CITIC Lyon: Maintains Hansen Pharmaceutical's "Outperform the Market" rating, target price lowered to 40 HKD

MaticHoleFiller · 2026-04-09T17:48:12+00:00

CITIC Lyon Research Report indicates that Hansoh Pharmaceutical's 2025 performance will be strong, exceeding expectations, maintaining an "Outperform the Market" rating, but the target price has been lowered from HKD 43.1 to HKD 40. The company is expected to achieve double-digit growth in the future, with innovative drugs and licensing income being the main drivers.

MaticHoleFiller

2026-04-09 17:48:12

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CITIC Lyon released a research report stating that Hansoh Pharmaceutical (03692) will have strong performance in the second half of 2025, exceeding market expectations. Based on valuation benchmarks, maintain an “Outperform the Market” rating for Hansoh Pharmaceutical, but downgrade the target price from HKD 43.1 to HKD 40, a 7.2% decrease.

The bank pointed out that the company expects revenue from product sales and collaboration projects to achieve double-digit growth. Looking ahead, it is expected that innovative drug growth and licensing income will continue to be the main drivers of the company’s growth in 2026. The bank believes this year will be a “harvest year” for the company, with important data releases from multiple clinical trials, and several new drug applications are expected to accelerate the transition from pipeline value to profit prospects.

The bank has lowered the company’s net profit forecasts for 2026 to 2028 by 6% to 12% to reflect the stabilization of licensing income and increased R&D expenditure, as the company will initiate more Phase III clinical trials during the same period. The bank forecasts that the company’s revenue will grow by 14%, 10%, and 14% in 2026, 2027, and 2028, respectively, with net profit growth of 9%, 12%, and 16%.

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