On June 3, Gelunhui: Haitong Securities research report pointed out that Jiangsu Hengrui Pharmaceuticals (stock code: 600276.SH) will receive a $100 million upfront payment and a $10 million technology transfer fee from Hercules. In addition, there will be clinical development milestones not exceeding $200 million, sales milestones not exceeding $5.725 billion, and sales sharing ranging from single digit to low double digit units. Hengrui Pharmaceuticals will also obtain a 19.9% stake in Hercules. The bank believes that this transaction demonstrates the phased achievements of Hengrui Pharmaceuticals’ internationalization capabilities in recent years, and also opens up a new model for innovative drugs in China to go abroad. Considering that the company is a leader in the domestic innovative drug field, using the PEG valuation method, it is given a 2024 PE ratio of 46-58 times, corresponding to a reasonable value range of 42.00-52.50 yuan, and given an 'outperform' rating.
研报掘金丨海通证券：恒瑞医药探索出海新模式，予“优于大市”评级
Research Nuggets丨Haitong Securities: Hengrui Pharmaceutical explores a new model of going overseas and gives it a “superior to the market” rating
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