The Zhitong Finance App learned that BOC International released a research report stating that it maintains Corning Jerry Pharmaceutical-B (09966)'s “neutral” rating, with a target price of HK$9. Mainly based on: 1) There is considerable room for expansion of KN046 indications, but there is much uncertainty about the prospects for NSCLC treatment. The competitive landscape in this field is becoming increasingly crowded, but the company previously delayed reading the KN046-301 test data to 1H24, and the relevant data updated in ESMO 2023 did not improve the bank's confidence in the successful development of NSCLC. 2) The latest data on KN026 is basically the same as before, and the company's subsequent progress on the HER2 target is still worth looking forward to.

The bank said that the release of multiple NSCLC treatment data for KN046 and Kangfang Biotech's AK112 showed that there was no obvious advantage of KN046. 1) NSCLC patients treated with KN046 combined chemotherapy with EGFR mutations and previous EGFR TKI treatment failure: median follow-up of 17.8 months; of 26 evaluable patients, ORR was 26.9% (vs. AK112+chemotherapy 68.4%), and mPFS and MOs reached 5.5 months and 20.2 months, respectively (vs. 8.5 months/immature). 2) NSCLC after previous treatment with KN046 monotherapy and failed immune checkpoint inhibitors and platinum chemotherapy: median follow-up of 25 months, ORR 3.2% (vs. 40% with AK112 combination chemotherapy), mPFS and MoS reached 2.8 months and 13.3 months (vs. 7.1 months/15.6 months), respectively. 3) 1L treatment with PD-L1 expression rate ≥ 1% and untreated NSCLC: 22 patients enrolled in the KN046 combined acitinib trial group had an ORR of 66.7% (vs. 68.3%) and a 6-month PFS rate of 76.6% (vs. 66.1%). AK112 These comparisons are not head-to-head comparisons, and due to limited summary disclosure, differences in baseline characteristics have not yet been taken into account.

The report mentioned that KN026 (HER2/HER2 BsAb) updated two clinical data, which is basically consistent with the data published in SABCS 2022. 1) KN026 plus docetaxel 1L BC 2-year follow-up data released: Among 55 evaluable patients, ORR reached 76.4%, median follow-up of 24.2 months, MPFs reached 25.4 months, and the 30-month OS rate reached 83.7%. In terms of safety, the incidence of grade 3 or greater TRAE associated with KN026 is 38.6%. 2) KN026 combined with docetaxel neoadjuvant treatment BC: 30 patients were evaluable. The tPCR rate and bPCR rate were 56.7% and 60%, respectively, and the ORR reached 90.0%. In terms of safety, the incidence of grade 3 or greater TEAEs is 53.3%.