Assessing RemeGen (SEHK:9995) Valuation After AbbVie RC148 Licensing Agreement

Simply Wall St.01-16

AdvertisementWhy AbbVie’s RC148 licensing deal matters for RemeGen RemeGen (SEHK:9995) moved into focus after AbbVie signed an exclusive licensing agreement for RC148, a PD-1/VEGF bispecific antibody....

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The deal grants AbbVie rights outside Greater China and secures sizeable upfront, milestone and royalty economics for RemeGen.\nSee our latest analysis for RemeGen.\nRemeGen’s share price has responded sharply to the AbbVie announcement, with a 23.53% 1 month share price return and a very large 1 year total...","collect":0,"end_time":0,"defaultTopTitle":"simplywall.st","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU1037948897.HKD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (HKD) INC","09995":"荣昌生物","LU0289739699.SGD":"AB INTERNATIONAL HEALTH CARE PORTFOLIO \"A\" (SGD) ACC","LU2237443895.HKD":"abrdn SICAV I -  GLOBAL DYNAMIC DIVIDEND \"A\" (HKD) ACC","LU2237443465.HKD":"abrdn SICAV I -  GLOBAL DYNAMIC DIVIDEND \"A\" (HKD) INC","IE00B2B36J28.USD":"JANUS HENDERSON GLOBAL LIFE SCIENCES \"I1\" (USD) INC","IE00BJT1NW94.SGD":"JANUS HENDERSON GLOBAL LIFE SCIENCES \"A2\" (SGDHDG) ACC","BK4581":"高盛持仓","LU0965509283.SGD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (SGDHDG) INC","LU2089283258.USD":"安联环球可持续基金Cl AM Dis","LU0432979614.USD":"JPM GLOBAL HEALTHCARE \"A\" ACC","LU0417517546.SGD":"Allianz US Equity Cl AT Acc SGD","LU0320765646.SGD":"FTIF - Franklin Income A MDIS SGD-H1","LU1839511570.USD":"WELLS FARGO GLOBAL FACTOR ENHANCED EQUITY \"I\" (USD) ACC","BK4534":"瑞士信贷持仓","LU0820561818.USD":"安联收益及增长平衡基金Cl AM DIS","LU1718418525.SGD":"JPMorgan Investment Funds - Global Select Equity A (acc) SGD","LU0661504455.SGD":"Blackrock Global Equity Income A5 SGD-H","IE00BDGV0183.EUR":"GUINNESS GLOBAL EQUITY INCOME \"C\" (EUR) INC","LU1023059063.AUD":"BGF WORLD HEALTHSCIENCE \"A2\" (AUDHDG) ACC","LU0738911758.USD":"Blackrock Global Equity Income A6 USD","LU0708994859.HKD":"TEMPLETON GLOBAL \"A\" (HKD) ACC","LU1061106388.HKD":"BGF WORLD HEALTHSCIENCE \"A2\" (HKDHDG) ACC","IE00BFTCPJ56.SGD":"Janus Henderson Global Life Sciences A Acc SGD","IE00B42XCP33.USD":"GUINNESS GLOBAL EQUITY INCOME \"C\" (USD) INC","DCF":"Dreyfus Alcentra Global Credit Income 2024 Target Term Fund, Inc","LU0256863811.USD":"ALLIANZ US EQUITY \"A\" INC","LU0158827948.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"A\" (USD) INC","LU1244550494.USD":"FRANKLIN GLOBAL MULTI-ASSET INCOME \"A\" (USDHEDGED) ACC","LU0689626769.HKD":"AB SICAV I - SUSTAINABLE US THEMATIC PORTFOLIO \"A\" (HKD) ACC","LU0211328371.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (MDIS) (USD)   INC","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","LU0882574055.USD":"富达全球健康医疗A ACC","LU0029864427.USD":"TEMPLETON GLOBAL \"A\" (USD) INC","ABBV":"艾伯维公司","LU1929549753.HKD":"FRANKLIN INCOME \"A\" (HKD) INC","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","LU0128525929.USD":"TEMPLETON GLOBAL \"A\" (USD) ACC","LU0234572021.USD":"高盛美国核心股票组合Acc","LU2129689431.USD":"FRANKLIN GLOBAL INCOME \"A\" (USD) ACC","LU1291159041.SGD":"CPR Invest - Global Silver Age A2 Acc SGD-H","LU1244550577.SGD":"FTIF - Franklin Global Multi-Asset Income A (Mdis) SGD-H1","LU0456855351.SGD":"JPMorgan Funds - Global Equity A (acc) SGD","LU0965509010.AUD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (AUDHDG) INC","LU2023251221.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"AM\" (USD) INC","IE00BVYPNW00.USD":"GUINNESS GLOBAL EQUITY INCOME \"C\" (USD) ACC","LU2237443622.USD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A Acc USD","LU2468319806.SGD":"MANULIFE GF HEALTHCARE \"AA\" (SGDHDG) ACC","IE0009355771.USD":"骏利亨德森环球生命科技A Acc","LU0124676726.USD":"AB SICAV I - SUSTAINABLE US THEMATIC PORTFOLIO \"A\" (USD) ACC"},"translate_title":"评估艾伯维RC148许可协议后RemeGen(SEHK：9995)的估值","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"DCF":1,"ABBV":1.5,"09995":0.9},"content_text":"AdvertisementWhy AbbVie’s RC148 licensing deal matters for RemeGen RemeGen (SEHK:9995) moved into focus after AbbVie signed an exclusive licensing agreement for RC148, a PD-1/VEGF bispecific antibody. The deal grants AbbVie rights outside Greater China and secures sizeable upfront, milestone and royalty economics for RemeGen. See our latest analysis for RemeGen. RemeGen’s share price has responded sharply to the AbbVie announcement, with a 23.53% 1 month share price return and a very large 1 year total shareholder return, while longer term total shareholder returns over 3 and 5 years are mixed. This suggests that momentum has recently picked up. If this kind of deal has caught your attention, it could be worth scanning other healthcare stocks that might be pricing in similar clinical or partnership catalysts. With RemeGen trading above its average analyst price target yet still showing an intrinsic discount estimate, the key question is whether recent RC148 optimism leaves further upside on the table or whether markets already price in future growth. Price-to-Sales of 21x: Is it justified? RemeGen currently trades on a P/S of 21x, which looks rich when you set it against the last close price of HK$94.25 and peer benchmarks. P/S compares the company’s market value with its revenue, and is often used for biotechs that are still loss making but generating sales from licensed or commercial products. For RemeGen, a 21x P/S suggests the market is putting a high value on every unit of current revenue, despite the company remaining unprofitable and reporting a loss of CN¥947.63m. At the same time, our DCF model points to a fair value of HK$113.84, which is about 17.2% above the current share price and implies the cash flow outlook points to more value than the sales multiple alone might indicate. Compared with the Hong Kong Biotechs industry average P/S of 14.8x, RemeGen trades at a premium. The peer group average of 8.9x further highlights how much higher the current market valuation sits versus similar names, even before considering our estimated fair P/S of 12.8x as a level the valuation could move toward. Explore the SWS fair ratio for RemeGen Result: Price-to-Sales of 21x (OVERVALUED) However, you still have to weigh ongoing losses of CN¥947.63m and the execution risk around RC148 and other pipeline assets converting into sustainable, commercial revenue. Find out about the key risks to this RemeGen narrative. Another way to read the numbers Our DCF model points to a fair value of HK$113.84 for RemeGen, which sits about 17.2% above the current share price of HK$94.25. That contrasts with the rich 21x P/S multiple and raises a simple question: is the market overpaying on sales or underpricing future cash flows? Look into how the SWS DCF model arrives at its fair value. 9995 Discounted Cash Flow as at Jan 2026Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out RemeGen for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover 886 undervalued stocks based on their cash flows. If you save a screener we even alert you when new companies match - so you never miss a potential opportunity.  Build Your Own RemeGen Narrative If you see the numbers differently or want to stress test your own view, you can build a personalised RemeGen storyline in just a few minutes, Do it your way. A great starting point for your RemeGen research is our analysis highlighting 2 key rewards and 1 important warning sign that could impact your investment decision. Looking for more investment ideas? If RemeGen has sparked your interest, do not stop here. A few minutes with the right screeners could surface ideas you will wish you had found earlier.  Spot potential value by checking out these 886 undervalued stocks based on cash flows that the market might be pricing conservatively based on their cash flows. Back bold themes in tech by scanning these 25 AI penny stocks that are tied to artificial intelligence trends shaping real business models. Target income-focused opportunities through these 12 dividend stocks with yields > 3% that already offer yields above 3%.   This article by Simply Wall St is general in nature. We provide commentary based on historical data\n    and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your\n    financial situation. We aim to bring you long-term focused analysis driven by fundamental data.\n    Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.\n    Simply Wall St has no position in any stocks mentioned.New: AI Stock Screener & AlertsOur new AI Stock Screener scans the market every day to uncover opportunities.• Dividend Powerhouses (3%+ Yield)• Undervalued Small Caps with Insider Buying• High growth Tech and AI CompaniesOr build your own from over 50 metrics.Explore Now for FreeHave feedback on this article? Concerned about the content? Get in touch with us directly. 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