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销售收入破20亿元 康方生物盈转亏仍获看好
BambooWorks·2025-04-10 09:08

Core Viewpoint - The article highlights the strong rebound of the Hong Kong innovative drug sector, particularly focusing on Kangfang Biotech's financial performance and market response, emphasizing long-term strategic value over short-term profits [2][4]. Financial Performance - Kangfang Biotech reported a 53.08% year-on-year decline in revenue for 2024, totaling 2.124 billion yuan, primarily due to a significant drop in licensing income from 2.923 billion yuan in 2023 to 122 million yuan [2][4]. - Despite the overall revenue decline, the sales revenue from innovative drugs increased by 24.88% year-on-year, reaching a historical high of 2.03 billion yuan [5][6]. - The company transitioned from a profit of 1.942 billion yuan in 2023 to a loss of 510 million yuan in 2024, reflecting the impact of reduced licensing income [2][4]. Product Pipeline and Market Position - Kangfang Biotech has six commercialized products, including the PD-1/CTLA-4 dual antibody, Cardunili, and the PD-1/VEGF dual antibody, Yivosi, which is expected to be approved in May 2024 [4][6]. - Yivosi is anticipated to enter the U.S. market in 2026, with peak sales projected to reach 53 billion USD by 2041, surpassing the 29.5 billion USD sales forecast for Keytruda in 2024 [7]. - The company has over 50 projects in development, with 24 products undergoing clinical trials globally, while successfully reducing R&D expenses by 5.29% to 1.187 billion yuan in 2024 [6][7]. Market Sentiment and Valuation - Following the financial report, Kangfang Biotech's stock price increased by 17.96% over three trading days, indicating strong market enthusiasm for its long-term strategic value [1][2]. - The company holds cash and equivalents totaling 7.344 billion yuan, positioning it for stable financial health as commercialization returns increase [8]. - Kangfang Biotech's current price-to-sales ratio is approximately 34 times, significantly higher than the 8 times ratio of its peer, Innovent Biologics, indicating a premium valuation in the market [8].