招商证券(香港)：诺诚健华（09969）港股公司研究报告-Strongdebutsalesfororelabrutinibin2021

诺诚健华-B(09969) FY21totalrevsurgedto~RMB1bn,toppedCMSest.by14%;o/wOrela’sdebutnetsaleswasRMB215mn,aboveCMSest.by9% Cocontinuedtodeliverstrongclinicalprogressacrossitspipelines,includingorelabrutinib,ICP-322,ICP-192andICP-723 WekeptourSOTP-basedTPatHKD35.4andmaintainedBUYratingonitsmultiplecatalystsandorelabrutinib’suptrendoutlook StrongsalesmomentumoforelabrutinibinFY22E FY21revenuewasRMB1bn(fromRMB1mninFY20).Thesurgewasdrivenby1)RMB827mnofupfrontpaymentincomefromBiogencollaborationand2)strongdebu