[Click eStock] "HK Innoen, No Performance Issues Despite Medical Strike Thanks to Rapid Growth of 'K-Cab'"

Yuanta Securities maintained its investment rating for HK inno.N as 'Buy' on the 9th and kept the target price at 55,000 KRW, which is 52% higher than the current price. Despite a decrease in sales of infusion solutions due to medical strikes, the sales growth rate of the gastroesophageal reflux disease treatment drug 'K-CAB' is analyzed to be even steeper.

HK Inno.N's gastroesophageal reflux disease treatment Keycap (domestic name K-Cap)
[Photo by HK Inno.N]

Yuanta Securities forecasted that HK inno.N will record sales of 202.4 billion KRW in the second quarter of this year, a 7.8% increase compared to the same period last year. Operating profit is expected to increase by 55.3% to 23.8 billion KRW. Hyunsoo Ha, a researcher at Yuanta Securities, analyzed, "A portion of the contract payment for the technology export of the bispecific antibody candidate 'IB101 (Okasa Timan)' for autoimmune disease treatment can be received," adding, "Milestones based on future sales can also be collected."

Researcher Ha evaluated, "K-CAB is expected to achieve sales of 38.3 billion KRW in the second quarter, a 44% increase compared to the previous year," and "It continues high growth following the first quarter." He also predicted, "With the launch of K-CAB 25mg orally disintegrating tablets (low dose), market share among elderly patients will expand," and "The cardiovascular and diabetes treatment sectors are expected to grow to double the previous year in the second quarter due to the introduction of the Kanarb and Forxiga series."

He stated, "The U.S. partner, Sevela, is conducting Phase 3 clinical trials of K-CAB for erosive reflux disease (ERD) and non-erosive reflux disease (NERD)," and predicted, "Results will be sequentially disclosed from the second half of the year, and the timing of K-CAB's U.S. approval will be late next year or the first half of 2026." He added, "Prescription preference for the existing P-CAP is increasing in the U.S. market, so once K-CAB is launched, it is expected to rapidly penetrate the U.S. market."

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