Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that multiple clinical data presentations at ASCO and EHA conferences support the commercialization of the pipeline, particularly focusing on the promising results of core products like Olverembatinib and APG-2575 [7] - The report anticipates rapid revenue growth driven by the sales ramp-up of Olverembatinib and potential payments from Takeda, projecting revenues of RMB 5.19 billion and RMB 3.215 billion for 2025 and 2026 respectively, with an additional forecast of RMB 2.095 billion for 2027 [7] Financial Projections - Total revenue projections for the company are as follows: - 2023A: RMB 225.09 million - 2024A: RMB 980.65 million - 2025E: RMB 519.00 million - 2026E: RMB 3,215.00 million - 2027E: RMB 2,095.00 million - Year-on-year growth rates for total revenue are projected at: - 2024A: 335.68% - 2025E: -47.08% - 2026E: 519.46% - 2027E: -34.84% [1][8] - The net profit projections are as follows: - 2023A: -RMB 925.64 million - 2024A: -RMB 405.43 million - 2025E: -RMB 1,035.92 million - 2026E: RMB 1,092.41 million - 2027E: -RMB 842.34 million - Year-on-year growth rates for net profit are projected at: - 2024A: 56.20% - 2025E: -155.51% - 2026E: 205.45% - 2027E: -177.11% [1][8] Clinical Data Highlights - Olverembatinib's clinical data for Philadelphia chromosome-positive acute lymphoblastic leukemia (Ph+ ALL) showed a complete response (CR) rate of 100% after one treatment cycle, with an overall survival (OS) rate of 100% at 18 months [7] - APG-2575's clinical trial results indicated an overall response rate (ORR) of 31.8% in patients with relapsed/refractory acute myeloid leukemia (AML) who were previously treated with venetoclax [7]
亚盛医药-B（06855）：多项临床亮相ASCO和EHA大会，优秀数据助力管线商业化