百济神州2025年全年总收入指引为50亿美元至53亿美元，其中包括收入强劲增长的预期，受益于百悦泽 在美国的领先地位以及在欧洲和全球其他重要市场的持续扩张。与2024年相比，由于产品组合的改善和 生产效率的提高，毛利率预计将位于80%至90%的中高位区间。公司对GAAP经营费用的指引包括用于 支持商业化和研究增长的预期投入，以持续带来有意义的经营杠杆。非GAAP经营费用不包括与股权激 励、折旧及摊销费用相关的成本，预计将与GAAP经营费用保持相同趋势，调节项目与现行做法保持不 变。经营费用指引未假设任何潜在的全新、重大业务发展活动或特殊╱非经常性项目。 于2025年上半年，实现总收入24.33亿美元，同比增加44.73%;净利润9559万美元，上年同期净亏损3.72 亿美元;每股基本收益0.07美元。 公告称，第二季度总收入增长主要得益于百悦泽 (泽布替尼)在美国和欧洲的销售额增长。 2025年第二 季度，产品收入为13亿美元，上年同期为9.21亿美元。产品收入增长主要得益于百悦泽 销售额增长。美 国仍是公司最大的市场，产品收入达6.85亿美元，上年同期为4.79亿美元。从安进公司获得授权许可的 产品和百泽安 ...

百济神州2025年全年总收入指引为50亿美元至53亿美元，其中包括收入强劲增长的预期，受益于百悦泽 在美国的领先地位以及在欧洲和全球其他重要市场的持续扩张。与2024年相比，由于产品组合的改善和 生产效率的提高，毛利率预计将位于80%至90%的中高位区间。 公司预计未来18个月内，在血液肿瘤和实体瘤管线中将迎来超过20项里程碑进展。 2025年第二季度，GAAP下毛利占全球产品收入为87.4%，上年同期为85.0%。毛利率同比取得增长，主 要因为与产品组合中的其他产品相比，百悦泽在全球销售中占比更高。毛利率也受益于百悦泽和百泽安 生产效率的提高。经调整后（不含折旧及摊销），2025年第二季度产品销售毛利率增至88.1%，而上年 同期为85.4%。 "第二季度强劲的表现，进一步巩固了公司在全球肿瘤治疗领域的领先地位，并充分证明了我们实现可 持续、长期增长的能力"。百济神州联合创始人、董事长兼首席执行官欧雷强先生表示，"我们目标明 确，正在不断朝着使命前进，致力于为全球更多患者带来突破性药物。百悦泽作为公司血液肿瘤领域的 核心产品，确立了同类最佳BTK抑制剂的标杆地位，获批适应症最广泛，并在美国市场继续保持领先优 ...

Summary of Key Points from the Conference Call Company Overview - **Company**: 和誉医药 (He Yu Pharmaceutical) - **Industry**: Pharmaceutical, focusing on oncology and other therapeutic areas Core Insights and Arguments 1. **Clinical Trials and Drug Development**: - TGCT Phase III and IV clinical data show best-in-class efficacy with excellent ORR and CP, applications submitted to NMPA and FDA [2][3] - FGFR4 inhibitor for liver cancer shows ORR of 44.8%, PFS of 5.5 months, and response duration of 7.4 months; registration trial initiated [2][3] - Opdivo combined with Roche's atezolizumab shows ORR of 50% in first-line HCC patients and 52.8% in second-line patients, providing new treatment options [2][5] - ABSK043 oral PD-L1 inhibitor shows good efficacy in non-small cell lung cancer (NSCLC) and is undergoing combination studies [2][5] 2. **Financial Performance**: - Total revenue for H1 2025 reached 657 million RMB, with a profit of 328 million RMB, indicating strong financial health [2][6] - Stock buyback plan executed with approximately 75 million HKD, reflecting confidence in company value [2][6] 3. **Strategic Collaborations**: - Collaboration with Merck for chronic hepatitis B (HBV) development, discussing Phase III study design to meet market needs [4][16] - Focus on combination therapies, including oral PD-L1 inhibitors with chemotherapy and targeted therapies in gastric and NSCLC [4][19] 4. **Research and Development Focus**: - Emphasis on early-stage R&D in oncology, with plans to expand into autoimmune diseases and cardiovascular conditions [8][9] - Multiple early-stage projects, including KRAS-related therapies and new small molecules, showing promising results [27][29] 5. **Commercialization Strategy**: - 2025 marks a key transition to a global commercialization platform, with flagship product Pimicardin partnered with Merck for global marketing [30][32] - Plans for NDA submissions to FDA and EMA, aiming for synchronized global launches [16][30] 6. **Market Opportunities**: - Significant potential in the NSCLC market, with 40%-60% of patients carrying EGFR or KRAS mutations, targeting these populations with ongoing studies [24][39] - The company believes its products are undervalued in the market, with expectations for increased valuation as commercialization begins [43] Other Important but Possibly Overlooked Content 1. **Regulatory Approvals**: - Two products received breakthrough therapy designation, enhancing their development prospects [13] - Ongoing discussions with health authorities for optimal treatment combinations in liver cancer [37] 2. **Clinical Trial Design**: - Emphasis on dual endpoints (PFS and OS) for first-line treatments, ensuring comprehensive evaluation of efficacy [40] 3. **Stock Market Actions**: - Continuous stock buybacks to signal confidence in company value and improve shareholder returns [31][43] 4. **Future Plans**: - Focus on maximizing product value through strategic resource allocation and partnerships, particularly in BD (business development) [33][35] 5. **Challenges and Considerations**: - Addressing challenges in PK (pharmacokinetics) for KRAS G12D projects while maintaining cost-effectiveness in production [39][40] This summary encapsulates the key points discussed in the conference call, highlighting the company's strategic direction, clinical advancements, financial performance, and market positioning.

Summary of the Conference Call for Sanofi Pharmaceutical Company and Industry Overview - The conference call discusses **Sanofi Pharmaceutical** and the **global PD-1 market**. - The PD-1 market is projected to grow from **$60 billion in 2024 to $100 billion** by 2029, driven by patent expirations of existing drugs and new product launches [2][3]. Key Points and Arguments Market Growth and Potential - The **K drug** is expected to generate sales of **$29.5 billion in 2024**, potentially exceeding **$30 billion to $40 billion by 2029** [4]. - PD-1 has been approved for over **ten indications**, including non-small cell lung cancer and kidney cancer, with total sales expected to reach **$90 billion in 2024**, potentially hitting **$100 billion** in the future [2][4]. Efficacy of PD-1 VEGF Dual Antibodies - PD-1 VEGF dual antibodies show significant efficacy improvements over monoclonal antibodies in various cancers, particularly in cold tumors or PD-1 negative tumors [2][4]. - Early clinical data for **Sanofi's 707 (Kirin 7)** shows a nearly **70% efficacy rate** in treating PD-1 positive non-small cell lung cancer, surpassing Pfizer's reported **67%** [5][6]. Pfizer's Confidence and Strategic Plans - Pfizer expresses strong confidence in **707**, initiating phase III clinical trials for PD-1 positive small cell lung cancer in China and exploring multiple solid tumor indications [3][6]. - Pfizer aims to achieve **eight peak assets exceeding $1 billion** by 2030, increasing the proportion of biopharmaceuticals to **65%** of its portfolio [12]. Combination Therapies and Future Directions - Pfizer plans to combine **707** with its HER2 ADC to explore potential in HR positive, HER2 negative breast cancer, and upgrade existing bladder cancer combinations to enhance efficacy [8][9]. - The company is also looking to utilize **707** in combination with ADCs for various cancers, including thymic tumors and head and neck squamous cell carcinoma [10][14]. Competitive Landscape - The fastest movers in the PD-1 VEGF dual antibody space include **Kangfang Bio and Summit**, with Sanofi showing potential for rapid advancement through collaboration with Pfizer [13]. - Sanofi's early pipeline includes innovative candidates like PD-1/TGF Beta dual antibodies, which are in early clinical development and could provide additional growth opportunities [21]. Other Important Insights - The PD-1 VEGF dual antibody's safety profile is favorable, with lower adverse reaction rates compared to traditional chemotherapy combinations [19]. - Sanofi is expected to launch over **ten innovative drugs** between 2025 and 2027, potentially generating over **$10 billion** in incremental revenue [21]. This summary encapsulates the critical insights from the conference call, highlighting the growth potential of the PD-1 market, the efficacy of Sanofi's 707, and Pfizer's strategic plans for leveraging this new drug in combination therapies.

智通财经APP讯，微芯生物(688321.SH)公告，的全资子公司微芯生物科技(美国)有限公司于7月31日收 到美国食品药品监督管理局("FDA")签发的关于允许公司自主研发的CS231295开展治疗晚期实体瘤的I 期临床试验的通知。 公告显示，CS231295作为透脑AuroraB选择性抑制剂，一方面通过精准抑制肿瘤特异性过表达的 AuroraB激酶，诱导合成致死效应，直击RB1基因脆弱性;另一方面，凭借良好的血脑屏障穿透能力，对 脑部原发或脑转移性肿瘤存在明显的治疗优势。同时，该分子还兼具改善肿瘤微环境的广谱抗肿瘤活 性，有望为存在类似遗传缺陷的不同类型肿瘤，以及肿瘤脑转移这一全球难题提供全新解题思路。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不 对所包含内容的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担 全部责任。邮箱：news_center@staff.hexun.com ...

公告显示，CS231295作为透脑AuroraB选择性抑制剂，一方面通过精准抑制肿瘤特异性过表达的 AuroraB激酶，诱导合成致死效应，直击RB1基因脆弱性;另一方面，凭借良好的血脑屏障穿透能力，对 脑部原发或脑转移性肿瘤存在明显的治疗优势。同时，该分子还兼具改善肿瘤微环境的广谱抗肿瘤活 性，有望为存在类似遗传缺陷的不同类型肿瘤，以及肿瘤脑转移这一全球难题提供全新解题思路。 微芯生物(688321.SH)公告，的全资子公司微芯生物科技(美国)有限公司于7月31日收到美国食品药品监 督管理局("FDA")签发的关于允许公司自主研发的CS231295开展治疗晚期实体瘤的I期临床试验的通 知。 ...

Core Viewpoint - Sanofi Pharmaceutical (01530) has seen its stock price increase by over 160% in the past two months, with a current price of 32.8 HKD and a trading volume of 404 million HKD [1] Group 1: Market Potential - The global licensing agreement between Sanofi Pharmaceutical and Pfizer for the PD-1*VEGF dual antibody SSGJ-707 became effective in July 2025, with a potential market size of 200 billion USD [1] - The PD(L)1 monoclonal antibody market is expected to reach 100 billion USD by 2029, indicating significant growth potential in oncology treatments [1] Group 2: Sales Forecast - The peak sales for SSGJ-707 in China is projected to reach between 6.3 billion to 8.4 billion CNY, while global peak sales are estimated to be between 11.3 billion to 13.4 billion USD [2] - Pfizer's oncology business focuses on breast cancer, hematological malignancies, thymic tumors, and bladder cancer, with plans to combine SSGJ-707 with existing drugs to target over 500,000 first-line patients in Europe and the US [2]

Group 1 - The stock of Sanofi Pharmaceutical (01530) has increased over 3%, with a cumulative rise of more than 160% over the past two months, currently trading at 32.8 HKD with a transaction volume of 404 million HKD [1] - Haitong International's report indicates that the global licensing agreement with Pfizer for the PD-1*VEGF dual antibody SSGJ-707 became effective in July 2025, with a potential market coverage of 200 billion USD [1] - The PD(L)1 monoclonal antibody has become the standard treatment for global oncology indications over the past decade, with the overall market expected to reach 100 billion USD by 2029 [1] Group 2 - The peak sales for SSGJ-707 in China is projected to reach 6.3 to 8.4 billion CNY, while the global peak sales are expected to be between 11.3 to 13.4 billion USD [2] - Pfizer's oncology business focuses on breast cancer, hematological malignancies, thymic tumors, and bladder cancer, with an emphasis on small molecules, dual antibodies, and ADC drugs [2] - Pfizer is expected to leverage SSGJ-707 in combination with its existing drugs to cover over 500,000 frontline patients in Europe and the US, and to expedite the development of potential indications not yet in Phase III clinical trials [2]

Core Viewpoint - The report analyzes the potential opportunities for SSGJ-707 in the global market and discusses the likelihood of Pfizer's future investment in SSGJ-707 based on its fundamentals and the significant potential of the PD(L)1*VEGF pathway [1][2]. Group 1: Financial Projections - The company has raised its target price to 46.71 yuan, maintaining a buy rating, with projected revenues of 191.78 billion, 118.95 billion, and 140.51 billion yuan for 2025-2027, respectively [1]. - The forecasted net profit attributable to the parent company is 102.14 billion, 28.08 billion, and 35.08 billion yuan for the same period, with EPS estimates of 4.26, 1.17, and 1.46 yuan [1]. Group 2: Market Potential - The PD(L)1*VEGF dual antibody is expected to cover a market worth 200 billion USD, with the PD(L)1 monoclonal antibody market projected to reach 100 billion USD by 2029 [2]. - SSGJ-707 is currently in the second position globally and has shown superior tumor suppression effects compared to competitors in preclinical studies [2]. Group 3: Sales Forecast - The peak sales potential for SSGJ-707 in China is estimated to reach 6.3-8.4 billion yuan, while the global peak sales potential is projected to be 11.1-13.4 billion USD [3]. - Pfizer acquired overseas rights for SSGJ-707 at a record amount and has the option for commercialization in China, aiming to combine SSGJ-707 with its existing drugs to cover over 500,000 first-line patients in Europe and the U.S. [3]. Group 4: Future Drug Development - The company plans to launch 13 new drug assets between 2025 and 2027, enhancing its portfolio in hematology, immunology, nephrology, and dermatology, which could generate significant revenue [3]. - The company is also exploring three additional dual antibodies (705, 706, 708) in the dose exploration phase, indicating further potential for growth [3].

Financial Data and Key Metrics Changes - The company reported net revenues of $159 million, an increase of 6% from the second quarter of the previous year, driven by a 7% year-over-year active patient growth in the GBM franchise [28][34] - Gross margin for the second quarter was 74%, down from 77% in the same quarter last year, primarily due to the rollout of the HIV rate and the continued launch of non-small cell lung cancer [30][34] - The net loss for the quarter was $40 million, with a loss per share of $0.36, and adjusted EBITDA was negative $10 million [34][35] Business Line Data and Key Metrics Changes - The company received 121 prescriptions for non-small cell lung cancer in the second quarter, with 106 in the U.S. and 15 in Germany, leading to $2.4 million in net revenues from OptuneLua [15][16] - The active patient count for Optune GEO reached 4,194, a 7% increase compared to the previous year, with all key markets experiencing double-digit growth [23][26] - The METIS trial demonstrated a 28% risk reduction in time to intracranial progression for patients treated with TT Fields therapy compared to supportive care alone [12] Market Data and Key Metrics Changes - The company is actively engaged in discussions with Japanese regulators for the launch of OptuneLua for non-small cell lung cancer, anticipating approval soon [21] - The company has seen promising feedback from peer-to-peer conversations with physicians, indicating a healthy mix of new and repeat prescribers for Tumor Treating Fields therapy [19][20] Company Strategy and Development Direction - The company aims to extend survival for patients with aggressive forms of cancer through the development of Tumor Treating Fields therapy, with ongoing efforts to gain approvals in new indications, particularly pancreatic cancer [5][11] - The company is focused on execution and has reached multiple milestones, including the launch of OptuneLua and the advancement of clinical trials for new indications [15][26] - The company plans to file PMA submissions for pancreatic cancer and brain metastases from non-small cell lung cancer in the near future, with potential approvals and launches expected in 2026 [13][35] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the ongoing launch of OptuneLua and the potential for significant growth in the coming years, particularly in the U.S. and Japan [21][35] - The management highlighted the importance of real-world evidence and peer-to-peer connections in driving adoption of Tumor Treating Fields therapy among physicians [19][20] - The company is committed to balancing investments in launches and future innovations while aiming for profitability, with a target revenue level of around $750 million to achieve adjusted EBITDA profitability [74] Other Important Information - The company is working on minimizing tariff exposure related to imports, with an estimated full-year P&L impact of up to $7 million [31] - The company has a cash and investment balance of $912 million, which is expected to support the retirement of convertible notes and bridge to new revenue streams [34][35] Q&A Session Summary Question: Why was the growth in non-small cell lung cancer prescriptions lower in Q2 compared to Q1? - Management indicated that the launch is progressing as expected, with a consistent ability to educate physicians and build volume [40][42] Question: How different were the METIS numbers disclosed compared to ASCO last year? - The management explained that the METIS trial's endpoint was progression, and the final data set confirmed statistical significance, which was a common practice in trials [46] Question: What is the path to profitability and timeframe? - The management stated that they are on track with expectations and aim for profitability at a revenue level of around $750 million, but did not provide a specific timeframe [74] Question: Are there plans to pursue combinations with other chemotherapy regimens for pancreatic cancer? - The management confirmed that they are actively discussing new combinations and will have data from the PANOVA-four trial in the first half of next year [75][76] Question: How does the NCCN guideline ranking influence commercial coverage? - Management noted that any improvement in ranking is helpful, and they are eager to see updated guidelines published later this fall [57] Question: Does the $94 million in U.S. sales include OptuneLua revenue? - Management confirmed that the $94 million includes all revenue from both Optune GO and Optune Lua [94]