申万宏源研究(香港)：康方生物（09926）港股公司研究报告-Commercializationachievement

康方生物-B(09926) Akesoreported2022revenueofRmb838m(+271%YoY)andnetlossofRmb1.2bn(vslossesofRmb1.1bnin2021),beatingourexpectation.Thecompany’srevenuewasmainlyattributabletothecommercialisationofpenpulimab(AK105)andcadonilimab(AK104).ItsR&DexpensesandsellinganddistributionexpensesreachedRmb1.3bn(+18%YoY)andRmb553m(+208%YoY)in2022.Now,thecompanyhassufficientcashofoverRmb5.0bnonhand.ConsideringtheupfrontpaymentforAK112(PD-1/VEGF)fromSummitTherapeuticsandsalesrampupofcommercializedproducts,weraiseourEPS