4连板三生国健大幅回落 公司提示风险

Group 1 - The stock of Sanofi Guojian (688336) experienced a significant drop of over 10% during trading on the 23rd, following a continuous rise of 100% over the previous four trading days [1] - The company issued a risk warning on May 22, indicating the potential for irrational speculation and a market correction due to the substantial increase in stock price [1] - The trading volume exceeded 530 million yuan, reflecting heightened market activity [1] Group 2 - The company, along with its affiliates, granted Pfizer Inc. exclusive rights for the development, production, and commercialization of a dual-targeting antibody product (Project 707) outside of mainland China [2] - The revenue sharing from this licensing agreement is set at 30% for Sanofi Guojian and 70% for Shenyang Sanofi, based on prior R&D investments and asset ownership [2] - The agreement requires approval from the company's shareholders and antitrust regulatory bodies in the U.S. and other jurisdictions, introducing uncertainty regarding its effectiveness [2] Group 3 - The development, registration, and sale of the licensed product in the designated regions are subject to regulatory approvals, which are inherently uncertain due to the lengthy nature of new drug development [3] - Milestone payments tied to clinical and regulatory events are contingent upon the successful completion of specified conditions, adding another layer of uncertainty [3] - Sales milestone payments and royalties are dependent on market factors such as demand, competition, and sales channels, which may affect the actual revenue received by the licensing parties [3]