Summary of Kelun Biotech Conference Call Company Overview - Company: Kelun Biotech (6990.HK) - Industry: Biotechnology, specifically focusing on antibody-drug conjugates (ADCs) Key Points 1. Strong Sales Growth - Significant sales ramp-up for sac-TMT (TROP2 ADC) observed in Q2, primarily driven by 3L EGFRmut NSCLC following NMPA approval in March - First commercial interim results reported at Rmb302 million for sac-TMT, on track to meet FY25 guidance of Rmb800 million to Rmb1 billion - Achieved commercial profitability in H1 2025, with drug sales surpassing SG&A expenses, and expects firmwide profitability in the near term due to licensing income from MSD partnership, estimated at US$100 million to US$150 million per year [3][4][8] 2. Upcoming Data Presentation at ESMO 2025 - ESMO 2025 (October 17-21) is anticipated to be a data-rich event for Kelun Biotech - Management highlighted three LBA presentations, including: - Clinical readouts from Phase 3 studies of sac-TMT in 2L EGFRmut NSCLC and HR+/HER2- breast cancer - Phase 3 head-to-head study of A166 (HER2 ADC) versus T-DM1 - POC-stage data for various tumor types, including ph2 ORR data of sac-TMT combined with Keytruda in 1L PD-L1+ NSCLC [4][7] 3. Early Pipeline Developments - Kelun Biotech is progressing its early-stage ADC pipeline, including: - SKB410 (Nectin-4 ADC, Phase 2 global study led by MSD) - SKB518 (PTK7 ADC, Phase 1b/2) showing early anti-tumor signals in NSCLC and SCLC - SKB571 (EGFR/c-Met ADC, Phase 1) undergoing dose-escalation trials - Management prefers to release data with certain maturity to provide a comprehensive drug profile [7][8] 4. Investment Rating and Price Target - Goldman Sachs maintains a Buy rating on Kelun Biotech with a 12-month price target of HK$454.04 - Current price is HK$491.40, indicating a downside potential of 7.6% - Key risks include R&D challenges, competition in the ADC field, limited commercial track record, talent competition, and partnership risks [8][9] 5. Financial Projections - Market cap: HK$114.6 billion (approximately US$14.7 billion) - Revenue projections for the next few years: - 2024: Rmb1,933 million - 2025E: Rmb1,950.6 million - 2026E: Rmb3,579.7 million - 2027E: Rmb5,432.9 million - EBITDA projections show a turnaround from negative to positive by 2026 [9] Additional Insights - The company is focusing on achieving greater visibility into the differentiated profiles and treatment potential of its next-generation assets through upcoming data releases [7] - The management's emphasis on commercial profitability and the strategic partnership with MSD indicates a strong outlook for future growth in the ADC market [3][4][8]
科伦博泰：2025 年亚洲领袖会议 为 2Q TMT 强劲蓄力，将在 ESMO25 上分享三项 LBA
2025-09-08 06:23