Bank of America Merrill Lynch: Raises Sino Biopharmaceutical's target price to HK$5.1, raises sales forecast from this year to 2027.

Bank of America's research report pointed out that the main drugs of Stone Pharmaceutical Group, namely butylphthalide, pegfilgrastim, doxorubicin, and paclitaxel, recorded sales of 368 million yuan, 103 million yuan, 90.8 million yuan, and 30.7 million yuan in February, respectively, with annual declines of 0.6%, 25.3%, 20.6%, and 16.6%, and monthly declines of 40.5%, 41.8%, 29.7%, and 40.1%. Based on the company's performance in February, Bank of America Securities has raised its overall sales forecasts for the years 2021 to 2027 by 0.5%, 0.5%, and 0.4% respectively, increasing the target price from 4.5 Hong Kong dollars to 5.1 Hong Kong dollars, and reiterating its "underperform" rating.