According to a research report from Everbright Securities Company Limited (601788), considering the rapid revenue growth of KEYMED BIO-B's (02162) core product Kangyueda in 26H1 and the substantial one-off gains brought by the overseas licensing deal for CM336, the brokerage has raised its 2026 forecast for net profit attributable to shareholders to 910 million yuan. Taking into account the comprehensive acceleration of the company's R&D pipeline and the continuous ramp-up of commercialization, the brokerage has also raised its 2027 net profit forecast to 46 million yuan and added a 2028 forecast of 461 million yuan. With the company's core products entering a period of rapid commercialization ramp-up, overseas BD continuously validating the value of its R&D platform, and a strong pipeline of follow-on assets, the brokerage maintains its "Buy" rating.
Key views from Everbright Securities Company Limited (601788) are as follows.
Event 1) On October 8, AstraZeneca, KEYMED BIO-B, and Lepu Biopharma jointly developed the CLDN18.2 ADC drug Sonesitatug Vedotin (Sone-Ve), which has submitted a marketing application in China for the treatment of gastric cancer/gastroesophageal junction cancer. 2) On September 29, AstraZeneca announced a $2 billion equity investment in Summit Therapeutics and will promote clinical exploration of the combination of ivonescimab and Sone-Ve in gastrointestinal cancers. 3) The company released its 2026 interim report, reporting 26H1 operating revenue of 617 million yuan, including approximately 393 million yuan in pharmaceutical sales revenue and approximately 224 million yuan in collaboration revenue. Net profit for the period reached 1.22 billion yuan.
Sone-Ve has submitted its marketing application, with comprehensive coverage of gastrointestinal tumors. The global Phase III trial of Sone-Ve for advanced 2L+ CLDN18.2+ gastric cancer reached its OS primary endpoint at the end of July, and the results will be presented at the highest-level Presidential Forum (LBA) at the 2026 ESMO. The brokerage believes the product is entering a dual-driven phase of commercialization and indication expansion globally: 1) global marketing applications for the 2L+ GC indication are expected to be launched successively; 2) the CG02 study for 1L gastric cancer is enrolling patients, combining with chemotherapy ± rilvegostomig/O drug, against the standard of care containing CLDN18.2 monoclonal antibody; 3) early-stage clinical exploration for pancreatic cancer, biliary tract cancer, and other gastrointestinal tumors is being advanced successively.
Stapokibart commercialization has ramped up rapidly, with the dual-engine model achieving significant results. In 26H1, sales revenue of stapokibart (Kangyueda?) reached approximately 393 million yuan, representing a year-on-year increase of 132%. The company's dual-engine growth model of domestic sales plus overseas BD has been validated. Domestic commercialization is accelerating: as of June 30, 2026, the commercialization team has grown to nearly 500 people, covering more than 1,600 hospitals and over 280 cities. The three approved indications for Kangyueda? (adult moderate-to-severe AD, CRSwNP, and SAR) have all been included in the National Reimbursement Drug List and were included in the National Essential Medicines List in July 2026, which is expected to accelerate penetration into county-level and primary healthcare markets, further improving drug accessibility. Overseas BD continues to deliver: the NewCo partner for CM336 was acquired by Gilead and Lakefront, and the company has received a $257 million upfront payment; the global Phase III clinical trial of CMG901 for first-line gastric cancer has completed first patient dosing, triggering a $45 million milestone payment from AstraZeneca.
Risk warnings: risk of R&D progress falling short of expectations; risk of commercial sales falling short of expectations.