ASML’s net profit surges by 133%! Earning over RMB 400 million daily, with orders booked through 2030.

In response to concerns that China may launch low-end immersion DUV lithography systems around 2029, ASML’s Chief Technology Officer, Dr. Christophe Fouquet, stated that ASML’s immersion lithography systems hold an extremely high market share in China and enjoy solid customer trust. Over the past ~25 years, related domestic R&D progress in China has been relatively slow, making it unlikely to pose substantive indigenous competition in the short term. As of today’s U.S. market close, ASML’s share price stood at USD 1,650 per share (approximately RMB 11,000), down roughly 3.94% from yesterday’s closing price of USD 1,717.76 (approximately RMB 11,500). Its total market capitalization reached USD 633.765 billion (approximately RMB 4.4 trillion). I. EUV accounts for nearly half of system revenue; full-year revenue growth expected to exceed 45% From the composition of system sales in Q3, ASML’s EUV equipment was the largest revenue contributor, accounting for 49%; ArFi equipment accounted for 39%; the remainder comprised ArFdry (3%), KrF (5%), I-line (1%), and metrology & inspection equipment (3%). By end application, revenue from logic chip manufacturing accounted for 54%, while revenue from memory chip manufacturing accounted for 46%. By equipment shipment destination, ASML shipped 32% to Taiwan, 31% to South Korea, 23% to China, 13% to the United States, and 1% to other Asian regions. In terms of unit shipments, ASML delivered 17 EUV systems, 40 ArFi systems, 10 ArFdry systems, 35 KrF systems, and 19 I-line systems in Q3. During the earnings call, ASML’s Executive Vice President and CFO, Roger Dassen, disclosed that, benefiting from strong customer demand and related advance payments, ASML’s free cash flow for Q3 reached approximately EUR 11.4 billion (roughly RMB 84.8 billion). Regarding shareholder returns, ASML distributed its first interim dividend for fiscal year 2026 in Q3, amounting to EUR 1.88 per share (approximately RMB 14); under its 2026–2028 share repurchase program, ASML repurchased approximately EUR 4.1 billion (roughly RMB 30.5 billion) worth of shares in Q3; and its second quarterly interim dividend for 2026—also EUR 1.88 per share (approximately RMB 14)—will be paid on November 4, 2026. In the earnings call, Roger Dassen provided ASML’s full-year business outlook: ASML expects full-year 2026 revenue to grow approximately 36% year-on-year, with EUV equipment revenue increasing over 45%, non-EUV equipment sales rising 20%, and installed base management revenue growing 50%. By downstream segment, he noted that memory chip equipment revenue is projected to increase ~75%, driven primarily by customer capacity expansions and higher EUV adoption rates at advanced DRAM nodes; logic chip equipment revenue is expected to rise ~10%. II. Joint development of 12-inch photomasks with TSMC, targeting mass production by 2033 Dr. Fouquet stated during the earnings call that AI infrastructure deployment is gaining strong momentum, further intensifying supply shortages for advanced logic and memory nodes—both in scale and duration. Top-tier customers, backed by long-term committed orders, now enjoy extended visibility into demand, leading them to conclude that product demand will continue to outstrip supply at least through 2028—and thus accelerate capacity expansion beyond 2028.

Pfizer: The Price of Delay

Moreover, Pfizer’s Q3 financial report revealed the termination of 11 R&D programs and the sale of its ~54.7% stake in BioNTech. Recently, the company also unveiled a detailed clinical development strategy for its PD-1/VEGF bispecific antibody PF-08634404 (SSGJ-707). Falling behind in innovative drug development inevitably incurs steep remediation costs—but for a pharmaceutical giant like Pfizer, its ability to correct course and fill gaps remains comparatively robust. 01 A Step Behind As early as 2019, Pfizer took the lead in initiating clinical development of oral small-molecule GLP-1 receptor agonists. However, its in-house candidates—Lotiglipron and Danuglipron—were both discontinued due to hepatotoxicity, causing Pfizer to miss the explosive growth of the weight-loss drug market. With internal development encountering repeated setbacks, acquisition became the preferred path forward. Metsera’s core pipeline includes MET-097i, an ultra-long-acting GLP-1 receptor agonist enabling once-monthly subcutaneous injection and poised to enter Phase III trials; MET-233i, an ultra-long-acting amylin analog achieving up to 8.4% weight loss within 36 days; and MET-224o, an oral GLP-1 receptor agonist currently in early-stage clinical development. Although expensive, this acquisition comprehensively filled Pfizer’s pipeline gaps across multiple obesity therapeutic modalities—and more importantly, secured Metsera’s proprietary technology platforms for developing GLP-1 receptor agonists and amylin analogs. At USD 10 billion, the deal may well represent fair value. Recently, Dave Denton, Pfizer’s CFO, stated at the Jefferies Healthcare Conference that following the Metsera acquisition, “we may further expand this portfolio via small-molecule drugs,” with plans to prioritize oral therapeutics in building its global obesity business. Currently, the weight-loss market is dominated by Eli Lilly and Novo Nordisk—the two oligopolists—primarily offering long-acting injectables. Developing oral small-molecule GLP-1 drugs is highly challenging, and no such product has yet received regulatory approval. In the race toward oral small molecules and even longer-acting formulations, Pfizer may still carve out a promising future. Similar to the obesity market, Pfizer also missed the pivotal immune checkpoint inhibitor (ICI) space—a domain that birthed blockbuster ‘blockbuster drugs.’ Earlier this year, CEO Albert Bourla publicly emphasized making oncology and obesity top priorities for 2025. Among next-generation anti-cancer therapies, Pfizer rapidly fortified its ADC (antibody-drug conjugate) pipeline through its acquisition of Seagen. This USD 43 billion deal not only brought multiple late-stage clinical assets but also added commercial products—including Padcev and Adcetris—as new growth drivers. Moreover, Seagen’s technology platform continues supporting Pfizer’s exploration of next-generation ADCs. Yet, facing Daiichi Sankyo’s Enhertu (DS-8201), Pfizer likely needs an ADC with superior structural properties, a higher drug-to-antibody ratio (DAR), and broader target coverage—such as its upcoming PD-L1-targeted ADC—to gain competitive advantage in the emerging IO+ADC combination therapy arena. Another major focus for Pfizer is PF-08634404 (SSGJ-707), a PD-1/VEGF bispecific antibody licensed from Simcere Pharmaceutical. On November 10, Pfizer held a dedicated clinical development strategy briefing for PF-08634404, rapidly launching seven clinical trials this year—including head-to-head trials against Keytruda (pembrolizumab) aimed at replacing standard-of-care regimens, combination studies with Pfizer’s own ADCs, and expansion into earlier lines of therapy.

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