Summary of Key Points from the Conference Call Industry Overview - **Industry**: China Biotechnology - **Market Outlook**: The overall view of the China Healthcare industry is considered attractive, indicating potential growth opportunities in the sector [3][6]. Company-Specific Catalysts Abbisko Cayman Ltd (2256.HK) - **Catalyst**: ABSK043 (oral PD-L1) Phase 2 data on 6-month PFS in treated EGFRm+ NSCLC expected in 1Q26 - **Importance**: High - **Surprise Potential**: Modest upside surprise anticipated - **Key Takeaways**: - Safety data from ESMO Asia 2025 is expected to guide therapeutic potential and outlook for dose expansion in 1L EGFRm+ NSCLC patients [6][7]. Akeso, Inc. (9926.HK) - **Catalyst**: Gumokimab (AK111) NMPA BLA approval for moderate-to-severe plaque psoriasis in 1Q26 - **Importance**: Neutral - **Surprise Potential**: In-line - **Key Takeaways**: - Revenue forecast of approximately Rmb1,037 million by 2030, with a 90% probability of success (PoS) [6][7]. Duality Biotherapeutics Inc (9606.HK) - **Catalyst**: DB-1311 (B7H3 ADC) data update for 2L+ mCRPC in 1Q26 - **Importance**: High - **Surprise Potential**: In-line - **Key Takeaways**: - Previous data showed median rPFS of 8.3 months, competitive against other therapies [7][8]. Everest Medicines Ltd (1952.HK) - **Catalyst**: Etrasimod NMPA NDA approval for moderate-to-severe UC in 1Q26 - **Importance**: High - **Surprise Potential**: In-line - **Key Takeaways**: - Revenue forecast of approximately Rmb1,192 million by 2030, with an 88% PoS [7][8]. HUTCHMED (China) Ltd (0013.HK) - **Catalyst**: Sovleplenib (HMPL-523) NMPA BLA re-submission in ITP/wAIHA in 1Q26 - **Importance**: Neutral - **Surprise Potential**: In-line - **Key Takeaways**: - Revenue forecast revised down to US$126 million by 2030, with a 79% PoS [7][8]. InnoCare Pharma Ltd (9969.HK) - **Catalyst**: Orelabrutinib (BTK) Phase 3 ITP data readout in 1Q26 - **Importance**: Neutral - **Surprise Potential**: In-line - **Key Takeaways**: - Cross-read from Roche's fenebrutinib Phase 3 data expected to provide insights [10][12]. Keymed Biosciences Inc. (2162.HK) - **Catalyst**: Enrollment completion in Phase 1 study for obesity expected by YE25 - **Importance**: Neutral - **Surprise Potential**: In-line - **Key Takeaways**: - Anticipated data availability in late 1Q26, with a competitive clinical profile expected [22][23]. Zai Lab Ltd (ZLAB.O) - **Catalyst**: Povetacicept (BAFF/APRIL) Phase 3 data presentation in 1Q26 - **Importance**: Neutral - **Surprise Potential**: Modest upside surprise - **Key Takeaways**: - Revenue forecast of Rmb2,196 million for 2030, indicating market discounts on asset potential [39][40]. Additional Insights - **Market Trends**: The therapeutic landscape is evolving, with a focus on oral therapies gaining traction against injectable options [6][7]. - **Regulatory Environment**: Companies are navigating complex regulatory landscapes, impacting timelines and revenue forecasts [7][8]. - **Investment Considerations**: Investors are advised to consider the potential for modest upside surprises in upcoming data releases, particularly in the context of current valuations and market expectations [39][40].

Core Insights - The biotech industry is characterized by high risks and potential rewards, where positive news can significantly impact share prices and company viability [1] Group 1: Boston Scientific - Boston Scientific Corp. specializes in medical devices for gastrointestinal and pulmonary conditions, with recent FDA safety alerts affecting its heart devices leading to a temporary dip in share price [2][3] - The company reported a 17% year-over-year (YOY) organic sales increase, with a notable 28% growth for its Watchman device, surpassing analyst expectations for both revenue and earnings [4][5] - Analysts are bullish on Boston Scientific, with 24 out of 26 rating it a Buy and a price target suggesting over 10% upside potential [5] Group 2: Arcutis Biotherapeutics - Arcutis Biotherapeutics focuses on dermatological treatments, with its product ZORYVE driving a remarkable 164% YOY growth in product sales for the latest quarter [6][7] - The FDA approved ZORYVE foam for additional uses, expanding its market reach, and the company anticipates further regulatory decisions later in the year [7][8] - Despite facing competition, Arcutis has a strong pipeline and is rated a Buy by six out of seven analysts, with a potential upside of 24% [8] Group 3: Tarsus Pharmaceuticals - Tarsus Pharmaceuticals specializes in eye care, reporting a net sales beat of nearly $103 million, driven by its Demodex treatment XDEMVY [10][11] - The company is conducting a promising Phase II study for its TP-04 treatment for ocular rosacea, contributing to a positive outlook among analysts [11] - Tarsus shares have increased about 4% year-to-date, with analysts indicating over 16% upside potential [11]