Bank of Communications International has raised the target price for REMEGEN (09995) from HK$109 to HK$112, reiterating a "Buy" rating. Key focus areas for 2026 include the clinical development of Telitacicept for MG and Disitamab Vedotin for UC, as well as RC28 (with DME approval and wAMD filing for market approval). Additionally, progress is expected in early-stage clinical trials for the PD-1/VEGF bispecific antibody, CLND18.2 ADC, and novel ADC RC278, with potential business development opportunities.

The report highlights REMEGEN's strong revenue growth and narrowing losses in Q3. Revenue rose 33% year-on-year to RMB620 million, driven by Telitacicept sales of RMB380 million (up 41% YoY and 13% QoQ) and Disitamab Vedotin sales of RMB240 million (up 21% YoY and 3.5% QoQ). Gross margin improved by 2.5 percentage points, while SG&A expenses decreased by 9.6 percentage points. R&D expenses also saw a significant 30% reduction.

The company reported a net loss of RMB100 million in Q3, continuing a sequential decline. Cash reserves stood at RMB1.45 billion, with approximately RMB3.5 billion in available credit lines. Management expressed confidence in achieving over 30% full-year product revenue growth, with milestone payments from Telitacicept and RC28 licensing deals expected to be recognized in Q4.