HSBC Research: Market worries that AK112 is less effective for Western patients than for Asian patients, slightly lowering AKESO's target price to 205 yuan

HSBC Global Research report indicates that Akeso (09926.HK) partner Summit Therapeutics recently updated the global Phase III HARMONi study data comparing AK112 combined chemotherapy with platinum-based doublet chemotherapy. The results are generally consistent with earlier data, but the market is concerned that AK112 may be less effective in Western patients compared to Asian patients. Additionally, the differences between the global HARMONi trial and the China-exclusive HARMONi-A trial data may impact its overseas commercial prospects.

As a result, the bank has lowered its peak sales forecast for EGFR mutation non-small cell lung cancer (NSCLC) to reflect the weakening of its competitive advantage. At the same time, the bank believes that the current valuation of the shares remains attractive, expecting a compound annual growth rate of 50% in sales from 2025 to 2027; it maintains a "Buy" rating on Akeso, with a target price slightly reduced from 208 yuan to 205 yuan.

Akeso opened nearly 6% lower this morning, hitting a low of 129.6 yuan during the session, down 9.1% at one point, and is currently trading at 139.7 yuan, down nearly 2%, with a transaction volume of 1.663 billion yuan