金吾财讯 | 交银国际研报指，康方生物(09926)依沃西单抗治疗EGFR-TKI耐药的EGFRm nsq-NSCLC 的中国 III 期 HARMONi-A 研究，最终分析显示达到OS临床终点。海外同适应症的III期HARMONi研究已公布与HARMONi-A类似的生存获益改善。考虑到HARMONi研究的样本量更大，该机构预计最终分析OS达到统计学显著的可能性较大。该机构上调产品海外经PoS调整峰值预测至165亿美元。1H25公司商业销售收入同比增长49%至14.0 亿元，主要得益于卡度尼利和依沃西两款核心双抗产品于年初正式纳入医保目录，同时PCSK9和IL12/IL23启动商业化。公司销售团队人数超1,200，并继续完善肿瘤和特药事业部分线。该机构调整2025-27年财务预测，并基于依沃西海外长期更高的收入预测及WACC调整，上调目标价至183港元（原140港元），维持买入及行业重点推荐。
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