Group 1: Sac-TMT in NSCLC Treatment - Sac-TMT has established a new benchmark for treating EGFR mutation-resistant NSCLC, showing significant improvements in PFS and OS compared to platinum-based chemotherapy in the III phase OptiTROP-Lung04 study, with median PFS of 8.3 months vs. 4.2 months (HR=0.49) and median OS of NR vs. 17.4 months (HR=0.60) [1] - The treatment demonstrated consistent OS and PFS benefits across all predefined key subgroups, including a notable OS HR of 0.59 in patients previously treated with third-generation EGFR therapies [1] - The application for market approval for this indication was granted in October, and Sac-TMT showed lower incidences of oral mucositis, ocular toxicity, and interstitial lung disease compared to competitor Dato-DXd, although it had a higher incidence of hematological toxicity [1] Group 2: ADC Product Matrix in Breast Cancer - Sac-TMT has also made significant progress in treating second-line and above HR+/HER2- breast cancer, with its market application recently accepted by CDE, while HER2 ADC, Dato-DXd, was approved for 2L+ HER2-positive breast cancer [2] - In the OptiTROP-Breast02 study, Sac-TMT achieved statistically significant PFS improvement with a median of 8.3 months vs. 4.1 months (HR 0.35) and preliminary OS HR of 0.33, showing benefits across all predefined subgroups [2] - The KL166-III-06 study indicated that Dato-DXd significantly outperformed T-DM1, extending median PFS to 11.1 months vs. 4.4 months (HR 0.39) [2] Group 3: Revenue Forecast and Target Price Adjustment - Based on regulatory approval progress, the company has a more optimistic outlook for sales of Sac-TMT and Dato-DXd, raising revenue forecasts for 2025-2027 by 0-5% and adjusting peak sales estimates to 6.4 billion and 1.1 billion RMB respectively [3] - The DCF target price has increased to 549 HKD, maintaining a buy rating, reflecting confidence in the global value of the ADC product matrix driven by clinical data [3]
科伦博泰生物(6990.HK)：ESMO2025大会核心ADC产品大放异彩 上调目标价