Yamada: First coverage of Jiangsu Hengrui Pharmaceuticals (01276) H shares with a "Hold" rating and a target price of HK $86.

Daiwa released a research report stating that for the first time covering Jiangsu Hengrui Pharmaceuticals (01276) H shares with a "hold" rating, and a target price of HK$86. The bank pointed out that Jiangsu Hengrui Pharmaceuticals' innovative drug authorization is relatively leading in the industry, as the group has a commercialized innovative drug portfolio, with over 90 new molecular entities in the R&D pipeline and is expanding business development (BD); the bank expects authorized revenue in 2025 to reach RMB 4.1 billion, RMB 2.9 billion, and RMB 1 billion respectively in 2025-27. The bank is optimistic about its fundamentals, with catalysts including domestic sales growth of innovative drugs, drug data releases, BD transactions, and the overseas progress of authorized projects.