Core Viewpoint - Federal Pharmaceutical (03933) has seen its stock price increase by over 4%, currently trading at HKD 17.61, with a transaction volume of HKD 147 million, following the announcement of a projected net profit of approximately RMB 1.85 billion for the first half of the year, representing a year-on-year growth of about 24.06% [1] Financial Performance - The projected net profit for the first half of the year is approximately RMB 1.85 billion, compared to RMB 1.491 billion in the same period last year, indicating a growth of around 24.06% [1] - The increase in net profit is primarily attributed to an increase in licensing fee income from Novo Nordisk, amounting to approximately RMB 1.1 billion [1] - However, there was a decline in segment profits for intermediates by approximately RMB 430 million and for active pharmaceutical ingredients by about RMB 270 million, partially offsetting the net profit growth [1] Product Development - In March of this year, Federal Pharmaceutical granted exclusive overseas rights (excluding Greater China) for UBT251 to Novo Nordisk [1] - UBT251 is noted as the first three-target weight loss drug in China to be licensed to a multinational corporation at a high price [1] - Currently, UBT251 has initiated four clinical trials in China, with significant progress expected for overweight/obesity indications by the second half of 2025, and completion of domestic Phase II clinical trials anticipated by the first half of 2026, with a potential market approval in China by 2028 [1] Market Potential - The conservative estimate for UBT251's peak sales in China for weight loss indications is projected at RMB 7.7 billion, while the peak sales potential overseas is estimated at USD 6 billion [1] - Assuming a 50% success rate for market approval, the risk-adjusted peak sales in China are estimated at RMB 3.8 billion, and USD 3 billion overseas [1]
港股异动 | 联邦制药(03933)再涨超4% UBT251海外授权提振业绩 上半年纯利同比增超24%