Guoyuan International issued a research report on Essex Bio-Technology on 1 April 2026. Essex posted steady operating performance growth in 2025 and kicked off its international expansion, as the Phase III clinical trial of bevacizumab met its primary endpoint and Beifushu® was successfully introduced to Singapore. The global commercialisation of innovative drugs is expected to drive the company’s earnings growth. The institution maintains a BUY rating on the Company with a target price of HK$6.84, representing 84.9% upside from the current price.
Essex Bio-Technology’s core R&D pipeline has secured a series of critical milestones. The global phase 3 clinical project of bevacizumab ophthalmic injection (AURA2) has completed the last patient last visit in Australia, European Union countries and the United States, with data analysis now in progress. A Biologics License Application (BLA) for anti-VEGF ophthalmic injection EB12-20145P (HLX04-O, bevacizumab) was accepted by the National Medical Products Administration (NMPA). Results from the phase 3 clinical trial of HLX04-O in Chinese patients showed that the primary endpoint was met, with the mean change in BCVA from baseline at week 48 being non-inferior to that in the ranibizumab group, and HLX04-O had a good safety profile in wet-AMD patients. Currently, no bevacizumab products marketed globally are approved for wet-AMD indication, suggesting substantial market potential. Meanwhile, Essex Bio-Technology has secured exclusive global rights to SkQ1 eye drops from Mitotech and is advancing its US phase III clinical trial, with favourable safety and tolerability demonstrated in VISTA-1 and VISTA-2 trials, which boasts huge commercial potential targeting the large moderate-to-severe dry eye disease market in the PRC.
Essex Bio-Technology’s internationalisation strategy has also achieved landmark progress. Beifushu® has been successfully introduced to Singapore via the Special Access Route (SAR) at the Singapore National Eye Centre (SNEC), marking the product’s first entry beyond the PRC and laying a solid foundation for future launches in Southeast Asia and global markets. The company has entered into a collaboration with Beijing Airdoc Technology Co., Ltd. to jointly operate artificial intelligence-based retinal businesses, and signed an exclusive distribution agreement with Seefunge Pharmaceutical Technology Co., Ltd. for its emedastine difumarate and oxybuprocaine hydrochloride eye drops, further optimising the ophthalmic product portfolio and business layout.
Supported by Essex Bio-Technology’s steady 2025 operating performance, with revenue amounted to HK$1,814.0 million (+8.6% YoY), profit for the year amounted to HK$318.0 million (+3.5% YoY), gross profit margin remained at a high industry level of 89.2%; coupled with its robust innovative drug pipeline and smooth global expansion, Guoyuan Internatioanl forecasts the company’s 2026-2028 revenue at HK$1,871.0 million, HK$2,130.0 million and HK$2,475.0 million respectively. The institution maintains the target price of HK$6.84, representing 12x 2025 PE and 84.9% upside from the current price, and reiterates the BUY rating for Essex Bio-Technology.
Important Disclosure:
This content extracts and integrates original content and key highlights from the research report “Essex Bio-Technology (1061.HK) Updated Report: Steady Growth in Performance, International Expansion Begins” published by Guoyuan International on 1 April 2026. All information is for reference only and does not constitute investment advice. Investment involves risks, please make decisions with caution.