China’s innovative-drug out-licensing agreements totalled US$130 billion by the end of September 2026, bringing the value close to that recorded for the whole of 2025. The milestone comes alongside greater progress in innovative drugs and growing favour for the country’s pharmaceutical stocks.

The comparison puts a partial-year tally against the previous full year, highlighting the scale of licensing activity before 2026 has ended. However, the supplied information does not give the exact 2025 total, so it does not establish how far the latest figure remains below that benchmark.

The US$130 billion figure measures the value of out-licensing deals. The supplied material does not identify individual agreements, participating companies or the drugs covered. It also provides no breakdown of payment terms, limiting any assessment of what the headline value means for drug developers’ finances.

Read more: Japan’s $550 billion U.S. pledge highlights competing chip investment priorities

The excerpt provides a snapshot of licensing activity and sentiment towards pharmaceutical stocks. It does not include competing views or an outlook for the sector.