Haitong International gives DUALITYBIO a target price of 457.74 yuan and a rating of "Outperform the Market"

Haitong International published a research report stating that DUALITYBIO (09606.HK) achieved revenue of RMB 1.85 billion last year, a year-on-year decrease of 5%, mainly from licensing and collaboration agreement income. Research and development expenses were RMB 840 million, basically flat year-on-year. The net loss attributable to the parent company for the year was RMB 2.6 billion, compared to a loss of RMB 1.05 billion in the same period of 2024, mainly affected by the one-time impact of the fair value change of financial liabilities from the company's listing in the Hong Kong market and the conversion of preferred shares.

The firm adjusted its forecast for potential future sales revenue from BioNTech based on the progress of DUALITYBIO's clinical pipeline, revising this year's and next year's revenue forecasts to RMB 1.8 billion and RMB 1.7 billion respectively (originally expected to be RMB 1 billion in 2026), and net loss forecasts to RMB 370 million and RMB 170 million (originally expected net loss of approximately RMB 980 million in 2026).

The firm adjusted its target price to RMB 457.74, maintaining an "outperform" rating