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<Research>HSBC Research Raises CSPC PHARMA's TP to HKD11 w/ Higher Rev. & Earnings Estimates
Recommend 4 Positive 8 Negative 5 |
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CSPC PHARMACEUTICAL (01093.HK) announced at the end of last month a R&D and licensing cooperation agreement with AstraZeneca (AZN.US), according to HSBC Research's research report. The agreement involves a comprehensive strategic collaboration between CSPC PHARMACEUTICAL and AstraZeneca in the discovery of innovative peptide molecules and the development of long-acting delivery products. The total transaction value is up to USD18.5 billion, including a USD1.2 billion upfront payment, potential R&D milestone payments of up to USD3.5 billion, and potential sales milestone payments of up to USD13.8 billion. Besides, there is a sales royalty of up to double-digit percentages on annual net sales of the licensed products. HSBC Research has lifted its 2025-27 revenue forecast for CSPC PHARMACEUTICAL by 3-11% and its 2025-27 net profit forecast by 7-18%, believing that the growth in external licensing revenue has offset the negative impact of the centralized drug procurement policy. CSPC PHARMACEUTICAL's rating remains Buy, with a target price raised from HKD9 to HKD11. AAStocks Financial News |
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