2025-03-03 03:22Investment Rating - The report maintains a "Buy" rating for the company with a target price of $55 for US shares and HK$43 for Hong Kong shares, indicating a potential upside of +60% and +62% respectively [6][13]. Core Insights - The company's 4Q24 revenue of $108.5 million represents a 65% year-over-year increase and is in line with market expectations. The operating loss was slightly better than expected, primarily impacted by a foreign exchange loss of $23.42 million [2][3]. - For 2025, the company projects total product revenue between $560 million and $590 million, reflecting a year-over-year growth of 40.4% to 45.4%, driven by strong growth in its core product, Eiger, and stable growth in existing products [3][4]. - The report highlights the strong growth of Eiger, which achieved sales of $30 million in 4Q24, a 492% increase year-over-year, and is expected to reach approximately $150 million in sales for 2025 [4][5]. Summary by Sections Financial Performance - In 4Q24, the company reported a net loss of $81.68 million, a 14.4% decrease year-over-year, but a 96% increase quarter-over-quarter. The gross margin for products was 61.5%, stable year-over-year but down 2.6 percentage points quarter-over-quarter [2][3]. - The company’s R&D expenses decreased to $52.25 million, down 36.2% year-over-year and 20.8% quarter-over-quarter, indicating improved cost management [2]. Future Catalysts - The report suggests focusing on the upcoming data updates for DLL3 ADC and potential international expansion. Several drugs are expected to submit NDA in China, with key data updates anticipated in 2Q25 [5][13]. - The company plans to cover 85% of the market potential for Eiger by 2025, up from 65% in 2024, which is expected to further enhance sales growth [4][5]. Market Position - The total market capitalization of the company is approximately $3.716 billion, with a recent average trading volume of $22 million over the past three months [6]. - The stock has a 52-week price range of $13.4 to $36.6, indicating significant volatility and potential for growth [6].