CStone Pharmaceuticals (CStone Pharma-B) reported a decisive topline rebound for 1H 2026, propelled by the strong post-NRDL uptake of its RET inhibitor pralsetinib.
Revenue and Profitability • Revenue surged 315.2% year-on-year to RMB 205.10 million, driven by RMB 183.17 million in product sales (avapritinib, pralsetinib, sugemalimab), RMB 6.89 million in licence fees and RMB 15.04 million in sugemalimab royalties. • Cost of revenue fell 22.0% to RMB 110.90 million due to the sell-through of previously written-down inventory, turning last year’s gross loss into a gross profit of RMB 94.20 million. • Operating expenses rose as R&D spend doubled to RMB 205.53 million on advancing trispecific antibody CS2009 and ADC programs, while selling & marketing costs climbed 104.8% to RMB 73.11 million after channel-fee increases linked to higher sales volumes. • Net loss narrowed 6.6% to RMB 252.28 million; on a non-IFRS basis (excluding share-based payments) the loss was RMB 230.91 million, an improvement of 12.8%.
Balance Sheet and Liquidity • Cash, cash equivalents and time deposits totalled RMB 1.56 billion at 30 June 2026, up from RMB 0.92 billion at 31 December 2025, reflecting the HK$1.05 billion (RMB 0.92 billion) April 2026 share placement. • Net gearing improved; the Group ended the period with a gearing ratio of 37.1% (31 December 2025: 54.6%). • Bank borrowings stood at RMB 341.0 million with average interest rates of LPR minus 65–45 bps (floating) or 2.9% (fixed).
R&D and Pipeline Highlights • CS2009 (PD-1/VEGF/CTLA-4 trispecific) enrolled >300 patients; Phase III multi-regional trials in first-line NSCLC and mCRC are slated by year-end. • CS5007 (EGFR/HER3 bispecific ADC) entered global Phase I trials in Australia and China. • Additional early-stage ADCs (CS5006, CS5008) and multispecific antibodies (CS2013, CS2015, CS2016, CS1016) progressed through preclinical or IND-enabling studies.
Commercial Progress • Sugemalimab received EU and UK extension to unresectable Stage III NSCLC and secured Level [I,A] ESMO guideline endorsement. A fifth international commercial deal with Australia’s Arrotex now spreads coverage to 60+ countries. • Pralsetinib’s China NRDL inclusion (effective January 2026) fuelled a near 500% YoY volume increase in the first seven months; local manufacturing approval supports margin expansion. • Avapritinib’s NRDL listing renewed; domestic production launched in February 2025 under Hengrui partnership.
Capital Markets Activity • April 2026 placing raised net proceeds of RMB 923.0 million to fund CS2009 Phase III trials, advance ADC pipeline and for general corporate purposes. • The Company repurchased 4.60 million shares for HK$21.36 million during June 2026, subsequently cancelling them in July.
Outlook (per company guidance) Key 2H 2026 catalysts include initiation of CS2009 Phase III MRCTs, broader clinical advancement of ADC candidates, and presentation of two CS2009 Rapid Oral abstracts at ESMO 2026.
No interim dividend was declared.