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Domestic Innovative Drugs are once again surging towards overseas markets! Concept stocks have responded with a significant increase. Is the external authorization model the optimal choice?
① As of the time of publication, the Hang Seng Innovative Drugs Index has risen over 5%, with multiple Innovative Drugs concept stocks experiencing double-digit gains; ② In recent days, Jiangsu Hengrui Pharmaceuticals, Hepo Pharmaceutical, UNITED LAB, and other Biotech companies have issued announcements about "going abroad"; ③ Northeast Securities stated that top MNCs recognize the R&D capabilities of Chinese local companies and are more willing to assign high valuations.
Is the profit turning point starting to appear? The Hong Kong stock market's Innovative Drugs Sector is strengthening, and the annual reports show that multiple pharmaceutical companies are entering a period of performance harvest.
① The Innovative Drugs Sector in Hong Kong stocks has risen across the board, what Bullish factors are worth paying attention to? ② Annual reports show that multiple pharmaceutical companies have entered a performance harvest period, does this indicate that a profit turning point is approaching?
SINO BIOPHARM (01177.HK): The phase III study of Camosirilm Capsules combined with Furvestrant Injection for first-line treatment of HR-positive, HER2-negative advanced breast cancer achieved positive results.
On March 24, GRG announced that SINO BIOPHARM (01177.HK) announced that the group's independently developed Class 1 Innovative Drugs, Culmerciclib (TQB3616) capsules, combined with Fluvestrant injection, have completed the interim analysis preset by the protocol for the Phase III clinical trial (TQB3616-III-02) for previously untreated hormone receptor (HR) positive, human epidermal growth factor receptor 2 (HER2) negative locally advanced or metastatic breast cancer, and the independent data monitoring committee (IDMC) determined that the efficacy reached the predefined superiority threshold.
Express News | Sino Biopharmaceutical - Positive Results on Phase III Study of Culmerciclib in Combination With Fulvestrant
Citi: Maintains SINO BIOPHARM "Buy" rating and lowers Target Price to 6.2 Hong Kong dollars.
Citi released a Research Report stating that it has lowered its revenue and earnings per share forecasts for SINO BIOPHARM (01177) for next year by 5% and 6% respectively, reflecting the potential impact of bulk purchasing of biosimilars. The Target Price has been reduced from 7 Hong Kong dollars to 6.2 Hong Kong dollars, maintaining a "Buy" rating. The report indicates that although bulk purchasing (VBP) has a minor impact on non-patent drugs, the potential bulk purchasing of biosimilars still poses a risk to the company. The report mentions that the Anhui Medical Security Bureau announced this year that it will take the lead in the national procurement of biosimilars. The report stated that SINO BIOPHARM's revenue and Net income increased by 10.2% and 33.5% year-on-year last year.
[Brokerage Focus] Puyin International maintains a "Buy" rating on SINO BIOPHARM (01177), indicating that its performance is generally in line with expectations.
Jinwu Financial News |浦银国际发研指 indicates that SINO BIOPHARM (01177) expects total revenue for 2024 to be RMB 28.87 billion (+10.2% YoY), roughly in line with market expectations and the bank's forecast, mainly benefiting from accelerated sales growth of Innovative Drugs (+21.9% YoY) and the return to positive growth for generic drugs for the entire year (+3.1% YoY); adjusted Non-HKFRS net income attributable to the parent is expected to be RMB 3.46 billion (+33.5% YoY), roughly in line with market expectations but slightly better than the bank's forecast, mainly due to income tax expenses being lower than expected (effective tax rate is 9.3.
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