The Zhitong Finance App learned that BOCOM International released a research report stating that it maintains the “buy” rating of Corning Jerry Pharmaceuticals (09966), with a target price of HK$16.22. The company's KN035 (PD-L1 mAb) sales reached 567 million yuan in 2022 (same below), exceeding the bank's previous forecast of 474 million yuan; leading to sales of nearly 1 billion yuan in 2023.

The report also said that in 2023, Corning Jerry focused on the core product KN046 combined chemotherapy 1L Sq NSCLC and completed the PFS midterm analysis, and is expected to submit a biopharmaceutical license application in the 3rd quarter of this year. Based on KN035 sales exceeding expectations and as clinical data reading points (PoS) increased, the bank raised the company's 2023 revenue forecast to 300 million yuan.