UBS: Positive clinical data for Hengrui Medicine's weight loss drug HRS-7535, attractive valuation reaffirms "Buy" rating.

According to the ZhongTong Financial APP, UBS released a research report stating that Hengrui Medicine (01276.HK) HRS-7535 achieved its main endpoint in Phase III clinical trials for weight loss, and the company is expected to submit a New Drug Application (NDA) in China this year. The bank believes that the clinical data for HRS-7535 is positive, with a weight loss of 9.8% in the 180mg once daily dose group by the end of the 44th week, and the weight loss effect has not plateaued, with good drug tolerance. The bank predicts that Hengrui's GLP-1 product portfolio could achieve sales of 5.9 billion RMB in the Chinese market by 2035. UBS points out that the company has successfully reached its main endpoints in two Phase III clinical trials for type 2 diabetes in China. UBS maintains a "buy" rating on Hengrui Medicine, with an H-share target price of 97.4 Hong Kong dollars.