Keymed Biosciences (2162.HK): China Healthcare Corporate Day 2026 Takeaways — Potential upward revision to stapokibart sales guidance

Research evidence excerpt

Keymed Biosciences (2162.HK): China Healthcare Corporate Day 2026 Takeaways — Potential upward revision to stapokibart sales guidance

Goldman Sachs Keymed Biosciences (2162.HK)

6,000L bioreactors was successfully achieved, with additional capacity coming online by

end-2027 to support ~Rmb5bn+ sales potential, positioning it well against future

competition.

CM512 as long-acting antibody with BD potentials: CM512 (TSLP/IL-13) represents

the company’s push into next-generation long-acting biologics, with potential for

6-month dosing intervals and broader applicability across respiratory indications (e.g.,

asthma, COPD). Mechanistically, the asset targets multi-pathway modulation (beyond

IL-13 alone, incorporating upstream signals TSLP), supporting a differentiated

positioning versus peers. Early clinical data show favorable safety (no ADA) with ~1,000

patient exposure, while multiple Phase 2 readouts are expected in near term (CRS in

August, asthma/COPD by YE26) and Phase 3 planned subsequently. For early-stage

pipeline, the company is developing other long-acting antibodies (including

autoimmune and CNS assets), siRNA and PROTAC, to generate 5 - 8 INDs per year.

Management also highlighted increasing BD interest, suggesting this platform could

become a key source of external collaboration and long-term growth optionality.

CM336 with strong differentiation in autoimmune indications: CM336 (BCMA/CD3,

acquired by Gilead) is advancing across B-cell-mediated autoimmune diseases, with

overseas Phase 3 trials for AIHA, ITP and pemphigus expected to start in 2027, while

additional indications (e.g., SjS, MG) continue in clinical development. Early data suggest

strong efficacy with low CRS risk and durable immune reset potential, supporting

differentiation versus FcRn class.