Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company recently presented two clinical data sets at the AACR annual meeting, with promising results for lung cancer and initial data for gastric cancer [2] - The company plans to initiate a global Phase III clinical trial for its drug, Lukanosumab, in patients with advanced gastric or gastroesophageal junction adenocarcinoma, which is expected to expand its market presence [2] - Revenue forecasts for 2024-2026 are projected at 11.4 billion, 15.6 billion, and 24.4 billion RMB respectively, driven by the anticipated launch of core products and collaborations with major pharmaceutical companies [2][8] Summary by Sections Clinical Data - The company reported updated efficacy and safety results for Lukanosumab in previously treated advanced non-small cell lung cancer (NSCLC) patients, with a median duration of response (mDoR) of 8.7 months and median overall survival (mOS) of 22.7 months for EGFR mutation patients [2] - For advanced gastric cancer patients, the overall response rate (ORR) was 22.0% with a disease control rate (DCR) of 80.5% [2] Financial Projections - Revenue projections for 2024-2026 are as follows: 11.4 billion RMB in 2024, 15.6 billion RMB in 2025, and 24.4 billion RMB in 2026, reflecting a growth rate of 91.6% in 2023, followed by a decline of 25.8% in 2024, and subsequent growth of 36.1% and 56.7% in 2025 and 2026 respectively [3][9] - The company expects to receive milestone payments from Merck for ongoing collaborations, contributing to revenue growth [8] Product Development - The company is preparing for the market launch of Lukanosumab, which is anticipated to be approved by the end of 2024, with projected revenues from this product of 440 million RMB in 2024, 9.6 billion RMB in 2025, and 18.9 billion RMB in 2026 [8][9]
AACR大会发布两项数据，胃癌全球三期临床可期