[Yuhan] Proof needed for Lazertinib numbers and subsequent growth narrative
The author is an analyst for NH Investment & Securities. He can be reached at seungyeon.han@nhsec.com -- Ed.Three pre-conditions for sustained rebound: Defensiveness, royalties, and global L/O dealsWe maintain a Buy rating and TP of W110,000 on Yuhan. The stock has performed sluggish in 2026, record
Yuhan, a pharmaceutical company, maintains a Buy rating and a target price of W110,000, according to an analyst at NH Investment & Securities. Despite a sluggish performance in 2026, with a -35% YTD return, the stock rebounded in July and August due to strong defensive support from the pharmaceutical sector. However, Yuhan shares have since declined due to dwindling investor interest in pharmaceutical shares.
For Yuhan's sustained recovery, three preconditions are necessary: renewed investor interest in the pharmaceutical sector, Lazcluze royalty income, and a successful Lazcluze story, including a global licensing or option (L/O) deal for Lesigercept allergy indications. During the September WCLC, Yuhan shared positive results from Lazcluze clinical trials, particularly the PALOMA-2 (Phase II SC Rybrevant combo), which showed an ORR of 90%, mPFS of 26.1 months, and a 3-year OS rate of 70%, surpassing the results of MARIPOSA (3-year OS of 60%).
Additionally, COPERNICUS (SC Rybrevant combo with prophylactic adverse event management) demonstrated superior safety, with lower rates of rash and vascular thrombosis compared to MARIPOSA.
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