[Edaily Reporter Kim Hyung-il ] HYUNDAI MOTOR SECURITIES stated that Yuhan(000100)is seeing increased potential for revenue growth as the convenience of administering the lung cancer treatment combination therapy of Lazertinib and Amivantamab improves and the groundwork is laid for expanded prescriptions. The firm maintained its “Buy” rating but lowered the target price from 120,000 won to 110,000 won.

On the 8th, Kim Hyun-seok, an analyst at HYUNDAI MOTOR SECURITIES, commented on Yuhan Corporation, stating, “The launch of the combination therapy of Lazertinib and Amivantamab in major countries is laying the groundwork for revenue expansion,” and added, “Expectations for technology transfers in the second half of the year and an increase in contracts for contract development and manufacturing (CDMO) of active pharmaceutical ingredients (APIs) also serve as mid- to long-term growth drivers.”

Lazertinib is a targeted anticancer drug for treating non-small cell lung cancer with EGFR mutations. Amivantamab is an antibody therapy administered in combination with Lazertinib. The combination therapy using these two drugs is one of Yuhan Corporation’s key overseas businesses.

Following its inclusion as the preferred first-line therapy in the U.S. National Comprehensive Cancer Network (NCCN) guidelines, the combination therapy secured a U.S. insurance billing code (J-code) last July for the once-monthly subcutaneous (SC) formulation of amivantamab. Analyst Kim noted that this has improved the convenience of administration and laid the groundwork for insurance claims.

In the second quarter, the company received milestone payments following the European launch, and it was confirmed that the launch of the lazertinib and amivantamab combination therapy in major markets had been completed.

In particular, it was assessed that the median overall survival (mOS) for the combination therapy has not yet been reached, indicating that there is still room for further improvement. It was projected that once overall survival data is released, it could serve as evidence to support an expansion of prescriptions.

Accordingly, the firm concluded that expectations for sales growth of the combination therapy remain valid, as efforts to improve dosing convenience and secure J-codes are being complemented by the establishment of prescribing rationale through the release of overall survival data.

Expectations for technology transfers in the second half of the year are also expected to continue. Analyst Kim cited the allergy treatment Resigercet as a pipeline candidate with a high likelihood of technology transfer.

With the market for immunoglobulin E (IgE)-mediated allergic diseases expected to undergo a realignment following the patent expiration of the blockbuster allergy treatment Xolair, the analyst explained that development of next-generation IgE-targeted therapies—which overcome the limitations of Xolair—is gaining momentum.

Data from the Phase 1b clinical trial of Resigercept showed superior IgE binding affinity and safety compared to Xolair. The drug is currently undergoing a global Phase 2 clinical trial, and a separate cohort is being conducted for patients who are unresponsive to Xolair.

In the Contract Development and Manufacturing Organization (CDMO) business for active pharmaceutical ingredients (APIs), the company noted an increase in supply requests from clients due to the impact of the U.S. Biosecurity Act. It reported that it has secured three API supply contracts this year, and the scale of these contracts is expanding.

To meet growing demand, Yuhan Corporation broke ground on the HC Building last March and aims to begin operations in 2028. Analyst Kim expects this facility to serve as a medium- to long-term growth driver in the future.