The Zhitong Finance App learned that Societe Generale Securities released a research report saying that after adjusting the company's profit forecast, Corning Jerry Pharmaceutical-B (09966) is expected to achieve net profit of 1.85/-2.60/-192 million yuan in 2026-2028, maintaining an “increased holdings” rating; the bank believes that external licensing fully verifies the global competitiveness of JSKN016 and the sugar-based fixed-point coupling platform, and the company's subsequent external licensing of ADC molecules is worth looking forward to.
Societe Generale Securities's main views are as follows:
2026H1's revenue and profit are affected by license fee fluctuations
In the first half of 2026, the company achieved total revenue of 271 million yuan (YoY -15.1%), including drug sales and royalties of 74 million yuan (YoY +10.6%), license fee revenue of 191 million yuan (YoY -22.2%); loss of 40 million yuan during the period. In terms of cost ratio, the company's management expense ratio is 12.55% (YOY+1.79pct), and R&D expenses rate is 94.03% (YOY+14.78pct).
KN026 was approved to open a new stage of commercialization, and breast cancer indications are expected to expand further
KN026 was approved for use in combination chemotherapy for second-line HER2-positive gastric cancer/gastroesophageal junction cancer in May 2026, and the first batch of commercial deliveries was completed in June. The new adjuvant phase III results for HER2+ breast cancer were selected for 2026 ASCO LBA. The tPCR rate in the kn026 combined albumin paclitaxel ± carboplatin group was 62.4%, which is a significant increase compared to the THP± carboplatin control group; the Phase III clinical trial of HER2+ breast cancer first-line treatment has reached the main end of PFS. The marketing applications for both indications were accepted and included in priority review in August, and the commercialization value of KN026 continues to increase.
The clinical progress of the ADC pipeline is progressing steadily, and it is expected to usher in a data-intensive catalytic period
JSKN003 has carried out 4 phase III studies. Of these, second-line HER2-positive breast cancer studies have all completed enrollment. The company expects to read out the data and submit pre-BLA communication in 2026. JSKN016 has entered stage III triple-negative breast cancer, and phase III of the HR-positive breast cancer post-line single drug has been approved by CDE; high-concentration subcutaneous preparations have been administered in both China and Australia; in the next generation pipeline, JSKN027 (PD-L1/VEGFR2 ADC) and JSKN021 (EGFR/HER3 dual-load ADC) have entered phase I clinical trials. As clinical progress continues, the company is about to enter a period of intensive data catalysis.
External authorization verifies the global competitiveness of JSKN016 and the sugar-based fixed-point coupling platform
In August 2026, the company granted JSKN016 exclusive rights to Pathos AI in regions other than mainland China, Hong Kong, Macao and Taiwan, and received a down payment of US$125 million, milestone payments of up to US$2,093 million, and sales commission from a high single digit to low double digit percentage. The company obtained a Pathos AI share warrant, and the company has the right to subscribe for Pathos AI's preferred shares at the applicable issue price per share, with a total subscription price of US$62.5 million (subject to adjustment according to the terms of the overall transaction).
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Product sales fall short of expectations, product clinical progress falls short of expectations, and industry policy changes.