1、 19 Jun,2025 Company Update Caliway Biopharmaceuticals(6919 TT)Bright weight-loss business outlook BUY(Unchanged)12M Target:NT$1550.0 Close Price(2025/06/18):NT$1170.0 Upside/(downside):32.5%ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ARE LOCATED IN APPENDIX.Sales breakdown(2024)Health food 99.7

2、%,others 0.3%.Jane Jiang Jane.J Dorothy Chen Our View Animal tests show that weight-loss drug GLP-1 agonist combined with fat reduction injectable CBL-514 enables more weight loss and effectively inhibits weight regain after weight-loss drugs are discontinued.The result has attracted global drug mak

3、er attention.After launch,CBL-514 for weight control will cost US$3,600/year per patient.We expect sales from CBL-514 used in weight control to rise from US$2.19 bn in 2032F to US$14.4 bn in 2037F.Licensing fees for the use of CBL-514 in medical aesthetics&weight control are estimated at US$3 bn and

4、 US$2 bn,respectively.Reiterate BUY and lift our TP to NT$1,550 after including contribution from weight-loss business.Results of animal testResults of animal testing ing of inhibiting weight regain announced at of inhibiting weight regain announced at BIO BIO 20252025 attractattracts s internationa

5、l drug maker attentioninternational drug maker attention Test results show a 10-15%weight loss for high-fat diet mice treated with Semaglutide,a GLP-1 agonist weight-loss drug.Furthermore,the group treated with Semaglutide+CBL-514 showed more weight loss compared to the group treated with Semaglutid

6、e only in the 4th to 6th week after treatment,with effective inhibition of weight regain after Semaglutide discontinuation.The results have attracted international drug maker attention.Currently,there is a 90%chance of weight regain after discontinuing GLP-1 agonist weight-loss drug,mostly induced b