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Biotech spun off from Kelun Pharmaceutical, focused on antibody-drug conjugates for cancer, licensed to Merck.
Biotech spun off from Kelun Pharmaceutical, focused on antibody-drug conjugates for cancer, licensed to Merck.
Revenue comes mainly from licensing: Merck pays upfront and milestone amounts, with royalties later, for rights outside Greater China to its lead ADC, sac-TMT, while it commercializes the drug in China itself. Parent Sichuan Kelun Pharmaceutical remains the largest shareholder.
In one line: A Chinese ADC-cancer-drug biotech with a major Merck licensing deal.
Moat: narrow (IP / patents, process know-how). Proprietary ADC linker-payload technology platform validated by a large Merck licensing deal.
Headquarters: Chengdu, China · Founded: 2016 · Employees: 2,045
Size Sichuan Kelun-Biotech Biopharmaceutical (6990.HK) is a Hong Kong Health Care company (Pharmaceuticals: Major) with a market value of $13.9B, the 122nd largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$454.80 on 6 Nov 2026.
Performance Over six months the shares was unchanged, against +6.0% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 6th lowest of 21 in its peer set.
Growth Revenue grew 43.9% over the last twelve months (peer median +14.5%); the operating margin is -38.2% (peer median 22.4%).
Valuation It trades at 1,255.9× forward earnings against a peer median of 24.5× (most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 56% a year for seven years (Req g). Recent delivered growth is +34%, so the hurdle is +23 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 108.5 points below its cost of capital (9.7% WACC).
Next results Next results expected around 29 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$2.33B | HK$2.23B | HK$2.10B | HK$1.70B | HK$935M |
| Revenue growth | — | +6% | +23% | +82% | — |
| Gross profit | HK$1.74B | HK$1.60B | HK$1.38B | HK$778M | HK$535M |
| EBITDA | -HK$768M | -HK$428M | -HK$203M | -HK$446M | -HK$403M |
| Net income | HK$183M | -HK$414M | -HK$289M | -HK$577M | -HK$637M |
| Free cash flow | HK$543M | -HK$256M | -HK$550M | -HK$24.3M | -HK$357M |
| Capital expenditure | HK$124M | HK$137M | HK$88.0M | HK$90.9M | HK$45.3M |
| Total debt | n/a | HK$158M | HK$173M | HK$66.0M | HK$3.38B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Sichuan Kelun-Biotech Biopharmaceutical 6990.HK | $13.9B | 0% | +44% | -38% | 1,255.9× | 56.2% |
| Innovent Biologics 1801.HK | $19.2B | -5% | +43% | 17% | 53.3× | 11.7% |
| RemeGen 9995.HK | $6.92B | -31% | +293% | 61% | 7.4× | -4.8% |
| Akeso 9926.HK | $10.2B | -38% | +42% | -25% | n/a | n/a |
| Pfizer PFE | $168B | +14% | +1% | 26% | 10.4× | -4.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 6990.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -2.9% | +8.1% | 3rd lowest of 21 |
| 6-month return | 0.0% | +6.0% | 6th lowest of 21 |
| Distance from 52-week high | -19.1% | -8.9% | 7th lowest of 21 |
| Revenue growth (TTM) | +43.9% | +14.5% | 4th highest of 21 |
| Operating margin | -38.2% | 22.4% | 2nd lowest of 21 |
| Forward P/E | 1,255.9× | 24.5× | most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 56.2% | 0.7% | 2nd most demanding of 17 |
| Growth delivered (Del g) | +33.7% | +12.3% | 3rd highest of 17 |
| Hurdle (Req g minus delivered) | +22.5 pp | -11.2 pp | 3rd most demanding of 17 |
| ROIC minus cost of capital | -108.5 pp | +1.8 pp | lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Sichuan Kelun-Biotech Biopharmaceutical 6990.HK | Hong Kong | $13.9B | 0% | +44% | -38% | 1,255.9× | 56.2% | +33.7% |
| Laurus Labs LAURUSLABS.NS | India | $13.3B | +94% | +23% | 24% | 77.0× | 50.9% | +7.3% |
| Yunnan Baiyao 000538.SZ | China | $14.7B | +4% | +5% | 11% | 18.0× | -0.5% | +4.7% |
| Ipsen IPN.PA | France | $14.7B | -4% | +14% | 30% | 10.9× | -7.3% | +7.2% |
| Jazz Pharmaceuticals Public JAZZ | United States | $15.1B | +4% | +13% | 25% | 8.9× | -3.9% | +12.5% |
| Sbp 1177.HK | Hong Kong | $12.7B | +4% | +15% | 30% | 18.3× | -5.4% | +5.4% |
| Zydus Lifesciences ZYDUSLIFE.NS | India | $12.7B | +27% | +24% | 17% | 29.8× | n/a | n/a |
| Recordati REC.MI | Italy | $12.3B | +3% | +9% | 30% | 16.7× | 1.9% | +12.6% |
| Zhangzhou Pientzehuang Pharmaceutical 600436.SS | China | $12.3B | -5% | -19% | 19% | 42.1× | 25.8% | +6.8% |
| PharmaEssentia 6446.TW | Taiwan | $15.8B | +118% | +64% | 38% | 39.2× | 29.3% | +94.8% |
| Dr. Reddy's Laboratories DRREDDY.NS | India | $12.1B | +5% | -4% | 9% | 31.8× | 30.1% | +12.1% |
| Ascendis Pharma A/S ASND | United States | $16.0B | +8% | +128% | 10% | 40.8× | 36.4% | +152.4% |
| Orion ORNAV.HE | Finland | $16.1B | +51% | +34% | 38% | 23.5× | -6.3% | +11.7% |
| Sichuan Biokin Pharmaceutical 688506.SS | China | $16.4B | -3% | +14% | -43% | n/a | n/a | n/a |
| Shionogi & 4507.T | Japan | $16.6B | -6% | +46% | 29% | 10.9× | -0.7% | +11.0% |
| Pharmaron Beijing 3759.HK | Hong Kong | $11.3B | +45% | +24% | 14% | 22.9× | n/a | n/a |
| Exelixis EXEL | United States | $17.0B | +44% | +9% | 40% | 18.2× | -3.7% | +18.6% |
| Repligen RGEN | United States | $11.1B | +41% | +14% | 9% | 71.3× | 56.4% | +15.0% |
| Mankind Pharma MANKIND.NS | India | $11.1B | +7% | +13% | 21% | 43.2× | 27.6% | +18.1% |
| Swedish Orphan Biovitrum SOBI.ST | Sweden | $17.6B | +13% | +15% | 30% | 25.5× | -1.1% | +13.1% |
| Akeso 9926.HK | Hong Kong | $10.2B | -38% | +42% | -25% | n/a | n/a | n/a |