和黄医药：临床开发与商业化均取得进展

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][12][21] Core Views - The company has made progress in both clinical development and commercialization, with key products showing strong sales potential and positive clinical data [2][12] - The core product, Furquintinib, is experiencing rapid overseas sales growth, while the company expects to submit a new drug application for Savolitinib to the FDA based on positive clinical results [2][8] - The clinical data for Syk inhibitor, Solitomab, is promising, with expectations for approval in China by 2025 [3][6] Summary by Sections Clinical Development - Solitomab has shown a sustained response rate of 51.4% in adult ITP patients, with a median cumulative time of 38.9 weeks for platelet counts ≥50x10^9/L [3][6] - Furquintinib achieved over $200 million in sales in the U.S. during the first three quarters of the year and is expected to continue its sales growth in Japan and Europe [2][7] - Savolitinib has successfully renewed its listing in the national medical insurance directory and is expected to submit an application to the FDA based on positive results from the SAVANNAH clinical trial [8][12] Financial Forecast - Revenue projections for 2024-2026 are$659 million, $818 million, and$932 million, respectively, with year-on-year growth rates of -21.3%, 24.0%, and 14.0% [2][12] - The net profit attributable to the parent company is forecasted to be -$12 million,$61 million, and $108 million for the same period [2][12]