Investment Rating - The report maintains a "Buy" rating for Kelun-Botai Biopharmaceutical (06990.HK) [2] Core Insights - The company is expected to launch several core products in the Chinese market by the second half of 2024 or the first half of 2025, including sac-TMT, A166, A167, and A140 [6] - The company has established a strong pipeline with over ten clinical-stage candidates, four of which are in the NDA application stage, indicating significant growth potential [6] - The revenue forecast for 2024-2026 is projected at 17.44 billion, 16.20 billion, and 26.88 billion RMB respectively, reflecting a robust growth trajectory [6] Financial Performance - In the first half of 2024, the company reported revenue of 1.383 billion RMB, a year-on-year increase of 32.2%, primarily driven by milestone payments and collaboration income from a partnership with Merck [4] - Gross profit for the same period reached 1.077 billion RMB, up 59.4% year-on-year, with a net profit of 310 million RMB, compared to a loss of 31.13 million RMB in the previous year [4] - R&D expenses increased by 33% year-on-year to 652 million RMB [4] Clinical Development - The NDA application for Trop2 ADC has been accepted, and the HER2 ADC has also submitted an NDA application to the CDE [4] - Merck has initiated 10 global Phase III clinical trials for SKB264 (MK-2870)-trop2 ADC, targeting various cancer types including triple-negative breast cancer and non-small cell lung cancer [5] - The company has a rich pipeline of innovative products, including SKB315 (MK-1200) and SKB410 (MK-3120), currently in clinical trials [6] Market Position - The company has formed a mature commercialization team to prepare for the marketing and commercialization of strategic products [6] - The ADC overseas value is gradually becoming apparent, indicating a strong market position [6]
科伦博泰生物-B：开展十项全球三期，预计多个产品国内将获批