亚盛核心产品销售额猛增93%，医保加持下创新药商业化加速

Core Insights - The core viewpoint of the article highlights the significant growth in sales of Ascentage Pharma's key product, Nairik (Orebatinib), which saw a 93% increase in revenue to RMB 217 million, driven by expanded coverage in the national medical insurance directory [1][3] - The company is transitioning from a research-focused biotech firm to a fully commercialized innovative pharmaceutical enterprise, with a strong emphasis on the commercialization of its innovative drugs [6][9] Financial Performance - As of June 30, the company reported cash and bank deposits of RMB 1.661 billion, a year-on-year increase of 31.7%, primarily due to net proceeds of RMB 970 million from its IPO in January 2025 [1] - The sales and distribution expenses increased by RMB 48.2 million, a 53.7% year-on-year rise to RMB 138 million, attributed to the commercialization of Nairik and preparations for the launch of another product, Lisengto [7] Product Development - Nairik is the first approved third-generation BCR-ABL inhibitor in China, with its sales revenue growing from RMB 113 million to RMB 217 million, following its inclusion in the national medical insurance directory [3][4] - Lisengto (Lisatrag) was approved for use in July 2025, becoming China's first domestically developed Bcl-2 inhibitor, which is expected to further enhance the company's product portfolio [4][6] Market Strategy - The company aims to balance high R&D investments with commercial output, with expectations of achieving breakeven by 2027 through the sales profits of its products [7] - The company has engaged in overseas licensing agreements, which have positively impacted cash flow and helped address short-term commercialization needs [8][9] Competitive Landscape - The company faces challenges in a competitive market, particularly in the context of similar products, but its innovative drugs have shown differentiated advantages in clinical data [5][6] - The ongoing support from national medical insurance for innovative products is expected to enhance market recognition for companies with strong commercialization capabilities [9]