 16.6% so far this year, and the Zacks Consensus Estimate for 2026 EPS has increased from $2.96 to $2.98 over the past 30 days.

Pfizer's oncology segment, which accounts for about 27% of total revenues, posted a 3% increase to $4.17 billion in the second quarter of 2026, driven by strong sales of Padcev, Lorbrena, and Braftovi/Mektovi. Padcev sales climbed 23% to $667 million, benefiting from market share gains in first-line metastatic urothelial cancer and the recent FDA approval for muscle-invasive bladder cancer, which expanded its addressable market to more than 42,000 U.S. patients. The company is also advancing its pipeline, including PF-08634404, a dual PD-1/VEGF inhibitor in-licensed from 3SBio, with pivotal phase III studies in colorectal and lung cancers. Pfizer expects to have eight or more blockbuster oncology medicines by 2030, while competitors like J&J, AstraZeneca, and Merck also report strong oncology growth. Pfizer's stock trades at 9.48 forward earnings, below the industry's 18.71, and the Zacks Consensus Estimate for 2026 EPS has risen to $2.98.

3S Bio announced its interim results for the first half of 2026, recording revenue of RMB 4.53 billion, up 3.9% year-over-year, and adjusted operating net profit attributable to shareholders of the parent of RMB 1.44 billion, up 26.5%. Net profit attributable to equity holders reached RMB 1.15 billion, while R&D expenses rose 24.9% to RMB 680 million. The company obtained marketing approvals for core products in 23 countries and saw overseas product sales surge 43% year-over-year. Three Class 1 innovative drugs were approved for marketing during the period, and five products advanced to the New Drug Application stage. The company's financial resources totaled RMB 19.4 billion.

Pfizer's oncology segment, which accounts for about 27% of total revenues, is expected to show continued growth when the company reports second-quarter results on August 4. Oncology revenues rose 7% to $3.8 billion in the first quarter of 2026, driven by key drugs like Padcev, Lorbrena, and the Braftovi-Mektovi combination, which are likely to offset declining sales of Ibrance and Adcetris. The Zacks Consensus Estimate for Padcev is $661 million, while that for Ibrance is $1.05 billion. Pfizer's six oncology biosimilars are also expected to have made a significant contribution to sales growth in the quarter. On the pipeline front, several late-stage candidates such as atirmociclib and sigvotatug vedotin are advancing, and a regulatory application for sasanlimab is under review in the EU. Additionally, Pfizer plans to start four pivotal studies in 2026 for PF-08634404, a dual PD-1 and VEGF inhibitor in-licensed from China's 3SBio, with an update expected on the second-quarter conference call.