Core Viewpoint - UBS has added Kangfang Biotech (09926) to its list of major recommended stocks in the Asia-Pacific region, citing that the overseas potential of its main asset, Edafo, is not fully reflected in the stock price [1] Group 1: Company Analysis - UBS believes that reports of potential collaborations with multinational companies and the upcoming HARMONi study presentation at the 2025 World Lung Cancer Congress will serve as positive catalysts for the stock price [1] - The target price for Kangfang Biotech has been raised from HKD 197.5 to HKD 224.3, with a "Buy" rating assigned [1] - The valuation of Kangfang Biotech is approximately at the median of the biotech stocks covered by UBS, indicating potential for further outperformance [1] Group 2: Sales Forecasts - UBS has increased its peak sales estimate for Edafo from USD 14.6 billion to USD 16.3 billion [1] - The peak sales estimate for another key asset, Kantani, has been raised from USD 2.2 billion to USD 3.4 billion [1]

瑞银将康方生物加入该行的亚太主要推荐股票名单，认为其主要资产依达方的海外潜力并未于股价全面 反映，该行又认为，有关与跨国企业潜在合作的报道及将在2025年世界肺癌大会发布的HARMONi研 究，为正面的股价催化剂。另一项关键资产开坦尼亦正展开全球注册研发。该行指，康方生物估值大致 处于该行覆盖生物科技股的中位数，该股有空间进一步跑赢。该行上调对依达方海外高峰销售预估，由 146亿美元上调至163亿美元，对开坦尼的海外高峰销售预估由22亿美元上调至34亿美元。目标价由 197.5港元上调至224.3港元，评级"买入"。 消息面上，近日，康方生物公布，2025年世界肺癌大会(WCLC)将于9月6日-9日在西班牙巴塞罗那举 行。会议期间，康方生物海外合作伙伴Summit Therapeutics，将重磅发布公司全球首创PD-1/VEGF双特 异性抗体新药依沃西首个国际多中心注册性Ⅲ期临床HARMONi研究的结果，该研究结果作为Late- Breaking Abstract(LBA)被大会选为口头报告，将在全体会议主席专题研讨会(Presidential Symposium)上 重磅发布。 康方生物(09926)涨超 ...

Core Viewpoint - UBS has added Kangfang Biopharma to its list of major recommended stocks in the Asia-Pacific region, believing that the overseas potential of its key asset, Edafo, is not fully reflected in its stock price [1] Group 1: Company Potential - UBS highlights that reports of potential collaborations with multinational companies and the upcoming HARMONi study presentation at the 2025 World Lung Cancer Congress serve as positive catalysts for the stock price [1] - The company is also advancing the global registration and research of another key asset, Okanani [1] Group 2: Financial Estimates - UBS has raised its peak sales forecast for Edafo from $14.6 billion to $16.3 billion and for Okanani from $2.2 billion to $3.4 billion [1] - The target price for Kangfang Biopharma has been increased from HKD 197.5 to HKD 224.3, maintaining a "Buy" rating [1]

Group 1 - Nomura predicts that Kangfang Biotech (09926.HK) will turn from loss to profit in the second half of the year, raising the target price to HKD 120.64 [1] - The company’s mid-term revenue is expected to increase by 42% year-on-year to RMB 1.45 billion, which is 3% lower than market expectations [1] - Sales of the drugs Oritavancin and Ibrutinib are anticipated to accelerate, contributing RMB 800 million and RMB 600 million to mid-term revenue respectively [1] Group 2 - Mid-term operating expenses are projected to be RMB 1.3 billion, with an expected overall mid-term loss attributable to shareholders of RMB 8 million, nearing breakeven [1] - In comparison, the company recorded losses of RMB 239 million and RMB 276 million in the first and second halves of the previous year [1] - For the second half of the year, revenue is forecasted to reach RMB 1.9 billion, driven by sales of Oritavancin and Ibrutinib, with a projected net profit of RMB 271 million [1] Group 3 - The company has adjusted its revenue forecast for the year down by 9.6%, based on lowered expectations for sales and collaboration income from Anika [1] - However, the annual net profit forecast has been raised by 97.2%, based on higher gross margin assumptions [1] - The target price for Kangfang Biotech has been increased from HKD 99.66 to HKD 120.64, while maintaining a neutral rating [1]

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