UBS: Jiangsu Hengrui Pharmaceuticals (01276) weight-loss drug HRS-7535 clinical data positive, valuation attractive, reiterate "buy" rating.
UBS maintains a "buy" rating on Hengrui Medicine, with a target price of HK $97.4.
UBS released a research report stating that Jiangsu Hengrui Pharmaceuticals (01276) HRS-7535 weight loss Phase III clinical trial has achieved its main endpoint, and the company expects to submit a New Drug Application (NDA) in China this year. The bank believes that the clinical data of HRS-7535 is positive, with a 9.8% weight loss in the 180mg daily dose group as of the end of the 44th week, and the weight loss effect has not yet plateaued, with good drug tolerance. The bank predicts that Hengrui's GLP-1 product combination is expected to reach 5.9 billion RMB in sales in the Chinese market by 2035. UBS pointed out that the company's two Phase III clinical trials targeting type 2 diabetes in China have successfully achieved their main endpoints. UBS maintains a "buy" rating for Jiangsu Hengrui Pharmaceuticals, with a target price of 97.4 Hong Kong dollars for H-shares.
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