利生妥(利沙妥克拉)

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亚盛医药-B(06855.HK):耐立克放量迅速 利生妥再加码差异化布局
Ge Long Hui· 2025-08-25 03:50
Core Viewpoint - The company's 1H25 performance aligns with expectations, showing significant revenue decline due to prior year licensing income, but new product approvals are expected to drive future growth [1][2]. Financial Performance - 1H25 revenue was 234 million yuan, a year-on-year decrease of 71.6%, primarily due to last year's licensing income [1]. - The net profit attributable to the parent company was a loss of 591 million yuan in 1H25 [1]. Development Trends - The entry of the new indication for Nairike into medical insurance has led to rapid growth in commercial revenue, with Nairike (Orebatin) generating 217 million yuan in 1H25, a year-on-year increase of 93% [1]. - The approval of Lisengsu (Lishazhuokela) for market launch is expected to contribute to new growth, being the first Bcl-2 inhibitor approved for CLL/SLL in China [1]. R&D Progress - The global Phase III clinical trial GLORA-4 for Lisengsu in combination with Azacitidine has received approval from both the FDA and EMA, marking it as the only Bcl-2 inhibitor advancing in this area [2]. - Data from the 2025 ASCO indicated an overall response rate (ORR) of 75% for Lisengsu combined with Azacitidine in treating newly diagnosed MDS, highlighting a significant unmet need in this patient population [2]. Profit Forecast and Valuation - The company maintains its profit loss forecast for 2025 and 2026 at 1.09 billion HKD and 304 million HKD, respectively [2]. - The target price has been raised by 19.3% to 105 HKD, indicating a potential upside of 15.8% from the current stock price [2].
中金:维持亚盛医药-B跑赢行业评级 升目标价至105港元
Zhi Tong Cai Jing· 2025-08-25 02:50
Core Viewpoint - CICC maintains the profit forecast for Ascentage Pharma-B (06855) for 2025 and 2026, reiterating an outperform rating, and raises the target price by 19.3% to HKD 105, indicating a 15.8% upside from the current stock price [1] Group 1 - The new indication for Olverembatin (耐立克) entering the medical insurance system has led to rapid growth in commercial revenue in the first half of the year, with a 93% year-on-year increase to CNY 217 million [2] - The approval of Lisavanbulin (利生妥) for marketing in China is expected to contribute to new growth, as it becomes the first Bcl-2 inhibitor approved for CLL/SLL patients who have received prior systemic therapy [2] - The global Phase III clinical trial GLORA-4 for Lisavanbulin in combination with Azacitidine has received approval from both the FDA and EMA, marking it as the only Bcl-2 inhibitor advancing in this indication [3] Group 2 - Future research and development progress to monitor includes the FDA registration trial POLARIS-2 for Olverembatin, the registration trial for Ph+ALL, and the GLORA clinical trials for Lisavanbulin in CLL/SLL and MDS [4]
中金:维持亚盛医药-B(06855)跑赢行业评级 升目标价至105港元
智通财经网· 2025-08-25 02:50
Core Viewpoint - CICC maintains the profit forecast for Ascentage Pharma-B (06855) for 2025/2026 and upgrades the target price by 19.3% to HKD 105, indicating a potential upside of 15.8% from the current stock price, driven by the progress of GLORA-4 and increased visibility in new indications [1] Group 1 - The commercial revenue of Nilotinib (Orelabrutinib) saw a significant increase of 93% year-on-year, reaching RMB 217 million in 1H25, attributed to its new indications being included in the medical insurance [2] - The approval of Lisavanbulin (Lisavan) for the treatment of CLL/SLL patients is expected to provide a new growth point for the company, as it becomes the first Bcl-2 inhibitor approved for CLL/SLL in China [2] Group 2 - The global Phase III registration trial GLORA-4 for Lisavanbulin in combination with Azacitidine has received approval from both the FDA and EMA, marking it as the only Bcl-2 inhibitor advancing in this indication [3] - The overall response rate (ORR) for Lisavanbulin combined with Azacitidine in treating newly diagnosed MDS patients reached 75%, indicating a strong safety profile and significant unmet needs in this patient population [3] Group 3 - Future research and development progress to monitor includes the FDA registration trial POLARIS-2 for Orelabrutinib, the registration trial progress for Ph+ ALL, and the GLORA and GLORA-4 studies for Lisavanbulin in the U.S. [4]