Huatai Research lowered its target price for CSPC Pharmaceutical Group (CSPC)(01093) to HK$18.2 from HK$18.3 and maintained its "buy" rating.
Considering the accelerating growth of the oncology franchise, the research house raised its 2019/20/21 EPS forecasts slightly by 0.4%/0.8%/1.6% to RMB0.64/0.80/0.95.
NBP realized 36% in sales in 1H, and Huatai expects sales growth of over 30% in 2019, given (1) enlarged salesforce headcount; (2) increased hospital coverage; and (3) low potential to enter monitored drug catalogue.
Huatai also projected R&D expense to reach RMB2bn in 2019 and 10 drugs may enter pivotal clinical trials by 2020.
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