First Read: Sino Biopharmaceutical "2026 AIC: double-digit growth..."

研报英文原文证据摘录

First Read: Sino Biopharmaceutical "2026 AIC: double-digit growth..."

Global Research

26 May 2026ab

First Read

EquitiesSino Biopharmaceutical

2026 AIC: double-digit growth reiterated, China

partnerships progressing Pharmaceuticals

12-month rating Buy

12m price target HK$11.00

2026 growth outlook reiterated; out-licensing progress

We invited Sino Biopharm to our 2026 AIC in Hong Kong, where the company reiterated

its guidance for double-digit growth in both revenue and profit in 2026, with potential Price (26 May 2026) HK$5.07

for net margin expansion. On out-licensing, management highlighted that multiple RIC: 1177.HK BBG: 1177 HK

assets are currently under discussion with potential partners. Regarding the Sanofi out-

Trading data and key metrics

licensing deal on JAK/ROCK inhibitor, the upfront payment is expected to be recognized

in 2026, likely in 1H26, pending completion of certain compliance procedures. 52-wk range HK$9.01-4.19

Market cap. HK$95.3b/US$12.2b

GSK and MSD partnerships in focus Shares o/s 18,791m (ORD)

On the recent agreement with GSK for bepirovirsen, the company will procure the Free float 48%

product from GSK and resell it at a markup, generating a positive gross margin even Avg. daily volume ('000) 75,404

after factoring in potential price reductions if the drug were to be included in the NRDL. Avg. daily value (m) HK$439.3

NDA approval for bepirovirsen is expected in 1H27. For LM-299 (PD-1/VEGF), overseas Common s/h equity (12/25E) Rmb32.7b

development is ongoing smoothly, with potential combo applications alongside ADC(s); P/BV (12/25E) 2.5x

the company is still in discussions with MSD regarding the optimal dosing plan. Phase 1 Net debt to EBITDA (12/25E) 0.3x

data presented at AACR demonstrated competitive efficacy, supporting further clinical