CLL/SLL是最常见的白血病类型之一，是B淋巴细胞的一种惰性恶性肿瘤。全球每年有19.1万新确诊的 CLL病例和6.1万死亡病例[1]，中国CLL/SLL的发病率呈上升趋势[2]。 [1] 美国血液学杂志（American Journal of Hematology） 诺诚健华（上交所代码：688428；香港联交所代码：09969）今天宣布，公司自主研发的新型BCL2抑制 剂mesutoclax（ICP-248） 联合BTK抑制剂奥布替尼一线治疗慢性淋巴细胞白血病/小淋巴细胞淋巴瘤 （CLL/SLL）的注册性III期临床试验已经完成患者入组。 Mesutoclax是一款新型口服高选择性BCL2抑制剂，BCL2是细胞凋亡通路的重要调控蛋白，其表达异常 与多种恶性血液肿瘤的发生发展相关。Mesutoclax通过选择性抑制BCL2蛋白，恢复肿瘤细胞凋亡，从 而抑制肿瘤生长和扩散。Mesutoclax与奥布替尼固定疗程联合使用，将为一线CLL/SLL患者提供更深层 次的缓解，并避免产生耐药突变，为一线CLL/SLL患者带来临床治愈希望，成为一种潜力巨大的治疗方 案。 2025年12月，mesutoclax多项研究在 ...

中证报中证网讯（记者 傅苏颖）2月26日，诺诚健华宣布，公司自主研发的新型BCL2抑制剂Mesutoclax （ICP-248）联合BTK抑制剂奥布替尼一线治疗慢性淋巴细胞白血病/小淋巴细胞淋巴瘤（CLL/SLL）的 注册性III期临床试验已经完成患者入组。 据悉，Mesutoclax是一款新型口服高选择性BCL2抑制剂，BCL2是细胞凋亡通路的重要调控蛋白，其表 达异常与多种恶性血液肿瘤的发生发展相关。Mesutoclax通过选择性抑制BCL2蛋白，恢复肿瘤细胞凋 亡，从而抑制肿瘤生长和扩散。Mesutoclax与奥布替尼固定疗程联合使用，将为一线CLL/SLL患者提供 更深层次的缓解，并避免产生耐药突变。 除了一线治疗CLL/SLL，mesutoclax正加速推进治疗BTK抑制剂耐药后的套细胞淋巴瘤的注册临床试 验，并获得首个突破性疗法认定。此外，mesutoclax治疗急性髓系白血病（AML）和骨髓增生异常综合 症（MDS）的临床研究正在推进。 ...

作者：老萝卜头 2025年的A股生物医药板块，有的净利润翻30倍一路狂飙，有的却从行业巅峰摔进亏损泥潭，细分赛道同样有人吃肉有人喝西北风。 政策压顶、市场洗牌、创新突围，多重变量搅局下，生物医药行业的变革早就不是说说而已，而是真刀真枪的淘汰赛！ 01 盈亏对半开，要么赢要么凉，鲜有中间地带 2025年的生物医药行业彻底告别了"大家一起喝汤"的温柔时代，迎来了"非赢即亏"的残酷格局。 Wind数据显示，截至2月2日，已发布业绩预告的275家医药上市公司中，138家预盈，137家预亏，几乎平分秋色。 但赚钱的企业是真的赚麻了。 药明康德直接稳坐盈利王宝座，预计归母净利润达191.51亿元，直接甩开同行一大截。三生国健、吉林敖东、九安医疗、艾力斯紧随其后，预计净利润均突 破20亿元，稳居第一梯队。 增幅方面，赛诺医疗成为年度"预增王"，预计2025年归母净利润同比增幅高达2767%至3233%。 而亏损的企业亏得更是触目惊心。 智飞生物直接爆出预亏超百亿，预计亏损106.98亿元至137.26亿元，同比下滑630%至780%，这是这家疫苗巨头上市以来的首次年度亏损，昔日风光彻底不 再。 一边是百亿盈利的狂欢，一边是 ...

港股创新药板块持续走弱，百济神州跌超8%，药明生物跌超7%，泰格医药、康龙化成、诺诚健华跟 跌。 ...

与此同时，2月24日晚间三生国健发布的业绩快报显示，公司2025年营业收入约41.99亿元，同比增加 251.81%；归属于上市公司股东的净利润约29.39亿元，同比增加317.09%；归母扣非净利润28.05亿元， 同比增长1041.01%。分析三生国健的业绩的增长可见，报告期内公司与美国辉瑞达成重要合作，公司 收到辉瑞公司就707项目支付的授权许可首付款并相应确认收入约28.9亿元。 业内人士认为，这不仅是单个企业的胜利，更是2025年中国创新药企集体进入"盈利分水岭"的一个鲜明 注脚。随着年报季大幕拉开，一个清晰的逻辑浮出水面：商务拓展（BD）正从过去单纯的"现金流补 充"，跃升为重塑企业估值、验证研发实力的"战略新引擎"。 有券商医药行业分析师也对21世纪经济报道记者指出，分析财报可见，2025年对先声药业、三生国健等 不少药企而言，增长主要依靠BD驱动，公司进入依靠核心创新品种驱动增长的新阶段。 2月25日，先声药业发布盈喜预告。预告显示，2025财政年度公司预计录得收入约人民币77亿至78亿 元，同比增长16.0%至17.6%；而归属于公司权益股东的利润更是有望达到人民币13亿至14亿元，同比 增 ...

Core Viewpoint - InnoCare Pharma has made significant progress in clinical development, completing patient enrollment in multiple Phase III registrational trials for its cancer and autoimmune disease treatments [1] Group 1: Clinical Development Progress - The company completed patient enrollment in a Phase III trial for the BCL2 inhibitor mesutoclax (ICP-248) combined with BTK inhibitor orelabrutinib for treatment-naïve chronic lymphocytic leukemia/small lymphocytic lymphoma (CLL/SLL) patients [2] - InnoCare has also accelerated the clinical development of two novel TYK2 inhibitors, completing patient enrollment in the Phase III trial of soficitinib (ICP-332) for moderate to severe atopic dermatitis and in the Phase III trial of ICP-488 for psoriasis [4] - Additionally, patient enrollment has been completed in a Phase II trial of soficitinib for vitiligo, targeting various T-cell related autoimmune disorders [5] Group 2: Drug Mechanisms and Indications - Mesutoclax is a selective oral BCL2 inhibitor that restores normal apoptosis in cancer cells, aiming to provide deeper remission for treatment-naïve CLL/SLL patients [3] - Soficitinib is a potent TYK2 inhibitor being developed for multiple dermatological conditions, including atopic dermatitis, vitiligo, prurigo nodularis, CSU, and psoriasis [5][6] - ICP-488, an oral allosteric TYK2 inhibitor, blocks inflammatory cytokine signaling pathways, addressing autoimmune and inflammatory diseases [6] Group 3: Company Overview - InnoCare is a commercial stage biopharmaceutical company focused on developing first-in-class and best-in-class drugs for cancer and autoimmune diseases with unmet medical needs [7]

Core Viewpoint - The company announced the completion of patient enrollment for a pivotal Phase III clinical trial of its novel BCL2 inhibitor mesutoclax (ICP-248) in combination with the BTK inhibitor ibrutinib for the first-line treatment of chronic lymphocytic leukemia/small lymphocytic lymphoma (CLL/SLL) [1] Group 1 - The clinical trial is a registration Phase III study [1] - The combination therapy targets chronic lymphocytic leukemia and small lymphocytic lymphoma [1] - The enrollment of patients has been successfully completed [1]

"我买了点医药ETF，从2025年年中慢慢加仓到现在差不多1万元，期待马年创新药还有一波春季行情"，90后小宇（化名）告诉 21世纪经济报道记者。 另一位95后投资者天天（化名）则告诉21世纪经济报道记者，相比传统的制药概念股，"我更看重有消费属性的医疗服务概念， 跟爱尔眼科看眼睛、通策医疗看牙齿是一个道理，毕竟这些刚需还在"。 在投资社区上，不乏网友分享投资医药股的心路历程，"恒瑞医药持有了三年，之前一直处于亏损状态，持有成本58元，漫长的 亏损期真的让人无比难受，但是买入以后没有做任何动作，（2025年）终于等到了盈利的一天"。 随着不少创新药、CXO、高端医疗器械等药企的确定性业绩，助推细分赛道获得市场追捧。 Wind数据显示，截至2026年1月31日，共有283只医药股披露了2025年业绩预告。按预告归母净利润上限看，有160只个股归母净 利润同比增长，占比超五成，释放积极信号，尤其是创新药、CXO、高端医疗器械等细分赛道各有亮点。 在核心产品商业化放量驱动下，不少创新药企从"投入期"步入"收获期"，业绩确定性逐步获得财报验证。 例如，老牌ADC药企荣昌生物预计2025年归母净利润约7.16亿元，而上 ...

Group 1 - The pharmaceutical stocks have shown a general upward trend, with notable increases in companies such as Genscript Biotech (up 6.33%), Kintor Pharmaceutical (up 5.23%), and Junshi Biosciences (up 4.39%) [1] - The Chinese innovative drug licensing market has continued its strong growth into 2026, with total transaction amounts exceeding $33.28 billion in the first quarter, surpassing the highest quarterly upfront payment levels of 2025 [1] - According to Open Source Securities, the innovative drug sector has experienced a correction over the past two quarters, but long-term prospects for quality stocks are favorable, suggesting an increase in sector allocation focusing on companies with established overseas opportunities and high clinical data performance [1] Group 2 - Donghai Securities previously indicated that the innovative drug sector is entering a phase of accelerated profit realization by 2025, with companies like Innovent Biologics and Rongchang Biopharmaceutical achieving profitability, while others like 3SBio and Shanghai Yizhong are expected to see significant performance increases [2] - The strong performance of the innovative drug sector validates the effectiveness of the domestic innovative drug business model, with core product volume growth supported by medical insurance becoming the foundation for performance growth, while external collaborations such as BD are crucial for enhancing earnings [2]

Core Insights - The Chinese innovative pharmaceutical industry is transitioning from "importing and imitating" to "innovating and exporting," enhancing its global influence and authority in the innovative drug sector [1] - In early 2026, the market for outbound licensing transactions in China's innovative drugs continued its strong growth, with the first quarter's transaction amount exceeding $33.28 billion, setting a historical record [1][2] - By 2025, the total value of China's innovative drug license-out transactions reached $140.27 billion, a significant increase from $2.56 billion in 2017, making China the global leader in this sector [2] Transaction Growth - The growth in China's innovative drug licensing transactions is driven by the dual pressures of a "patent cliff" and "innovation demand" in the global pharmaceutical industry [1] - In 2026, the upfront payment scale in just one month approached half of the total for the entire year of 2025, indicating a rapid increase in transaction volume and quality [2] - The structure of transactions is evolving, with a shift from simple rights transfers to deep binding models based on technology platform sharing and global R&D collaboration [2][3] Strategic Partnerships - Notable collaborations include partnerships between Innovent Biologics and Eli Lilly, as well as between 3SBio and Pfizer, showcasing the trend of comprehensive capability partnerships rather than mere product supply [3] - Leading pharmaceutical companies are adopting a dual strategy of "independent R&D + global licensing," creating a sustainable innovation cycle [3] Financial Performance - Over 70% of innovative pharmaceutical companies reported positive revenue growth in 2025, with cash flow from outbound licensing contributing to a virtuous cycle with capital market financing [4] - The evolving payment system in China, which combines basic medical insurance with commercial insurance, supports a stable cash flow from the domestic market while enhancing long-term corporate value through global collaborations [4] Global Impact - The trend of outbound licensing is reshaping cooperation rules and competitive dynamics in the global pharmaceutical industry, with Chinese companies increasingly playing a proactive and critical role [4][6] - The collaboration between companies like Innovent and Takeda exemplifies a mutually beneficial partnership that leverages global channels and local clinical capabilities [4] Market Sentiment - Despite market fluctuations, analysts generally view high-quality innovative pharmaceutical companies as attractive long-term investments, reflecting a dual recognition of explosive innovative potential and structural growth resilience in the Chinese pharmaceutical industry [5] Industry Dynamics - The surge in outbound licensing is prompting local companies to balance "bringing in" and "going out," with the latter gaining prominence and indicating international market recognition of China's innovative drug quality [6] - There is a need for rational and cautious approaches in the face of rising transaction prices and potential market uncertainties, emphasizing the importance of thorough scientific and commercial due diligence [6]