Riding on biologics boom
• Among different kinds of drugs, we expect biologics to deliver the strongest CAGR in 22F-25F globally (11.8%), outpacing the pharmaceutical industry by 7ppt; China biologics CAGR in 22F-25F is even stronger (16.3%)
• To ride on the growth, prefilled syringe is best positioned for packaging biologics: 1) Low price cut risk as cost surge can be passed on; 2) safer than other packaging materials
• Expect prefilled syringe sales CAGR of 30.8% for China in 22F-25F. BUY Weigao (1066 HK) – the largest China player with >65% market share
