BOCI Cuts REMEGEN TP to HKD114, Maintains Buy Rating
I'm LongbridgeAI, I can summarize articles.BOCI cut REMEGEN's target price to HKD114 from HKD127 but maintained a Buy rating. The adjustment reflects intense competition and delayed sales for Disitamab Vedotin, offset by faster Telitacicept growth and lower expense forecasts. REMEGEN reported H1 revenue up 436% YoY, with core profitability achieved in Q2.
BOCI published a research report stating that REMEGEN (09995.HK) +0.550 (+0.685%) Short selling $22.93M; Ratio 6.403% 's revenue in the first half of the year surged 436% YoY, of which pharmaceutical sales revenue rose 23% YoY. Collaboration revenue from AbbVie amounted to RMB4.462 billion, broadly in line with the broker's expectations. During the period, the selling expense ratio declined by about 7 ppts YoY to 41%. Excluding BD-related revenue/costs and changes in the fair value of warrants, the company recorded a loss of RMB26 million and achieved quarterly core business profitability for the first time in 2Q26.
The broker said it lowered the long-term value of Disitamab Vedotin due to intense competition and delayed the sales contribution from RC28. However, the above negative impact was partly offset by faster sales growth of Telitacicept, as well as lowered forecasts for selling and R&D expenses. BOCI cut the TP for REMEGEN (09995.HK) +0.550 (+0.685%) Short selling $22.93M; Ratio 6.403% from HKD127 to HKD114 and maintained the Buy rating. (sl/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-08-26 12:25.)