野村预测康方生物下半年亏转盈 上调目标价至120.64港元

Group 1 - Nomura predicts that Kangfang Biotech (09926.HK) will turn from loss to profit in the second half of the year, raising the target price to HKD 120.64 [1] - The company’s mid-term revenue is expected to increase by 42% year-on-year to RMB 1.45 billion, which is 3% lower than market expectations [1] - Sales of the drugs Oritavancin and Ibrutinib are anticipated to accelerate, contributing RMB 800 million and RMB 600 million to mid-term revenue respectively [1] Group 2 - Mid-term operating expenses are projected to be RMB 1.3 billion, with an expected overall mid-term loss attributable to shareholders of RMB 8 million, nearing breakeven [1] - In comparison, the company recorded losses of RMB 239 million and RMB 276 million in the first and second halves of the previous year [1] - For the second half of the year, revenue is forecasted to reach RMB 1.9 billion, driven by sales of Oritavancin and Ibrutinib, with a projected net profit of RMB 271 million [1] Group 3 - The company has adjusted its revenue forecast for the year down by 9.6%, based on lowered expectations for sales and collaboration income from Anika [1] - However, the annual net profit forecast has been raised by 97.2%, based on higher gross margin assumptions [1] - The target price for Kangfang Biotech has been increased from HKD 99.66 to HKD 120.64, while maintaining a neutral rating [1]