The Zhitong Finance App learned that Morgan Stanley released a research report stating that it raised the target price of Hanson Pharmaceuticals (03692) from HK$45 to HK$48 to maintain an “gain” rating. Damo pointed out that Hanson Pharmaceuticals performed well in the first half of the year, raising its 2026-2028 earnings forecast by 14%, 14%, and 11%, respectively, to reflect strong growth in innovative drug sales, declining sales and administrative expenditure ratios, as well as investment income and fair value returns, which were partially offset by rising R&D expenses and lower generic drug sales assumptions.

The bank believes that Hanson Pharmaceuticals is well positioned in the main treatment fields in China, has leading advantages in central nervous system and oncology, and is expanding into the fields of metabolism and autoimmunity. Innovative drugs are expected to account for about 80% in 2025, and will gradually expand from Amelco to more assets (mainly GLP-1/GIP, B7H3 and B7H4 ADC, TYK2), and will be commercialized starting in 2027. Internationalization is a key strategy. Through external licensing of assets, cooperation with top biopharmaceutical companies has begun to bear fruit, and Hanson Pharmaceuticals is one of the highest quality biopharmaceutical companies in China, and its valuation is attractive.

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