Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company has made significant progress in its internationalization efforts, particularly through a partnership with Takeda, which includes a $100 million option payment and potential milestone payments totaling up to $1.2 billion, along with a double-digit percentage sales share [2][11]. - The core product, Olarebatinib, is advancing in clinical trials both domestically and internationally, with FDA and CDE approvals for various indications, including a Phase III trial for CML-CP and Ph+ ALL [2][15]. - Revenue forecasts for 2024-2026 are projected at RMB 1.013 billion, RMB 606 million, and RMB 1.063 billion, respectively, indicating a strong growth trajectory [3][2]. Summary by Sections Partnership with Takeda - The company signed an exclusive option agreement with Takeda for the global development of Olarebatinib, excluding certain regions in Greater China, which could accelerate its commercialization [2][11]. - Takeda's investment in the company through the purchase of shares worth $75 million further solidifies the partnership [2][11]. Core Product Development - Olarebatinib has shown promising results in clinical trials, particularly for patients with CML and Ph+ ALL, with significant response rates reported [18][20]. - The company is also advancing other products like APG-2575, which is expected to be submitted for NDA this year, and has initiated multiple Phase III trials for various hematological malignancies [15][17]. Financial Projections and Investment Recommendations - The company is expected to achieve substantial revenue growth, with a forecasted increase of 356.5% in 2024, followed by a decrease in 2025 and a rebound in 2026 [3][2]. - A DCF valuation suggests a reasonable share price of HKD 36.95, indicating significant upside potential from the current price of HKD 27.80 [4][2].
亚盛医药-B：国际化进程加速，全球临床顺利推进