Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [1]. Core Views - The licensing agreement for the third-generation BCR-ABL inhibitor, Olverembatin, with Takeda marks a significant milestone for the company, indicating a transition into a phase of global innovation and value realization [3]. - The potential peak sales for Olverembatin are expected to exceed $1 billion, supported by its recent FDA approval for treating previously treated CML-CP patients [3]. - The partnership with Takeda, which has a strong sales and clinical team in hematology, is anticipated to maximize the overseas market potential for Olverembatin [3]. - The company is also on track to submit a New Drug Application (NDA) for APG-2575, which could become the second Bcl2 inhibitor to be launched globally [4]. - Revenue forecasts indicate rapid growth, with projected revenues of 1,021.53 million yuan in 2024, 473.52 million yuan in 2025, and 918.63 million yuan in 2026 [2][4]. Financial Summary - Total revenue for 2022 was 211.86 million yuan, with a significant year-on-year growth of 655.45% [2]. - The company is expected to incur net losses, with projected net profits of (220.63) million yuan in 2024 and (976.46) million yuan in 2025 [2]. - The earnings per share (EPS) is projected to improve from (2.94) yuan in 2023 to (0.70) yuan in 2024, before declining again to (3.10) yuan in 2025 [2][10]. - The company’s operating cash flow is expected to improve significantly, with a forecasted cash flow of (15.56) million yuan in 2024 [9].
亚盛医药-B：奥雷巴替尼授权落地，全球创新步入收获期，海外价值逐步兑现！