研報掘金|中金:上調科倫博泰生物目標價至230港元 TROP2 ADC獲批上市期待商業化放量
中金髮表報吿,科倫博泰生物公吿核心產品蘆康沙妥珠單抗在中國獲批上市,用於治療2L及以上三陰性乳腺癌,這是國內首個獲批上市的國產TROP2 ADC。報吿指,本次批准基於國內三期臨牀試驗OptiTROP-Breast01的積極結果。根據2024年ASCO上公司披露的中期分析數據,與化療相比sac-TMT在患者無進展生存期和總生存期方面均顯示出具有顯著統計學意義和臨牀意義的改善,PFS HR 0.32,OS HR 0.53,且安全性可管理。此前國內獲批上市的TROP2 ADC僅吉利德的Trodelvy,其於2022年在中國獲批用於治療TNBC。該行認為蘆康沙妥珠單抗的臨牀數據具有競爭力,為國內患者帶來新的治療選擇。中金指,由於蘆康沙妥珠單抗獲批上市,該行調整風險因子,以及考慮到商業化節奏良好,基本維持2024年收入預測17.1億元不變,上調2025年收入預測11.1%至11.4億元;考慮到研發費用節奏,基本維持2024年和2025年淨利潤預測虧損4.9億元和虧損12.9億元不變。該行維持對其“跑贏行業”評級,上調目標價9.5%至230港元。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.