Core Viewpoint - CICC maintains the EPS forecast for Grand Pharmaceutical (00512) at HKD 0.6 for 2025 and HKD 0.63 for 2026, with a target price increase of 20% to HKD 9.6, indicating a potential upside of 15.4% from the current stock price [1] Company Status - On May 12, the company announced the completion of patient enrollment for the Phase III clinical study of the innovative radiolabeled drug conjugate (RDC) TLX591-CDx in China, with plans to submit a new drug application within the year [2] - On May 7, the company reported that the application for the innovative RDC product TLX591 to join an international multicenter Phase III clinical trial has been accepted by the National Medical Products Administration [2] Product Commercialization - The diagnostic radiopharmaceutical TLX591-CDx has been commercially validated overseas and is set to advance its domestic market application; it is used for prostate cancer diagnosis and screening patients eligible for PSMA-targeted RDC treatment [3] - TLX591-CDx has been approved in multiple countries, including the U.S. in December 2021, with projected global sales of approximately USD 517 million in 2024 and first-quarter 2025 sales reaching USD 151 million, reflecting a year-on-year increase of 35% [3] Clinical Trial Progress - TLX591 (177Lu-HuJ591) is an innovative monoclonal antibody product designed for treating metastatic castration-resistant prostate cancer (mCRPC) patients; it features a convenient dual-dose regimen with a 14-day interval [4] - The company aims to efficiently shorten the development cycle of therapeutic radiopharmaceuticals by joining the international multicenter Phase III clinical trial, following promising Phase II clinical data [4] Strategic Partnerships - In November 2020, the company announced a collaboration with Australian radiopharmaceutical company Telix, securing exclusive development and commercialization rights for a series of RDC drugs in several regions, with the first integrated diagnostic-therapeutic RDC pipeline nearing fruition [5] - The company is solidifying its leading position in the innovative nuclear medicine field [5]
中金：维持远大医药(00512)“跑赢行业”评级 升目标价至9.6港元