Lyon: Raise CSPC PHARMA (01093) target price to HK$17.4, reiterates "highly confident of outperforming the market" rating.
The revenue forecasts for Stony Pharmaceuticals for the years 2025, 2026, and 2027 have been adjusted by 1.6%, 14.3%, and 3% respectively, while the net profit forecasts have been adjusted by 11.8%, 73.3%, and 11.6% respectively to reflect assumptions about completed and potential licensed projects.
Lyon released a research report stating that due to CSPC PHARMA (01093) having 10 innovative brands already on the market and over 30 innovative products set to be launched before 2028, it is expected that its core profit growth will accelerate again from 2026 onwards. The target price has been raised from HK$13.8 to HK$17.4 with a reiterated highly confident outperform market rating.
On the day before yesterday (July 30th), Stone Pharmaceutical and the biopharmaceutical company Madrigal completed another transaction involving the GLP-1 small molecule drug SYH2086, with an upfront payment of US$120 million and milestone payments of up to US$1.955 billion, plus sales royalties calculated by percentage. The bank has raised Stone Pharmaceutical's revenue forecast for 2025 to 2027 by 1.6%, 14.3%, and 3% respectively, and its net profit forecast by 11.8%, 73.3%, and 11.6% respectively, to reflect assumptions about completed and potential authorized projects.
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