CLSA has released a research report indicating that LEADS BIOLABS-B (09887) generated collaboration revenue of RMB 36 million in the first half of the year. The firm anticipates a key catalyst from updated data on LBL-024 for first-line treatment of non-small cell lung cancer (NSCLC), which is scheduled to be presented as an oral presentation at the 2026 World Conference on Lung Cancer (WCLC) later this month.
The company has guided that its Phase III clinical trial for LBL-024 in first-line NSCLC will commence in 2027 and has been actively seeking global partners since last month. Consequently, CLSA has raised its sales forecast for this year by 35.6% and adjusted its earnings projections for 2026 through 2028 (by -15%, -25.7%, and +14.6% respectively). The target price has been increased from HK$108 to HK$116.9, with an "Outperform" rating maintained.