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Research Report

31/03/2021 17:44

{I-bank focus}Goldman lifts Fosun Pharma (02196) to HK$39

[ET Net News Agency, 31 March 2021] Goldman Sachs lifted its target price for Shanghai
Fosun Pharmaceutical (02196) to HK$39 from HK$25.2 and maintained its "buy" rating.
The research house said Fosun Pharma's 2H sales of Rmb16.2bn were slightly below
Goldman's estimate, due to a slower post-covid recovery in pharma, particularly
injectables, Aodejin, GPO price cut on selected generics (e.g. quetiapine), and weaker
anti-infectives sales.
Goldman sees 2021 as a more constructive year with (1) ramp-up of biosimliars; (2) new
product launches - Yescarta and bevacizumab at NDA (new drug application); (3) rebound in
Almer laser (management guided 40% growth in 1H 2021), and (4) upside from BioNtech
covid-19 vaccines, which depends on approval timing and vaccination rollout.
Goldman revised the 2021 EPS forecast up by 3%. (KL)

Remark: Real time quote last updated: 15/10/2021 17:59
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