Investment Rating - The report assigns a "Buy" rating to the company, with a target price of HKD 41.16 per share, compared to the current price of HKD 28.20 [4]. Core Insights - The company announced that its partner Takeda received EU approval for FRUZAQLA® (furmonertinib), which is a significant milestone for the treatment of adult patients with metastatic colorectal cancer who have progressed after standard therapies [2]. - The international expansion of furmonertinib is accelerating, with approvals in the US and Europe, and a submission for listing in Japan [2]. - The commercialization of furmonertinib in China is progressing well, with over 80,000 patients treated as of mid-2023, and additional indications for gastric and endometrial cancers have also been submitted for approval [2]. - The company's R&D and commercialization capabilities have been validated, and it is expected to turn profitable by 2025, with projected net profits of -116 million, 1 million, and 116 million USD for 2024, 2025, and 2026 respectively [2][3]. Financial Summary - The company's main revenue is projected to grow from USD 426 million in 2022 to USD 1,099 million by 2026, with a notable growth rate of 96.5% in 2023 [3]. - The EBITDA is expected to improve from -399 million USD in 2022 to 65 million USD in 2026, indicating a recovery in profitability [3]. - The net profit attributable to shareholders is forecasted to shift from -361 million USD in 2022 to 116 million USD in 2026, reflecting a significant turnaround [3]. - The company's earnings per share (EPS) is projected to improve from -0.42 in 2022 to 0.13 in 2026 [3].
和黄医药：呋喹替尼欧洲获批，开启新增量空间