Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Insights - The company achieved a revenue of 1.383 billion CNY in H1 2024, representing a year-on-year growth of 32.2%, which includes a collaboration payment of 90 million USD from Merck [1][2]. - The company reported a profit of 310 million CNY, a turnaround from a loss of 31.13 million CNY in the same period of 2023, with adjusted earnings reaching 386 million CNY compared to 33.02 million CNY in 2023 [1][2]. - The company submitted a new indication application for the drug Lukanasa (sac-TMT) targeting adult patients with locally advanced or metastatic EGFR mutation NSCLC after progression on prior treatments [1][2]. - The collaboration with Merck on the SKB571 project has progressed, with Merck exercising its exclusive option and paying 37.5 million USD, with further milestone payments expected upon achieving specific development and sales milestones [1][2]. Financial Summary - The company expects revenues for 2024-2026 to be 1.726 billion CNY, 1.687 billion CNY, and 2.287 billion CNY, with growth rates of 12.0%, -2.2%, and 35.6% respectively [2][3]. - The projected net profit for the same period is 346 million CNY, -688 million CNY, and -326 million CNY [2][3]. - The report indicates a significant increase in R&D expenses, which reached 652 million CNY, a 33.0% increase year-on-year [2].
科伦博泰生物-B：与默沙东达成双抗ADC合作，sac-TMT新适应症申请上市