Jinwu Financial News | According to Debon Securities Research, Kangfang Biotech (09926) recorded total revenue of 4,526 billion yuan in 2023, an increase of 440% over the previous year. Product sales in 2023 were $1,631 million (up 48% year over year), and the company confirmed annual technical licensing and technical cooperation revenue of about RMB 2,923 billion, mainly from the initial payment of the AK112, PD-1/VEGF (, PD-1/VEGF) license from Summit. Profit in 2023 was $1,942 million.
According to the bank, the company invested a total of 1,254 billion yuan in R&D throughout the year, and at the end of 2023, the company had cash reserves of about 4.9 billion yuan. As of 2023, the company has approved 3 new drugs for marketing, 6 new drugs have been submitted for sale, and the company has more than 50 research projects, 19 of which are in the clinical stage. Using cardonil and evosil as the cornerstones, the company has carried out 80+ combination therapy studies, and is also comprehensively exploring related technology platforms such as ADC, mRNA, and cell therapy.
The bank continued that the company's pipeline is rich, the hierarchy is reasonable, and there are authorized products to go overseas, and the bank believes that it will enter a period of rapid growth in performance in the next 2-3 years. Revenue for 24-26 is estimated at $28.43, 47.89, and $7.22 billion, and net profit of -$3.15, 5.62, and $1,469 million. Continue to be optimistic about the company's development and maintain a “buy” rating.