Citibank: Hanson Pharmaceuticals (03692) sales are expected to continue to grow and maintain a “buy” rating target price of HK$52

Zhitongcaijing · 1d ago

The Zhitong Finance App learned that Citibank released a research report stating that Hanson Pharmaceuticals (03692)'s innovative drug development strategy continues to advance, and management expects sales of Ameile (Ameile) to continue to grow, and existing innovative drugs will gradually be released; as new indications and new products are added one after another, the growth performance in 2028 is expected to be stronger than 2027. The bank maintains Hanson Pharmaceuticals's “buy” rating, with a target price of HK$52.

According to the report, Amalox is still the core growth driver for Hanson Pharmaceuticals. Management expects Amelot's sales in mainland China to reach about 8 billion yuan in 2030, and over 10 billion yuan thereafter. In addition, the company is developing Amelot combined with EGFR/c-Met bispecific antibody HS-20117 for first-line treatment, and HS-10241 for second-line treatment of MET amplified non-small cell lung cancer.

In addition to Amelot, Hanson Pharmaceuticals also has five potential innovative drugs that are expected to be launched in 2027, further expanding the growth momentum from 2027 to 2028. These new drugs cover multiple treatment areas, including the innovative antibody-conjugate drug HS-20093, the diabetes and obesity drug HS-20094, the non-small cell lung cancer drug HS-10365, and HS-10568 for treating secondary hyperparathyroidism in patients with chronic kidney disease hemodialysis. In addition, the report also mentioned that the company aims to launch 8 to 10 new clinical-stage drugs every year. At the same time, the generic drug business is expected to gradually reduce to about 2 billion yuan, and the number of innovative drugs under the company is expected to reach about 30.

The report also lists major downside risks, including pricing pressure on generic drugs, delays or failures in R&D progress, uncertainty about progress in internationalization, and increased market competition.