Morgan Stanley Assigns "Overweight" Rating to Hengrui Pharma with HK$92 Price Target

Stock News04-01

Morgan Stanley has issued a research report assigning HENGRUI PHARMA (01276) an "Overweight" rating with a target price of HK$92. The report indicates that Hengrui Pharma is entering a new era of globalization. Leveraging its leading R&D capabilities and sales strength, the company's innovative drug sales are projected to achieve annual growth rates of 31.5%, 29.9%, and 28.7% for 2026, 2027, and 2028, respectively, placing it among the top stock picks. The report notes that the company continues to generate recurring revenue through out-licensing agreements and expects 5 to 11 new drug approvals between 2026 and 2027, including blockbuster potential products such as ADCs and GLP-1 drugs. In a favorable market environment, Hengrui Pharma's ongoing efforts in out-licensing are creating a stable source of recurring licensing income, further supporting cash flow and profit growth. Morgan Stanley believes that Hengrui Pharma is well-positioned to strengthen its leading role in China's biopharmaceutical industry and notes that the market has not yet fully priced in the growth potential from its global licensing initiatives.

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