Zelgen(SH:688266) Xin Lang Cai Jing·2026-01-12 06:29Core Viewpoint - On December 31, the company announced a deep global collaboration with AbbVie regarding ZG006, with an upfront payment of $100 million and a total deal value of $1.235 billion. The initial clinical data presented at the ESMO Asia conference showed excellent clinical response rates and good durability in SCLC indications, indicating that this collaboration may accelerate ZG006's advancement in overseas oncology indications and maximize the value of the product pipeline, suggesting a promising future for the company [1][3]. Group 1: Collaboration Details - The company has entered into a global strategic collaboration and licensing option agreement with AbbVie for the development and commercialization rights of ZG006, receiving an upfront payment of $100 million, with potential milestone payments based on clinical progress and licensing options totaling up to $60 million. If AbbVie exercises the licensing option, the company could receive up to $1.075 billion in milestone payments [2][3]. Group 2: Clinical Data and Product Pipeline - ZG006 has shown promising early clinical data in small cell lung cancer (SCLC) at the ESMO Asia conference, with overall response rates (ORR) of 60.0% and 66.7% for the 10 mg Q2W and 30 mg Q2W groups, respectively. The confirmed response rates were 53.3% and 56.7%, with disease control rates (DCR) of 73.3% for both groups. The median progression-free survival (mPFS) was 7.03 months and 5.59 months, while the median duration of response (mDoR) rates at 6 months were 71.8% and 69.5% [4]. Group 3: Commercialization Progress - The company has made breakthroughs in commercialization, with the JAK inhibitor, Jika Xini, expected to be approved by the National Medical Products Administration in May 2025, becoming the first domestically approved JAK inhibitor for treating high-risk myelofibrosis. The product has shown rapid sales growth since its launch in June and has been included in the CSCO guidelines [5]. - The recombinant human thrombin injection is set to launch in 2024, with significant efficacy demonstrated in clinical trials, and is expected to become a core growth driver for revenue [5]. Group 4: Future Catalysts - The company has a clear timeline for key catalysts in 2026, including the continued rollout of insurance policies for the recombinant thrombin and Jika Xini, which are expected to drive sales growth. Additionally, further clinical data for ZG005 and ZG006 is anticipated, along with the ongoing collaboration with AbbVie to advance overseas clinical trials [8]. Group 5: Financial Projections - The company’s revenue projections for 2025-2027 are estimated at 712 million, 1.54 billion, and 2.5 billion yuan, with net profits of -127 million, -77 million, and 147 million yuan, respectively, maintaining a "buy" rating [9].