Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% [2][5]. Core Insights - The company has entered a significant licensing agreement with Pfizer for its proprietary oral small molecule GLP-1R agonist, YP05002, which is currently in Phase I clinical trials in Australia. This agreement includes an upfront payment of $150 million and potential milestone payments totaling up to $385 million, along with sales milestone payments that could reach $1.585 billion [6][7]. - The licensing deal is seen as a recognition of the company's R&D capabilities and is expected to enhance the valuation of its pipeline. The total deal value is approximately $2.085 billion, which is a significant milestone for the company [7]. - The upfront payment is projected to significantly boost the company's net profit, estimated to account for 38% of the 2024 net profit, with expectations of recognition in 2026 [7]. - The profit forecast has been revised upwards, with expected net profits of RMB 33.2 billion, RMB 46.8 billion, and RMB 47.7 billion for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 19.8%, 40.8%, and 19.1% [7][8]. - The company is expected to maintain a low valuation with H-share PE ratios of 16X, 11X, and 11X for the years 2025, 2026, and 2027, indicating a favorable long-term outlook [7]. Financial Summary - The company’s projected net profit for 2025 is RMB 33.2 billion, with a year-on-year increase of 19.8% [8]. - The earnings per share (EPS) for 2025 is expected to be RMB 1.24, with a growth rate of 19.54% compared to the previous year [8]. - The projected revenue for 2025 is RMB 44.867 billion, with a slight increase from RMB 41.067 billion in 2024 [10].

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 里昂发布研报称，上调复星医药（02196）盈利预测，将2025至27年各年纯利预测分别上调1%、2.4%及 1.9%，以反映交易的财务影响。同时将H股目标价由29.6港元升至31.6港元，复星医药（600196.SH）A 股目标价由40.2元人民币升至42.4元人民币，重申跑赢大市评级。 里昂发布研报称，上调复星医药（02196）盈利预测，将2025至27年各年纯利预测分别上调1%、2.4%及 1.9%，以反映交易的财务影响。同时将H股目标价由29.6港元升至31.6港元，复星医药（600196.SH）A 股目标价由40.2元人民币升至42.4元人民币，重申跑赢大市评级。 复星医药旗下临床前小分子GLP-1药物与辉瑞（PFE.US）签署21亿美元合作协议。里昂指，由于辉瑞在 GLP-1领域的积极参与及长期布局，此次合作使YP05002处于领先地位。相较同类授权协议，财务条款 亦属合理。随着市场对该领域兴趣重燃，预期复星医药股价将出现正面反应，但此举可能加剧国内同业 拓展海外业务时 ...

根据协议条款，药友制药将完成YP05002于澳大利亚的I期临床试验，并授予辉瑞在全球范围内进一步 开发、生产和商业化的独家许可。药友制药将获得1.5亿美元的首付款，并有资格获得与特定开发、注 册和商业里程碑相关的最高达19.35亿美元的里程碑付款，以及产品获批销售后的分层特许权使用费。 近日，复星医药发布公告称，控股子公司药友制药、复星医药产业与Pfizer Inc.（辉瑞）共同签订《许 可协议》，由药友制药就口服小分子胰高血糖素样肽-1受体（GLP-1R）激动剂（包括YP05002）及含有 该活性成分的产品授予辉瑞于全球范围独家开发、使用、生产及商业化的权利，许可领域包括人类、动 物所有适应症的治疗、诊断及预防。 （复星医药公告） ...

复星医药旗下临床前小分子GLP-1药物与辉瑞(PFE.US)签署21亿美元合作协议。里昂指，由于辉瑞在 GLP-1领域的积极参与及长期布局，此次合作使YP05002处于领先地位。相较同类授权协议，财务条款 亦属合理。随着市场对该领域兴趣重燃，预期复星医药股价将出现正面反应，但此举可能加剧国内同业 拓展海外业务时的竞争压力。 智通财经APP获悉，里昂发布研报称，上调复星医药(02196)盈利预测，将2025至27年各年纯利预测分别 上调1%、2.4%及1.9%，以反映交易的财务影响。同时将H股目标价由29.6港元升至31.6港元，复星医药 (600196.SH)A股目标价由40.2元人民币升至42.4元人民币，重申跑赢大市评级。 （原标题：里昂：升复星医药(02196)目标价升至31.6港元 与辉瑞(PFE.US)达成GLP-1药物合作） ...

Core Insights - Pfizer has entered into a licensing agreement with Chinese company YaoYao Pharmaceutical for the development of a GLP-1 receptor agonist, indicating a strategic move to expand its portfolio in the obesity treatment market, which includes both human and animal applications [2][3][4]. Group 1: Licensing Agreement Details - The agreement grants Pfizer exclusive global rights for the development, use, production, and commercialization of the GLP-1 drug [3]. - Pfizer will pay an upfront fee of $150 million, milestone payments totaling $350 million, and up to $1.585 billion in sales milestone payments, bringing the total potential deal value to $2.085 billion [3]. - This deal aligns with similar licensing agreements in the GLP-1 space, which have also seen total transaction values around $2 billion [3]. Group 2: Market Context and Trends - GLP-1 drugs are currently among the top-selling medications for diabetes and obesity, with significant market potential due to the rising prevalence of obesity [3]. - In the U.S., 61% of cats and 59% of dogs are reported to be overweight or obese, highlighting a substantial market for veterinary applications of GLP-1 drugs [4][5]. - The global pet population exceeds 1 billion, indicating a large potential market for animal health products, including obesity treatments [4]. Group 3: Historical Context and Future Prospects - Pfizer has faced challenges in developing its own GLP-1 drugs, having terminated three oral GLP-1 candidates and only one currently in clinical II phase [4]. - The company previously launched an animal obesity drug, Dirlotapide, which was withdrawn due to adverse effects, but is now exploring the potential of GLP-1 drugs for treating pet diabetes and other conditions [5][6]. - The veterinary market for GLP-1 drugs is being explored by other companies, such as Okava, which is conducting clinical trials for a GLP-1 drug aimed at pets [5].

10 December 2025 | 7:41AM HKT Equity Research Fosun Pharma (2196.HK): Announces agreement to license out oral GLP-1 to Pfi zer; a positive surprise One more GLP-1 deal: Fosun Pharma announced that its subsidiary, Yao Pharma, has licensed out the global rights of YP05002, a phase 1 oral GLP-1, to Pfizer (PFE, covered by Asad Haider) for an 1) upfront payment of US$150mn; 2) potential development milestone payments of up to US$350mn based on clinical and commercial progress in US/EU5/Japan/China; and 3) poten ...

随着市场对该领域兴趣重燃，预期复星医药股价将出现正面反应，但此举可能加剧国内同业拓展海外业 务时的竞争压力。该行上调复星医药盈利预测，将2025至27年各年纯利预测分别上调1%、2.4%及 1.9%，以反映交易的财务影响；同时将H股目标价由29.6港元升至31.6港元，A股目标价由40.2元升至 42.4元，重申"跑赢大市"评级。 复星医药旗下临床前小分子GLP-1药物与辉瑞签署21亿美元合作协议。里昂发表报告指，由于辉瑞在 GLP-1领域的积极参与及长期布局，此次合作使YP05002处于领先地位。相较同类授权协议，财务条款 亦属合理。 ...

格隆汇12月10日｜复星医药A股一度涨近5%报28.8元，H股一度涨近7%报22.94港元。消息面上，公司 昨晚公告，控股子公司药友制药与辉瑞于2025年12月9日签订《许可协议》，药友制药就口服小分子胰 高血糖素样肽-1受体(GLP-1R)激动剂(包括YP05002)及含有该活性成分的产品授予辉瑞于全球范围及领 域(人类、动物所有适应症的治疗、诊断及预防)独家开发、使用、生产及商业化权利。药友制药将有权 获得不可退还的首付款1.5亿美元及至多3.5亿美元的开发里程碑款项。此外，基于许可产品的年度净销 售额达成情况，辉瑞将向药友制药支付至多15.85亿美元的销售里程碑款项。该协议自2025年12月9日起 生效。 ...

复星医药 在陆港两地上涨，A股和港股分别上涨近4%和近6%。此前公司公告称，子公司与辉瑞就GLP- 1R激动剂签订许可协议，最高可获5亿美元。 ...

Core Insights - The newly released "Commercial Health Insurance Innovative Drug Directory (2025)" marks the first of its kind in China, focusing on high-innovation drugs that exceed the basic medical insurance's scope [1][2] Group 1: Overview of the Commercial Health Insurance Innovative Drug Directory - The directory was developed by the National Healthcare Security Administration and includes high-priced innovative drugs, gene therapies, and specific rare disease treatments [1] - A total of 121 drug names were reviewed, with 19 drugs from 18 innovative pharmaceutical companies successfully included, resulting in an acceptance rate of approximately 15.7% [1] Group 2: Focus on Rare Diseases and Cancer Treatments - The directory includes drugs for Alzheimer's disease and rare diseases prevalent in children, such as Gaucher disease and neuroblastoma [2] - North Sea Kangcheng's Gaucher drug, the first domestically developed enzyme replacement therapy, was approved for use in patients aged 12 and older [2] Group 3: Impact on CAR-T Therapy - Five domestic CAR-T products were included in the directory, which is expected to significantly reduce patient out-of-pocket expenses and improve accessibility [3] - The inclusion of CAR-T products is seen as a milestone that will positively impact the entire industry chain, with companies planning to expand domestic supplier partnerships to enhance supply chain efficiency [3]