--- title: "Revenue drops 31.3%, yet the market remains optimistic: Kelun-Biotech's ADC 'trump card' finally makes its appearance" type: "Topics" locale: "zh-CN" url: "https://longbridge.com/zh-CN/topics/33117623.md" description: "In the "billion-dollar club" of Hong Kong-listed biotech innovation pharmaceuticals, Kelun-Biotech is gradually gaining a foothold. It is reported that Kelun-Biotech's market value has now exceeded HKD 100 billion, with its stock price hitting a record high in August. The company's recently released interim report has further raised market expectations. Looking solely at the core operating indicators in the financial report, the performance is actually not ideal: revenue for the first half of the year was RMB 950 million, a year-on-year decrease of 31.3%, and net profit shifted from profit to loss, with a loss of RMB 145 million during the period. However, this result was better than market expectations. UBS published a research report pointing out..." datetime: "2025-08-19T13:30:26.000Z" locales: - [en](https://longbridge.com/en/topics/33117623.md) - [zh-CN](https://longbridge.com/zh-CN/topics/33117623.md) - [zh-HK](https://longbridge.com/zh-HK/topics/33117623.md) author: "[医药研究社](https://longbridge.com/zh-CN/profiles/15545088.md)" --- > 支持的语言: [English](https://longbridge.com/en/topics/33117623.md) | [繁體中文](https://longbridge.com/zh-HK/topics/33117623.md) # Revenue drops 31.3%, yet the market remains optimistic: Kelun-Biotech's ADC 'trump card' finally makes its appearance In the "billion-dollar club" of Hong Kong-listed biopharmaceutical innovators, Kelun-Biotech is gradually gaining a firm foothold. It is reported that Kelun-Biotech's market value has now exceeded HKD 100 billion, with its stock price hitting a record high in August. The company's recently released interim report has further raised market expectations. Looking solely at the core operating indicators in the financial report, the performance is not ideal: revenue for the first half of the year was RMB 950 million, a year-on-year decrease of 31.3%, and net profit turned from profit to loss, with a loss of RMB 145 million during the period. However, these results were better than market expectations. UBS published a research report noting that Kelun-Biotech's first-half revenue was in line with the market consensus of RMB 933 million; the net loss of RMB 145 million during the period was roughly in line with the bank's forecast of RMB 136 million and better than the market's expected loss of RMB 330 million. At this stage, Kelun-Biotech is standing at the tipping point of commercial success. **How did the core product achieve sales exceeding RMB 300 million?** The significant drop in Kelun-Biotech's revenue in the first half of this year was mainly due to a decrease in milestone payments from licensing and collaboration agreements. Compared to this, the capital market is more focused on the incremental growth in this financial report: the company's total commercial sales reached RMB 309.8 million, of which the core product TROP2 ADC, Sacituzumab Govitecan (sac-TMT, brand name: Jiatailai®), accounted for as much as 97.6%. Specifically, Sacituzumab Govitecan has not been on the market for long: In November 2024, it was approved by the National Medical Products Administration (NMPA) for marketing in China for the treatment of unresectable locally advanced or metastatic triple-negative breast cancer (TNBC) in patients who have received at least two prior systemic therapies (at least one of which was for advanced or metastatic disease); In March of this year, it was newly approved for the treatment of adult patients with EGFR mutation-positive locally advanced or metastatic non-squamous non-small cell lung cancer (NSCLC) who have progressed after treatment with EGFR-TKI (epidermal growth factor receptor tyrosine kinase inhibitor) and platinum-based chemotherapy. In other words, Sacituzumab Govitecan achieved sales exceeding RMB 300 million in a short period of time through two major indications, which is indeed impressive. Several factors likely played a decisive role in this. In terms of the product itself, the first-mover advantage and scarcity value are quite evident. Kelun-Biotech's financial report shows that Sacituzumab Govitecan is the first domestically developed and the second globally approved TROP2 ADC drug, as well as the first domestically developed ADC with global intellectual property rights to receive full approval in China. It is worth mentioning that TROP2, the target of Sacituzumab Govitecan, is trophoblast cell surface antigen 2, also known as tumor-associated calcium signal transducer 2 (TACSTD2), a cell surface glycoprotein. Previous studies have shown that TROP2 is significantly overexpressed in various solid tumors, including breast cancer and non-small cell lung cancer, and is closely associated with tumor aggressiveness, growth rate, and patient prognosis, making it a high-potential target in cancer treatment with broad application prospects. Currently, Kelun-Biotech has actively seized the first-mover advantage in R&D, coupled with a solid commercial foundation, which means the market potential is substantial. The financial report mentions that Kelun-Biotech's business now covers 30 provinces, over 300 prefecture-level cities, and more than 2,000 hospitals, with sales revenue generated in over 1,000 hospitals. At the same time, Kelun-Biotech has established stable partnerships with several leading commercial and distribution groups, including over 60 first-tier distributors and more than 400 DTP pharmacies. Overall, the explosive growth of the pharmaceutical company is essentially the result of a combination of factors, including technological leadership and accelerated commercialization. However, in general, Kelun-Biotech is still on the eve of a performance breakthrough, mainly because the full potential of its products has yet to be realized. **Is a turnaround in performance imminent?** The latest performance highlights a core goal for Kelun-Biotech's future development: to turn the tide and achieve long-term sustainable growth. With the launch of Sacituzumab Govitecan, we are finally seeing Kelun-Biotech's increasingly mature commercial product pipeline and the potential for explosive growth. The financial report mentions that Kelun-Biotech has obtained marketing approvals for Sacituzumab Govitecan (Jiatailai®), Tagolizumab (Ketailai®), and Cetuximab N01 (Datailai®), and has begun commercializing these three products. In the first half of 2025, Jiatailai® completed procurement listings in 29 provinces, Ketailai® in 25 provinces, and Datailai® in 15 provinces, ensuring rapid market access in provincial procurement process. These products have also passed the preliminary formal review for inclusion in the National Reimbursement Drug List. Additionally, based on the expected approval timelines for late-stage pipeline projects, Kelun-Biotech anticipates launching Botuzumab (Shutailai®) in the Chinese market in the second half of 2025 and submitting an NDA for A400. Among these, the product most capable of driving growth and with the most promising prospects is undoubtedly Sacituzumab Govitecan. Moreover, this "cash cow" shows signs of further expansion. Regarding the future progress of Sacituzumab Govitecan, Kelun-Biotech also revealed some information in the financial report. For example, in terms of expanding indications, in May 2025, the application for a new indication for Sacituzumab Govitecan was accepted by the NMPA, intended for the treatment of hormone receptor-positive (HR+)/human epidermal growth factor receptor 2-negative (HER2-) breast cancer patients who have failed prior endocrine therapy and other systemic treatments, and was included in the priority review process. Furthermore, Kelun-Biotech has granted Merck an exclusive, royalty-bearing, sublicensable license to develop, use, manufacture, and commercialize sac-TMT outside Greater China. Currently, Merck has initiated 14 ongoing global Phase 3 clinical studies of sac-TMT as a monotherapy or in combination with pembrolizumab or other drugs for various types of cancer. Given Kelun-Biotech's "multi-pronged" strategy for its core product, many securities firms have provided quite optimistic forecasts. For example, Guotai Junan Securities believes that Sacituzumab Govitecan's domestic sales could exceed RMB 4 billion, with overseas sales royalties potentially reaching over RMB 2 billion. It can be said that Sacituzumab Govitecan is already Kelun-Biotech's absolute revenue driver, but one horse alone cannot ensure success. To achieve greater growth, Kelun-Biotech's other product pipelines must also keep pace, which may be one of the highlights of the next reporting period.$SKB BIO-B(06990.HK) Source: Pharmaceutical Research Society ### 相关股票 - [SKB BIO-B (06990.HK)](https://longbridge.com/zh-CN/quote/06990.HK.md)