Investment Rating - The investment rating for the company is "Buy" [7] Core Insights - The company has entered into a significant licensing agreement with Pfizer for the PD-1/VEGF bispecific antibody (SSGJ-707), which includes an upfront payment of 4.8 billion [1][2] - The licensing agreement allows the company to retain development and commercialization rights for SSGJ-707 in mainland China, while Pfizer has the option to commercialize the product in China [1] - The company is expected to see a substantial increase in pre-tax profits due to the upfront payment, estimated at approximately $1.175 billion [2] - SSGJ-707 is currently undergoing multiple clinical studies in China, including a Phase III trial for treating PD-L1 positive locally advanced or metastatic non-small cell lung cancer (NSCLC) [3][6] Financial Projections - The company’s projected revenues for 2025, 2026, and 2027 are estimated to be 185.9 billion, 133.7 billion, and 145.9 billion CNY respectively, reflecting a year-on-year growth of 104.1%, -28.1%, and 18.5% [7][9] - The projected net profit attributable to the parent company for the same years is expected to be 95.9 billion, 53.2 billion, and 60.8 billion CNY, with year-on-year growth rates of 358.7%, -44.5%, and 14.2% [7][9] - The earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 4.00, 2.22, and 2.54 CNY respectively, with corresponding price-to-earnings (PE) ratios of 4.7, 8.4, and 7.3 [7][9] Clinical Development - SSGJ-707 has received IND approval from the FDA and is set to initiate clinical studies in the United States [6] - The product is also involved in several Phase II studies in China, targeting various indications including metastatic colorectal cancer and advanced gynecological tumors [10]
三生制药：与辉瑞达成707重磅授权，创新出海里程碑-20250529