Goldman Sachs has released a research report indicating that HANSOH PHARMA (03692) delivered first-half results that surpassed expectations, driven by innovative drug sales, operational leverage, and investment gains. As a result, the investment bank has raised its price target from HK$50.1 to HK$52.7 while also increasing its 2026 earnings forecast by 15%, maintaining a "Buy" rating on the stock.
Management has reiterated its guidance for double-digit growth in both product sales and business development (BD) revenue for the 2026 fiscal year, supported by a robust product pipeline and expectations of a new product cycle beginning in 2027. The firm believes that the second wave of innovative products and the ADC (antibody-drug conjugate) product series will serve as key growth drivers, enabling the company to diversify its portfolio beyond a single product and underpin sustainable long-term growth.
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