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> 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

CStone Pharmaceuticals / Equity Capital Markets

<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> announced the placement of 100M shares for subscription at HK$4.72 per share. Placing shares represent approximately 7.33% of existing issued shares capital of the company.</li>
<li>The company intends to use 90% of the net proceeds from the for further research and development relating to assets in the company’s “Pipeline 2.0”.</li>
<li>Expanded indications of sugemalimab, the successive data readouts, approvals and continuous commercialization expansion efforts into global markets augurs well, but concerns remain.</li>
</ul>



CStone Pharmaceuticals (2616 HK) announced the placement of 100M shares for subscription at HK$4.72 per share. Placing shares represent approximately 7.33% of existing issued shares capital of the company.
The company intends to use 90% of the net proceeds from the for further research and development relating to assets in the company’s “Pipeline 2.0”.
Expanded indications of sugemalimab, the successive data readouts, approvals and continuous commercialization expansion efforts into global markets augurs well, but concerns remain.


CStone Pharma (2616 HK): Placement to Fund R&D; Sugemalimab Changes Fortune For Now, What Lies Next?

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mankind-pharma-ltd" target="_blank" data-smartkarma-citation="entities:36389:1" rel="noopener">Mankind Pharma</a> is looking to raise about US$1bn in its upcoming India IPO.</li>
<li>MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.</li>
<li>In this note, we will undertake a peer comparison with some of the India listed and domestically focussed pharmaceutical firms.</li>
</ul>



Mankind Pharma is looking to raise about US$1bn in its upcoming India IPO.
MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.
In this note, we will undertake a peer comparison with some of the India listed and domestically focussed pharmaceutical firms.


Mankind Pharma Pre-IPO - Peer Comparison - One of the Largest, with Better Growth and Margins

Thematic (Sector/Industry)

<ul>
<li>China has published 2025 National Reimbursement Drug List, which will be officially implemented nationwide on January 1, 2026. The list added 114 new drugs, including 50 Class 1 innovative drugs.</li>
<li>Fosun Pharmaceutical subsidiary inked exclusive global collaboration and license agreement with Pfizer for weight loss drug candidate YP05002. SanBio obtained partial change approval to the marketing authorization for Akuugo.</li>
<li>PeptiDream achieved milestone of nominating a clinical development candidate from collaboration program with Asahi Kasei. Zydus Lifesciences entered strategic partnership with Formycon for exclusive licensing and supply of Keytruda biosimilar.</li>
</ul>


China has published 2025 National Reimbursement Drug List, which will be officially implemented nationwide on January 1, 2026. The list added 114 new drugs, including 50 Class 1 innovative drugs.
Fosun Pharmaceutical subsidiary inked exclusive global collaboration and license agreement with Pfizer for weight loss drug candidate YP05002. SanBio obtained partial change approval to the marketing authorization for Akuugo.
PeptiDream achieved milestone of nominating a clinical development candidate from collaboration program with Asahi Kasei. Zydus Lifesciences entered strategic partnership with Formycon for exclusive licensing and supply of Keytruda biosimilar.


APAC Healthcare Weekly (December 14) – China NRDL, Fosun Pharma, SanBio, Peptidream, Zydus Life

<ul>
<li>Sichuan Kelun-Biotech announces Phase 3 trial success for ADC-Keytruda combination therapy in first-line lung cancer. ImmuneOnco received Phase 3 trial approval for IMM0306 lenalidomide combination for follicular lymphoma in China.</li>
<li>Otsuka received FDA accelerated approval of Voyxact for immunoglobulin A nephropathy. Eisai has completed FDA submission of Leqembi Iqlik subcutaneous autoinjector as a weekly starting dose for early Alzheimer’s disease.</li>
<li>Alteogen secures $15M milestone payment from Merck as Keytruda subcutaneous formulation gets EU approval. SK Biopharmaceuticals in-licenses second radiopharmaceutical candidate, which has potential to target clear cell renal cell carcinoma.  </li>
</ul>


Sichuan Kelun-Biotech announces Phase 3 trial success for ADC-Keytruda combination therapy in first-line lung cancer. ImmuneOnco received Phase 3 trial approval for IMM0306 lenalidomide combination for follicular lymphoma in China.
Otsuka received FDA accelerated approval of Voyxact for immunoglobulin A nephropathy. Eisai has completed FDA submission of Leqembi Iqlik subcutaneous autoinjector as a weekly starting dose for early Alzheimer’s disease.
Alteogen secures $15M milestone payment from Merck as Keytruda subcutaneous formulation gets EU approval. SK Biopharmaceuticals in-licenses second radiopharmaceutical candidate, which has potential to target clear cell renal cell carcinoma.  


APAC Healthcare Weekly (November 30) – Kelun Bio, ImmuneOnco, Otsuka, Eisai, Alteogen, SK Biopharma

Hong Kong

CStone Pharmaceuticals operates as a biotechnology company. The Company develops immuno-oncology and molecularly targeted drugs to address unmet medical needs for cancer patients. CStone Pharmaceuticals serves customers worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

CStone Pharmaceuticals (2616 HK)

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

CStone Pharma (2616 HK): Placement to Fund R&D; Sugemalimab Changes Fortune For Now, What Lies Next?

CStone Pharmaceuticals announces placement of 100M shares at HK$4.72/share for funding R&D. Attractive discount and long-term prospect of the...

Tina Banerjee

Mankind Pharma Pre-IPO - Peer Comparison - One of the Largest, with Better Growth and Margins

Mankind Pharma is looking to raise about US$1bn in its upcoming India IPO. In this note, we will undertake a peer comparison.

Sumeet Singh

APAC Healthcare Weekly (December 14) – China NRDL, Fosun Pharma, SanBio, Peptidream, Zydus Life

China published 2025 NRDL, adding 114 new drugs. Fosun Pharma inked outlicensing deal with Pfizer for obesity drug candidate. PeptiDream achieved...

Tina Banerjee

APAC Healthcare Weekly (November 30) – Kelun Bio, ImmuneOnco, Otsuka, Eisai, Alteogen, SK Biopharma

Kelun Bio announces Phase 3 trial success for ADC-Keytruda combo in first-line lung cancer. Otsuka got FDA approval for IgAN drug. Alteogen secures...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

CStone Pharma (2616 HK): Placement to Fund R&D; Sugemalimab Changes Fortune For Now, What Lies Next?

​CStone Pharmaceuticals announces placement of 100M shares at HK$4.72/share for funding R&D. Attractive discount and long-term prospect of the...

Tina Banerjee

Mankind Pharma Pre-IPO - Peer Comparison - One of the Largest, with Better Growth and Margins

Mankind Pharma is looking to raise about US$1bn in its upcoming India IPO. In this note, we will undertake a peer comparison.

Sumeet Singh

APAC Healthcare Weekly (December 14) – China NRDL, Fosun Pharma, SanBio, Peptidream, Zydus Life

China published 2025 NRDL, adding 114 new drugs. Fosun Pharma inked outlicensing deal with Pfizer for obesity drug candidate. PeptiDream achieved...

Tina Banerjee

APAC Healthcare Weekly (November 30) – Kelun Bio, ImmuneOnco, Otsuka, Eisai, Alteogen, SK Biopharma

Kelun Bio announces Phase 3 trial success for ADC-Keytruda combo in first-line lung cancer. Otsuka got FDA approval for IgAN drug. Alteogen secures...

Tina Banerjee

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

CStone Pharmaceuticals announces placement of 100M shares at HK$4.72/share for funding R&D. Attractive discount and long-term prospect of the...