Zhitong Financial APP learned that Guoyuan International issued a research report saying that Corning Jerry Pharmaceuticals-B (09966) "buy" rating, expected 2022-24 operating income of 1.9cm 4.5 / 875 million yuan, the target price of 15.15 Hong Kong dollars, there is 43% room for increase compared with the current price. 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.
The main points of Guoyuan International are as follows:
The clinical data of the company's double-resistant products are eye-catching.
Results of three phase II clinical trials of the company's double antibody at SABCS conference:(i)The results of phase II clinical trial of KN046 combined with albumin paclitaxel in the treatment of metastatic TNBC: the 2-year OS rate of ORR44%,DCR96%; was 60.1%.
(ii)The results of phase II clinical trial of KN026 combined with docetaxel in the treatment of HER2-positive recurrent or metastatic BC: the 2-year OS rate of ORR76.4%,DCR100%; was 91.2%.
(iii)Preliminary results of phase II clinical trial of KN026 combined with docetaxel for neoadjuvant therapy for HER2-positive early or locally advanced BC: ORR100%.
Progress in the listing 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, during the follow-up of OS data, the data will be read out in Q2 in 23 years, and then enter the Pre-NDA phase; first-line treatment of advanced pancreatic cancer III phase clinical studies completed more than 50%, 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-KN052I phase 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.