0313 GMT - Jiangsu Hengrui Medicine is likely to report improvement in 3Q margins thanks to rising contribution from innovative drugs and selling expenses saved under the ongoing anticorruption campaign in China, Nomura analyst Jialin Zhang says in a research note. Zhang expects Hengrui's 3Q revenue to rise 5% on year on rising sales of innovative oncology drugs, partially offset by a relative high base last year. Nomura trims its 2023 and 2024 revenue forecasts by 0.5% and 0.6%, respectively, to factor in the ongoing anticorruption campaign's impact on revenue. Nomura maintains a neutral call on Hengrui but lowers its target price to CNY49.24 from CNY50.19 due to weaker revenue forecasts. Shares are last 1.0% lower at CNY43.74. (sherry.qin@wsj.com)
(END) Dow Jones Newswires
October 16, 2023 23:13 ET (03:13 GMT)
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