Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has received approval for the first global Trop2 ADC lung cancer indication, which aligns with previous expectations [7] - The expansion of indications is favorable for commercialization in China, with the company expected to participate in the 2025 national medical insurance negotiations [7] - The potential of the product is gradually being realized, with ongoing global phase III studies for additional lung cancer indications [7] - 2025 is projected to be a pivotal year for the company's product commercialization, with several products expected to be approved [7] Financial Summary - Revenue projections for the company are as follows: - 2023A: 1,540.5 million RMB - 2024E: 1,746.8 million RMB (growth rate: 13.4%) - 2025E: 1,836.7 million RMB (growth rate: 5.2%) - 2026E: 2,877.2 million RMB (growth rate: 56.7%) [2] - The net profit attributable to the parent company is projected to be negative, with figures as follows: - 2023A: -574.1 million RMB - 2024E: -350.1 million RMB - 2025E: -434.6 million RMB - 2026E: -286.1 million RMB [2] - Earnings per share (EPS) is expected to improve from -2.53 in 2023A to -1.26 in 2026E [2] - The company anticipates significant revenue from the product Lukanosatuzumab, with projected sales of 47 million RMB in 2024, 960 million RMB in 2025, and 1,886 million RMB in 2026 [9] Key Assumptions - The company is expected to receive collaboration payments from Merck, totaling approximately 1.7 billion RMB from 2024 to 2026 [8] - The approval of Lukanosatuzumab in November 2024 is anticipated to generate substantial revenue in the following years [8]
科伦博泰生物-B（06990）：Trop2ADC肺癌适应症全球首个获批