Bank of America Securities released a Research Report indicating that CSPC PHARMA (01093.HK) and BEIGENE (06160.HK) have reached a Global exclusive licensing agreement for the group's new methionine adenosyltransferase 2AA (MAT2A) inhibitor SYH2039 and subsequent development. Considering this collaboration, along with the recent results of the tenth batch of national centralized procurement of pharmaceuticals, CSPC's revenue forecasts for 2024 to 2026 have been adjusted down by 0.8%, up by 1.7%, and down by 1.7% respectively. Earnings per share forecasts have been adjusted down by 0.9%, up by 10.5%, and down by 1.9%. Considering that CSPC's core product Butylphthalide will face price pressure after the introduction of generic drugs, Bank of America slightly lowered the group's Target Price from 4.7 yuan to 4.6 yuan and reiterated the 'underperform' rating.

The report also states that INNOVENT BIO (01801.HK) recently reached a commercialization agreement with Eli Lilly and Co (LLY.US) regarding the latter's non-covalent (reversible) BTK inhibitor 'Jepali' for mainland China. After including the sales forecast for this product, the company's revenue forecasts for 2025 and 2026 have been adjusted up by 1.9% and 3.4% respectively, with the Target Price increased from 54.1 yuan to 56.4 yuan, reiterating the 'Buy' rating.

HANSOH PHARMA (03692.HK) earlier signed an agreement with Merck to grant a Global exclusive license for the development, production, and commercialization of the preclinical oral small molecule GLP-1 receptor agonist HS-10535. Bank of America adjusted its revenue and earnings per share forecasts for 2025 up by 6.9% and 19.2% respectively, increasing the Target Price from 23.9 yuan to 24 yuan, and reiterated the 'Buy' rating.