New Product Launches To Fuel Growth From 2021
Sino Biopharmaceutical’s R&D efforts are bearing fruit. It expects to obtain market approval for new innovative drugs, ie PD-1 mAb, Recombinant Coagulation Factor VIII for Injection and the Adalimumab biosimilar, in 2H21. Moreover, it will benefit from the recent GPO tender through market expansion opportunities. We believe its guidance of 15-20% yoy growth in revenue and earnings for 2021 is achievable. Maintain BUY. Target price: Rmb13.00.