The clinical data of the company's double-resistant products are eye-catching:
Company double antibody at the SABCS conference, the results of three phase II clinical trials: (I) KN046 combined with albumin paclitaxel in the treatment of metastatic TNBC phase II clinical trial results: ORR44%,DCR 96%; 2-year OS rate 60.1%. (ii) KN026 combined with docetaxel first-line treatment of HER2-positive recurrent or metastatic BC results of phase II clinical trial: ORR76.4%,DCR 100% HER2 2-year OS rate of 91.2%; and (iii) KN026 combined with docetaxel for early or locally advanced HER2-positive neoadjuvant therapy of II phase clinical trial preliminary results: ORR100%.
Progress in the marketing of innovative drugs:
In terms of research and development, a total of 8 milestones have been achieved. A number of registered clinical studies in KN046 have been carried out smoothly, and the mid-term analysis of the III phase clinical study in the first-line treatment of advanced non-small cell lung cancer has successfully reached the preset PFS end point. at present, the OS data will be read out in Q2 in 23 years, and then enter the Pre-NDA phase; more than 50% of the III phase clinical studies in the first-line treatment of advanced pancreatic cancer are completed, which is expected to bring a new breakthrough in the treatment of advanced pancreatic cancer. A new generation of targeted HER2 double antibody KN026 monotherapy for previously treated advanced HER2 expression gastric cancer or gastroesophageal junction cancer II phase clinical study achieved good efficacy and controllable safety results; combined chemotherapy to carry out III phase clinical, and completed the first patient administration.
In addition, KN019 completed phase II clinical trials in the field of RA autoimmune diseases, and independently developed double anti-KN052 phase I clinical trials to complete the administration of the first patient. The company makes full use of its own technology and platform advantages, reasonable pipeline layout, accelerated product research and development process, and the advantage of innovation differentiation is expected to be verified in the future. On November 24, 2021, Envida, the world's first subcutaneous injection of PD-L1 antibody drug, was approved in China. The net profit in 2022 will reach 140 million yuan, and it will reach 230 million yuan in 23 years.
Cover again, give a buy rating, target price HK $15.15:
The clinical data of the company's innovative drugs are eye-catching, and the steady progress of the listing of core products will lead to the rapid growth of the company's future performance. We expect the company's operating income from 2022 to 2024 to be 1.90,4.50 and 875 million yuan.
According to the DCF model, the target price is HK $15.15, which is 43 per cent higher than the current price and is given a "buy" rating.