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2025-08-01 13:45:36
[UBS reiterates its buy rating on Kangfang Biopharma and raises its target price to HK$197.5] UBS published a research report stating that Kangfang Biopharma's (09926.HK) core product AK112 (ivonescimab) has shown great potential in indications other than non-small cell lung cancer (NSCLC). In addition to the six indications for NSCLC, the company has launched six Phase III clinical trials covering first-line treatment areas such as bile duct cancer, triple-negative breast cancer, and pancreatic cancer. The breadth of indications ranks first among similar drugs. UBS pointed out that the drug has seen rapid sales growth since it was included in the national medical insurance catalog in January this year. In May, it was approved for a new indication for the first-line treatment of NSCLC. It is expected to further contribute to incremental revenue through the 2025 medical insurance negotiations. It raised the peak sales of AK112 in China and globally to US$1.2 billion and US$14.6 billion, reiterated its buy rating, and significantly raised the target price from HK$112.1 to HK$197.5.
