如扣除该部分一次性收入后，翰森制药上半年的总收入、创新药收入和净利润分别升15%、33%及26%，超过该行和市场预期，公司维持全年非自主研发和业务拓展(BD)经营收入双位数增长的指引。基于扣除BD后的收入，毛利率提升约1个百分点，销售、一般及行政费用(SG&A)下降约4.5个百分点。BOCOM Intl raised its revenue forecast for Hansoh Pharma (03692) from 2024 to 2026 by 3% to 4%.
According to a research report released by BOCOM Intl, it maintains a 'neutral' rating for Hansoh Pharma (03692). Based on the strong performance of Hansoh Pharma in the first half of the year, the company's revenue forecast for 2024 to 2026 has been raised by 3% to 4%, while the net income forecast has been increased by 12% to 17%. The target price has been raised to HKD 20.4.
According to the report, the company's mid-term performance exceeded expectations, with a year-on-year revenue growth of 44% and a 1.11-fold increase in net income. The revenue from innovative drugs increased by 81%, accounting for 77.4% of the total revenue, up from 61.8% in the first half of last year. This is mainly due to the upfront payment income of approximately RMB 1.3 billion from the authorization of B7H3 ADC to GSK.
After deducting this one-time income, Hansoh Pharma's total revenue, revenue from innovative drugs, and net income in the first half of the year increased by 15%, 33%, and 26%, respectively, exceeding the expectations of the bank and the market. The company maintains its guidance for double-digit growth in non-self-developed and business development (BD) operating income for the full year. Based on the revenue after deducting BD, the gross margin increased by approximately 1 percentage point, and the selling, general, and administrative expenses (SG&A) decreased by approximately 4.5 percentage points.
