Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

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<li>
<a href="https://www.smartkarma.com/entities/abbisko-cayman-limited" target="_blank" data-smartkarma-citation="entities:33511:1" rel="noopener">Abbisko Cayman (2256 HK)</a> recorded revenue of RMB 612.1M in 2025, up 21% YoY due to onetime licensing revenue received from Merck. Net profit grew 95% YoY to RMB 55.2M.</li>
<li>Abbisko received marketing approval from NMPA for pimicotinib, for the treatment of patients with symptomatic TGCT. Irpagratinib, a highly selective small-molecule FGFR4 inhibitor, is in pivotal clinical trial stage.</li>
<li>The gradual contribution of innovative drugs starting with Picotinimib will help build a sustainable revenue flow. We continue to be comfortably bullish on the name.</li>
</ul>



Abbisko Cayman (2256 HK) recorded revenue of RMB 612.1M in 2025, up 21% YoY due to onetime licensing revenue received from Merck. Net profit grew 95% YoY to RMB 55.2M.
Abbisko received marketing approval from NMPA for pimicotinib, for the treatment of patients with symptomatic TGCT. Irpagratinib, a highly selective small-molecule FGFR4 inhibitor, is in pivotal clinical trial stage.
The gradual contribution of innovative drugs starting with Picotinimib will help build a sustainable revenue flow. We continue to be comfortably bullish on the name.


Abbisko Cayman (2256 HK): Licensing Holds 2025, Pimicotinib To Carry 2026, Irpagratinib Future Draw

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<li>
<a href="https://www.smartkarma.com/entities/abbisko-cayman-limited" target="_blank" data-smartkarma-citation="entities:33511:1" rel="noopener">Abbisko Cayman (2256 HK)</a> recently received approval from NMPA for pimicotinib, for the treatment of adult patients with symptomatic Tenosynovial Giant Cell Tumor (TGCT).</li>
<li>There are only two CSF-1R inhibitors approved globally, pexidartinib (Turalio) and vimseltinib (Romvinza). Turalio recorded a sale of US$ 20M in H1FY26, while Romvinza recorded ¥2.8B revenue in H1FY26.</li>
<li>The gradual contribution of innovative drugs starting with Picotinimib will help build a sustainable revenue flow. We are comfortably bullish on the name.</li>
</ul>



Abbisko Cayman (2256 HK) recently received approval from NMPA for pimicotinib, for the treatment of adult patients with symptomatic Tenosynovial Giant Cell Tumor (TGCT).
There are only two CSF-1R inhibitors approved globally, pexidartinib (Turalio) and vimseltinib (Romvinza). Turalio recorded a sale of US$ 20M in H1FY26, while Romvinza recorded ¥2.8B revenue in H1FY26.
The gradual contribution of innovative drugs starting with Picotinimib will help build a sustainable revenue flow. We are comfortably bullish on the name.


Abbisko Cayman (2256 HK): Pimicotinib Approval A Big Positive, Pipeline Offers Promise

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<li>
<a href="https://www.smartkarma.com/entities/ascentage-pharma-group-inter" target="_blank" data-smartkarma-citation="entities:27824:1" rel="noopener">Ascentage Pharma (6855 HK)</a> reported revenue of RMB 233M in 1H25, down 72%, largely because of high base effect, as the company had received considerable intellectual property payments in 1H24.</li>
<li>In 1H25, the revenue from olverembatinib was RMB 217M (RMB 241M in 2024), up 93% YoY. The number of hospitals where olverembatinib is on formulary increased 47% to 295 hospitals.</li>
<li>In July 2025, company’s second lead asset, Lisaftoclax was approved by NMPA for the treatment of adult patients with CLL/SLL. The company has begun the commercial sales of Lisaftoclax thereafter.</li>
</ul>



Ascentage Pharma (6855 HK) reported revenue of RMB 233M in 1H25, down 72%, largely because of high base effect, as the company had received considerable intellectual property payments in 1H24.
In 1H25, the revenue from olverembatinib was RMB 217M (RMB 241M in 2024), up 93% YoY. The number of hospitals where olverembatinib is on formulary increased 47% to 295 hospitals.
In July 2025, company’s second lead asset, Lisaftoclax was approved by NMPA for the treatment of adult patients with CLL/SLL. The company has begun the commercial sales of Lisaftoclax thereafter.


Ascentage Pharma (6855 HK): Olverembatinib Going Strong; Lisaftoclax Launch Will Help Gain Momentum

CStone Pharmaceuticals / Equity Bottom-Up

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<li>
<a href="https://www.smartkarma.com/entities/cstone-pharmaceuticals" target="_blank" data-smartkarma-citation="entities:27882:1" rel="noopener">CStone Pharmaceuticals (2616 HK)</a> reported 80.5% YoY decrease in revenue to RMB 49.4M as sales of pralsetinib decreased substantially due to price adjustments in preparation for the NRDL negotiation.</li>
<li>R&amp;D expenses surged 59% YoY to RMB 105M primarily attributable to ongoing clinical trials. In 1H25, the company’s loss stood at RMB 270M vs profit of RMB 15.7M in 1H24.</li>
<li>Expanded indications of sugemalimab, the successive data readouts, approvals and continuous commercialization expansion efforts into global markets are near term triggers, but concerns remain.</li>
</ul>



CStone Pharmaceuticals (2616 HK) reported 80.5% YoY decrease in revenue to RMB 49.4M as sales of pralsetinib decreased substantially due to price adjustments in preparation for the NRDL negotiation.
R&amp;D expenses surged 59% YoY to RMB 105M primarily attributable to ongoing clinical trials. In 1H25, the company’s loss stood at RMB 270M vs profit of RMB 15.7M in 1H24.
Expanded indications of sugemalimab, the successive data readouts, approvals and continuous commercialization expansion efforts into global markets are near term triggers, but concerns remain.


CStone Pharma (2616 HK): 1H25 Revenue Drop Seems Temporary Hiccup; Sugemalimab Trigger Awaited

Equity Capital Markets

Ascentage Pharma / Equity Capital Markets

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<li>
<a href="https://www.smartkarma.com/entities/ascentage-pharma-group-inter" target="_blank" data-smartkarma-citation="entities:27824:1" rel="noopener">Ascentage Pharma Group Corp (6855 HK)</a> announced the placement of 22M shares for subscription at HK$68.6 per share, representing 8% discount to last trading price before announcement.</li>
<li>The company intends to use the net proceeds for commercialization efforts, global clinical development to advance the core pipeline candidates and for infrastructure and working capital to strengthen global operations.</li>
<li>The launch of lisaftoclax in China followed by eventual approval olverembatinib in US would be the near-term triggers for the company.</li>
</ul>



Ascentage Pharma Group Corp (6855 HK) announced the placement of 22M shares for subscription at HK$68.6 per share, representing 8% discount to last trading price before announcement.
The company intends to use the net proceeds for commercialization efforts, global clinical development to advance the core pipeline candidates and for infrastructure and working capital to strengthen global operations.
The launch of lisaftoclax in China followed by eventual approval olverembatinib in US would be the near-term triggers for the company.


Ascentage Pharma (6855 HK): Placement Priced Reasonably; Pipeline Leads to Niche Market Opportunity

China

CStone Pharmaceuticals is a biopharmaceutical company focused on researching, developing, and commercializing innovative immuno-oncology and precision medicines for cancer patients. It has launched multiple innovative drugs, including sugemalimab, avapritinib, and pralsetinib, to address unmet medical needs in China and globally. The company was founded in 2015 and is headquartered in Suzhou, China.

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CStone Pharmaceuticals (2616 HK)

Abbisko Cayman (2256 HK): Licensing Holds 2025, Pimicotinib To Carry 2026, Irpagratinib Future Draw

Abbisko (2256 HK) sees revenue growth in 2025 with onetime licensing revenue from Merck, net profit up 95% YoY. Pimicotinib approval and strong...

Tina Banerjee

Abbisko Cayman (2256 HK): Pimicotinib Approval A Big Positive, Pipeline Offers Promise

Abbisko (2256 HK) received NMPA approval for pimicotinib. Gradual contribution of innovative drugs starting with Picotinimib will help build a...

Tina Banerjee

Ascentage Pharma (6855 HK): Olverembatinib Going Strong; Lisaftoclax Launch Will Help Gain Momentum

Ascentage Pharma's 1H25 revenue down 72% due to high base effect, but olverembatinib revenue up 93% YoY. Lisaftoclax approved for CLL/SLL...

Tina Banerjee

CStone Pharma (2616 HK): 1H25 Revenue Drop Seems Temporary Hiccup; Sugemalimab Trigger Awaited

CStone Pharmaceuticals reported 81% revenue decrease in 1H25 due to price adjustments. Surging R&D expenses led loss for 1H25. Indication and...

Tina Banerjee

Ascentage Pharma (6855 HK): Placement Priced Reasonably; Pipeline Leads to Niche Market Opportunity

Ascentage Pharma is placing 22M shares at HK$68.6/share, 8% discount to last trading price. Proceeds will fund commercialization efforts and...

Tina Banerjee

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52-week Range

Market Cap (USDm)

P/E

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Abbisko Cayman (2256 HK): Licensing Holds 2025, Pimicotinib To Carry 2026, Irpagratinib Future Draw

​Abbisko (2256 HK) sees revenue growth in 2025 with onetime licensing revenue from Merck, net profit up 95% YoY. Pimicotinib approval and strong...

Tina Banerjee

Abbisko Cayman (2256 HK): Pimicotinib Approval A Big Positive, Pipeline Offers Promise

​Abbisko (2256 HK) received NMPA approval for pimicotinib. Gradual contribution of innovative drugs starting with Picotinimib will help build a...

Tina Banerjee

Ascentage Pharma (6855 HK): Olverembatinib Going Strong; Lisaftoclax Launch Will Help Gain Momentum

​Ascentage Pharma's 1H25 revenue down 72% due to high base effect, but olverembatinib revenue up 93% YoY. Lisaftoclax approved for CLL/SLL...

Tina Banerjee

CStone Pharma (2616 HK): 1H25 Revenue Drop Seems Temporary Hiccup; Sugemalimab Trigger Awaited

​CStone Pharmaceuticals reported 81% revenue decrease in 1H25 due to price adjustments. Surging R&D expenses led loss for 1H25. Indication and...

Tina Banerjee

Ascentage Pharma (6855 HK): Placement Priced Reasonably; Pipeline Leads to Niche Market Opportunity

​Ascentage Pharma is placing 22M shares at HK$68.6/share, 8% discount to last trading price. Proceeds will fund commercialization efforts and...

Tina Banerjee

Abbisko (2256 HK) sees revenue growth in 2025 with onetime licensing revenue from Merck, net profit up 95% YoY. Pimicotinib approval and strong...

Abbisko (2256 HK) received NMPA approval for pimicotinib. Gradual contribution of innovative drugs starting with Picotinimib will help build a...

Ascentage Pharma's 1H25 revenue down 72% due to high base effect, but olverembatinib revenue up 93% YoY. Lisaftoclax approved for CLL/SLL...

CStone Pharmaceuticals reported 81% revenue decrease in 1H25 due to price adjustments. Surging R&D expenses led loss for 1H25. Indication and...

Ascentage Pharma is placing 22M shares at HK$68.6/share, 8% discount to last trading price. Proceeds will fund commercialization efforts and...