CMB International has released a research report maintaining a "Buy" rating for HANSOH PHARMA (03692). The report forecasts revenue growth of 11.1% and 5.6% year-on-year for 2026 and 2027, respectively, with net profit expected to increase by 3.6% and 1.8% for the same periods. Based on strong projected product sales, the target price has been raised from HK$45.26 to HK$46.41.

HANSOH PHARMA delivered robust performance in 2025, with total revenue reaching RMB 15.03 billion, representing a 22.6% year-on-year increase, and net profit of RMB 5.56 billion, up 27.1% year-on-year. In 2025, the company recorded business development (BD) revenue of RMB 2.12 billion, primarily from payments received from Merck and GSK. Since the end of 2023, the company has successfully out-licensed multiple assets. In 2025, an additional eight new drugs entered clinical trials, establishing out-licensing as a recurring profit center for the company.

The report highlights that HANSOH PHARMA's core late-stage assets are advancing rapidly with partners. HS-20093 (a B7-H3 ADC) is currently in global/China Phase III trials for second-line small cell lung cancer and a China Phase III trial for osteosarcoma, with an expected domestic new drug application submission in 2026. A China Phase III trial for pre-treated non-squamous non-small cell lung cancer was recently initiated. HS-20089 (a B7-H4 ADC) has entered Phase III trials in China for ovarian cancer, and GSK has registered two global Phase III studies.

In the metabolic disease area, Merck has advanced HS-10535 (an oral GLP-1) into clinical trials for obesity. HS-20094 (a GLP-1/GIP) is undergoing Phase III trials in China for obesity, while Regeneron is conducting a Phase II study in the United States.

The report indicated that indications expansion for almonertinib is driving growth. Sales of the core product almonertinib remain strong, supported by increasing market share in first-line treatment and the approval of new indications. In early 2026, its use as adjuvant and maintenance therapy for locally advanced EGFR-mutant NSCLC was newly included in the National Reimbursement Drug List, making it the first domestically developed EGFR-TKI approved for this setting. A first-line combination therapy with chemotherapy was also recently approved. Furthermore, in February 2026, the company submitted a new drug application for almonertinib combined with a c-Met inhibitor for second-line treatment. A Phase III trial for a first-line combination therapy with a bispecific antibody is also underway, which is expected to further support its commercial potential.