Sino-Thai International: Target price for Hanson Pharmaceuticals (03692) “gain” rating raised to HK$29.3

The Zhitong Finance App learned that Sino-Thai International released a research report stating that it gave Hanson Pharmaceuticals (03692) an “increased” rating, and the target price was raised to HK$29.30. Based on the above situation, the bank raised 2025-27E product sales revenue by 0.2%-0.6% respectively, reflecting the contribution of Amelot's overseas sales. The bank raised its total revenue forecast by 1.2%-3.7%, and its shareholders' net profit forecast by 1.3%-4.9% respectively. It also raised its license fee revenue forecast after 2028, reflecting the down payment and milestone revenue brought about by the HS20094 overseas license.

The main views of Sino-Thai International are as follows:

The company once again successfully concluded an overseas licensing agreement with a famous American pharmaceutical company

The company signed a license agreement with REGN.US (REGN.US), a well-known US pharmaceutical company, to grant Regeneran the right to GLP-1 receptor agonist HS-20094 in development, production and commercial R&D pipelines in regions other than mainland China, Hong Kong and Macau. The company will receive an initial payment of $80 million and a milestone payment of up to $1.93 billion. Additionally, after the product is launched, the company will also receive royalties as a double-digit percentage of sales. HS-20094 is a GLP-1/GIP dual receptor agonist under development and has successfully completed a number of phase II clinical trials. The bank believes that the approval of recycled materials indicates that the product is of good quality. The company reached licensing agreements with global pharmaceutical industry giants GSK (GSKUS) and MSD (MRKUS) in the field of oncology and metabolism in 2023-24. This time, the company's R&D strength is highly recognized by famous overseas companies.

Amelot, the core product of the oncology business, was approved in the UK to demonstrate R&D strength

The company announced yesterday that the core product in the field of oncology, EGFR-TKI, has been approved in the UK. Indications include: 1) first-line treatment for adult locally advanced or metastatic non-small cell lung cancer (NSCLC) patients with activated epidermal growth factor receptor (EGFR) mutations; 2) treatment of adult patients with locally advanced or metastatic EGFRT790M mutation-positive non-small cell lung cancer. Since the third-generation EGFR-TKI osidinib of the British pharmaceutical company AstraZeneca (AZNUS) has been approved as a first-line drug for patients with EGFR mutant NSCLC in many countries, the bank has carefully predicted sales of Amelin in the UK in the short term, but the UK approval indicates that the quality is very high. The company will continue to promote the listing of products in the European Union in the future, and the bank believes that British approval will lay a solid foundation.

Risk warning: 1) New drug development is slower than expected; 2) Drug price declines are greater than expected; 3) New drug promotion results are worse than expected.