Core Viewpoint - The report from Jefferies maintains a "Buy" rating for United Pharmaceutical (03933) and raises the target price from HKD 17 to HKD 20, considering the expansion of its intermediates and APIs business to 80 regions globally and the impact of milestone payments from Novo Nordisk [1] Financial Performance - United Pharmaceutical's revenue increased by 5% year-on-year in the first half of the year, while net profit rose by 27%. However, excluding business development income, revenue dropped by 50% [1] - Sales of intermediates and APIs fell by 23% and 27% year-on-year, respectively, primarily due to declining product prices [1] Product Development - The GLP-1/GIP/GCG receptor agonist UBT251 completed patient recruitment for obesity Phase II trials in April and diabetes trials in May, with ongoing recruitment for Phase II trials related to metabolic-associated fatty liver disease and chronic kidney disease [1] - Management indicated that a new innovative drug, UBT48128, is targeted for clinical trial application submission in the first half of 2026 [1] Capacity Expansion - Management revealed that new production capacity for high-barrier APIs and Inner Mongolia APIs is set to commence operations in October of this year [1]
富瑞：维持联邦制药“买入”评级 升目标价至20港元