金斯瑞生物科技：2024年半年报点评：CARVYKT销售提速，全球商业化及临床产能持续扩张

Investment Rating - The report maintains a "Buy" rating for King’s Ray Biotechnology (1548.HK) [3][5] Core Insights - King’s Ray Biotechnology reported a revenue of $561 million for the first half of 2024, representing a year-on-year growth of 43.5$281 million, while cell therapy revenue surged by 156.0% to $280 million. The gross profit reached$307 million, up 75.4%, and the net loss narrowed to $216 million, with an adjusted net loss of$69 million [2] - The strong sales growth of CARVYKTI is attributed to ongoing market promotion and capacity expansion, with Q2 revenue reaching $186 million, a 60$220 million in revenue, a 9.6% increase, with an adjusted gross profit of $120 million, up 8.5$26.1 million [3] Financial Forecasts - The projected net profit for King’s Ray Biotechnology for 2024-2026 is estimated at -$63 million,$80 million, and $370 million respectively, with corresponding EPS of -$0.03, $0.04, and$0.17 [3][9] - Revenue is expected to grow significantly, with forecasts of $1.278 billion in 2024,$1.852 billion in 2025, and $2.987 billion in 2026, reflecting growth rates of 52.2%, 44.9%, and 61.3% respectively [9] - The gross margin is projected to improve from 48.78% in 2023 to 59.44% by 2026, indicating enhanced profitability [9] Operational Developments - The company is expanding its production capabilities with several key initiatives, including the launch of clinical production at the Novartis facility and the physical expansion of the New Jersey Raritan plant expected to be completed by the end of 2024 [2] - The CARTITUDE-5 clinical trial has successfully completed enrollment, and the CARTITUDE-4 trial's second interim analysis has shown positive overall survival data, further validating CARVYKTI's clinical efficacy and safety [2]