Xin Lang Cai Jing·2025-09-11 03:50Core Viewpoint - Rongchang Biopharmaceuticals has seen a significant stock price increase, reaching over 100 yuan, driven by the approval of its drug for treating Sjögren's syndrome, marking a milestone in the biopharmaceutical industry [1][4][5]. Company Overview - Rongchang Biopharmaceuticals (688331.SH) is an innovative pharmaceutical company focused on developing treatments for autoimmune diseases, tumors, and ocular diseases, with key products including Taitasip and Vidisizumab [2][4]. - The company has several drugs in development, including RC28, RC88, RC148, and RC278, targeting major diseases [2]. Recent Developments - On September 9, the company announced that its application for Taitasip to treat Sjögren's syndrome was accepted by the National Medical Products Administration (NMPA), making it the first biopharmaceutical to apply for this indication globally [4][5]. - The stock price closed at 104.09 yuan per share on the same day, reflecting an 11.92% increase, with a trading volume of 20.79 million shares [4]. Market Context - The prevalence of Sjögren's syndrome in China is estimated to be between 0.3% and 0.7%, affecting approximately 4.2 to 9.8 million people, indicating a growing market for effective treatments [4]. - Currently, there are no approved targeted therapies for Sjögren's syndrome globally, positioning Taitasip as a potential first-line treatment [5]. Financial Performance - Rongchang Biopharmaceuticals has experienced revenue growth but has not yet achieved profitability, with projected revenues of 772 million yuan in 2022, increasing to 1.717 billion yuan by 2024, while net losses are expected to decrease from 999 million yuan in 2022 to 468 million yuan in 2024 [8]. - In the first half of 2025, the company reported a revenue of 1.098 billion yuan, a 48.02% year-on-year increase, and a reduced net loss of 450 million yuan compared to 780 million yuan in the previous year [8]. Strategic Partnerships - The company has secured significant partnerships, including a collaboration with Vor Bio for Taitasip, which could yield up to 4.105 billion USD in milestone payments [9]. - Additionally, a licensing agreement with Santen Pharmaceutical could bring over 1.2 billion yuan in milestone payments and sales revenue [9]. Industry Outlook - The innovative drug sector is expected to maintain a positive outlook, with ongoing support from policies and a focus on "innovation + internationalization" as core trends in the pharmaceutical industry [7].