CITIC International expects that the release of the value of 707 drugs will drive 3SBIO upward

Zhaoyin International's research report indicates that Pfizer (PFE.US) recently disclosed a significant R&D plan for 707/PF’4404 (PD-1/VEGF) in collaboration with 3SBIO (01530.HK), with progress exceeding the bank's expectations in both speed and scope. Pfizer has clearly stated that it will initiate four global Phase 3 clinical trials in 2026, covering five major first-line indications, and will also launch Phase 3 clinical studies in combination with ADC drugs for the first time.

The bank believes that the PD-(L) 1/VEGF dual antibody is expected to become a cornerstone drug for the next generation of tumor immunotherapy, and Pfizer is likely to gain a competitive advantage in the race due to the synergistic advantages of its "IO+ADC" internal pipeline and strong clinical execution capabilities. The global value release of 707/PF’4404 will also become a key catalyst for driving 3SBIO's upward momentum.

Based on intensified competition, the bank has adjusted the Beta and perpetual growth rate, slightly lowering the target price for 3SBIO from HKD 37.58 to HKD 37.43, while maintaining a "Buy" rating