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 ...

Group 1 - The core viewpoint of the article highlights that Fosun Pharma has signed a $2.1 billion collaboration agreement with Pfizer for its preclinical small molecule GLP-1 drug, YP05002, positioning it favorably in the GLP-1 market [1] - The report from Credit Lyonnais indicates that Pfizer's active participation and long-term strategy in the GLP-1 field make the financial terms of the collaboration reasonable compared to similar licensing agreements [1] - Following the renewed market interest in the GLP-1 sector, it is anticipated that Fosun Pharma's stock price will respond positively, although this may increase competitive pressure for domestic peers expanding overseas [1] Group 2 - Credit Lyonnais has raised its profit forecasts for Fosun Pharma, increasing the net profit estimates for 2025 to 2027 by 1%, 2.4%, and 1.9% respectively, reflecting the financial impact of the collaboration [1] - The target price for Fosun Pharma's H-shares has been raised from HKD 29.6 to HKD 31.6, while the target price for A-shares has been increased from CNY 40.2 to CNY 42.4, maintaining an "outperform" rating [1]

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]

每经AI快讯，12月10日，复星医药A股和H股分别上涨近4%和近6%。 （文章来源：每日经济新闻） ...

每经AI快讯，复星医药(02196.HK)高开逾4%，截至发稿涨4.19%，报22.38港元，成交额857.15万港元。 （文章来源：每日经济新闻） ...

每经AI快讯，12月10日，复星医药(02196.HK)涨超6% ，股价报22.82港元。 ...

Core Viewpoint - Fosun Pharma's stock price increased by 5.96% to HKD 22.76 following the announcement of a licensing agreement with Pfizer for the development of the oral GLP-1 receptor agonist YP05002 [2][6]. Group 1: Licensing Agreement - Fosun Pharma's subsidiary,药友制药, and Fosun Pharma Industry signed a licensing agreement with Pfizer on December 9, 2025, granting Pfizer exclusive rights to develop, use, manufacture, and commercialize YP05002 globally for all human and animal indications [2][6]. - As part of the agreement,药友制药 will receive a non-refundable upfront payment of USD 150 million and up to USD 350 million in milestone payments based on clinical and commercialization progress of the licensed product [2][6]. Group 2: Product Details - YP05002 is an oral small molecule GLP-1 receptor agonist developed by the company, aimed at treating type 2 diabetes, obesity, and related diseases [3][7]. - The drug works by activating GLP-1 receptors to promote insulin secretion, reduce glucagon secretion, inhibit gastric emptying, and suppress appetite, thereby aiding in weight management and treating metabolic disorders [3][7]. - As of December 9, 2025, YP05002 is in Phase I clinical trials in Australia [3][7].

Group 1 - Fosun Pharma (02196) opened over 4% higher, currently up 4.19% at HKD 22.38, with a trading volume of HKD 8.5715 million [1] - The company announced a licensing agreement with Pfizer on December 9, 2025, allowing Pfizer exclusive rights to develop, use, produce, and commercialize the oral small molecule GLP-1 receptor agonist (including YP05002) globally for all human and animal indications [1] - Under this agreement, Fosun Pharma's subsidiary, YaoYao Pharmaceutical, will receive an upfront payment of USD 150 million and up to USD 350 million in milestone payments based on the clinical and commercialization progress of the licensed product [1] Group 2 - YP05002 is an oral small molecule GLP-1 receptor agonist developed by the company, designed to treat type 2 diabetes, obesity, and related diseases by promoting insulin secretion and reducing glucagon secretion [2] - The potential indications for YP05002 include long-term weight management, type 2 diabetes, and metabolic dysfunction-related fatty liver disease (non-alcoholic steatohepatitis) [2] - As of December 9, 2025, YP05002 is in Phase I clinical trials in Australia [2]