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UBS: CSPC PHARMA (01093.HK) 1Q26 Net Profit Misses; Revenue Beats; Rated Buy
Recommend 9 Positive 9 Negative 10 |
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UBS published a report stating that CSPC PHARMA (01093.HK) recorded revenue of RMB6.5 billion in 1Q26, down 7.8% YoY, exceeding both the banks and market expectations. Net profit fell 41.8% YoY to RMB860 million, below the banks and market forecasts. Excluding the impact of licensing fee income, net profit declined 7.3% YoY to RMB736 million. Management attributed the recovery in finished drug sales growth to increased usage of NBP and TNK in hospital emergency departments. Regarding recent policy changes of concern to investors, CSPC PHARMA believes the impact is limited, noting that its sales team is well prepared to meet the relevant requirements. The bank expects the USD1.2 billion upfront payment from AstraZeneca PLC Ordinary Shares (AZN.US) to be booked in 2Q26, while multiple licensed assets are progressing smoothly, with GLP/GIP and Amelin likely to trigger milestone payments soon. UBS assigned a TP of HKD10.9 to CSPC PHARMA and maintained a Buy rating. (da/j) Auto-translated by AI This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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