Core Viewpoint - Morgan Stanley anticipates that WuXi Biologics' stock price will rise in the next 45 days, with a probability estimated between 70% to 80% [1] Group 1: Financial Performance and Projections - The company previously issued an earnings upgrade, with management indicating accelerated growth for the fiscal year 2026 [1] - The number of integration projects for 2025 is expected to increase by 16%, reflecting strong momentum in research services [1] - The strong momentum in research services is expected to generate revenue related to intellectual property (IP), further enhancing profitability [1] Group 2: Strategic Partnerships and Growth Indicators - Recently, the company has entered into licensing agreements with Vertex and Zai Lab [1] - WuXi Biologics anticipates strong growth in its manufacturing segment, with several blockbuster drugs expected [1] - The company completed 28 process performance qualifications (PPQ) in 2025, representing a year-on-year growth of 75%, which is viewed as a leading indicator for future commercialization contracts [1] Group 3: Earnings Forecast and Target Price Adjustment - Based on accelerated revenue growth and margin expansion, Morgan Stanley has raised its earnings forecasts for 2026 to 2030 by 4% to 10% [1] - The target price has been adjusted from HKD 45 to HKD 50, while maintaining an "Overweight" rating [1]
大行评级丨大摩：预期药明生物股价将于未来45日上升，目标价上调至50港元