百利天恒（688506）：Iza-bren首次获FDA授予突破性疗法资格，“重磅炸弹”药物初具雏形

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Insights - The company has received breakthrough therapy designation from the FDA for its drug Iza-Bren, indicating significant potential in treating specific types of lung cancer [8] - The clinical development of Iza-Bren is progressing rapidly, with over 40 clinical studies initiated, including several overseas registrations [8] - The company aims to become a multinational corporation with global capabilities, having established key pillars in early research, clinical development, and production [8] - Revenue forecasts for the company are set at 20.18 billion, 20.35 billion, and 25.41 billion RMB for 2025, 2026, and 2027 respectively [8] Financial Summary - Total revenue for 2023 is projected at 561.87 million RMB, with a significant increase to 5,822.72 million RMB in 2024, followed by a decrease to 2,018.00 million RMB in 2025 [8] - The net profit attributable to the parent company is expected to be (780.50) million RMB in 2023, improving to 3,707.50 million RMB in 2024, but remaining negative in the following years [8] - The latest diluted EPS is projected to be (1.95) RMB in 2023, improving to 9.25 RMB in 2024, and then declining again in subsequent years [8]