Core Viewpoint - The report from Jefferies maintains a "Buy" rating for Sinopharm (03933), raising the target price from HKD 17 to HKD 20, based on the expansion of its intermediate and active pharmaceutical ingredient (API) business to 80 regions globally and the impact of milestone payments from Novo Nordisk [1] Financial Performance - Sinopharm's revenue for the first half of the year increased by 5% year-on-year, while net profit rose by 27%. However, excluding business development income, there was a 50% decline [1] - Sales of intermediates and APIs decreased by 23% and 27% year-on-year, respectively, primarily due to falling 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 aims to submit a clinical trial application for the innovative drug UBT48128 in the first half of 2026 [1] Capacity Expansion - New production capacity for high-barrier APIs and Inner Mongolia APIs is expected to commence operations in October this year [1]
富瑞：维持联邦制药(03933)“买入”评级 升目标价至20港元