Daiwa Highlights SBP Group's Reaffirmed Double-Digit Revenue Growth Target for This Year, Retains "Buy" Rating

Stock News14:18

During a recent healthcare industry exchange event, SBP GROUP (01177) management reiterated its guidance for double-digit year-on-year revenue growth this year, according to a research note from Daiwa. The growth is expected to be jointly driven by licensing income and innovative drug sales, with the combined contribution from these two streams forecast to account for half of the company's annual revenue. Daiwa currently maintains a "Buy" rating on the company.

Daiwa noted that SBP GROUP anticipates licensing income of $355 million for the full year. Following the already recognized $135 million upfront payment from the Sanofi out-licensing deal, the company expects to book an additional $220 million in the second half, comprising a $200 million upfront payment from AstraZeneca for TQC3721 (PDE3/4) and a $20 million upfront payment from Cipla for TQB2102. Management also indicated that newly approved innovative drugs will serve as a key driver for sustained sales growth. Additionally, they anticipate that the generics business, after hitting its trough this year, may resume growth next year on a lower comparison base.

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