Zhong Jin: CSPC Pharma (01093) reaches a major cooperation agreement with AstraZeneca, maintaining an "outperform industry" rating.

CICC released a research report stating that they maintained a "outperform" rating on CSPC PHARMA (01093), considering the continuous realization of external authorizations and raising the target price by 9.1% to 12 Hong Kong dollars. The bank maintained the company's profit forecast for 2025/2026 at 4.76 billion/5.353 billion yuan, with an expected revenue of 5.695 billion yuan in 2027. CSPC PHARMA announced a research and development cooperation and licensing agreement with AstraZeneca. Key points from CICC: - Milestone breakthrough in Chinese innovative drug authorization going global - CSPC PHARMA and its affiliates licensed AstraZeneca to exclusively develop, produce, and commercialize 8 innovative long-acting peptide drug projects globally (excluding mainland China/Hong Kong/Macao/Taiwan), AstraZeneca will pay a total of $1.2 billion in upfront payments and up to $3.5 billion/$13.8 billion in development/sales milestone payments in the future. CSPC Innovation Pharmaceutical subsidiary has the right to receive 35% of the upfront payment and subsequent development/sales milestone payments and royalties based on actual conditions. MNCs betting on super long-acting peptide drugs, competing in the weight loss and metabolism market In November 2025, Pfizer completed the acquisition of weight-loss drug research company Metsera for $10 billion after fierce bidding with Novo Nordisk. Metsera, based on its proprietary NuSH platform, achieved a long half-life for MET-097 (GLP-1, phase II clinical trial), enabling it to have a pharmacokinetic basis for once-a-month injections. Company SYH2082 is a long-acting GLP1R/GIP agonist that is advancing to phase I clinical trials, with the bank expecting more outstanding efficacy and safety data. Continuous realization of external authorizations, expected to form normalized income In 2025, the company has already realized external authorizations for oral small molecule GLP-1 ($120 million upfront payment), strategic cooperation with AstraZeneca ($110 million upfront payment), Elytranco liposomes ($15 million upfront payment), ROR1 ADC ($15 million upfront payment). The company's research pipeline also includes leading innovative assets such as EGFR ADC/SiRNA, with expectations for continuous realization of external authorizations and more milestone income confirmation. Risks - Research and development failures, price reductions in centralized procurement, commercialization below expectations, external authorizations below expectations.