Bocom intl expects that Innovent Biologics-B (09966) KN026 and JSKN003 are likely to collectively generate nearly 5 billion yuan in peak sales in the domestic market.
According to Zhitong Finance APP, Bocom intl released a research report stating that the target price for Innovent Biologics-B (09966) has been lowered to 5 Hong Kong dollars, maintaining a "neutral" rating. The company's product sales are under short-term pressure, and multiple assets in the HER2 channel are rapidly advancing in development. The firm expects KN026 and JSKN003 to likely generate nearly 5 billion yuan in peak sales in the domestic market.
The bank indicated that it has raised the revenue forecast for Innovation Pharmaceuticals for 2024 to 0.657 billion yuan (same below) to reflect the relevant upfront payment for the JSKN003 licensing collaboration. However, considering the impact of the industry's compliance rectification on Envida sales and the delayed listing schedule of some investigational drugs, it has lowered the revenue forecast for 2025 to 0.45 billion yuan and reduced the peak sales forecasts for Envida and KN046 adjusted by pos to 1.1 billion and 0.5 billion yuan, respectively. Additionally, the bank significantly reduced the forecasts for R&D and sales expenses for 2024-25.
