Core Viewpoint - The report from浦银国际 indicates that信达生物 (01801) has promising potential for international licensing of IBI363 and IBI343, particularly highlighting IBI363 as a potential solution for PD-1 resistance [1] Financial Projections - The projected net profit for the company is estimated to be 4.3 billion, 8.5 billion, and 18.9 billion for the years 2025, 2026, and 2027 respectively [1] - The target price has been raised to 95 HKD based on a DCF valuation model with an 8.5% WACC and a 3% perpetual growth rate [1] Clinical Data Insights - IBI363's mPFS in the 3mg/kg dose group for IO-treated sq-NSCLC has improved to 9.3 months, enhancing confidence in its development for lung squamous carcinoma [2] - In the same context, the 3mg/kg dose group showed better efficacy data compared to the ≤1.5mg/kg group, with higher cORR and longer mPFS [2] - IBI363 in combination with Bevacizumab showed a 15.1% cORR and a 4.7-month mPFS, with a notable 31.3% cORR and 7.4-month mPFS in the population without liver metastasis [3] - The single-agent mOS for IBI363 was reported at 16.1 months, with significant improvements in the mOS for both liver metastasis and non-liver metastasis groups [3] - For IBI343 in pancreatic cancer, the mOS has increased from 8.5 months to 9.1 months, while the mPFS remains consistent at 5.4 months [5] Additional Clinical Findings - IBI363 at a 1mg/kg Q2W dosage showed an mPFS of 5.7 months and an mOS of 14.8 months, significantly higher than real-world data for second-line therapies [4]
浦银国际：维持信达生物(01801)“买入”评级 升目标价至95港元