荣昌生物2026年上半年业绩及管线进展研究

HoldAsia China Pharmaceuticals/Biotechnology1H26: deviated performance of RC18 and RC48 Cyrus Ng, CFA Research Analyst+852-2203-6208 ofRmb1,347m in1H26,up23%YoY,with2Qproductsalesgrowing22%YoYtoRmb700m.Webelieve this growthwasmainlydrivenbythe ramp-upof RC18,andthetop-line performance was in line withthe company'sfull-yeargrowthtarget of25%YoY.CombinedwiththeupfrontpaymentfromAbbVie,1H26totalrevenuesurged~436%YoYtoRmb5,850m. ExcludingBD income,grossmargindropped3.8pptto80.6%.The selling expenseratio declined8.6pptto39.6%dueto improved efficiency,and the R&Dexpenseratiodeclined29.4pptto29.8%duetodecreasedoverseasR&Dspending.Whilstabsoluteadmin expensesgrew70%YoYtoRmb262mduetotransaction-relatedconsultingfees,theadmin expense ratiofell 9.6ppt to 4.5%dueto the expandedrevenuebase. Overall,operating expenses (selling,admin,and R&D)declined 7%YoY.Togetherwithsubstantial BDincome,operatingprofitturnedpositiveat Rmb4,710m,withnetprofitreaching Rmb4,662m. RobustgrowthmomentumforRC18.SalesofRC18(Telitacicept)reachedRmb880min1H26,up35%YoY,as theproductcontinuedtorampupacrossdifferentindications.Management noted the product has a leading market share in SLE(Systemic Lupus Erythematosus) and a stable share in RA (Rheumatoid Arthritis).For MG (Myasthenia Gravis), management saw a doubling in the size of the newpatientpool. InJune2026,RC18wasapprovedforIgAN(ImmunoglobulinANephropathy)andSD(Sjogren's Syndrome).Management sawrobustgrowth momentum in IgAN,and notedthat work for SD's NRDLinclusionis ongoing. In addition,the companywill renewitsexistingindicationsinNRDL,andmanagementwillnegotiateforzeroor mild price cuts. RC48facedcompetitionsinGC.SalesofRC48(aHER2ADC)reachedRmb450min1H26,up2%YoY.Managementnotedthatcompetitionhasintensifiedforgastriccancer (GC)due to more approved products.Its sales from Urothelial carcinoma(UC)grew 21.5%YoY.Management noted a limited contribution from 1L HER2-expressing UC,despite its approval inApril 2026.Itexpects this indicationtostartcontributing in 2H26 and ramp up in 2027 after its inclusion in the NRDL Pharmaceuticals/BiotechnologyRemegen plus chemoin1LNSCLCwill bepresentedattheWCLCinSeptember; (2)InChina,patient enrollment is ongoing for the Phase Ill trial of RC148 plus chemo in 1LsqNSCLC, while the Phase Ill trial of the combination in 1L nsqNSCLC is initiating;(3) Phase II/ll enrollment is underway in China for 1L CRC plus chemo; (4)Enrollment is initiating for the RC148-RC118 combination in 1LGC; (5) Overseas,AbbVie is initiating enrollment for the Phase Ill trial of the combination in 1LSqNSCLC. Appendix 1 *Other information available upon request Company informatiopageonourwebsiteathttps://research.db.com/Research/Disimer.Investors ImportantDisclosuresRequiredbyU.S.RegulatorsDisclosures marked withan asterisk mayalsobe requiredbyat least one jurisdiction in additiontothe United States.See ImportantDisclosuresRequiredbyNon-U.S.RegulatorsDisclosures markedwithanasterisk mayalsobe requiredbyat least one jurisdiction inadditiontothe UnitedStates.See For disclosures pertainingto recommendations or estimates made on securities otherthan the primary subject of thisresearch,pleaseseethemostrecentlypublishedcompanyreportorvisitourglobaldisclosurelook-uppageonourwebsiteandconflictdisclosurescanalsobefoundathttps://research.db.com/Research/Disclosures/Disclaimer.Investorsarestronglyencouraged to reviewthis information before investing. AnalystCertification Theviews expressed in this report accuratelyreflect the personal viewsof the undersigned lead analyst(s)aboutthe subjectissuer and the securities of the issuer. In addition, the undersigned lead analyst(s) has not and will not receive anycompensationforproviding a specific recommendation orview inthisreport.Cyrus Ng. Pharmaceuticals/BiotechnologyRemegen Buy, Target Price Change HKD 38.00, Current PriceHKD 23.40 Cyrus Ng, CFA2.04/29/2025Downgraded to Hold, Target Price Change HKD 38.00,Current Price HKD 36.95 Cyrus Ng, CFA3.08/26/2025Hold, Target Price Change HKD 74.00, Current PriceHKD 91.85 Cyrus Ng, CFA Hold, Target Price Change HKD 77.00, Current PriceHKD 90.00 Cyrus Ng, CFA5.01/13/2026Hold, Target Price Change HKD 95.00, Current PriceHKD 100.10 Cyrus Ng, CFA Pharmaceuticals/BiotechnologyRemegen EquityRatingandDispersionKey The Equity Rating Dispersion Chart depicts thefollowing The proportion of recommendations that are rated"buy","sell"and"hold"overtheprevious 12months.Thisis shown for"Companies Covered"bars inthe chart.Thepercentagevaluedisplayedabovethe baristheproportionas apercentage.E.g.50%abovethe"buy"/"CompaniesCovered"barmeansthat50%ofDB'sequityresearchcoveredcompaniesoverthepast12monthshavea"buy"rating Next to each of thethree respective bars showing theproportion of"buy","sell"and"hold"recommendations we providetwo additional bars to show: - The proportion of"buy","sell" or"hold recommendations where Deutsche Bank and or/Affiliates provided MIFIDInvestmentorAncillaryServices inthepast12 mont