该行表示，上调康宁杰瑞制药2024年收入预测至6.57亿元人民币(下同)，以反映JSKN003授权合作的相关首付款，但考虑到行业合规整治影响恩维达销售、个别在研药物上市节奏推迟，下调2025年收入预测至4.5亿元，并下调恩维达和KN046的经POS调整销售峰值至11亿及5亿元。同时，该行大幅下调2024-25年研发和销售费用预测。Innovation Pharmaceuticals-B (09966) fell nearly 4%, as of the time of writing, down 3.91%, priced at 3.91 Hong Kong dollars, with a transaction volume of 12.9509 million Hong Kong dollars.
According to Zhito Finance APP, Innovation Pharmaceuticals-B (09966) fell nearly 4%, as of the time of writing, down 3.91%, priced at 3.91 Hong Kong dollars, with a transaction volume of 12.9509 million Hong Kong dollars.
Bocom Intl issued a research report stating that the target price for Innovation Pharmaceuticals-B is lowered to 5 Hong Kong dollars, maintaining a "neutral" rating. The company's product sales are under short-term pressure, while the R&D of multiple assets in the HER2 channel is progressing rapidly. The bank expects KN026 and JSKN003 to potentially generate nearly 5 billion yuan in peak sales in China.
The bank indicated that it has raised the revenue forecast for Innovation Pharmaceuticals for 2024 to 0.657 billion yuan (same below) to reflect the relevant upfront payment for the JSKN003 licensing collaboration. However, considering the impact of the industry's compliance rectification on Envida sales and the delayed listing schedule of some investigational drugs, it has lowered the revenue forecast for 2025 to 0.45 billion yuan and reduced the peak sales forecasts for Envida and KN046 adjusted by pos to 1.1 billion and 0.5 billion yuan, respectively. Additionally, the bank significantly reduced the forecasts for R&D and sales expenses for 2024-25.
