[Click e-Stock] "Pharmaceutical Stocks with Modest Performance but Promising Potential"

iM Securities has maintained its "Buy" investment rating and a target price of 150,000 won for Yuhan Corporation.

On April 16, iM Securities analyst Jeong Jae-won stated, "Following the success of Leclaza (Lazertinib), a diverse pipeline is being developed smoothly. The allergy treatment Resigercept is currently undergoing a global Phase 2 clinical trial, with results expected in the second half of next year. Notably, the trial includes a cohort of patients who were unresponsive to existing therapies, which is expected to address unmet needs in the market."

In addition, the analyst noted, "The company has also demonstrated a commitment to developing new modalities that are drawing significant market attention, such as TPD and MASH. Moreover, increased prescriptions for Leclaza (Lazertinib) are anticipated to drive improved performance, and clinical achievements are expected in research and development (R&D)."

Jeong added, "While prescription data for Rybrevant SC has been collected since its approval by the U.S. Food and Drug Administration (FDA) in December last year, there has not yet been a noteworthy increase in prescription volume. However, the potential for the SC formulation remains promising."

He continued, "Halozyme, which provides the SC formulation platform, has forecast annual royalty revenue to exceed 1 billion dollars and has cited Rybrevant SC as one of the main products driving this growth. The FDA, in February, approved a change to the combination first-line therapy of Leclaza and Rybrevant SC, from weekly induction dosing for the initial four weeks to monthly dosing from week five onward. When the median overall survival (mOS) figures are released, we expect to see a rise in market share."

However, first-quarter sales and operating profit this year are projected to be 523.7 billion won and 6.7 billion won, respectively, falling short of expectations (sales of 545.5 billion won and operating profit of 28 billion won). Jeong explained that this was due to the deferral of approximately 45 billion won in milestone payments for Leclaza's European approval.

This content was produced with the assistance of AI translation services.