Bank of Communications International issued a research report stating that based on KEYMED BIO-B's (02162) first-half performance and pipeline development progress this year, the firm has adjusted its financial forecasts for 2025-2027 with more optimistic profit margin projections. Considering better-than-expected cost control and the transfer of overseas R&D to partners following pipeline internationalization, the bank rolled forward the DCF model's starting year to 2026 and raised the target price to HK$78, corresponding to 3.1 times peak revenue price-to-sales ratio, while maintaining a "Buy" rating.

Bank of Communications International noted that KEYMED BIO-B's core products accelerated market penetration in the first half with differentiated positioning. The first complete half-year commercialization results for Spevigo (spesolimab) were outstanding, and the TSLP/IL-13 dual antibody is expected to become the next blockbuster product in the autoimmune field, with key focus on nasal indications.

The firm also indicated that leveraging strong clinical development execution capabilities and significantly differentiated multiple technology platforms, the company's diversified product matrix spanning different technological approaches and disease areas is gradually taking shape, extending from autoimmune and oncology into more high-potential therapeutic areas.