Group 1 - The core agreement between the company and Pfizer regarding the PD-1/VEGF bispecific antibody (SSGJ-707) has been established, with the license agreement effective from July 24, 2025 [1] - The company will receive a total of up to $150 million in non-refundable and non-offsettable option and exercise fees under the option agreement with Pfizer [1] - Pfizer has conditionally agreed to subscribe for 31.14 million shares at a price of HKD 25.2055 per share, totaling approximately HKD 785.0 million, which represents about 1.30% of the existing issued share capital [1] Group 2 - The net proceeds from the subscription will be approximately HKD 785.0 million, with around HKD 628.0 million (80% of the net proceeds) allocated for global research and development of clinical and preclinical projects, and improving production facilities [2] - Approximately HKD 157.0 million (20% of the net proceeds) will be used for other general corporate purposes [2] - The subscription is seen as an opportunity to raise additional funds and enhance the company's shareholder base with Pfizer as a strategic investor, supporting business growth and pipeline development [2]

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 文 件 的 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 就 因 本 文 件 的 全 部 或 任 何 部 份 內 容 所 產 生 或 因 依 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：01530） (1)與輝瑞就PD-1/VEGF雙特異性抗體(SSGJ-707) 訂 立 的 許 可 協 議 生 效；及 茲 提 述 本 公 司 日 期 為 二 零 二 五 年 五 月 二 十 日 的 公 告，內 容 有 關（其 中 包 括） 與輝瑞就PD-1/VEGF雙特異性抗體(SSGJ-707)訂 立 許 可 協 議。 許 可 協 議 所 訂 明 之 所 有 先 決 條 件 已 達 成，因 此，許 可 協 議 自 二 零 二 五 年 七 月 二 十 四 日 起 生 效。 構 成 許 可 協 議 項 下 先 決 條 件 之 一 的 選 擇 ...

Core Insights - A recent study published in the journal Expert Opinion on Drug Safety indicates that the use of depot medroxyprogesterone acetate (DMPA), marketed as Depo-Provera by Pfizer, for over one year is linked to a 3.5-fold increased risk of developing intracranial meningioma compared to the combined birth control pill Ethinylestradiol/levonorgestrel [1][13] - The study analyzed data from 114 million unique individuals, highlighting significant safety concerns regarding long-term use of DMPA [1][13] - Pfizer is currently facing a multidistrict litigation (MDL No. 3140) in the USA, with over 550 lawsuits filed by women who developed meningiomas after using Depo-Provera for more than one year [2][13] Company Liability - The lawsuits allege that Pfizer was aware of the risks associated with DMPA and failed to provide adequate warnings or promote safer alternatives [3] - Despite acknowledging the risks and adding warning labels in Canada and Europe, Pfizer has not issued similar warnings in the United States, raising concerns about inconsistent global safety standards [3] - Law firms are exploring potential class actions in various jurisdictions, including Europe, Australia, South Africa, and Canada [4] Historical Context - Depo-Provera was originally developed in the 1950s as a cancer treatment and has been marketed as a contraceptive since 1969, despite prior evidence of its carcinogenic potential in animals [6] - The FDA has previously denied approval for the drug multiple times due to safety concerns before it was finally approved in the US in 1992 [6] - The FDA has also denied multiple Freedom of Information Act requests regarding communications with Pfizer about Depo-Provera, citing trade secrets [7] Market Impact - Approximately 24.5% of sexually active women in the US have used Depo-Provera in their lifetime, with 15% usage reported in the UK [5] - The study's findings may lead women to consider safer contraceptive options, potentially impacting the market for DMPA [5]

Core Insights - The licensing agreement for Project 707 between the company and Pfizer has officially come into effect [1] - Pfizer will exclusively develop and commercialize the project in mainland China, with total payments not exceeding $150 million in non-refundable option and exercise fees [1] - The agreement includes a "Mainland China Option Agreement," expanding the licensing area to a global scale upon activation [1] - The profit-sharing ratio between the company and Shenyang Sansheng is set at 30% to 70% [1] - This transaction is classified as a related party transaction and does not constitute a major asset restructuring [1] - The deal is expected to advance the global development and commercialization of Project 707, enhancing the company's product accessibility and recognition in international markets [1]

Core Viewpoint - The current stock market focus is heavily on technology stocks, particularly driven by excitement around artificial intelligence (AI), creating a gap and opportunity for investment rotation into the healthcare sector [1] Technology Sector - The technology sector has attracted significant attention and capital, overshadowing other sectors, particularly healthcare [1] Healthcare Sector - The healthcare sector has seen many companies fall to valuation levels not seen in years, presenting potential investment opportunities [2] - Three companies stand out for potential benefits from a rotation from tech to healthcare: Eli Lilly Co. (NYSE: LLY), Pfizer Inc. (NYSE: PFE), and UnitedHealth Group Inc. (NYSE: UNH) [3] Eli Lilly - Eli Lilly is currently trading at $797.82, approximately 78% of its 52-week high of $972.53, with a P/E ratio of 64.92 and a price target of $1,012.56 [4] - Analysts expect Eli Lilly's earnings per share (EPS) to reach $6.77 by Q4 2025, nearly doubling from current levels, which could drive stock price growth [5] - Eli Lilly's high P/E ratio of 62.0x is justified by expected earnings growth, and the stock has room to trade back toward its highs if growth materializes [7] Pfizer - Pfizer is trading at $25.32, about 77% of its 52-week high of $31.54, with a P/E ratio of 18.35 and a price target of $28.55 [8] - Pfizer offers a dividend yield of 6.79%, which outperforms inflation and treasury rates, making it attractive in the current macroeconomic environment [8] - Institutional investor Robeco Institutional Asset Management increased its stake in Pfizer by 36.6%, indicating confidence in the stock's potential [9][10] UnitedHealth - UnitedHealth is trading at $292.40, only 45% of its 52-week high of $630.73, with a P/E ratio of 12.24 and a price target of $394.43 [13] - The stock's deep discount presents a potential opportunity for investors, especially as the company benefits from rising medical costs [14] - J.P. Morgan analyst Lisa Gill has set a new price target of $418 for UnitedHealth, suggesting a potential upside of 48% from current levels [15] - UnitedHealth's diverse business model positions it well to benefit from long-term trends in the healthcare sector [16]

Group 1: Core Business Performance - Pfizer is set to report second-quarter results on August 5, with a focus on oncology drug sales, which contribute approximately 25% to total revenues [1] - Key oncology drugs include Ibrance, Xtandi, Lorbrena, Braftovi/Mektovi, and ADCs from the Seagen acquisition, such as Padcev [1] - In Primary Care, revenues from Eliquis are expected to decline due to pricing pressures from the Inflation Reduction Act, offsetting higher demand [3] - Sales of the Prevnar vaccine are anticipated to decrease due to lower international market performance [3] - The COVID-19 vaccine Comirnaty saw revenue increases in Q1, but the continuation of this trend in Q2 remains uncertain [4] - Sales of Paxlovid are likely to decline due to reduced COVID-19 infection rates [5] - In Specialty Care, Vyndaqel sales are expected to remain strong, while Xeljanz and Enbrel may see declines [6] Group 2: Financial Outlook and Valuation - Pfizer's stock has decreased by 1.8% this year, compared to a 1.3% decline in the industry [7] - The non-oncology Q2 outlook indicates growth in Vyndaqel and Nurtec, but mixed trends in vaccine sales [8] - Pfizer's shares are trading at a price/earnings ratio of 8.20, lower than the industry average of 14.60 and below its 5-year mean of 10.85 [10] - The Zacks Consensus Estimate for 2025 earnings has slightly decreased from $3.06 to $3.05 per share, and for 2026 from $3.09 to $3.08 per share over the past 60 days [12]

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Core Insights - Pfizer is perceived by many investors as a company in decline, trading at multi-year lows due to concerns over a patent cliff following its success during the COVID-19 pandemic [1] Company Analysis - The market narrative surrounding Pfizer is influenced by retrospective fears rather than current fundamentals, suggesting a potential mispricing of the stock [1] - Pfizer's historical performance during the COVID-19 era has created a perception of it being a "distant giant," which may not accurately reflect its current growth potential [1] Investment Perspective - The article emphasizes the importance of analyzing companies like Pfizer through a lens that combines healthcare expertise with financial analysis to uncover long-term investment opportunities [1]

Group 1 - The core viewpoint is that China is emerging as a new source of pharmaceutical innovation, with Chinese pharmaceutical companies accounting for 32% of global drug licensing transactions in the first half of the year, totaling $48 billion [1][2] - Major pharmaceutical companies like AstraZeneca, Pfizer, and Merck are increasingly entering into early drug licensing agreements with Chinese biotech firms, with AstraZeneca alone expected to sign over $13.6 billion in agreements by mid-2025 [2][3] - The trend is driven by the impending patent expirations of blockbuster drugs, prompting multinational companies to seek external licensing as a cost-effective way to replenish their pipelines [3][4] Group 2 - Chinese pharmaceutical companies are actively seeking overseas expansion opportunities to alleviate funding shortages, particularly in light of a tightening capital environment in the biotech sector [4][5] - The return of overseas talent, improvements in the industry ecosystem, and advancements in technology and innovation capabilities are key factors driving the resurgence of China's biopharmaceutical industry [5] - Chinese biotech firms are gaining a global advantage in areas such as antibody-drug conjugates (ADCs) and bispecific antibodies (BsAbs), with these assets accounting for nearly one-third of outbound licensing transactions [5]

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Biopharma in North America - **Market Analysis**: Comprehensive analysis of the US drug market conducted by IQVIA Rx Key Market Metrics - **Total Prescription Year-over-Year (YoY) Growth**: - Latest weekly growth (week ending July 11, 2025) was +4.0%, up from +3.4% the previous week and +2.5% over the past 12 weeks [1][6] - For the week ended July 11, the total market weekly TRx YoY change was +4.0%, compared to +1.8% a year ago [2] Prescription Trends - **Rolling 4-week TRx YoY**: +3.0% - **Rolling 12-week TRx YoY**: +2.5% - **Extended Unit (EUTRx) Weekly YoY Growth**: +3.3%, which is below the TRx YoY [2] - **Sequential Weekly TRx Growth**: +12.0%, a significant increase compared to -7.3% the week before [2] Company-Specific Insights - **Bristol Myers Squibb (BMY)**: - Cobenfy approved for schizophrenia on September 26, 2024, with scripts at ~2,040 for the week, up from ~1,820 the previous week [3] - To meet 2025 consensus expectations, Cobenfy TRx needs to track at ~2-3x the volumes from recent schizophrenia launches [3] - **Vertex Pharmaceuticals (VRTX)**: - Journavx approved for acute pain on January 30, 2025, with scripts at ~5,880 for the week, up from ~5,180 the previous week [4] - Hospital scripts, which are not captured by IQVIA, account for ~28% of total scripts [4] - **Gilead Sciences (GILD)**: - Yeztugo approved on June 18, 2025, with latest week TRx at ~70, up from ~20 the previous week [5] - Yeztugo's injectable formulation accounted for 54% of total TRx [5] Competitive Landscape - **Launch Comparisons**: - GILD's Yeztugo compared to Descovy and Apretude [5] - BMY's Sotyktu launch tracked against AMGN's Otezla [9] - LLY's Kisunla launched in July 2024 for Alzheimer's [9] Pricing and Sales Analysis - **Immunology Pricing**: Updated charts for 2Q25 for Stelara and Tremfya, analyzing how additional indications impact price per script [10] - **Biosimilar Adoption**: Comprehensive analysis of biosimilars across various branded drugs [12] Notable Trends - **Seasonal Respiratory Vaccine Tracking**: Exhibits tracking RSV and COVID vaccine weekly and monthly TRx launch trends [11] - **Key Products Performance**: Detailed tracking of TRx market share and performance for major pharmaceutical companies [48] Conclusion - The biopharma industry in North America is experiencing positive growth in total prescriptions, with significant contributions from new product launches and competitive dynamics among major players. The analysis indicates a robust market environment with potential investment opportunities in emerging therapies and established products.