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<Research> G Sachs Slightly Raises TP for INNOCARE (09969.HK) to HKD19.93; Orelabrutinib Sales Steady Last Quarter
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G Sachs released a research report indicating that INNOCARE (09969.HK) achieved RMB390 million in sales for Orelabrutinib in the fourth quarter of last year, representing a 27% YoY increase. The sales for 2025 are expected to rise by 41% YoY, aligning with the company's previous guidance. Due to approximately RMB837 million in collaboration revenue recorded in the fourth quarter, the company is expected to achieve profitability in 2025, two years ahead of forecasts. The report quoted management as saying that even without new business development deals, the company remains confident in maintaining profitability for the 2026-2027 fiscal years. It emphasized that after achieving the 2025 breakeven milestone, operational leverage has improved, and the profit structure has become more robust. Based on INNOCARE's latest performance, the firm has revised down its net profit forecasts for the fiscal years 2026 to 2028 by RMB29 million, RMB63 million, and RMB70 million, respectively, to reflect increased R&D expenses due to the expansion of the technology platform. The firm maintains a "Buy" rating on INNOCARE H-shares and slightly raises the TP from HKD19.91 to HKD19.93. (sl/w) AASTOCKS Financial News URL: www.aastocks.com Auto-translated by third-party software This translation was auto-generated by third-party software. 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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