华东医药：公司点评：乌司奴单抗注射液获批，创新研发稳步兑现

Investment Rating - The investment rating for Huadong Medicine is "Buy" (maintained) [1]. Core Views - The approval of Ustekinumab injection (Seluixin®) marks a significant milestone for the company, being the first biosimilar of Ustekinumab approved in China, aimed at treating moderate to severe plaque psoriasis in adults [1][13]. - The original drug, Stelara®, generated over $10.85 billion in global sales in 2023, indicating a substantial market opportunity for the biosimilar [1][15]. - The company has a robust pipeline with over 70 innovative products, focusing on endocrine, autoimmune, and oncology fields, which are expected to contribute to revenue growth [1][4]. Summary by Sections Company Overview - Huadong Medicine's subsidiary received approval for Seluixin®, a biosimilar to Stelara®, which is a human monoclonal antibody targeting IL-12 and IL-23 [1][13]. - The company is actively expanding its innovative product pipeline, particularly in oncology, with over 30 innovative drug candidates [1][4]. Financial Performance - The company is projected to achieve net profits of RMB 3.36 billion (+18%), RMB 3.94 billion (+17%), and RMB 4.57 billion (+16%) for the years 2024 to 2026, respectively [1][4]. - Earnings per share (EPS) are expected to be RMB 1.92, RMB 2.25, and RMB 2.61 for the same period, with corresponding price-to-earnings (P/E) ratios of 18, 15, and 13 times [1][4]. Market Potential - There are over 7 million psoriasis patients in China, with plaque psoriasis being the most common type, highlighting a significant market for the newly approved biosimilar [1][5]. - The approval of Seluixin® is expected to enhance the company's market position and revenue potential in the growing biopharmaceutical sector [1][4]. R&D and Innovation - The company has a strong focus on innovation, with ongoing clinical trials for various products, including those targeting obesity and autoimmune diseases [1][4]. - The successful development and approval of Seluixin® are expected to provide a competitive edge in the market, leveraging the company's existing capabilities in drug commercialization [1][16].