高盛：翰森制药-2025 年中国医疗企业日 - 关键要点

Presenters: Sophia Dong - Investor Relations Director Bottom line: Management highlighted encouraging ex-China development progress of out-licensed assets including B7H3 ADC, B7H4 ADC and oral GLP-1. Product sales guidance of double-digit growth in 2025 was re-iterated, and key product Ameile targets peak sales of Rmb8bn with upsides from combination therapy. We expect potential deal-making opportunities to come from early-stage ADC (EGFR/cMET, CDH6, CDH17), KRAS G12Di and next-generation disease modifiers ...