Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

CStone Pharmaceuticals / Equity Bottom-Up

<ul>
<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> posted revenue of RMB 205.1M (vs RMB 49.4M in 1H25) as sales of Gavreto (pralsetinib) increased substantially following its successful inclusion in the NRDL.</li>
<li>R&amp;D expenses increased 95% to RMB 205.5M due to increased ongoing clinical trials. Company ended 1H26 with a loss of RMB 252.3M vs loss of RMB 270.2M in 1H25.</li>
<li>Sugemalimab awaiting launches in new overseas territories, Aykavit and Gavreto sales slowly picking and CS2009 showing encouraging trial results pose a positive outlook about the company.</li>
</ul>



CStone Pharmaceuticals (2616 HK) posted revenue of RMB 205.1M (vs RMB 49.4M in 1H25) as sales of Gavreto (pralsetinib) increased substantially following its successful inclusion in the NRDL.
R&amp;D expenses increased 95% to RMB 205.5M due to increased ongoing clinical trials. Company ended 1H26 with a loss of RMB 252.3M vs loss of RMB 270.2M in 1H25.
Sugemalimab awaiting launches in new overseas territories, Aykavit and Gavreto sales slowly picking and CS2009 showing encouraging trial results pose a positive outlook about the company.


CStone Pharma (2616 HK): Pharma Products Picking Up, Pipeline 2.0 Showing Potential

<ul>
<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 decrease of 34% YoY in revenue to RMB 269.6M as sales of pralsetinib decreased substantially due to price adjustments in preparation for the NRDL negotiation.</li>
<li>R&amp;D expenses increased by 131% to RMB 311.5M due to an increase in third party contracting costs. Ended 2025 with loss of RMB 437M vs RMB 90.2M loss in 2024.</li>
<li>Sugemalimab launches in new overseas territories would be next big trigger for the stock. Eventually, in the medium-long term Aykavit and Gavreto will help and boost revenues.</li>
</ul>



CStone Pharmaceuticals (2616 HK) reported decrease of 34% YoY in revenue to RMB 269.6M as sales of pralsetinib decreased substantially due to price adjustments in preparation for the NRDL negotiation.
R&amp;D expenses increased by 131% to RMB 311.5M due to an increase in third party contracting costs. Ended 2025 with loss of RMB 437M vs RMB 90.2M loss in 2024.
Sugemalimab launches in new overseas territories would be next big trigger for the stock. Eventually, in the medium-long term Aykavit and Gavreto will help and boost revenues.


CStone Pharma (2616 HK): 2025 Seen Off Well, 2026 Would Be Crucial. A Possible Turnaround On Cards?

Thematic (Sector/Industry)

<ul>
<li>Henlius Biotech is collaborating with Sandoz for commercialization of up to 10 biosimilars in ~$322M deal. Wuxi XDC achieved GMP release of its antibody bioconjugates production line at Singapore site.</li>
<li>Chugai Pharmaceutical signed an exclusive license agreement with GSK for the anti-dengue virus antibody AID351. Daiichi Sankyo’s Enhertu demonstrated PFS improvement as first-line treatment of NSCLC in Phase 3 trial.</li>
<li>Celltrion has launched IV formulation of Steqeyma in Japan. Eubiologics submitted an IND to the MFDS for domestic Phase 1 trial for its Alzheimer’s disease vaccine candidate, Padivax.</li>
</ul>


Henlius Biotech is collaborating with Sandoz for commercialization of up to 10 biosimilars in ~$322M deal. Wuxi XDC achieved GMP release of its antibody bioconjugates production line at Singapore site.
Chugai Pharmaceutical signed an exclusive license agreement with GSK for the anti-dengue virus antibody AID351. Daiichi Sankyo’s Enhertu demonstrated PFS improvement as first-line treatment of NSCLC in Phase 3 trial.
Celltrion has launched IV formulation of Steqeyma in Japan. Eubiologics submitted an IND to the MFDS for domestic Phase 1 trial for its Alzheimer’s disease vaccine candidate, Padivax.


APAC Healthcare Weekly (August 23) – Henlius Bio, Wuxi XDC, Chugai Pharma, Daiichi Sankyo, Celltrion

<ul>
<li>InSilico Medicine and SK Biopharmaceuticals entered R&amp;D collaboration to discover AI-enabled neuroimmune drug candidates. Abbisko Cayman entered into a strategic research collaboration and license agreement with Eli Lilly.</li>
<li>Nippon Shinyaku’s partner Regenxbio cleared path to resubmit Hunter syndrome gene therapy candidate RGX-121 to the FDA. Otsuka announced positive topline results in Phase 3b study evaluating centanafadine in ADHD.</li>
<li>Yuhan Corp received orphan drug designation from the EMA for its Gaucher disease therapy candidate YH35995. Medytox obtained approval for its hyaluronic acid filler Neuramis Deep Lidocaine in China.</li>
</ul>


InSilico Medicine and SK Biopharmaceuticals entered R&amp;D collaboration to discover AI-enabled neuroimmune drug candidates. Abbisko Cayman entered into a strategic research collaboration and license agreement with Eli Lilly.
Nippon Shinyaku’s partner Regenxbio cleared path to resubmit Hunter syndrome gene therapy candidate RGX-121 to the FDA. Otsuka announced positive topline results in Phase 3b study evaluating centanafadine in ADHD.
Yuhan Corp received orphan drug designation from the EMA for its Gaucher disease therapy candidate YH35995. Medytox obtained approval for its hyaluronic acid filler Neuramis Deep Lidocaine in China.


APAC Healthcare Weekly (June 28) – Insilico, Abbisko, Nippon Shinyaku, Otsuka, Yuhan Corp, Medytox

<ul>
<li>CStone Pharmaceuticals got additional indication approval for sugemalimab from UK MHRA in NSCLC. HBM Holdings entered into an exclusive license agreement and equity partnership agreement with Solstice Oncology.</li>
<li>Astellas Pharma and Vir Biotechnology entered a global strategic collaboration to advance VIR-5500 for prostate cancer. Bora Pharmaceuticals has renewed a five-year manufacturing partnership with GSK.</li>
<li>Lupin received EC approval for ranibizumab biosimilar. Zydus Lifesciences announces successful clinical development of pembrolizumab biosimilar candidate FYB206. FDA has accepted for review Dr. Reddy’s Laboratories’ BLA for Orencia biosimilar.</li>
</ul>


CStone Pharmaceuticals got additional indication approval for sugemalimab from UK MHRA in NSCLC. HBM Holdings entered into an exclusive license agreement and equity partnership agreement with Solstice Oncology.
Astellas Pharma and Vir Biotechnology entered a global strategic collaboration to advance VIR-5500 for prostate cancer. Bora Pharmaceuticals has renewed a five-year manufacturing partnership with GSK.
Lupin received EC approval for ranibizumab biosimilar. Zydus Lifesciences announces successful clinical development of pembrolizumab biosimilar candidate FYB206. FDA has accepted for review Dr. Reddy’s Laboratories’ BLA for Orencia biosimilar.


APAC Healthcare Weekly (March 1) – CStone, HBM, Astellas, Bora Pharma, Lupin, Zydus Lifesciences

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)

CStone Pharma (2616 HK): Pharma Products Picking Up, Pipeline 2.0 Showing Potential

CStone posted revenue growth in 1H26 with Gavreto included in NRDL. Sugemalimab launch in new territories, Aykavit & Gavreto slowly picking and...

Tina Banerjee

CStone Pharma (2616 HK): 2025 Seen Off Well, 2026 Would Be Crucial. A Possible Turnaround On Cards?

CStone Pharma announced placement of 118M shares at a price of HK$ 8.97 per share. The proceeds (~ HK$ 1B) will be used for R&D of “Pipeline 2.0”...

Tina Banerjee

APAC Healthcare Weekly (August 23) – Henlius Bio, Wuxi XDC, Chugai Pharma, Daiichi Sankyo, Celltrion

Henlius strikes biosimilar commercialization deal with Sandoz. Chugai signs exclusive license deal with GSK for anti-dengue virus antibody....

Tina Banerjee

APAC Healthcare Weekly (June 28) – Insilico, Abbisko, Nippon Shinyaku, Otsuka, Yuhan Corp, Medytox

Few Chinese companies signed outlicensing deals. Nippon Shinyaku’s partner Regenxbio will resubmit gene therapy drug candidate to FDA. Otsuka...

Tina Banerjee

APAC Healthcare Weekly (March 1) – CStone, HBM, Astellas, Bora Pharma, Lupin, Zydus Lifesciences

CStone’s sugemalimab got label expansion in UK. HBM Holdings entered exclusive license agreement with Solstice Oncology. Astellas Pharma and Vir...

Tina Banerjee

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