Keymed (2162 HK): Buy: CLDN18.2 ADC succeeded in gastric cancer

Research evidence excerpt

Keymed (2162 HK): Buy: CLDN18.2 ADC succeeded in gastric cancer

36, to bring upside. 52-WEEK PRICE (HKD)

AZ showed strong confidence. Despite the dual-primary PFS not being met for 3L+ 120.00

GC patients, we are positive on SV’s NDA filing, considering that the OS test is the 79.50

gold standard and is more important than PFS indicator. AZ also forecast USD3-5bn

39.00

peak sales for SV and highlighted SV’s first mover advantage as the first CLDN18.2 07/25 01/26 07/26

ADC to improve OS in global phase III trial, and SV’s wider patient coverage vs peers Target price: 105.00 High: 87.20 Low: 46.34 Current: 82.80

in lower CLDN18.2 expression (over 50% of advanced GC). AZ has invested heavily Source: LSEG IBES, HSBC Qianhai Securities estimates

in SV and has initiated SV’s global phase III trials for treating 1L GC and phase II for

pancreatic cancer (PC) and biliary tract cancer (BTC). AZ also stopped another Cindy Chai* (Reg. No. S1700523040001)

phase I CLDN18.2 ADC (TOP I payload) development on the same day. We are Analyst, China Healthcare Research HSBC Qianhai Securities Limited

waiting for detailed phase III data in 2H26e and maintain our risk-adjusted peak sales cindy.x.r.chai@hsbcqh.com.cn

+86 21 5066 2005

forecast for SV at USD2bn.

Linda Shu*, PhD (Reg. No. S1700522120001)

Future milestone. Beyond SV, we expect 1) CM310 (IL4R) to deliver solid sales in Head of China Healthcare Research

HSBC Qianhai Securities Limited

2026-27e and label expansion into Prurigo Nodularis (PN) and Adolescent Atopic linda.y.l.shu@hsbcqh.com.cn

Dermatitis (AD) in YE26-1H27e; 2) CM512 to report China phase II interim data in +86 755 88983246

CRSwNP (chronic rhinosinusitis with nasal polyp) in 2H26e, and phase II data in