Core Viewpoint - UBS report indicates that Kelun-Botai's revenue for the first half of the year was 950 million, a year-on-year decline of 31%, which is below the bank's expectation of 1.1 billion but in line with the market's general expectation of 933 million [1] Financial Performance - The net loss for the period was 145 million, roughly in line with the bank's forecast of 136 million, and better than the market's expectation of a loss of 330 million [1] Product and Market Outlook - Kelun-Botai's core product, sac-TMT, has entered over 1,000 hospitals and partnered with more than 400 DTP pharmacies. Management expects significant sales growth in the second half of the year as market penetration increases and new indications are approved, maintaining a full-year sales target of 800 million to 1 billion [1] Sales Forecast Adjustments - The bank has revised its sales forecast for sac-TMT this year from 1 billion down to 850 million, while also lowering expense forecasts. Based on global R&D potential and visibility of key data, the overseas sales peak forecast has been raised from 65 billion to 75 billion, leading to an increase in the target price from 452.8 HKD to 519 HKD, while maintaining a "Buy" rating [1]
大行评级｜瑞银：上调科伦博泰生物目标价至519港元 维持“买入”评级