Lyon: Raises the target price of REMEGEN (09995) to HK$144.8, maintains "Outperform" rating.

Lyon released a research report stating that REMEGEN (09995) achieved a 808.6% year-on-year increase in sales for the second quarter of 2026, with a net profit of 4.334 billion RMB, both exceeding market expectations, benefiting from the strong sales momentum of RC18 and the contribution from licensing fees for RC148. Management maintains its full-year operational breakeven guidance for 2026. The companys overseas progress on RC148, RC18, and RC48 is proceeding as planned. Considering the performance, the firm has revised its forecasts, increasing REMEGEN's sales forecast for the fiscal year 2026 by 52.6%, and lowering the forecasts for fiscal years 2027 and 2028 by 23.8% and 12.1%, respectively. The net profit forecast for fiscal year 2026 is raised by 136.8%, while the forecasts for fiscal years 2027 and 2028 are cut by 65.1% and 25.2%. The target price has been raised from HKD 136.9 to HKD 144.8. The rating is maintained at "Outperform."