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<Research>HSBC Research Raises CSPC PHARMA's TP to HKD11 w/ Higher Rev. & Earnings Estimates
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...
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<Research>HSBC Research Raises CSPC PHARMA's TP to HKD11 w/ Higher Rev. & Earnings Estimates
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CSPC PHARMACEUTICAL (01093.HK)  +0.090 (+0.936%)    Short selling $314.42M; Ratio 92.374%   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.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-04-02 16:25.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)

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