Summary of Hansoh Pharma (3692.HK) Conference Call Company Overview - **Company**: Hansoh Pharma - **Ticker**: 3692.HK - **Market Cap**: HK$217.9 billion / $28.0 billion Key Industry Insights - **Sales Growth for Ameile**: - On-track sales progress for Ameile with a peak sales guidance of Rmb8 billion as a monotherapy, expected to be driven by adjuvant settings over the next two years [1][2] - Incremental sales contribution from adjuvant settings estimated at Rmb2-3 billion, with gradual sales ramp-up anticipated due to the need for expanded academic marketing and digestion of NRDL price cuts in 2026 [2] - **Overseas Development Progress**: - Smooth progress in overseas development for several assets: - GSK has started patient enrollment for global phase 3 clinical trials for HS-20093 (B7H3 ADC) targeting small cell lung cancer (SCLC) [3] - Merck plans to advance HS-10535 (oral GLP-1) to clinical stage by the end of 2025 [3] - Roche is exploring HS-20110 (CDH17 ADC) for colorectal cancer (CRC) [3] - The company aims to secure at least one out-licensing deal annually to generate sustainable collaboration income from upfront and milestone payments [3] - **Innovative Pipeline Deliveries**: - Targeting 8-10 new INDs (Investigational New Drug applications) each year to enhance the pipeline [4] - Focus on early-stage assets including: - HS-20122 (EGFR/cMet ADC) with patient dosing in 1H25 and phase 1 data readout expected in 2026 [4] - First siRNA program aimed at cardiovascular diseases, with IND filing by the end of 2025 [4] - Oral IL-23 currently in phase 1 [4] Financial Metrics and Valuation - **Price Target**: - Buy rating with a 12-month price target of HK$39.93, representing an upside of 8.4% from the current price of HK$36.82 [8][10] - **Revenue Forecasts**: - Projected revenues for the next few years: - 12/24: Rmb12,260.8 million - 12/25E: Rmb14,746.3 million - 12/26E: Rmb15,839.3 million - 12/27E: Rmb17,202.4 million [10] - **EBITDA Estimates**: - Expected EBITDA figures: - 12/24: Rmb4,315.8 million - 12/25E: Rmb5,027.2 million - 12/26E: Rmb4,959.9 million - 12/27E: Rmb5,197.5 million [10] Risks Identified - **Sales Risks**: - Potential for generics sales post VBP (Volume-Based Procurement) to fall below expectations [9] - **Ramp-Up Risks**: - Slower-than-expected ramp-up of novel drugs [9] - **R&D Risks**: - Risks associated with the innovative drug pipeline [9] - **Collaboration Income Risks**: - Below-expected collaboration income from global expansion of the pipeline [9] Conclusion Hansoh Pharma is positioned for growth with a strong pipeline and overseas development initiatives. However, potential risks related to sales performance, drug ramp-up, and R&D must be monitored closely. The company maintains a positive outlook with a solid financial forecast and strategic plans for innovation and market expansion.

Leadership Changes - Sun Pharmaceutical Industries Ltd has initiated significant leadership changes, with Kirti Ganorkar becoming managing director and Dilip Shanghvi transitioning to executive chairman [1][2] - Aalok Shanghvi has been appointed as chief operating officer, overseeing the North American business, which is critical for the company [2][14] - The company has also appointed Jayashree Satagopan as chief financial officer designate, set to take over in July [2] Strategic Transition - The leadership changes are seen as a strategic long-term transition, particularly affecting globally critical functions such as the India business and the US market [3][5] - Analysts suggest that the scale and coordination of these changes indicate a decisive phase of evolution for the company [4] Financial Performance - Sun Pharma's market capitalization has more than doubled from approximately ₹1.42 trillion at the end of 2020 to ₹3.97 trillion currently [6] - The company has achieved a compound annual growth rate (CAGR) of 10% in sales from 2018-19 to 2024-25, with expectations for similar growth in the next three years [7] Revenue Insights - In 2024-25, total revenue from operations increased by 8.4% to ₹52,578.4 crore, driven by domestic growth and global specialty business [8] - US formulations sales reached $1,921 million in 2024-25, marking a 3.6% year-on-year increase, while India formulations and global specialty sales grew by 13.7% and 17.1%, respectively [10] Focus on Innovation - The company is shifting its focus towards its innovative drug pipeline due to slowing growth in US generics and rising competition [8][9] - Sun Pharma has settled a patent dispute over its hair-loss drug Leqselvi, which is projected to generate over $200 million in revenue over the next 3-4 years [11] Acquisitions and Future Plans - In March, Sun Pharma acquired Checkpoint Therapeutics Inc. for $335 million, with plans to launch Unloxcyt for skin cancer treatment in 2025-26 [12] - The company aims to strengthen its specialty portfolio under the leadership of Dilip Shanghvi as executive chairman [13][20]