Macquarie expects Kang Fang Biotech (09926) to continue to profit from 2026, and is expected to be listed on the A-share market in 2025.
The Zhitong Finance App learned that Macquarie released a research report saying that according to Kangfang Biotech (09926), the company is expected to continue to profit from 2026 and is expected to be listed on the A-share market in 2025, so the target price was raised by 14% to HK$56. Sales of cadonilimab (cadonilimab) developed by the company were very strong.
The bank pointed out that after entering the market, Kangfang Biotech's cadonilimab (PD-1/CTLA-4) had strong sales in the second year, up about 1.4 times year-on-year, and exceeded the company's sales guidelines of 1.2 billion yuan (ibid.) to 1.3 billion yuan. Therefore, the bank's sales forecast for 2024 and 2025 remains unchanged, and is in line with the 2024 “steady growth” sales guidelines. It was also pointed out that Kangfang Biotech recorded a profit in 2023, mainly due to a one-time partnership payment.