UBS released a research report stating that Pharmaron (03759) reported a 13.4% year-on-year increase in Q3 revenue to RMB 3.65 billion, broadly in line with market and the bank's expectations of RMB 3.6 billion and RMB 3.7 billion, respectively. Net profit rose 42.5% year-on-year to RMB 440 million, falling short of market and the bank's forecasts of RMB 467 million and RMB 506 million, respectively.

The bank noted that the company's new orders in the first three quarters grew 13% year-on-year, accelerating from the approximately 10% growth seen in the first half. UBS slightly raised its revenue and net profit forecasts for Pharmaron from 2023 to 2027 and increased the H-share target price from HK$31 to HK$32.9, maintaining a "Buy" rating.