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<Research> BofAS Raises TP for Kelun-Biotech (06990.HK) to HKD523.3, Upgrades to 'Buy' Rating
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BofAS published a research report expressing a more optimistic view on Kelun-Biotech (06990.HK) due to the rapid sales growth of its core product SKB264 (sac-TMT), its inclusion in the National Medical Insurance Drug List, and the continuous expansion of its indications in China. The company has also achieved solid clinical data in multiple indications, supporting overseas development. It is further expected that SKB264 will receive its first approval outside Greater China by 2027, potentially earning additional milestone payments from its partner Merck (MRK.US). The firm upgraded Kelun-Biotech's investment rating from 'Neutral' to 'Buy', raising the target price from HKD479 to HKD523.3. The report noted that Kelun-Biotech's total revenue for 2025 is RMB2.1 billion, a year-on-year increase of 6.5%, with licensing and collaboration revenue at RMB1.498 billion, product sales revenue at RMB543 million, and R&D service revenue at RMB17.2 million. During the period, gross profit increased by 16.1% year-on-year to RMB1.479 billion, with the gross profit margin rising from 65.9% in 2024 to 71.9%. Sales, administrative, and R&D expenses were RMB475 million, RMB179 million, and RMB1.32 billion, respectively. Shareholders' attributable loss widened to RMB382 million, with an adjusted net loss (excluding share-based payments) of RMB211 million. Considering the latest R&D progress, BofAS revised Kelun-Biotech's revenue forecasts for 2026 to 2028, with a 26% decrease, a 6% increase, and a 7% increase, respectively. The EPS forecasts were revised down by 274%, up by 60%, and up by 37%, respectively. (ec/j) Auto-translated by third-party software This translation was auto-generated by third-party software. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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