Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The acceptance of the new drug application for IBI311 (Teplizumab) by the National Medical Products Administration (NMPA) indicates promising commercialization prospects for the treatment of Thyroid Eye Disease (TED) [2][3] - The Phase III clinical trial results for IBI311 were positive, showing significant improvements in eye protrusion, disease activity, and quality of life compared to the placebo group [3] - IBI311 is the first IGF-1R antibody drug to submit an NDA in China, addressing a significant unmet clinical need in TED treatment [4] Financial Forecasts and Valuation - Revenue projections for 2024 and 2025 are estimated at 76.44 billion and 94.73 billion CNY, respectively, with a new forecast for 2026 at 114.55 billion CNY, reflecting year-on-year growth rates of 23.17%, 23.93%, and 20.92% [4][5] - The net profit forecast for 2024 and 2025 has been adjusted to -6.33 billion and 3.06 billion CNY, respectively, with a new forecast for 2026 net profit at 13.30 billion CNY [4][5] - The report highlights strong sales performance of core products and a robust pipeline of late-stage products, supporting the optimistic outlook for the company's commercial product portfolio [4]
信达生物：公告点评：替妥尤单抗注射液上市申请获得受理，商业化前景可期