Workflow
巴托利单抗(HBM9161)
icon
Search documents
和铂医药-B(2142.HK):业绩盈利及全球授权双突破 全面向炎症免疫领域迈进
Ge Long Hui· 2025-08-24 07:16
可持续技术授权模式转型及大幅降本增效,公司2023年扭亏为盈后,2024年连续盈利且经营性现金流创 历史新高,得益于可持续技术授权模式的深化及费用结构的持续优化,公司于2023 年及2024年连续实 现盈利。2020-2022 年为研发投入期,收入主要依赖早期技术授权,尚未盈利;2023 年实现重大突破: 总收入达8950 万美元,首次实现年度盈利,达2276 万美元,增长核心源于多项BD 合作。2024 年总收 入为3810 万美元,同比下滑主要因里程碑预付款减少,但利润端连续第二年保持盈利,标志着公司从 依赖单次BD 预付款向可持续技术授权模式的成功转型。现金流方面,截至2024 年12 月31 日,公司现 金储备达1.7 亿美元;2024 年经营性现金流更创历史新高(3068 万美元),同比增长60%,印证费用优 化成效已转化为实际现金流提升。 差异化自研管线加速兑现,早期TCE 及自免平台持续释放创新价值。巴托利单抗(HBM9161)通过阻 断致病性IgG 与FcRn结合,加速IgG 清除以治疗自身免疫疾病,2024 年6 月已向NMPA 重新递交重症肌 无力(gMG) 的上市申请(BLA),预计20 ...
和铂医药-B(02142):业绩盈利及全球授权双突破,全面向炎症免疫领域迈进
Ping An Securities· 2025-08-22 07:29
医药 2025 年 08 月 22 日 和铂医药-B(2142.HK) 业绩盈利及全球授权双突破,全面向炎症免疫领域迈进 推荐(首次) 股价:11.52 港元 主要数据 | 行业 | 医药 | | --- | --- | | 公司网址 | www.harbourbiomed.com | | 总股本(百万股) | 847.44 | | 流通 A 股(百万股) | 0 | | 流通 B/H 股(百万股) | 847.44 | | 总市值(亿港元) | 106.86 | | 每股净资产(港元) | 1.19 | | 资产负债率(%) | 42.31 | 行情走势图 证券分析师 | 投资咨询资格编号 | | --- | | S1060524030001 | | HEMINXIU894@pingan.com.cn | | 投资咨询资格编号 | | S1060519060002 | | hanmengmeng005@pingan.com.cn | | 投资咨询资格编号 | | S1060514100001 | | BOT335 | | YEYIN757@pingan.com.cn | | 何敏秀 韩盟盟 叶寅 | 平安观 ...
总金额6.7亿美元,和铂医药就一款自免双抗与大冢制药达成合作
Bei Ke Cai Jing· 2025-06-25 04:05
Core Viewpoint - Heptagon Pharmaceuticals has entered into a significant global strategic collaboration with Otsuka Pharmaceutical, granting exclusive rights to develop, manufacture, and commercialize its proprietary BCMA×CD3 bispecific T cell engager HBM7020 outside of Greater China for a total transaction value of $670 million [1][2]. Group 1: Recent Transactions - The collaboration with Otsuka Pharmaceutical marks Heptagon's second cross-border business development (BD) transaction in 2023, following a major deal with AstraZeneca worth over 30 billion yuan [2][3]. - Under the agreement with Otsuka, Heptagon will receive an upfront payment of $47 million and potential milestone payments totaling up to $623 million, along with tiered royalties based on future net sales [2]. - In March 2023, Heptagon entered into a global strategic partnership with AstraZeneca, which included an upfront payment of $175 million and potential additional payments of up to $4.4 billion [3]. Group 2: Financial Performance - Heptagon Pharmaceuticals reported a revenue of $89.5 million in 2023, a year-on-year increase of 119.9%, achieving a net profit of $22.8 million, marking a turnaround from previous losses [5]. - However, in 2024, the company experienced a significant decline in revenue, recording $38.1 million, a decrease of 57.43%, and a net profit of $2.7 million, down 88% year-on-year [6]. Group 3: Product Development - Heptagon currently has 19 products in its pipeline, targeting various indications including tumors and immune diseases [6]. - The most advanced product is HBM9161, which is expected to complete approval in the second half of 2024 and potentially become the company's first commercialized product by 2026 [6].
和铂医药-B:稀缺抗体生态浩海扬帆,开启自研合作BD三重奏-20250302
Tianfeng Securities· 2025-03-02 05:55
Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 12.07 HKD based on a current price of 5.2 HKD [6]. Core Insights - The company, Heptagon Pharmaceuticals, established in 2016, focuses on innovative drug development and commercialization in the fields of immunology and oncology. It has shown significant revenue growth from 0.1 million RMB in 2018 to 634 million RMB in 2023, achieving profitability in 2023 [1][14]. - The proprietary Harbour Mice® antibody platform is highlighted as a unique asset, enabling the production of both conventional and heavy-chain human monoclonal antibodies, which positions the company as a leader in antibody innovation [2][25]. - The company has over 10 drug candidates in various stages of clinical development, with key products like Batoclimab (HBM9161) and HBM9378 showing promising progress [3][38]. Summary by Sections 1. Company Overview - Heptagon Pharmaceuticals specializes in the development of innovative drugs in immunology and oncology, leveraging a unique business model that combines self-research and collaboration [1][12]. - The company has transitioned from significant losses in previous years to profitability in 2023, with a net profit of 161 million RMB [14][17]. 2. Antibody Development Platform - The Harbour Mice® platform allows for the generation of both H2L2 and HCAb formats of human monoclonal antibodies, showcasing its broad application potential [2][25]. - The HCAb platform is noted for its ability to produce various forms of antibodies, including mRNA and bispecific antibodies, which enhances the company's development capabilities [2][31]. 3. Clinical Pipeline - The company has a robust pipeline with over 10 candidates focused on autoimmune and oncology diseases, with Batoclimab (HBM9161) and HBM9378 being the most advanced [3][38]. - Batoclimab has received acceptance for its BLA by NMPA, indicating its potential as a significant therapy for autoimmune diseases [41]. 4. Business Development - Heptagon has established numerous partnerships with leading pharmaceutical companies, enhancing its business development efforts and expanding its collaborative reach [4][40]. - The company has signed multiple licensing agreements, contributing to its revenue growth and positioning it favorably within the industry [17][40]. 5. Financial Projections - The report forecasts total revenues of 260 million RMB, 417 million RMB, and 566 million RMB for 2024, 2025, and 2026 respectively, based on the performance of key products [5][10].