UBS Raises Hansoh Pharma (03692.HK) Target Price to HK$24, Expects Innovative Drugs to Contribute Over 80% of Revenue

According to the Zhicheng Caijing APP, UBS released a research report stating that it has raised the target price for Hansoh Pharma (03692) from 22.1 HKD to 24 HKD, with a "Buy" rating. The bank increased its earnings per share forecast for the company by 11% for this year and 9% for next year. The bank believes that the key catalysts for Hansoh's stock price include Ameile receiving supplementary indication approval in the first half of this year, and GlaxoSmithKline initiating the pivotal study of HS-20093 (B7-H3) in the fourth quarter of this year.

The report indicates that the contribution of innovative drugs by the company increased from 68% in 2023 to 77% last year. The company expects this proportion to rise above 80% this year, with sales of innovative drugs reaching RMB 10 billion by 2027. The management aims for Ameile sales of RMB 6 billion this year, benefiting from expanded indications and combination usage scenarios. It is also estimated that peak sales of Ameile could reach RMB 8 billion.