药明TIDES业务

Search documents
大和:维持对药明康德(02359)“买入”评级 目标价上调至134港元
智通财经网· 2025-09-26 05:59
Core Viewpoint - Daiwa maintains a "Buy" rating for WuXi AppTec (02359) and raises the target price from HKD 128 to HKD 134, reflecting a 3% increase in revenue and earnings per share forecasts for the company from 2023 to 2027 [1] Group 1: Financial Performance - The company produced 4 out of the 10 best-selling chemical drugs last year and is expected to receive FDA approval for 8 out of 40 small molecule drugs between 2024 and the first half of 2025 [1] - Management anticipates that WuXi TIDES business will see a year-on-year revenue growth of over 80% this year [1] Group 2: Product Development - The company is currently producing 23 GLP-1 drugs, an increase from 21 disclosed in January and 19 in September of last year, with 16 of these in Phase 2 and Phase 3 clinical trials, capturing 26% of the market share [1] Group 3: Future Operations - The first small molecule factory at the Singapore API base is expected to commence operations in 2027, followed by the first TIDES factory in the second quarter of 2028 and a second small molecule factory in the fourth quarter of 2029 [1] - The DP base in Delaware, USA, is expected to begin operations in the fourth quarter of next year, with sterile filling/completion capacity anticipated by the fourth quarter of 2027 [1]