Goldman Sachs: Initiates coverage on KEYMED BIO-B with a Buy rating and a target price of HKD 92.67

Goldman Sachs released a research report stating that it has initiated coverage on KEYMED BIO-B with a "Buy" rating and a target price of HKD 92.67. The firm indicated that the company's first commercialized product, Stapokibart, has been approved in mainland China for the indications of atopic dermatitis, chronic sinusitis, and seasonal allergic rhinitis. With Stapokibart's first-mover advantage in these areas, the firm believes the drug is expected to establish a valuation foundation for the company, with peak sales projected to exceed RMB 5 billion by 2035. Additionally, the firm anticipates that greater growth momentum will come from CM512, believing that this drug could become a preferred option for asthma and chronic obstructive pulmonary disease; it is expected that global sales of CM512 before and after the PoS stage could reach USD 3.3 billion and USD 694 million, respectively, by 2035