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科伦博泰ADC商业化破局 营收利润双降仍获看好
Xin Lang Cai Jing·2025-08-28 03:51

Core Viewpoint - Sichuan Kelun-Botai Biopharmaceutical Co., Ltd. reported a decline in revenue for the first half of 2025, but its stock price reached a historical high, indicating a shift in market valuation logic despite the financial downturn [3][4]. Financial Performance - The company recorded a revenue of 950 million yuan, a year-on-year decrease of 31.3%, with a net loss expanding to 145 million yuan [3]. - Revenue from licensing and collaboration agreements decreased by 54% to 628 million yuan, while commercial sales revenue exceeded 310 million yuan, accounting for 32.6% of total revenue [3][4]. Product Development - The core product, Trop2 ADC (Lukangshatuozhuzhong), was approved for adult patients with non-small cell lung cancer (NSCLC) and is the first domestic Trop2 ADC approved for this indication [4]. - The product has been launched in over 30 provinces and 2,000 hospitals, with sales revenue from more than 1,000 hospitals [4]. Market Potential - The approval of Lukangshatuozhuzhong for EGFR mutation-positive NSCLC patients presents significant sales potential, especially given the high incidence of lung cancer in East Asia [4][5]. - The company has a cash reserve of 4.528 billion yuan, an increase of 47.2% from the end of 2024, providing a strong financial foundation for future R&D and market expansion [6]. Strategic Partnerships - The company has established a deep partnership with Merck, granting exclusive overseas rights to nine ADC drugs, including Lukangshatuozhuzhong [6]. - Despite some changes in Merck's collaboration strategy, the investment in Lukangshatuozhuzhong remains unaffected, with ongoing Phase III clinical trials for various cancers [6][7]. Future Outlook - Analysts predict that the commercial sales of Lukangshatuozhuzhong and another product, Tagolizumab, could lead to a total revenue of 2.14 billion yuan for the year, with expectations of profitability by 2027 [7].