[ET Net News Agency, 12 January 2018] Credit Suisse lifted its target price for Sino
Biopharmaceutical (01177) to HK$18.4 from HK$13.19, and maintained its "outperform"
rating.
The research house said CFDA approved Hepatitis B virus (HBV) indication of Qingzhong in
November 2017 as a Category 4 drug. Credit Suisse believes Tenofovir and Entecavir will
keep replacing other nucleoside analogues (NAs) in China and forecast Qingzhong to
generate Rmb130/210/830mn sales in 2018-20.
It sees 8% sales CAGR of company's hepatitis franchise driven by ramping up Qingzhong
sales and solid Runzhong growth (3% CAGR in the next three years).
The research house also estimated that Anlotinib will be approved and immediately
commercialised in 1Q 2018, and sales to ramp up to Rmb280/980/1,764mn in 2018-20 and to
peak at Rmb3.0 bn in 2023. (KL)