[ET Net News Agency, 7 July 2020] Nomura lifted its target price for Sino
Biopharmaceutical (01177) to HK$16.9 from HK$14.5 and maintained its "buy" rating.
The research house cited management noting that China's hospital market has recovered to
80% of pre-pandemic levels as of June. While Sino Biopharm did not provide FY2020 guidance
on investors' concerns about the second wave of COVID-19, it did guide for oncology drug
sales to reach CNY8bn in 2020, with a 50% sales contribution from Anlotinib.
In addition to Anlotinib, management expects budesonide suspension to generate CNY700mn
sales revenues in 2020, lowered further from its estimate of CNY800mn in 1Q. Nomura
forecast Sino Biopharm's top line to grow 5% in 1H as hospitals continue to recover from
being shut in February/March 2020. (KL)