Core Viewpoint - HeYue-B (02256) has seen a significant stock price increase of nearly 9%, with a cumulative rise of almost 40% post-earnings report, reaching a historical high of 14.65 HKD [1] Financial Performance - For the first half of the year, the company reported revenue of 612 million HKD, representing a year-on-year growth of 23% [1] - The profit for the same period was 328 million HKD, showing a substantial year-on-year increase of 59% [1] Key Drivers - The earnings exceeded expectations primarily due to Merck's exercise of the commercialization option, which was above forecasts [1] - In April, HeYue announced that Merck exercised its global commercialization option for pimicotinib, followed by receiving an 85 million USD fee in May [1] Valuation and Future Prospects - Citigroup indicated that the current valuation of HeYue is low, considering the high certainty of its two late-stage candidates, pimicotinib and irpagratinib, along with a differentiated innovation pipeline that may lead to external licensing opportunities [1] - The firm anticipates a high success rate for the phase III clinical trial of irpagratinib in second-line hepatocellular carcinoma, suggesting that this should be factored into the company's valuation [1] - Key catalysts are expected in 2025 and 2026, including the approval and commercialization performance of pimicotinib, the release of phase III data for irpagratinib, updates on other candidates like ABSK043 and ABSK061, and potential commercial collaborations [1]
和誉-B涨近9%再创新高 匹米替尼行权费提振业绩 公司上半年纯利同比增长59%