Investment Rating - The report assigns an "Accumulate" rating for the company, marking it as the first coverage [1]. Core Viewpoints - The company has a strong ADC platform technology and its core product, TROP2 ADC, has been approved for market [1]. - The company has established a comprehensive ADC research and development platform, OptiDC, which supports the entire development process from research to production [1][13]. - The company has multiple products in clinical development, with significant partnerships and collaborations enhancing its commercial prospects [1][3]. Summary by Sections Company Overview - Sichuan Kelun-Botai Biopharmaceutical Co., Ltd. focuses on innovative biopharmaceuticals and has established three core platforms for ADC, large molecules, and small molecules [13][21]. - The company has a strong management team with extensive industry experience and a concentrated shareholding structure [15][19]. ADC Development - The ADC market is projected to grow significantly, with the global market expected to reach $63.8 billion by 2030, and the Chinese market projected to reach RMB 68.9 billion by 2030 [54]. - The company has five ADCs in clinical research, with A166 (HER2-ADC) and SKB264 (TROP2-ADC) already in the NDA stage [59][60]. Product Pipeline - The company has four NDA applications accepted by the CDE, including A167 (PD-L1 monoclonal antibody), A166 (HER2 ADC), A140 (biosimilar of cetuximab), and SKB264 (TROP2 ADC) [2]. - The company has established a strong pipeline with over ten clinical candidates, including several in critical trials or NDA registration stages [21]. Financial Projections - The company is expected to generate revenues of RMB 1.217 billion, RMB 1.654 billion, and RMB 2.476 billion for the years 2024, 2025, and 2026, respectively, with net profits projected to be -RMB 720 million, -RMB 606 million, and -RMB 415 million [3].
科伦博泰生物-B：ADC平台技术优势突出，核心品种TROP2 ADC获批上市