研报掘金丨国盛证券：维持恒瑞医药“买入”评级 GSK重磅BD金额超预期

Core Viewpoint - Heng Rui Medicine has entered into a significant business development (BD) agreement with GSK, which exceeds expectations, indicating the company's strong position in the pharmaceutical industry [1] Group 1: Business Development Agreement - Heng Rui will grant GSK exclusive rights to HRS-9821 and up to 11 other projects, with GSK paying an upfront fee of $500 million [1] - If all projects are exercised and milestones achieved, Heng Rui could receive potential milestone payments totaling approximately $12 billion, along with tiered sales royalties [1] Group 2: Product Pipeline - HRS-9821 is a PDE3/4 inhibitor currently in clinical development, targeting chronic obstructive pulmonary disease (COPD) [1] - The additional 11 projects cover various therapeutic areas, including oncology, respiratory, autoimmune, and inflammation, and are currently in preclinical research [1] Group 3: Financial Outlook - The continuous expansion of innovative drug offerings and significant BD transactions are expected to enhance Heng Rui's performance [1] - The company has raised its profit forecasts and maintains a long-term positive outlook, reiterating a "buy" rating [1]