[ET Net News Agency, 7 February 2018] HSBC Global Research lifted its target price for
Sino Biopharmaceutical (01177) to HK$19.9 from HK$13, and maintained its "buy" rating.
The research house remains positive on the ability of Sino Biopharm to monetise its R&D
pipeline. As of January 2018, Sino Biopharm had filed NDAs for 11 products with the CFDA,
and one of its inline products passed the BE (Bioequivalence) test.
Since June 2017, Sino Biopharm has been registering three to four generic drugs per
month on average with CDE, which demonstrates its stable and efficient R&D ability, HSBC
noted.
In terms of innovative drugs, it expects the blockbuster Anlotinib to gain production
approval as early as 2Q 2018. According to data from the American Society of Clinical
Oncology (ASCO) in 2017, the progression-free survival (PFS) among patients with advanced
lung cancer is about four months longer under Anlotinib treatment compared with the
reference group (placebo), indicating significant efficacy.
Considering the strong marketing network of Sino Biopharm, HSBC estimated Anlotinib will
contribute RMB340m to sales revenue in 2018. Apart from Anlotinib, the company is actively
developing drugs for oncology and liver diseases, and is performing preliminary clinical
trials on a number of drugs. It believes that Sino Biopharm will gradually transform from
a generic drug producer to an innovative drug producer. (KL)