First Read: Simcere Pharmaceutical Group

研报英文原文证据摘录

First Read: Simcere Pharmaceutical Group

Global Research

3 July 2026ab

First Read

EquitiesSimcere Pharmaceutical Group

Healthcare virtual tour takeaways: reiterating China

'double-30%' growth target Pharmaceuticals

12-month rating Buy

12m price target HK$16.30

30% this year on both top and bottom lines, Quviviq scaling faster than

expected

Simcere management reiterated its “double-30” target and sees room to raise its 2030 Price (03 Jul 2026) HK$11.47

ambitions through potential BD/ licensing activities. BD remains a key earnings driver, RIC: 2096.HK BBG: 2096 HK

with c.Rmb1bn revenue expected in 2026, while SIM0237 (PD-L1/IL15v) continues to

Trading data and key metrics

attract partner interest, given its clear differentiation. The company expects 2026 to be a

breakout year, led by Quviviq and Sanbexin. Sanbexin generated c.Rmb2.6bn sales in 52-wk range HK$14.80-9.25

2025 and continues to gain market share, supported by strong clinical evidence and Market cap. HK$29.8b/US$3.80b

potential guideline upgrade from 2A to 1A. Quviviq has emerged as the key growth Shares o/s 2,596m (ORD)

engine, with monthly sales already exceeding Rmb50m in a single month and 2026 sales Free float 11%

expected to surpass Rmb500m. Management believes DORA therapies are expanding Avg. daily volume ('000) 7,443

the insomnia market, with penetration still at an early stage. Avg. daily value (m) HK$85.1

Common s/h equity (12/26E) Rmb10.1b

Catalyst-rich pipeline supports re-rating P/BV (12/26E) 2.5x

Beyond the commercial portfolio, key assets including Cosela, Enlituo and Enzeshu Net debt to EBITDA (12/26E) NM

remain on a strong ramp-up trajectory, while Endu is expected to return to growth.

EPS (UBS, diluted) (Rmb)

Upcoming catalysts include SIM0609 Ph1a, IL-2 Ph2, AbbVie-partnered tri-specific