Xin Lang Cai Jing·2025-11-12 08:56Core Viewpoint - CStone Pharmaceuticals' Q3 2025 performance slightly exceeded expectations, with the CDK41L clinical trial set to start in H1 2026 [1] Group 1: Financial Performance - In Q3 2025, sales of Zepzelca reached $1.04 billion, representing a year-on-year increase of 51% and a quarter-on-quarter increase of 7% [1] - Sales in the U.S. amounted to $739 million, showing a year-on-year growth of 47% and a quarter-on-quarter growth of 8%, maintaining a leading position [1] - The company is optimistic about meeting its annual guidance due to the global sales expansion of Zepzelca, improved gross margins, and effective cost control [1] Group 2: Earnings Forecast - The earnings forecast for 2025 has been raised by 56% to $331 million, while the 2026 earnings forecast remains unchanged [1] - The target prices for A/H/US shares have been increased by 3.2%/3.3%/3.7% to 320 RMB/250 HKD/420 USD, indicating an upside potential of 15.1%/26.6%/27.6% [1]