Workflow
科伦博泰生物-B:业绩扭亏为盈,双抗ADC新合作,核心管线加速推进

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][7]. Core Insights - The company has turned a profit in the first half of 2024, with revenue of 1.38 billion yuan, a 32.2% increase from 1.046 billion yuan in the same period of 2023. The net profit reached 310 million yuan, compared to a loss of 31.13 million yuan in the previous year [3][4]. - The revenue composition includes 1.378 billion yuan from licensing and collaboration agreements, and 4.813 million yuan from research services, with significant growth driven by collaboration with Merck [3][4]. - The company has established a new collaboration with Merck for SKB571, receiving a prepayment of 37.5 million USD, and has had the NDA for SKB264 accepted for a new indication [3][4]. Revenue and Financial Performance - The company reported a total revenue of 1.378 billion yuan in 24H1, with a year-on-year growth of 32.2% [3][4]. - The adjusted net profit for the same period was 386 million yuan, indicating a significant turnaround from the previous year's loss [3][4]. - Cash and financial assets stood at 2.89 billion yuan, indicating a strong financial position [3]. Research and Development Progress - The core pipeline SKB264 is progressing well globally, with multiple NDAs accepted and ongoing clinical trials for various indications [4]. - The company is pursuing both large and small molecule research, with several NDAs expected to be approved soon, indicating a balanced approach to short-term and long-term growth [4]. - Merck has initiated 10 Phase III studies covering major indications, which may lead to further expansion of the company's pipeline [4]. Earnings Forecast and Valuation - The company is expected to generate total revenues of 1.739 billion yuan, 1.479 billion yuan, and 2.715 billion yuan for the years 2024, 2025, and 2026 respectively [4]. - The company maintains a rich pipeline of innovative products and is progressing well globally, justifying the "Buy" rating [4].