Jinwu Financial News | According to Changjiang Securities Research, the Conoa-B (02162) performance report shows that the company achieved operating income of 354 million yuan for the full year of 2023, mainly including cooperative revenue generated from licensing to AZ; loss of 318 million yuan during the adjusted year of 2023 (loss of 255 million yuan last year), and R&D expenses for the full year of 2023 were 596 million yuan (507 million yuan in 2022).
According to the bank, the company's core product, CM310, has submitted a marketing application, and the indications continue to expand to open up the growth ceiling. CM310 is the fastest-progressing IL-4Rα monoclonal antibody developed by the company. The phase III clinical trial study for severe atopic dermatitis (AD) in adults was completed in 2023. The main endpoint data was released in 2023EADV: The percentage of subjects who reached EASI-75 during 16 weeks of treatment in the CM310 group was 66.9%, and the percentage of subjects who reached IGA0/1 and dropped by at least 2 points from the baseline was 44.2%, and the efficacy data was excellent. In addition, CM310 launched two phase III clinical studies on moderate to severe AD and seasonal allergic rhinitis in adolescents in China in 2023, which is expected to further expand the future market potential of the product.
According to the report, the company's product CMG901 read PFS data, showing potential for later-line G/GEJ treatment. Previously, CMG901 (Claudin18.2-adc) for the treatment of gastric cancer and gastroesophageal junction adenocarcinoma (G/GEJ) was approved by the FDA as an orphan drug and fast track. At the same time, it was granted breakthrough therapy certification by the CDE in China, and the product value was fully revealed. AstraZeneca has conducted a number of international multi-center clinical studies on CMG901/AZD0901 for the treatment of advanced solid tumors, further enhancing the commercial potential of the product.
The bank expects the company's net profit to be -7.68, -6.33 million yuan and -239 million yuan respectively in 2024-2026, with corresponding EPS of -2.75, -2.26 and -0.85 yuan respectively, maintaining a “buy” rating.