The Zhitong Finance App learned that, according to a research report released by Zhongtai International, the Hanson Pharmaceuticals (03692) rating was adjusted to “increase holdings,” and the company conservatively expected to receive a milestone revenue of about 30 million US dollars in 2025. Accordingly, the 2024-25E revenue and shareholders' net profit forecast were raised by 4.6%/0.1%/4.4%/0.1%, and the target price was raised to HK$16.7. Generally speaking, late-stage clinical milestone fees are higher, so milestone revenue is expected to increase after 2026 as clinical trials progress.

According to the report, the company stated that HS-20089's down payment of 85 million US dollars was recorded in 2023, so the bank only slightly lowered 2023 revenue and shareholders' net profit forecasts by 1.6% and 1.8%, respectively, to reflect the reduction in product sales revenue forecasts. At present, academic promotion activities in the pharmaceutical industry have been resumed one after another, and the results of medical insurance negotiations on the company's three innovative drugs are relatively good. The bank expects product sales revenue to resume double-digit growth in 2024. The company said the HS-20093 down payment of US$185 million will be recorded in 2024, and it is expected to receive milestone revenue from the progress of clinical trials of the two products within 1-2 years.