Analyst Jill Wu from CMB International Securities maintained a Buy rating on CSPC Pharmaceutical Group and decreased the price target to HK$11.05 from HK$12.11.
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Jill Wu’s rating is based on CSPC Pharmaceutical Group’s strategic business development initiatives and their potential to drive long-term growth. The company has shown a mild recovery in sales in the third quarter of 2025, with a notable increase in core revenue, excluding business development income. This growth is supported by stable drug sales and a significant reduction in selling expenses.
Additionally, CSPC’s commitment to research and development, as evidenced by increased R&D investments, positions the company well for future advancements. The sustainable income stream from out-licensing agreements across a diverse portfolio further strengthens CSPC’s financial outlook. The promising development of their EGFR ADC asset, SYS6010, with upcoming data readouts, adds to the potential for meaningful out-licensing opportunities, reinforcing the Buy rating.