Target price raised by 22% to 110,000 won,
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[Yuhan Yanghang’s Lexas Tab (Provided by Yuhan Yanghang = Yonhap News)]
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In particular, Hana Securities raised the pipeline value of Lexas from the previous 2.5 trillion won to 2.65 trillion won, emphasizing that the future market penetration and sales are the most important parts of Lexas.
On the 20th, Yuhan Yanghang’s US partner Johnson & Johnson announced that the combination therapy of Lexas and LivRevalant has received FDA approval for ‘Epidermal Growth Factor Receptor (EGFR) mutation non-small cell lung cancer adaptation.’
Lexas is a progressive or metastatic non-small cell lung cancer treatment that Yuhan Yanghang exported global rights to Janssen for 1.4 trillion won in 2018.
This approval is the first case of a domestic drug in the anticancer field receiving FDA approval, and it is expected that Yuhan Yanghang will receive about 80 billion won in milestone payments (stage-by-stage technology fees) from Janssen, as well as separate royalties from sales.
Janssen has set the target for Lexas’ US market sales at around $5 billion.
Hana Securities researcher Park Jae-kyung said, “Important factors for revenue improvement include drug prices and NCCN (National Comprehensive Cancer Network) guideline inclusion, OS (Overall Survival) data,” and judged that attention is focused on what drug price will be applied to Lexas in a situation where it is prescribed as a combination therapy and drug prices can only increase.
He further explained, “Inclusion in the NCCN guideline’s preferred treatment is also necessary,” and said, “According to NCCN, preferred treatments must have superior efficacy, safety, and evidence, and economic viability is required when necessary.”
Researcher Park predicted, “Considering the start date of the clinical trial in September 2020 and the mOS (38.6 months) of Tagrisso, it will be possible to confirm the median OS in the first half of next year.”
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