Glonghui, May 5 丨 According to the Credit Suisse Research Report, the first-quarter revenue of Fosun Pharmaceutical (2196.HK) increased 4.7% year-on-year. Sales revenue of COVID-19 related products declined during the period, but at the same time it was offset by an increase in sales revenue of innovative drugs. Net profit increased 14.8% after excluding non-recurring items, driven by a significant improvement in profit margins. The bank pointed out that the company's core products RT002 and Tenapanor have entered the new drug application (NDA) filing stage, and the product pipeline continues to advance. The innovative drug sales contribution reached about 30% last year. It is believed that the contribution of innovative drug combination sales will continue to increase in the short term. Credit Suisse maintained its “outperform the market” rating for Fosun Pharmaceuticals. The target price was lowered to HK$29, and earnings forecasts per share from 2023 to 2025 were also lowered by 4.3%, 3.9%, and 4.6%, respectively. It is believed that potential downside risks will include weak sales of core products and the continued impact of large-scale GPO implementation in the short term. The share is currently reported at HK$2,225, with a total market value of HK$60.5 billion.