Goldman Sachs has released a research note reaffirming its "Buy" rating on CSPC Pharma (01093), while raising its profit forecasts for the 2026 to 2028 period by 0.2% to 1.7%. The investment bank has also lifted its target price from HK$12.14 to HK$12.56.

According to the report, the company's second-quarter revenue surged 94% year-on-year, driven by approximately RMB 5.7 billion in licensing fee income. Sales of finished drugs grew 16% year-on-year, accelerating from the 6% growth recorded in the first quarter. Net profit soared 389% year-on-year; however, excluding the licensing fee income recognized in the second quarter, estimated core earnings remained broadly flat year-on-year, as research and development as well as administrative expenses continued to grow at a faster pace than product sales growth.

Goldman Sachs highlighted the mRNA platform as a key development, noting that the group's therapeutic HPV mRNA vaccine has advanced to Phase II clinical trials, with early data showing encouraging results. The company has also initiated a project combining its COVID mRNA vaccine with PD-1 inhibitors for solid tumors. Management emphasized that leveraging a large-scale oncology database and AI-based antigen screening identification, the use of "shared" neoantigens will enhance vaccine scalability and development efficiency.