Summary of Arvinas Conference Call Company Overview - **Company**: Arvinas - **Industry**: Biotechnology, specifically focused on protein degradation therapies Key Points and Arguments Protein Degradation and Pipeline - Arvinas is recognized as the most advanced protein degrader company with a potential approval expected next year [1] - The company has partnered with Pfizer to jointly out-license the estrogen receptor degrader, vepdegestrant, which has a PDUFA date of June 5, 2026, for ESR1 mutant metastatic breast cancer [1] - Arvinas is advancing an early-stage PROTAC pipeline, including: - LRRK2 degrader (ARV-102) for Parkinson's disease and progressive supranuclear palsy (PSP) [1] - BCL6 degrader (ARV-393) targeting B-cell malignancies [1] - KRAS G12D degrader (ARV-806) [2] LRRK2 Degrader (ARV-102) - LRRK2 is a validated target for Parkinson's disease, with about 15% of familial cases linked to LRRK2 mutations [3] - The degradation of LRRK2 can address multiple pathological features associated with Parkinson's and PSP [5] - A phase 1 study demonstrated that doses of 20-80 mg/day achieved approximately 75% degradation of LRRK2 in healthy volunteers [9] - The company aims to start a phase 1b study in PSP in the U.S. next year, measuring biomarkers and clinical progression [15] BCL6 Degrader (ARV-393) - ARV-393 targets BCL6, a master regulator of B-cell maturation, which is involved in the development of malignancies like large B-cell lymphoma [22] - The company is in a phase 1 study and has seen complete responses (CRs) in patients [24] - Plans to combine ARV-393 with bispecific antibodies to enhance treatment efficacy [25] KRAS G12D Degrader (ARV-806) - Arvinas has demonstrated significant preclinical potency for ARV-806, with 25 to 40 times the potency compared to competitors [29] - The degrader approach may overcome resistance mechanisms seen with traditional inhibitors [30] New Developments - ARV-027 is a new polyQ AR degrader targeting spinal and bulbar muscular atrophy (SBMA), an orphan disease with a validated target [32] - The company plans to start a healthy volunteer study for ARV-027 next year [35] Financial Position - Arvinas ended the third quarter with a cash position of $788 million and has been repurchasing stock [37] - The company has sufficient cash to fund its programs into the second half of 2028 [37] Market Position and Future Outlook - The company is positioned to capitalize on the growing interest in protein degradation therapies and has a robust pipeline with multiple candidates in development [1][2][22] - The potential partnership for vepdegestrant could provide additional funding [38] Additional Important Information - The company is focused on addressing diseases with significant medical need, particularly in the context of PSP and Parkinson's disease, where there are currently no approved therapies [20] - The strategic focus on developing drugs that can be managed independently by a smaller biotech company is emphasized [34]

Summary of Key Points from Conference Call Records Industry Overview - The pharmaceutical sector experienced a correction in 2025 but rebounded towards the end of the year, with the innovative drug market expected to continue its momentum into 2026, presenting investment opportunities [1][6][10]. - Current industry hotspots include the flu epidemic, policy support, and breakthroughs in innovative fields such as small nucleic acid drugs, GLP-1, and BCL-2 inhibitors [1][7][8]. Core Insights and Arguments - The overall performance of the pharmaceutical sector in November 2025 was weak, with a decline of 3.6%, underperforming the CSI 300 index by approximately 1.16 percentage points [3]. - The application of AI technology in healthcare, including AI medicine and brain-computer interfaces, is gaining attention and is expected to present opportunities in 2026 [4][12]. - The release of the medical insurance negotiation directory and commercial insurance innovation directory will significantly impact the sales of related products once they enter the insurance system [10]. - Investment recommendations for 2026 include focusing on cutting-edge technologies such as dual antibodies, multi-antibodies, ADC, PROTAC, small nucleic acids, and GLP-1, as well as large companies with strong R&D capabilities and biotech firms with best/first-in-class potential [9][11]. Notable Developments - The flu data has reached new highs, driving up the stock prices of related testing drugs and vaccines [7]. - The third-party laboratory sector is expected to see performance bottoming out in Q4 2025, with a recovery starting in Q1 2026, aided by accelerated payment collection from companies like KingMed and Dian Diagnostics [4][19]. - The PROTAC technology is highlighted for its ability to degrade target proteins, addressing issues of drug resistance, with leading companies like Pfizer, BMS, and BeiGene making significant progress [4][16][17]. Investment Opportunities - Companies such as KingMed and Dian Diagnostics are recommended for investment due to their improving cash flow and potential recovery in the IVD industry [19][20]. - Jichuan Pharmaceutical is included in the December portfolio due to its expected performance rebound driven by flu season demand and low inventory levels [21]. - The CRO industry is poised for growth, with expectations of increased outsourcing rates and improved margins due to a decrease in new entrants [22][23]. Future Trends - The medical device sector is showing positive trends, with expectations for improvement in the consumer healthcare segment in 2026 [2][11]. - The potential for significant growth in the insulin business of companies like Lianbang Pharmaceutical is anticipated, with a projected revenue of 20 billion yuan in 2025 [32][35]. - The upcoming KMR data in December is expected to act as a catalyst for the global PROTAC market, with a focus on companies with substantial technology platforms [18]. Conclusion - The pharmaceutical and healthcare sectors are navigating through a period of adjustment, with various innovative technologies and market dynamics presenting both opportunities and challenges. Investors are advised to keep a close watch on regulatory developments, clinical trial outcomes, and emerging technologies that could shape the future landscape of the industry [1][6][10].

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 82.5 CNY [2][10]. Core Insights - The company's main operations continue to improve, with significant progress in innovative drug development. The third quarter of 2025 saw a revenue of 365 million CNY, a slight decrease of 1.55%, while the net profit attributable to shareholders increased by 18.52% to 83.59 million CNY, and the non-GAAP net profit rose by 27.85% to 69.19 million CNY [2][4]. Financial Performance - Total revenue projections for the company are as follows: 1,350 million CNY for 2024, 1,376 million CNY for 2025, 1,683 million CNY for 2026, and 2,106 million CNY for 2027, with year-on-year growth rates of 20.8%, 2.0%, 22.3%, and 25.2% respectively [5][11]. - The net profit attributable to shareholders is projected to be 238 million CNY in 2024, 277 million CNY in 2025, 339 million CNY in 2026, and 423 million CNY in 2027, reflecting growth rates of 5.1%, 16.2%, 22.5%, and 24.7% respectively [5][11]. - Earnings per share (EPS) are expected to increase from 1.35 CNY in 2024 to 2.40 CNY in 2027 [5][11]. Strategic Developments - The company has strategically increased its stake in Shanghai Chaoyang Pharmaceutical to 51.48%, enhancing its innovative drug pipeline and R&D capabilities in cutting-edge technologies such as molecular glue and PROTAC [4]. - The core product HP-001 (molecular glue) has shown promising safety in phase I clinical trials, with symptom improvement observed in patients, indicating "Best-in-Class" potential [4]. - The company has also received IND approval for its ADC drug YLSHO03 and is set to initiate phase I clinical trials [4]. Market Position - The company is positioned to benefit from the rapid release of new products and the management of generic drug R&D investments, despite facing challenges from the tenth batch of national procurement [10]. - The internationalization of its formulations has seen breakthroughs, with the naloxone nasal spray production line passing FDA inspections and awaiting final reports [10].

Summary of Arvinas FY Conference Call (November 11, 2025) Company Overview - **Company**: Arvinas (NasdaqGS:ARVN) - **Industry**: Biotechnology, specifically focused on protein degrader technology Key Points and Arguments Protein Degrader Technology - Arvinas is recognized as a pioneer in protein degrader technology, with a focus on developing degraders for specific targets such as androgen and estrogen receptors [4][3] - The company is on the verge of potentially having the first PROTAC (Proteolysis Targeting Chimera) approved, with a PDUFA date set for June 6 for vepdegestrant, targeting estrogen receptor-positive second-line breast cancer [4][5] Pipeline Development - Arvinas has three drugs currently in clinical trials and plans to introduce two more drugs into the clinic next year [5] - The company has partnered with Novartis for an androgen receptor degrader, which is currently in three Phase 2 studies [4] Vepdegestrant Commercialization - The process for finding a third party to commercialize vepdegestrant is ongoing, with multiple interested parties [7] - The company views vepdegestrant as a financial asset and is open to the best bid, regardless of whether the buyer intends to further develop the drug [7][8] LRRK2 Target Validation - LRRK2 is considered a well-validated target for neurodegenerative diseases, particularly Parkinson's disease, with genetic variants linked to the disease [9][10] - The company aims to achieve a 50% reduction in LRRK2 levels in the cerebrospinal fluid (CSF) to restore physiological levels, with current results showing a 75% knockdown in healthy volunteers [17][14] Clinical Trials and Future Studies - Ongoing studies in Parkinson's disease aim to confirm the 75% reduction in LRRK2 levels in patients, with results expected in the first quarter of next year [19][20] - A Phase 1b study in progressive supranuclear palsy (PSP) is planned, with the potential to start a registration-quality Phase 2 study based on the results of the Phase 1b [24][26] ARV-102 and Differentiation - ARV-102 is positioned as a differentiated approach compared to classical inhibitors, demonstrating higher target engagement and pathway engagement in preclinical models [12][13] - The drug has shown significant brain penetration and effective degradation of LRRK2 in preclinical studies [14][15] ARV-393 and Hematological Cancers - ARV-393 targets BCL6, a promising but previously undruggable target in hematological cancers, with plans to combine it with bispecific antibodies for enhanced efficacy [28][29] - The company is observing responses in B cell malignancies and is also enrolling patients with T cell malignancies [28] KRAS G12D Degrader - The KRAS G12D degrader is in Phase 1 trials, with Arvinas claiming it is 25-40 times more potent than competitors' inhibitors [36][37] - The degrader is expected to overcome resistance mechanisms that inhibit traditional therapies [37] New Programs - Arvinas announced two new programs targeting SBMA (spinal and bulbar muscular atrophy) and HPK1, with plans to start clinical studies next year [42][43] - The SBMA program focuses on degrading the androgen receptor, while the HPK1 program aims to enhance immune response against solid tumors [43][44] Additional Insights - The company is closely monitoring competitor studies, particularly Biogen's LUMA study, to inform its development strategies [27] - Arvinas emphasizes a biotech-friendly development path, aiming for rapid advancement in clinical trials and potential accelerated approvals [24][26] This summary encapsulates the key insights and developments discussed during the Arvinas FY Conference Call, highlighting the company's innovative approaches and strategic plans in the biotechnology sector.

Financial Data and Key Metrics Changes - As of the end of Q3 2025, the company had approximately $787.6 million in cash, cash equivalents, and marketable securities, down from $1.04 billion as of December 31, 2024 [31] - Revenue for Q3 2025 totaled $41.9 million, a decrease of $60.5 million compared to $102.4 million for Q3 2024, primarily due to the Novartis License agreement [31][32] - General and Administrative expenses were $21 million in Q3 2025, down from $75.8 million in the same period of 2024, mainly due to lease termination and reduced personnel costs [32] - Research and Development expenses were $64.7 million in Q3 2025, compared to $86.9 million in Q3 2024, driven by decreases in various programs [33] Business Line Data and Key Metrics Changes - The company reported significant progress in its clinical pipeline, including updates on ARV-102, ARV-393, and ARV-806, with multiple ongoing and planned clinical trials [12][14][27] - ARV-102 showed promising results in both healthy volunteers and Parkinson's disease patients, with significant reductions in LRRK2 protein levels [19][20][21] - ARV-393 demonstrated early responses in both B and T cell lymphomas, with ongoing dose escalation trials [25][26] Market Data and Key Metrics Changes - The company is focused on addressing significant unmet needs in oncology and neurology, with a deep pipeline of assets [13][14] - The FDA has issued a PDUFA action date of June 5, 2026, for the new drug application of vepdegestrant, with plans to have a commercialization partner in place before this date [15] Company Strategy and Development Direction - The company aims to deliver innovative and differentiated assets in areas of high unmet need, with a focus on progressing its early pipeline [37] - The strategic partnership with Pfizer for the commercialization of vepdegestrant is expected to enhance the company's market position [15] - The company is committed to maintaining a quarterly run rate spend below $75 million to manage expenses effectively [34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the potential for ARV-102 and its ability to address neurodegenerative diseases, with plans for a phase 1b trial in PSP [12][37] - The company anticipates a data-rich period with multiple readouts from early-stage clinical programs, reinforcing its belief in the promise of its pipeline [13][14] - Management highlighted the importance of cost reduction programs and strategic flexibility to navigate the evolving market landscape [34] Other Important Information - The company has authorized the repurchase of up to $100 million of its outstanding common stock, reflecting confidence in its long-term strategy [34] - The company expects to maintain its cash runway into the second half of 2028, allowing for continued investment in high-value assets [36] Q&A Session Summary Question: Updates on the BCL6 degrader program - Management expressed excitement about the BCL6 program and its differentiation from competitors, highlighting ongoing studies and expected data at the upcoming ASH meeting [45][48] Question: Signals to look for in the Parkinson's disease MAD phase one - Management indicated that the ongoing phase one study aims to generate biomarker-related data, with expectations for clinical efficacy data to follow [54][56] Question: Plans for ARV806 in KRAS amplified populations - The company is studying ARV806 in resistance settings and has seen promising early data in models of KRAS amplification [61][63] Question: Dosing cohorts for ARV393 - Management confirmed that they are not yet in the predicted efficacious range for ARV393 but are seeing significant responses at lower dose levels [129][139] Question: Evaluating combination strategies for ARV806 - The company has preclinically evaluated combinations with anti-EGFR inhibitors and believes this selective approach will provide advantages [89][91]

Core Insights - Targeted protein degradation technology has seen significant development in China, providing new strategies for treating diseases such as cancer, neurodegenerative diseases, and autoimmune diseases [1][8] - The market size for targeted protein degradation in China is projected to reach approximately 102 million yuan in 2024, reflecting a year-on-year growth of 112.50% [1][8] - The increasing demand for novel drugs is driven by an aging population and the rise of chronic diseases, highlighting the technology's potential to meet unmet clinical needs [1][8] Industry Overview - Targeted protein degradation involves hijacking cellular degradation mechanisms to specifically degrade target proteins, addressing diseases caused by protein accumulation or dysfunction [2][4] - The technology overcomes limitations of traditional small molecule inhibitors, enabling the targeting of "undruggable" proteins [2][4] Industry Development History - The industry has evolved over two decades, starting from basic research to global competition, with significant milestones including the introduction of PROTAC concepts and the establishment of early technology platforms [4][5] - Recent years have seen a surge in clinical trials and the establishment of a robust pipeline, with 35 clinical programs reported as of 2024 [4][5] Industry Value Chain - The upstream of the industry includes raw materials such as E3 ubiquitin ligase ligands and various production equipment [5][6] - The midstream focuses on research and development, while the downstream applications target oncology and neurodegenerative diseases [5][6] Key Companies and Performance - Leading companies in the PROTAC space include HaiChuang Pharmaceutical and KaiTou Pharmaceutical, with significant clinical advancements in prostate and breast cancer treatments [8][10] - Jiangsu Hengrui Medicine has adopted a "fast-follow + innovation" strategy, achieving a 22.63% increase in revenue in 2024 [10][11] Industry Trends - Continuous technological innovation is expected to break through core technical bottlenecks in PROTAC, molecular glue, and LYTAC/AUTAC technologies [12][13] - The market is expanding into rare disease applications, with targeted protein degradation strategies being developed for conditions like Alzheimer's disease [13] - The industry ecosystem is being restructured with deepening international collaborations, positioning China as a key player in global biopharmaceutical innovation [14]

Core Viewpoint - Yuan Dong Bio is focusing on innovation-driven development in the biopharmaceutical sector, with a comprehensive industrial layout in chemical raw materials, high-end chemical drugs, and biological drugs [1] Summary by Relevant Sections Innovation Drug Development - The company has over 80 ongoing research projects, with innovative drug projects accounting for 24.4% of the total, including small molecule new drugs, biological drugs, and modified new drugs [1] - In the small molecule new drug category, the drug "Yoglitin Tablets" has achieved the expected goals in its Phase III clinical trial, while EP-0108 capsules, EP-0146 tablets, and EP-0186 tablets have received clinical trial approvals [1] - In the biological drug sector, the anesthetic and analgesic drug EP-9001A monoclonal antibody has completed Phase Ib clinical trials, and the ADC innovative drug YLSH003 has submitted an IND and received clinical approval [1] - Several modified new drugs, such as oral solution of chloral hydrate and extended-release oxycodone tablets, have been submitted for production, with multiple distinctive modified new drugs entering clinical stages [1] Strategic Investments and Collaborations - The company is actively tracking global cutting-edge technologies and accelerating its innovation transformation through strategic investments, external introductions, and collaborative development [1] - Following the acquisition of shares in Shanghai Chaoyang, the company's indirect shareholding increased from 11.36% to 30.68%, and it plans to further increase its stake to achieve controlling interest, raising its indirect ownership to 51.48% [1] - This strategic control over Shanghai Chaoyang will enhance the company's pipeline in frontier technology areas such as molecular glue, PROTAC (proteolysis-targeting chimeras), and DAC (drug-antibody conjugates), strengthening its R&D capabilities in innovative drugs [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因 倚賴該等內容而引致的任何損失承擔任何責任。 ( 股份代號 : 9939) 自願公告 GT20029 凝膠治療痤瘡中國 I I 期臨床試驗達到主要終點 本公告由開拓藥業有限公司*（「本公司」，連同其附屬公司統稱「本集團」）自願 刊發，以知會本公司股東及潛在投資者有關本集團的最新進展。 茲提述本公司日期為 2024 年 6 月 17 日的自願公告，內容有關 GT20029 凝膠治療痤 瘡的中國 II 期臨床試驗（「該項 II 期臨床試驗」），其已於 2024 年 6 月 17 日完成首 例受試者入組。 本公司董事（「董事」）會（「董事會」）欣然宣佈，其自主研發的新型靶向雄激素 受體（「AR」）的蛋白降解嵌合體（「PROTAC」）化合物 GT20029 治療痤瘡的 該項 II 期臨床試驗讀出頂線數據。數據顯示，該項 II 期臨床試驗成功達到主要研究終 點，結果具有統計學顯著性及臨床意義，且有效性、安全性和藥代動力學特徵均表現 出色，並確定 III 期臨床 ...

Core Insights - The company announced a rapid growth in orders for TPD, ADC, and peptide-related molecular building blocks, indicating a sustained demand in the new drug market [1] - In the TPD field, the company has built a large linker library with over 1,000 novel CRBN ligand structures, attracting inquiries from clients [1] - Due to space limitations, the current number of personnel in related business areas is limited, but new facilities will be operational by early next year, adding 300-400 fume hoods to enhance ADC and TPD-related operations [1] - The company aims to continuously enhance its influence in PROTAC, ADC, peptides, and non-natural amino acids [1]

Core Insights - Taiping Medical Health Fund has completed an investment in Hainan Xiansheng Zaiming Pharmaceutical Co., Ltd., a subsidiary of Xiansheng Pharmaceutical Group, which is a leading domestic pharmaceutical company focused on innovative anti-tumor drugs [1] - The investment aims to enhance Xiansheng Zaiming's innovative capabilities and support its participation in international competition and collaboration in tumor immunotherapy [1] - Xiansheng Zaiming has developed several advanced research and development platforms, including protein engineering, T cell engagers, NK cell engagers, ADCs, PROTACs, and AI-assisted molecular design [1] Company Developments - Xiansheng Zaiming has achieved compliance with GMP standards in both China and the United States for its independent production capabilities [1] - The company has four core innovative drugs, namely Kexaila®, Envida®, Endu®, and Enlitai®, which are already commercialized and cover various solid tumor treatments [1] - Kexaila® and Enlitai® are expected to enter the national medical insurance catalog in 2024, following Endu® [1] Strategic Partnerships - Following the investment, Xiansheng Zaiming announced a strategic partnership with Next Cure, Inc. to co-develop a new ADC drug, SIM0505, targeting the CDH6 antigen for solid tumor treatment [3] - The potential development phase of SIM0505 could yield up to $745 million in related payments, including upfront, development, and sales milestone payments, along with tiered royalties based on net sales outside Greater China [3] - Previously, Xiansheng Zaiming entered a licensing option agreement with AbbVie for SIM0500, a tri-specific antibody, with a total value of up to $1.055 billion [6]