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2024-12-20 09:44:28 According to a BofA Securities research report, CSPC PHARMA (01093.HK) and BEIGENE (06160.HK) have reached a global exclusive licensing agreement for the group's new methoionine adenosyltransferase 2A (MAT2A) inhibitor SYH2039 and its subsequent development. Considering this collaboration and the recent bidding results of the tenth batch of national drug procurement, the broker adjusted its 2024-2026 revenue forecasts for CSPC PHARMA by -0.8%/ +1.7%/ -1.7%, with EPS forecasts adjusted -0.9%/ +10.5%/ -1.9%. Taking into account the price-cut pressure on CSPC PHARMA's core product Butylphthalide after the launch of generics, the broker slightly lowered the group's target price from $4.7 to $4.6, while reiterating the Underperform rating. The broker also noted that INNOVENT BIO (01801.HK) had recently reached a commercialization agreement in mainland China with Eli Lilly (LLY.US) for the latter's non-covalent (reversible) BTK inhibitor, pirtobrutinib. After including the sales forecast for this product, the broker accordingly lifted its 2025-2026 revenue forecasts for the company by 1.9%/ 3.4%, with the target price increased from $54.1 to $56.4 and the Buy rating reiterated. In addition, HANSOH PHARMA (03692.HK) earlier signed an agreement with Merck Sharp & Dohme to grant global exclusive rights for the development, production, and commercialization of the preclinical oral small molecule GLP-1 receptor agonist HS-10535. The broker elevated its 2025 revenue and EPS forecasts for the company by 6.9% and 19.2%, respectively, with the target price increased from $23.9 to $24 and the Buy rating reiterated. ~ AAStocks Financial News Web Site: www.aastocks.com | |