Core Viewpoint - Federal Pharmaceutical (03933) has seen a stock increase of over 4%, currently trading at HKD 17.61, with a transaction volume of HKD 147 million. The company anticipates a net profit of approximately RMB 1.85 billion for the first half of the year, a year-on-year increase of about 24.06% from RMB 1.491 billion in the same period last year, primarily driven by increased licensing fee income from Novo Nordisk [1][1][1]. Financial Performance - The expected net profit for the first half of the year is approximately RMB 1.85 billion, compared to RMB 1.491 billion in the previous year, reflecting a year-on-year growth of about 24.06% [1][1][1]. - The increase in net profit is mainly attributed to licensing fee income from Novo Nordisk, amounting to approximately RMB 1.1 billion [1][1][1]. - However, there was a decline in segment profits for intermediates by approximately RMB 430 million and for raw materials by about RMB 270 million, partially offsetting the net profit growth [1][1][1]. Product Development - In March of this year, Federal Pharmaceutical granted exclusive overseas rights (excluding Greater China) for UBT251 to Novo Nordisk. UBT251 is the first three-target weight loss drug in China licensed to a multinational corporation at a high price [1][1][1]. - 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][1][1]. - The conservative peak sales estimate for UBT251 in the domestic market for weight loss indications is projected at RMB 3.8 billion, while the overseas peak sales estimate is USD 6 billion, assuming a 50% success rate for market approval [1][1][1].
联邦制药再涨超4% UBT251海外授权提振业绩 上半年纯利同比增超24%