In "The Big Banks," Citigroup lowered the target price for KELUN PHARMA to 500.7 yuan with a rating of "Outperform the Market."

Citi published a research report indicating that KELUN PHARMA (06990.HK) had a revenue increase of 6.5% year-on-year to RMB 2.058 billion last year, with a net loss widening by 43.2% year-on-year to RMB 382 million, both exceeding expectations, mainly driven by stronger-than-expected collaboration revenue. The bank stated that product sales (excluding price adjustments related to the National Medical Insurance Drug List) are expected to grow semi-annually in the second half of 2025. Management expects that sales of sac-TMT will double this year after being included in the National Medical Insurance Drug List, and the company will disclose more Phase III clinical trial data for sac-TMT in first-line non-small cell lung cancer (NSCLC) this year.

The bank has lowered KELUN PHARMA's sales forecasts for the next two years by 15.7% and 11.9%, respectively, and reduced its net profit forecasts by 85.9% and 51.5%. The target price has been adjusted from RMB 548.6 to RMB 500.7, maintaining an "outperform" rating