再鼎医药：艾加莫德增长势头愈发强劲，全年指引上调至超过8千万美元

Investment Rating - The report maintains a "Buy" rating for Zai Lab with a target price of $60 per share or HKD 47 per share, indicating a potential upside of +231$18.1 and +201% from HKD 15.6 [3][4][6]. Core Insights - Zai Lab's 2Q24 revenue exceeded expectations, primarily driven by strong growth in Efgartigimod, with a 76% quarter-over-quarter increase. The company raised its full-year sales guidance for Efgartigimod to over $80 million, up from the previous estimate of over$70 million [1][6]. - The company reported 2Q24 product revenue of $100.1 million, a 45.4$80.28 million, which was higher than expected due to increased sales and administrative expenses [1][6]. - Efgartigimod's growth momentum is strong, with approximately 3,300 new patients added in 2Q24, and the company is on track to meet its annual target of 1,000 hospitals [1][6]. Financial Summary - The projected revenue for Zai Lab is expected to grow from $215 million in 2022 to$995 million by 2026, with a compound annual growth rate (CAGR) of 53.3% from 2024 to 2026 [7][11]. - The company anticipates a reduction in net losses from $443 million in 2022 to a projected profit of$37 million by 2026 [7][11]. - The gross margin for the company is projected to stabilize around 64.8% by 2026, reflecting improvements in operational efficiency [11]. Upcoming Catalysts - Key upcoming catalysts include the approval of new indications for Efgartigimod, submissions for four drug applications in China, and important clinical data readouts expected in 2H24 and 1H25 [1][8]. - The company plans to launch the subcutaneous formulation of Efgartigimod in 4Q24 and expand its indications to include CIDP and thyroid eye disease [1][8].