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和铂医药-B(02142):全球稀缺抗体平台,InChinaforglobal的BD领军者
Soochow Securities· 2025-08-26 14:38
| [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万美元) | 89.63 | 38.10 | 154.08 | 109.53 | 143.50 | | 同比(%) | 118.81 | (57.49) | 304.40 | (28.91) | 31.02 | | 归母净利润(百万美元) | 22.80 | 2.78 | 81.75 | 47.13 | 63.11 | | 同比(%) | 116.61 | (87.81) | 2,842.83 | (42.35) | 33.90 | | EPS-最新摊薄(美元/股) | 0.03 | 0.00 | 0.10 | 0.06 | 0.07 | | P/E(现价&最新摊薄) | 49.25 | 404.18 | 13.73 | 23.82 | 17.79 | 证券研究报告·海外公司深度·药品及生物科技(HS) 和铂医药-B(02142.HK) 全球稀缺抗体平台,In China for globa ...
翰森制药(3692.HK):创新和BD共振 业绩及管线稳进
Ge Long Hui· 2025-08-21 19:11
机构:华泰证券 研究员:代雯/袁中平/陈睿恬 公司发布2025 年半年报:2025 年H1 公司实现收入74.34 亿元(+14%yoy),净利润31.35 亿元 (+15%yoy);其中,创新药实现收入61.45 亿元(+22%yoy),占比提升至83%。我们估测剔除合作 收入影响后(1H24/25分别为14.02/16.57 亿元),公司产品销售收入同比增速达约13%,其中创新药产 品销售收入同比增速超20%。我们看好公司持续创新驱动稳定增长和BD,维持"买入"评级。 四大治疗领域全面增长 国内已进入卵巢癌III 期临床阶段;GSK 预计将于2026 年启动海外关键临床。4)HS-20094:国内降糖/ 减重适应症分别处于IIb 期/III 期临床阶段,我们预计其将于2027 年在国内商业化;再生元预计将于 2026 年启动海外关键临床(单药)。5)HS-20117:国内联用阿美替尼已进入III 期阶段,皮下给药剂 型亦将进入临床开发阶段。6)公司积极布局皮肤类、肾病类自免疾病,其中用于治疗银屑病的HS- 10374、HS-20137 均已启动III 期临床。 盈利预测与估值 我们预计2025-27 年归 ...
翰森制药(03692.HK):创新管线驱动 业绩稳健增长
Ge Long Hui· 2025-08-20 03:09
机构:国金证券 研究员:甘坛焕/赵海春/姜铸轩 业绩简评 2025 年8 月18 日公司发布2025H1 业绩公告,公司25H1 实现收入74.34 亿元,同比+14.3%,其中创新药 与合作产品实现收入61.45亿元,同比+22.1%,占总收入82.7%;净利润为31.35 亿元,同比+15.0%。 经营分析 Met ADC、KRAS G12D 抑制剂、BTK 抑制剂等多款创新药陆续进入临床阶段。 BD 合作持续发力。2025 年6 月,公司将GLP-1/GIP 双受体激动剂HS-20094 的开发、生产及商业化全球 独占许可(不含中国内地、香港及澳门)授予Regeneron 公司,全球合作布局持续拓展。 盈利预测、估值与评级 公司创新药与合作产品驱动业绩稳健增长。阿美替尼适应症持续拓展,维持高速放量趋势。在研管线丰 富,驱动可持续增长。BD合作持续发力。我们预计2025/26/27 年公司实现营业收入142/158/178 亿元, 归母净利润47/53/61 亿元。维持"买入"评级。 风险提示 新药研发进展不及预期;商业化放量不及预期。 阿美替尼适应症持续拓展,维持高速放量趋势。公司25H1 抗肿瘤板块实 ...
石药集团(01093.HK):BD再下一城 创新转型可期
Ge Long Hui· 2025-08-16 19:08
Group 1 - The company has entered into a global exclusive licensing agreement with Madrigal Pharmaceuticals, Inc. for SYH2086, covering development, production, and commercialization, with potential total payments of up to $2.075 billion, including an upfront payment of $120 million and milestone payments based on annual net sales [1] - SYH2086 is in the preclinical stage and has complete intellectual property rights, with expectations for significant growth in the weight loss and MASH fields following the licensing agreement [1] - The management anticipates potential upfront and milestone payments from ongoing negotiations for three other projects, including SYS6010 (EGFR-ADC), could total around $5 billion [1] Group 2 - The company continues to increase its R&D investment, with 2024 R&D expenses projected to reach ¥5.191 billion (up 7.5% year-over-year), accounting for 21.9% of its revenue from prescription drugs, which is industry-leading [2] - As of the end of Q1 2025, the company has 24 projects in critical II/III clinical phases and 9 projects under review for market approval, indicating a robust pipeline [2] - The company is expected to achieve multiple new drug approvals and data readouts throughout the year, maintaining a strong position in business development [2] Group 3 - The company is recognized as a leading domestic pharmaceutical firm with ample cash reserves, transitioning from traditional pharmaceuticals to innovation [2] - The net profit forecasts for 2025 and 2026 have been revised down to ¥4.92 billion and ¥5.25 billion, respectively, reflecting a decrease of 24.9% and 23.9% from previous estimates [2] - The current valuation is considered attractive due to the expected orderly market entry of significant products, maintaining a "buy" rating [2]
和铂医药20250813
2025-08-13 14:53
Summary of the Conference Call for Heber Pharmaceuticals Company Overview - Heber Pharmaceuticals is leveraging the capabilities of Nona Biotech for hematopoietic development and business development (BD) collaborations, entering a harvest period in 2025 with significant highlights including licensing agreements and high-quality transactions with companies like Winword and AZ [2][5] Financial Performance - In the first half of the year, Heber Pharmaceuticals achieved a net profit of 500 million RMB, maintaining positive profitability since 2023 [2][5] Strategic Partnerships - AstraZeneca (AZ) has strategically invested 9% in Heber Pharmaceuticals, becoming the largest shareholder, which optimizes the company's equity structure and supports long-term stable development [2][6] - Heber has established collaborations with major multinational companies such as AZ and Pfizer, showcasing its platform's efficient conversion capabilities [4][13] Core Technology and Product Pipeline - The core technology of Heber Pharmaceuticals is based on the Hubermix platform, which allows for the development of complex molecules with low immunogenicity and effective penetration through complex barriers. Only three companies globally possess similar platforms [2][7] - The self-immune pipeline is a key development direction, with the FCRN target having submitted a New Drug Application (NDA), expected to be approved in the second half of this year or early next year, marking the company's first commercial product [2][10] Clinical Trials and Product Development - The TSLP target product 9,378 has initiated the first administration for asthma indications overseas, being the first long-acting TSLP target in clinical trials for asthma globally, with a dosing interval of 3 to 6 months [2][12] - Heber's oncology pipeline is rich, including multiple targets such as CTIL-4, B7H7, and CCR8, with data readouts expected for the 18.2CD3 TCE project in the second half of next year [2][13] Business Development Achievements - Nona Biotech has successfully delivered 17 projects in collaboration with well-known pharmaceutical companies, contributing to Heber's high-quality molecule production [3][15] - Heber's business development performance is notable, with 17 transactions completed, totaling 10 billion USD, which will significantly contribute to future commercialization and financial statements [4][5] Management and Governance - The management team, led by founder Wang Jinsong, possesses extensive industry experience, contributing to an efficient and professional organizational structure [6] - Wang Jinsong holds approximately 8-9% of the shares, providing stability for the company's long-term development [6] Legal and Patent Issues - Heber's subsidiary in Anqing is currently involved in a patent infringement lawsuit in the U.S. concerning 600 infringement cases, following a 2.5 billion USD investment in 2021 [8] Future Outlook - Heber Pharmaceuticals is expected to reach a revenue peak of 500 to 1 billion USD, with ongoing pipeline development and delivery expected to maintain high research and development efficiency [17] - The platform's value and business development capabilities are highly anticipated, with future data readouts expected to validate the clinical benefits of the platform products [18][19]
太平洋证券:临床数据决定BD价值 PD~1双抗重塑免疫治疗
智通财经网· 2025-08-05 06:41
Core Insights - The report from Pacific Securities highlights the significance of VEGF dual antibodies in the treatment of PD-L1 positive non-small cell lung cancer (NSCLC), emphasizing the need for efficacy (ORR ≥ 50%) and safety as key selection criteria for multinational corporations (MNCs) [2] - The market for PD-(L)1 therapies is projected to exceed $50 billion in 2024 and reach $90 billion by 2028, with core drug patents expiring in 2028, making dual antibodies a potential solution to mitigate the patent cliff for MNCs [2] - There is a growing demand for business development (BD) collaborations among MNCs to fill pipeline gaps, enhance therapeutic efficacy through combination therapies, and secure positions in large indication markets like lung cancer [3] Summary by Sections PD-(L)1 Dual Antibodies - The PD-(L)1 market is vast, with a significant patent cliff approaching, prompting interest in dual antibodies as a means to address this challenge [2] - PD-(L)1 monotherapy has a low overall response rate (ORR) of 10-20%, with limited efficacy in cold tumors and low PD-L1 expressing populations, highlighting the unmet clinical needs that dual antibodies aim to fulfill [2] Business Development and Collaboration - MNCs are actively seeking BD opportunities to address their lag in PD-(L)1 dual antibody development, with a focus on technical synergies and market positioning [3] - The first tier of companies has established itself in the market, while the second tier, which includes PD-(L)1/VEGF dual antibodies in phase II trials, is expected to generate early data in the second half of 2025 [4] Clinical Advancements - Innovative therapies such as IBI363, a PD-1/IL2α dual antibody, have shown promising results in treating IO-resistant populations and cold tumors, with a median progression-free survival (mPFS) of 9.3 months in IO-resistant lung squamous carcinoma [4] - The TIGIT dual antibody is advancing in multiple cancer types, with ongoing phase III trials exploring its efficacy in combination with ADCs [4] - The 4-1BB dual antibodies are entering registration trials, indicating a robust pipeline for IO-resistant lung cancer and other indications [4]
上半年净利润翻倍,药明康德港股绩后大涨13%!港股通创新药ETF(159570)涨1.4%!如何理性看待创新药估值?
Xin Lang Cai Jing· 2025-07-11 03:27
Core Viewpoint - The Hong Kong stock market is experiencing a collective rise, particularly in the innovative drug sector, with leading CXO company WuXi AppTec seeing a significant increase in stock price after its earnings report [1][3]. Group 1: Market Performance - The Hong Kong stock market is showing strong performance, with the innovative drug sector leading the gains, particularly the CXO segment [1]. - WuXi AppTec's stock rose over 13% following its earnings report, contributing to the overall strength of the CXO sector [1][3]. - The Hong Kong Stock Connect innovative drug ETF (159570) increased by 1.4%, with trading volume surpassing 1.6 billion RMB, and has attracted over 5 billion RMB in the last 60 days [1][3]. Group 2: Company Earnings - WuXi AppTec reported an expected revenue of 20.8 billion RMB for the first half of 2025, representing a year-on-year growth of approximately 20.64% [3]. - The net profit attributable to shareholders is projected to be around 8.561 billion RMB, showing a year-on-year increase of about 101.92% [3]. - Adjusted net profit is expected to be approximately 6.315 billion RMB, reflecting a year-on-year growth of about 44.43% [3]. Group 3: Industry Outlook - According to Fengzheng Securities, the innovative drug sector is expected to enter a new upcycle, driven by the recovery of domestic demand and potential interest rate cuts in the U.S. [4]. - The CDMO sector is anticipated to recover quickly due to its reliance on orders from large overseas pharmaceutical companies [4]. - Guotai Junan Securities indicates that the CDMO industry has reached a bottom and is poised for recovery, with strong performance expected in 2025 [4]. Group 4: Policy and Market Dynamics - The upcoming commercial insurance policy for innovative drugs is expected to open up long-term payment avenues for the sector [7]. - The National Healthcare Security Administration has emphasized comprehensive policy support for innovative drugs, which is likely to enhance their market potential [7]. - The commercial health insurance market in China is projected to grow significantly, with premium income expected to reach 977.3 billion RMB in 2024, a year-on-year increase of 8.2% [7]. Group 5: Investment Opportunities - The Hong Kong Stock Connect innovative drug ETF (159570) has a high concentration in innovative drug companies, with the top ten holdings accounting for nearly 72% of the index [8]. - The ETF has shown a remarkable performance, with a 62.78% increase in the first half of 2025, outperforming other medical indices [8]. - The underlying assets of the ETF are Hong Kong stocks, allowing for T+0 trading, which enhances liquidity for investors [8].
东阳光药聆讯通关,加码创新药产业生态 全球获批药物150款持续加码研发投入
Chang Jiang Shang Bao· 2025-06-30 08:54
Core Viewpoint - Dongyang Sunshine Pharmaceutical is pursuing a unique "zero fundraising IPO" strategy by merging with its subsidiary Dongyang Sunshine Changjiang Pharmaceutical, aiming to enhance its competitive position in the pharmaceutical industry [2][3]. Group 1: Listing Strategy - The company plans to go public in Hong Kong through a merger with its subsidiary, which will involve issuing H-shares to shareholders without raising new funds [3]. - This unconventional approach is intended to consolidate its pharmaceutical assets and create a comprehensive pharmaceutical company that integrates R&D, production, and commercialization [3]. Group 2: Market Position - Dongyang Sunshine Pharmaceutical holds a dominant position in the domestic market for its core product, Oseltamivir Phosphate, ranking first in 2024 [2]. - The sales contribution of Oseltamivir Phosphate to total revenue has fluctuated but remains a crucial support for the company's performance from 2022 to 2024 [2]. Group 3: R&D and Innovation - The company has established a robust R&D platform with over 1,100 professionals, focusing on various therapeutic areas including infections, chronic diseases, and oncology [8]. - Dongyang Sunshine has a diverse portfolio of over 150 approved drugs and more than 100 drugs in development, with 49 first-class innovative drugs [8][9]. - The company has invested significantly in R&D, with expenditures of 792 million yuan, 827 million yuan, and 888 million yuan from 2022 to 2024, representing 20.8%, 13.0%, and 22.1% of total revenue respectively [9]. Group 4: Business Development (BD) Collaborations - The company is actively engaging in BD collaborations to expand its commercialization pathways, including a notable agreement with Apollo Therapeutics valued at $938 million for a dual-specific fusion protein [6][7]. - Dongyang Sunshine is one of the few Chinese pharmaceutical companies developing insulin products for the U.S. market, showcasing its global resource integration capabilities [7]. Group 5: AI Technology in R&D - The company is leveraging AI technology across various stages of drug development, having established multiple advanced AI-driven models to enhance innovation and efficiency [9]. - A recent AI-driven first-class new drug, HEC169584, has been approved for clinical trials targeting non-alcoholic fatty liver disease (NASH) [9].
超42亿美元授权协议落地,荣昌生物股价一度跌停
Huan Qiu Lao Hu Cai Jing· 2025-06-26 09:18
Group 1 - The core point of the article is that Rongchang Biologics has entered into a collaboration with VorBio, granting exclusive global rights (excluding Greater China) for the development, production, and commercialization of its proprietary drug, Tai Tasi Pi, which is a dual-target fusion protein [1][2] - The collaboration involves an upfront payment of $125 million, which includes a $45 million upfront payment and $80 million in warrants, potentially allowing VorBio to issue 320 million shares, representing 23% of its expanded share capital [1] - The total potential transaction value could reach $4.23 billion, including milestone payments of up to $4.105 billion and sales royalties in the high single to double-digit percentage range [1] Group 2 - The partnership is expected to accelerate the overseas market expansion of Tai Tasi Pi, providing innovative treatment options for global patients and enhancing the company's brand value and international influence [2] - Following the announcement, the market reacted negatively, with Rongchang Biologics' stock price dropping significantly, including an 18.36% decline in A-shares, despite a year-to-date increase of over 101% prior to the announcement [2] - Analysts noted that the upfront payment amount was perceived as low and that VorBio's smaller company size contributed to the market's disappointment regarding the collaboration's potential [2] Group 3 - Tai Tasi Pi is the world's first recombinant B lymphocyte stimulator (BLyS)/proliferation-inducing ligand (APRIL) dual-target fusion protein, designed to inhibit abnormal differentiation and maturation of B cells, thereby reducing pathogenic antibody production [1] - The drug has already been approved in China for the treatment of myasthenia gravis (MG), systemic lupus erythematosus (SLE), and rheumatoid arthritis (RA), with MG receiving fast track designation from the FDA and orphan drug status from both the US and EU regulatory agencies [1] - Sales of Tai Tasi Pi are projected to exceed 1.5 million units in 2024 [1]
阿斯利康一季报:中国区收入18亿美元,ADC药物驱动新增长
2 1 Shi Ji Jing Ji Bao Dao· 2025-04-29 10:00
Core Insights - AstraZeneca reported Q1 2025 revenue of $13.588 billion, a 10% year-over-year increase, with product sales reaching $12.875 billion, up 9% [1] - The company’s R&D investment was $3.159 billion, reflecting a 15% increase [1] - The U.S. market contributed $5.646 billion, a 10% increase, while China contributed $1.805 billion, a 5% increase, making China the third-largest market for AstraZeneca [1] Financial Performance - Revenue by disease area: Oncology contributed $5.643 billion (up 13%), CVRM (Cardiovascular, Renal, and Metabolic diseases) contributed $3.322 billion (up 13%), R&I (Respiratory and Immunology) contributed $2.084 billion (up 13%), V&I (Vaccines and Immune Therapies) contributed $0.225 billion, and Rare Diseases contributed $2.042 billion [3] - Top-selling products: Farxiga (Dapagliflozin) generated $2.057 billion, Tagrisso (Osimertinib) generated $1.679 billion (up 8%), and ADC drug, Trastuzumab deruxtecan, generated $1.086 billion [3] Market Dynamics - The ADC market in China is highly competitive, with significant growth expected; the HER2 ADC market is projected to grow from $0.6 billion in 2022 to $8.4 billion by 2030, with a CAGR of 39% [5] - Trastuzumab deruxtecan has rapidly expanded its indications since its approval in China in February 2023, benefiting from policy support for innovative drugs [4][5] Strategic Initiatives - AstraZeneca is focusing on innovation and local partnerships to navigate the challenges in the Chinese pharmaceutical market, including collaborations with local companies for clinical research [7][8] - The company is diversifying its pipeline to mitigate risks associated with single products, particularly in the ADC space [6][9] Future Outlook - AstraZeneca's ability to convert its clinical pipeline into sustainable revenue will be crucial for its growth in the coming years, especially in light of increasing competition and market pressures [9]