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, representing a year-on-year growth of about 24.06% compared to RMB 1.49 billion in the same period last year [1]. Financial Performance - The increase in net profit is primarily attributed to a rise in licensing fee income from Novo Nordisk, amounting to approximately RMB 1.1 billion [1]. - However, there has been 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. UBT251 is noted as the first domestic three-target weight loss drug licensed to a multinational corporation at a high price [1]. - Currently, UBT251 has initiated four clinical trials in China, with expectations for significant progress in overweight/obesity indications by the second half of 2025. Phase II clinical trials are anticipated to be completed by the first half of 2026, with a potential market approval in China by 2028 [1]. - The conservative sales peak for UBT251 in the domestic market is projected to be RMB 7.7 billion, while the overseas sales peak is estimated at USD 6 billion. Assuming a 50% success rate for market approval, the risk-adjusted sales peak is expected to be RMB 3.8 billion domestically 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%