The Zhitong Finance App learned that Goldman Sachs released a research report stating that it gave Nuocheng Jianhua (09969) a “buy” rating, raised the company's sales forecast for the full year of this year from 817 million yuan to 839 million yuan, and lowered the profit estimates for each year from 2024 to 2026. The target price rose slightly from HK$8.58 to HK$8.6.

According to the report, the company's sales were weak in the first quarter, with sales of Orelabrutinib (Orelabrutinib) of 165 million yuan, up 9% year over year and down 13% from quarter to quarter. Recovery was slower than expected because new indications for treating relapsed/refractory marginal zone lymphoma (MZL) were newly included in the national health insurance catalogue, and it is expected that it will take time for sales to increase.

The bank mentioned that Nuochengjianhua's cash balance for the first quarter reached RMB 8.2 billion, providing flexibility for pipeline development, etc. Management believes that given the encouraging sales trend of obutinib in the next quarter, the estimated revenue of obutinib could exceed 900 million yuan this year.