金吾财讯 | 交银国际研报指，科伦博泰生物(06990)上半年业绩基本符合预期，核心产品快速放量。收入9.5亿元（人民币，下同），包括：商业化产品销售收入3.1亿元，其中芦康沙妥珠贡献3.02亿元。管理层维持其全年销售额8-10亿元的指引，主要驱动因素包括：1）市场渗透快速提升：已完成29省挂网并纳入20多个城市惠民保；2）适应症拓展：3L EGFRmt NSCLC适应症于3月获批。管理层表示将于2025年ESMO大会上公布两项三期临床数据，包括：1）2L HR+/HER2-乳腺癌适应症；2）二线EGFRmt NSCLC适应症。同时多项一线适应症注册性研究进展顺利，包括1L PD-(L)1、1L EGFRmt NSCLC 联合奥希替尼。此外，公司多项早期管线稳步推进：SKB571即将进入二期临床，联用潜力充足，有望布局消化道肿瘤等与芦康沙妥珠具有差异化的适应症。该机构略微上调2025-27年收入预测、上调长期峰值销售预测。基于DCF模型，该机构上调公司目标价至507港元，维持买入评级。
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