招商证券(香港)：诺诚健华（09969）港股公司研究报告-1H22orelabrutinibsalesremainedstrong

诺诚健华-B(09969) 1H22totalrevgrew142%yoyto~RMB246mn,inlinew/CMSest.;Orela’snetsaleswasRMB217mn,+115%yoy Co.continuedtodeliverstrongclinicalprogressacrossitspipelines,includingorelabrutinib,ICP-B02,ICP-192andICP-723 WereviseourSOTPTPtoHKD31.2andmaintainBUYratingonorelabrutinib’suptrendoutlookandCo.’smultiplecatalystsahead Strongsalesmomentumoforelabrutinibin1H22 1H22totalrevenue(+142%yoy)wasmainlydrivenbyfastsalesramp-upofitsflagshipdrugorelabrutinib.PropelledbyCo’scapablein-housecommercialteam,Orel