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03692 HANSOH PHARMA
RTNominal unchange16.800 0.000 (0.000%)
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21/01/2020 14:26

{I-bank focus}Citi lifts Hansoh Pharma (03692) to HK$35

[ET Net News Agency, 21 January 2020] Citi Research raised its target price for Hansoh
Pharmaceutical (03692) to HK$35 from HK$30 and maintained its "buy" rating.
The research house said Hansoh's Loxenatide, long-acting GLP-1 was launched in May 2019,
with management guiding peak sales of Rmb2.5bn. Management targeted for next round of
NRDL (National Drug Reimbursement List) negotiation for Loxenatide. Flumatinib was
launched in November 2019, with management guiding peak sales of Rmb1bn. Apixaban and
Vildagliptin were launched as first-to-market generics, and Hansoh's Cefdinir was the
first to pass BE (biological equivalence) test.
Citi adjusted down its revenue forecasts in 2019/20/21 to reflect the pricing pressure
from GPO (centralized procurement). It also lowered its FY2019-21 earnings by 3-7%. (KL)

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