UBS Raises Jiangsu Hengrui Pharmaceuticals TP to HKD97.4, Maintains Buy
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UBS has raised the target price for Jiangsu Hengrui Pharmaceuticalsto HKD97.4 from HKD91, maintaining a Buy rating. The company reported a 1Q revenue of RMB8.14 billion, a 13% YoY increase, but slightly below market expectations. Net profit rose 21.8% YoY to RMB2.28 billion, aligning with forecasts. UBS adjusted its EPS forecasts downwards for 2026-2028 due to lower expectations for generic drug sales, but increased long-term sales forecasts due to R&D progress.
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