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2025-07-29 10:49:52
[Nomura raises Hengrui Medicine's target price by 13% to HK$80.57, and its rating is upgraded to buy] Nomura issued a report stating that due to the upward revision of Hengrui Medicine's (01276.HK) earnings forecast and brighter long-term external licensing revenue growth prospects, the bank upgraded the stock rating from neutral to buy, and raised the target price by 13% from HK$71.5 to HK$80.57. The report stated that on July 28, Hengrui Medicine announced before the market opened that it had reached a cooperation agreement with GlaxoSmithKline. GlaxoSmithKline will obtain the rights outside Greater China for clinical-stage HRS-9821, as well as the exclusive option to obtain exclusive global licenses for up to 11 projects. Hengrui Medicine will receive an initial payment of US$500 million, potential option fees and milestone payments of up to US$12 billion, and tiered sales commissions for the project. The bank stated that the cooperation agreement further enhanced the financial position and long-term growth prospects for fiscal 2025.
