Keymed Biosciences (2162.HK): Profit alert: Stapokibart outperformance and BD monetization drive profitability; Buy

研报英文原文证据摘录

Keymed Biosciences (2162.HK): Profit alert: Stapokibart outperformance and BD monetization drive profitability; Buy

Equity Research

16 July 2026 | 2:26AM HKT

Keymed Biosciences (2162.HK): Profit alert: Stapokibart

outperformance and BD monetization drive profitability; Buy

Stronger-than-expected stapokibart ramp-up reinforces commercialization Honglin Yan

+852-2978-6666 | honglin.yan@gs.com

confidence: The company announced a positive profit alert - Stapokibart delivered Goldman Sachs (Asia) L.L.C.

a stronger-than-expected commercial performance in 1H26, with sales exceeding Ziyi Chen

Rmb390mn, ahead of our forecast of Rmb356mn and representing >132% YoY +852-2978-0526Goldman Sachs (Asia)| ziyi.chen@gs.comL.L.C.

growth, driven by accelerating volume expansion following NRDL inclusion of three

indications (AD/CRS/SAR) and both formulations (vial/pre-filled autoinjector).

Commercial execution was also encouraging, with hospital coverage expanding to

1,600+ hospitals by 2Q26 versus c.1,500 by 1Q26, while the commercialization team

grew to 500+ FTEs from 480+ previously. The continued increase in hospital

penetration, combined with improving patient affordability post-reimbursement,

supports our view that stapokibart is entering a faster adoption phase. Given the

stronger-than-expected 1H sales trajectory, we raise our FY26 stapokibart sales

forecast to Rmb850mn from Rmb750mn previously. Keymed stands out as one of

the few companies with potential to outperform sales expectations in 2026 despite

sector-wide anti-corruption headwinds. Against a backdrop of potential downward

guidance revisions across some pharma/biotech companies, Keymed’s

stronger-than-expected stapokibart ramp-up underscores its differentiated

commercial execution, in our view.