Goldman Sachs has released a research report reaffirming its "Buy" rating on CSPC Pharma (01093), while lifting the target price from HK$12.14 to HK$12.56. The firm has also raised its earnings forecasts for the 2026 to 2028 period by 0.2% to 1.7%.

The report highlights that the company's second-quarter revenue surged 94% year-on-year, driven by approximately RMB 5.7 billion in licensing fees. The pharmaceutical sales segment grew 16% year-on-year, accelerating from the 6% growth seen in the first quarter. Net profit soared 389% year-on-year, though excluding the licensing fee income recognized in the second quarter, estimated core earnings remained broadly flat year-on-year, as R&D and administrative expenses continued to outpace product sales growth.

Goldman Sachs noted that the mRNA platform has emerged as a key highlight. The group's therapeutic HPV mRNA vaccine has advanced to Phase II clinical trials, with encouraging early-stage data. Additionally, a project combining a COVID mRNA vaccine with PD-1 inhibitors for solid tumors has been initiated. Management emphasized that leveraging a large-scale oncology database and AI-based antigen screening to identify "shared" neoantigens will enhance vaccine scalability and development efficiency.