智通财经网·2026-02-05 09:21Core Viewpoint - Citigroup has resumed coverage of Rongchang Biopharmaceutical (09995) with a "Buy/High Risk" rating and a target price of HKD 105, following the collaboration with AbbVie on the PD-1/VEGF bispecific drug RC148, which expands the global potential of its pipeline candidates [1] Group 1: Collaboration and Pipeline Development - The collaboration with AbbVie is expected to shift market focus towards the future global Phase III clinical studies and commercialization potential based on clinical data and competitive landscape [1] - The global development of Taitasip, which targets generalized myasthenia gravis, is anticipated to release top-line data from its Phase III clinical study in the first half of 2027, while the Phase III clinical trial for dry eye syndrome is set to commence in the first half of this year [1] Group 2: Financial Projections and Market Position - Citigroup has included the $650 million upfront payment from the collaboration in this year's revenue and estimates the risk-adjusted peak sales for RC148 to be $2.7 billion [1] - The sales trend for Taitasip in the domestic market is positive, with the management aiming to achieve breakeven by 2026 [1] Group 3: Competitive Landscape and Risks - Despite the positive outlook from the collaboration, Citigroup notes that the global commercialization process remains uncertain due to intense competition in the PD-1/VEGF and generalized myasthenia gravis sectors [1]