CSPC PHARMACEUTICAL(1093.HK)：LARGE-SCALE BD OUT-LICENSING DEALS LIKELY IN NEAR TERM
格隆汇· Ge Long Hui·2025-06-02 18:07
机构：招银国际 研究员：Jill WU/Andy WANG Business sequentially recovered in 1Q. CSPC reported total revenue of RMB7.0bn in 1Q25, including RMB718mn from out-licensing (BD) income. Excluding the impact from BD, core revenue reached RMB6.3bn (+1% QoQ), representing 22% of our previous FY25 estimates. Excluding the BD impact, core net profit reached RMB868mn (+58% QoQ), accounting for 27% of our FY25 estimates. Sales of finished drugs (excluding BD income) declined 5% QoQ and decreased 37% YoY, mainly due to a 21% QoQ de ...