三生国健(688336)：达成707重磅授权 创新出海更上一层楼

Core Viewpoint - The company has granted Pfizer exclusive rights to develop, produce, and commercialize a dual-targeting antibody product aimed at PD-1 and VEGF, which is expected to enhance anti-tumor effects while reducing potential side effects [1][3]. Group 1: Licensing Agreement - Sanofi Health has granted Pfizer exclusive rights for the development and commercialization of the 707 project in regions outside mainland China [1]. - The licensing agreement involves a distribution of rights based on prior R&D investments and asset ownership, with Sanofi Health receiving 30% and Shenyang Sanofi receiving 70% [2]. Group 2: Clinical Development - The efficacy and safety of the PD-1/L1 antibody combined with VEGF antibody have been validated in clinical trials for various tumors, including renal cell carcinoma and hepatocellular carcinoma [3]. - The product has multiple ongoing clinical trials, with a single-agent treatment for PD-L1 positive non-small cell lung cancer having received approval for Phase III, while combination therapies for non-small cell lung cancer, metastatic colorectal cancer, and advanced gynecological tumors are in Phase II [3]. Group 3: Financial Projections - Following the significant licensing agreement and the anticipated approval of new products, the company has adjusted its revenue forecasts for 2025-2027 to 40.2 billion, 22.4 billion, and 26.3 billion yuan, reflecting a year-on-year growth of 236.4%, -44.1%, and 17.4% respectively [4]. - The projected net profits for the same period are 28.5 billion, 11.2 billion, and 13.9 billion yuan, with year-on-year growth of 305.0%, -60.6%, and 23.4% respectively [4]. - Earnings per share (EPS) are expected to be 4.63, 1.82, and 2.25 yuan, with corresponding price-to-earnings (PE) ratios of 12, 30, and 24 times based on the closing price of 54 yuan per share on May 28, 2025 [4].