Group 1 - The company maintains its net profit forecast for 2026, considering the upfront payment income from the licensing of Keren Biotechnology-B (06990) [1] - The target price is set at HKD 550, indicating a potential upside of 33.4% from the current stock price [1] - The company has achieved a significant milestone with its TROP2 ADC SKB264 combined with Keytruda in the treatment of PD-L1 positive non-small cell lung cancer (NSCLC) [2][3] Group 2 - The collaboration with Crescent Biopharma involves an upfront payment of USD 80 million and potential milestone payments of up to USD 1.25 billion for ITGB6 ADC SKB105, along with an upfront payment of USD 20 million and up to USD 30 million in milestones for the introduction of PD-1 x VEGF dual antibody CR-001 in China [2] - The SKB264 and Keytruda combination is the first ADC+IO regimen to reach the primary endpoint in the 1L NSCLC setting, showing significant improvement in progression-free survival (PFS) and a trend towards overall survival (OS) benefits [3] - The partnership with Crescent is expected to enhance the company's pipeline and cash flow while exploring the potential of next-generation IO+ADC combinations [4]
中金：维持科伦博泰生物-B(06990)跑赢行业评级 目标价550港元