Roche(US:RHHBY) Ge Long Hui·2025-10-30 00:10Core Insights - QX031N, a long-acting dual antibody developed by the company, has entered into a global exclusive collaboration and licensing agreement with F. Hoffmann-La Roche Ltd, reflecting the company's innovative capabilities and the potential of the autoimmune dual antibody market [1][2] Agreement Overview - Roche will receive global exclusive rights for research, development, registration, production, and commercialization of QX031N. In return, the company will receive a non-refundable upfront payment of $75 million, with potential milestone payments up to $995 million related to product development, regulatory approval, and commercialization [1] - QX031N targets TSLP and IL-33, which are involved in respiratory diseases such as COPD and asthma, indicating its potential as a new treatment option in these areas [1] Market Potential and Competitive Position - The agreement's high upfront payment and Roche's involvement signify recognition of the company's early-stage innovation capabilities and the market potential of the autoimmune respiratory segment [2] - Compared to similar recent collaborations, such as the $125 million upfront payment for dual antibodies by Huasheng Zhiyuan to Sanofi, QX031N's agreement suggests its clinical value is competitive within the industry [2] - The autoimmune disease market has significant room for innovation, particularly in respiratory diseases, which may lead to the development of new blockbuster therapies [2] Financial Projections - The company is positioned as a leader in domestic autoimmune innovative drugs, with a strong pipeline expected to enhance revenue generation. Projected revenue growth rates for 2025-2027 are 123%, 98%, and -33%, respectively, with EPS estimates of -0.72, 0.48, and -0.72 yuan per share [3]