智通财经网·2025-04-28 02:08Core Viewpoint - Cathay Securities maintains an "Overweight" rating for Kangfang Biopharma (09926), highlighting the company's core products achieving clinical breakthroughs and entering a revenue-generating phase, with revenue forecasts of 3.728 billion, 5.928 billion, and 7.800 billion yuan for 2025-2027, respectively, and a target price of 123.72 HKD for 2025 [1] Group 1 - Ivosidenib has received NMPA approval for first-line treatment of PD-L1 positive (TPS≥1%) NSCLC, marking it as the first drug to achieve significant positive results in head-to-head trials against the leading drug, Pembrolizumab [2] - Ivosidenib has shown significant positive results in three Phase III studies in lung cancer, including its efficacy against EGFR-TKI resistant NSCLC and in comparison to Pembrolizumab for first-line treatment of PD-L1 positive NSCLC [2] Group 2 - In the ITT population, the median progression-free survival (mPFS) for the Ivosidenib group was 11.14 months compared to 5.82 months for the Pembrolizumab group, with a hazard ratio (HR) of 0.51 (P<0.0001), indicating significant clinical survival benefits [3] - The interim analysis of median overall survival (mOS) showed that Ivosidenib reduced the risk of death by 22.3% compared to Pembrolizumab, although the statistical significance requires further observation due to low maturity of the data [3] Group 3 - The company continues to advance its overseas lung cancer initiatives, with its partner Summit leading Phase III registration trials comparing chemotherapy with third-generation EGFR-TKI treatments and other combinations against Pembrolizumab in various NSCLC settings [4]