UBS Trims UNITED LAB Target Price to HK$17.6, Citing In-Line Annual Results

Stock News03-26

UBS has released a research report adjusting its forecasts for UNITED LAB (03933), noting a slight reduction in early milestone payments for UBT251. The firm has lowered its earnings per share estimates for 2026 to 2028 to HK$0.66, HK$0.82, and HK$1.05, respectively. The target price has been reduced from HK$18.9 to HK$17.6, while the "Buy" rating is maintained.

For the full year 2025, UNITED LAB reported a 4% year-on-year decline in revenue to RMB 13.2 billion, broadly aligning with market and UBS expectations. Net profit fell by 21.6% to RMB 2.1 billion, slightly exceeding preliminary results. In the second half alone, revenue dropped 13.5% year-on-year to RMB 5.7 billion, with net profit plunging 84% to RMB 192 million. Gross margin and operating margin for the latter half decreased by 13.7 and 14.3 percentage points, respectively, to 27.9% and 3.4%.

UBS highlighted that the company’s key candidate drug, UBT251, a triple-target agonist, is progressing smoothly in global development. A global Phase 1b/2a clinical trial for obesity was initiated in the first quarter, and a global Phase 2 trial for type 2 diabetes is expected to begin in the second half of the year. Partner Novo Nordisk will explore higher dosage options for UBT251 in obesity, targeting populations with higher BMI in Western countries. In China, the company plans to start Phase 3 trials for overweight/obesity and type 2 diabetes in the third quarter of this year.

Management has guided for R&D expenditures exceeding RMB 1 billion and capital expenditures of RMB 1.8 billion for the current year.

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