Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 55.78 [5][7]. Core Insights - The approval of FRUZAQLA (furmonertinib) for the treatment of previously treated metastatic colorectal cancer patients marks a significant milestone for the company, being the first innovative targeted therapy approved in the EU for this indication in over a decade [2][3]. - The unmet medical need in colorectal cancer is substantial, with over 1.9 million new cases globally in 2022, highlighting the potential market for FRUZAQLA [2]. - The company has seen strong sales performance, with FRUZAQLA generating USD 15.1 million in the U.S. market within its first month of launch, and a total of USD 108 million in sales for ELUNATE (the name under which furmonertinib is marketed in China) in 2023, reflecting a 22% year-over-year growth [2][7]. Financial Projections - The company is projected to achieve revenues of USD 890 million, USD 1.255 billion, and USD 1.575 billion for the years 2024, 2025, and 2026 respectively, with corresponding net profits of USD 134 million, USD 237 million, and USD 351 million [7]. - The earnings per share (EPS) are expected to be USD 0.15, USD 0.27, and USD 0.40 for the years 2024, 2025, and 2026, with price-to-earnings (P/E) ratios of 24, 13, and 9 respectively [7].
和黄医药：动态点评：呋喹替尼欧洲获批，研发合作有序推进