Hansoh Pharmaceutical (03692.HK) Surges Nearly 7% on Strong Full-Year Earnings and Upgraded Ameile Sales Guidance for 2025/Long Term

According to the Zhicheng Finance APP, Hansoh Pharma (03692) surged nearly 7% in the afternoon session. As of press time, it rose 4.97%, trading at HK$23.25, with a turnover of HK$330 million.

BOCOM International noted that Hansoh Pharma's revenue and net profit for 2024 increased by 21.3%/33.4% to RMB 12.3 billion/RMB 4.37 billion, respectively. This aligns with our expectations but exceeds market expectations; the full-year dividend payout ratio is 42%. Innovative drug revenue reached RMB 9.5 billion, including approximately RMB 8 billion from product sales, representing a year-on-year increase of 28.5%, contributing about 65% of total revenue. After Almonertinib was included in the medical insurance for first-line NSCLC, it quickly gained volume, with annual sales increasing by 29%.

Morgan Stanley issued a research report stating that Hansoh Pharma's performance last year met expectations, but the upward revision of the sales peak guidance for Ameile and this year’s sales guidance came as a surprise. The peak sales forecast for Ameile was further increased from RMB 60 billion to RMB 80 billion, with a sales target of RMB 60 billion set for this year, indicating room for upward revision in the bank's previous estimates and accelerated growth this year. The bank also noted that management expects product sales to achieve double-digit growth this year, with innovative drugs achieving 25% growth. The company is also rapidly diversifying into the chronic disease sector, with high-value drugs expected to be approved starting from 2027.