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Nomura: Lower Sino Biopharmaceutical's target price to 54.6 Hong Kong dollars, and lower the revenue forecast for the next two years.
Golden Ten Data reported on February 18 that Nomura issued a research report pointing out that considering that Innovent Biologics (01801. HK) raised its revenue forecast for last year by 5.2% to RMB8.4 billion, and therefore lowered its loss forecast by 4.7% to RMB896 million. Considering that the sales expansion of IBI362 may be slower than originally expected in the current macro environment, as well as the impact of potential biosimilar procurement, the bank has also lowered its revenue forecasts for this year and next year by 5.1% and 6.8%, respectively, and profit forecasts of 9.3% and 4% for the same period. In terms of cash flow discount rate, the bank lowered the target price of Innovent Biologics to HK$54.6 from HK$58.09 and maintained its "buy" rating.