Zhizhong Finance and Economics learned from a research report released by Guosen Securities that it maintains a rating of "outperform the market" for Akeso (09926) and is bullish on the sales volume of AK112 after approval for listing in China and the clinical progress and subsequent data readouts globally. It maintains Akeso's profit forecast, with forecasted revenue for 2024-2026 of 2.554/4.203/6.436 billion yuan.

The report states that Akeso's core product PD-1xVEGF dual antibody Ivosidenib (AK112) has made a series of important research and regulatory progress recently: 1) AK112 has been approved for listing by the China Drug Administration for the treatment of EGFRmnsqNSCLC progress treated with combination chemotherapy; 2) AK112 disclosed Phase III clinical data on the treatment of EGFRmnsqNSCLC progress treated with combination chemotherapy at the ASCO Annual Meeting; 3) AK112's registration clinical trial of head-to-head pabureruzumab monotherapy for first-line treatment of PD-L1-expressing NSCLC has achieved PFS major clinical endpoints.

The bank stated that 1) AK112 disclosed Phase III clinical data on the treatment of EGFR-TKI-treated EGFRmNSCLC progress treated with combination chemotherapy at the ASCO Annual Meeting. Compared with similar treatments, AK112 has a greater benefit in terms of PFS and has the best potential among similar treatments, with a higher proportion of baseline generation 3 EGFR-TKI resistance in the enrolled patients; 2) The population of EGFRmNSCLC patients in China is broad. For patients with EGFR-TKI treatment progress, only the combined use of Xindili monoclonal antibody has been approved for listing. AK112 is expected to occupy a favorable market position with excellent clinical data; 3) AK112 has achieved PFS superiority compared to K drugs in the monotherapy of PD-L1-expressing NSCLC patients, and is strongly positive in efficacy analysis in various subgroups, becoming the world's first and only drug to prove significant efficacy in 3-phase monotherapy head-to-head clinical trials, and is expected to become a new cornerstone of immunotherapy.