BOCOM International Maintains 'Buy' Rating on Hansoh Pharmaceutical (03692.HK) with Target Price Lowered to HK$44.5 Despite Strong 2025 Results

Bank of Communications InternationalReleased a research report, maintainingHansoh Pharma(03692) "Buy" rating, target price lowered to HK$44.5.

Hansoh Pharma's 2025 Performance Exceeds Expectations, with Innovative Drug Sales and BD Continuing High Growth in 2026. The company's annual revenue and net profit increased by 23% and 27% year-on-year, respectively, reaching RMB 15.03 billion and RMB 5.56 billion (hereinafter the same), both surpassing the expectations of the bank and the market. Looking ahead to 2026, management guidance indicates that product sales and collaboration revenues will achieve double-digit growth, with R&D investment expected to increase by over 30%. In the long term, the company anticipates stable growth in Almonertinib sales before 2030, maintaining a peak sales guidance of RMB 8 billion.

The report points out that Hansoh Pharma's pipeline will fully blossom in the mid-to-late 2026, with abundant catalysts. Key pipelines are proceeding steadily: 1) HS-20093 (B7H3 ADC): The Phase III data for 2L SCLC and 2L osteosarcoma in China will be released within the year, and an application for market approval will be submitted. The Phase III trial for 2L non-squamous NSCLC has recently been initiated, and patient recruitment for the global 2L SCLC Phase III trial is ongoing; 2) HS-20089 (B7H4 ADC): GSK has initiated Phase III trials for advanced endometrial and ovarian cancers, and the Phase I/II data will be released within the year; 3) HS-20094 (GLP-1/GIP): The Phase III weight loss data is expected to be published in 2H26, followed by a market approval application, with anticipated market approval in China in 2H27; 4) HS10374 (TYK2 inhibitor): Plans are in place to release the Phase III psoriasis data in China within the year and apply for market approval. Additionally, nine products are expected to initiate Phase III or pivotal registration trials this year.