Xin Lang Cai Jing·2025-06-20 10:26Core Viewpoint - The announcement of a $180 million upfront payment from Novo Nordisk to Federated Pharmaceuticals marks the activation of a significant licensing agreement for the weight-loss drug UBT251, with potential total revenues reaching $2 billion [3][4]. Financial Performance - Federated Pharmaceuticals reported a slight revenue increase of 0.14% year-on-year, totaling 13.759 billion yuan for 2024, while net profit attributable to shareholders decreased by 1.54% to 2.66 billion yuan, breaking a multi-year trend of double-digit growth [3][4]. - The company's financial structure remains heavily reliant on traditional business segments, with intermediates and raw materials accounting for 60%-65% of revenue [6]. Market Reaction - The capital market's reaction to the licensing agreement was unexpectedly negative, with Federated Pharmaceuticals' stock price dropping 11.78% following the announcement, reflecting investor concerns over structural challenges during the company's transition [3][4]. Drug Development and Competition - The UBT251 project is entering a critical phase of clinical concept validation, with data expected in the next 18-24 months to determine its commercial viability [4][6]. - The competitive landscape for the generic version of semaglutide is intensifying, with multiple companies, including Jiuyuan Gene and Lijun Group, also developing similar products [4][5]. Strategic Challenges - The company faces significant challenges in balancing innovation investments with the need to stabilize its traditional business, particularly as the formulation product profits plummeted by 47% due to price reductions from national drug procurement policies [5][6]. - Novo Nordisk's substantial upfront payment is seen as a response to its urgent need for new products to maintain market leadership, especially as its flagship product's patent is set to expire in 2026 [6][7].