CStone Pharmaceuticals (HKG: 2616) reported 2025 financial results, with annual sales declining 33.8% YoY to RMB 269.6 million (USD 39 million). The drop reflected RMB 78.3 million in product sales (avapritinib, pralsetinib, sugemalimab), RMB 167.7 million in licensing fees, and RMB 23.6 million in sugemalimab royalties. Pralsetinib (Gavreto) sales fell significantly due to NRDL price adjustment preparation and one-time channel compensation, while licensing revenue decreased following large 2024 upfront/milestone payments. Net loss widened to RMB 437 million from RMB 91.2 million in 2024, with RMB 918.7 million cash providing 2+ years runway.
Financial Performance
Metric
2025 Result
YoY Change
Commentary
Total Revenue
RMB 269.6M (USD 39M)
-33.8%
Product + licensing decline
Product Sales
RMB 78.3M (USD 11.3M)
—
Pralsetinib NRDL price impact
Licensing Fees
RMB 167.7M (USD 24.25M)
—
Lower vs. 2024 one-time payments
Royalty Income
RMB 23.6M (USD 3.41M)
—
Sugemalimab ex-China royalties
Net Loss
RMB 437M (USD 63.2M)
Widened from RMB 91.2M
Lower gross profit + higher R&D
Cash Position
RMB 918.7M (USD 132.9M)
—
2+ years runway
Revenue Mix & Strategic Drivers
Segment
2025 Revenue
Key Dynamics
2026 Outlook
Product Sales
RMB 78.3M
Pralsetinib price reduction for NRDL inclusion (effective Jan 1, 2026); one-time channel compensation
Forward‑Looking Statements This brief contains forward‑looking statements regarding 2026 pralsetinib volume recovery, sugemalimab royalty growth, and potential out-licensing transactions. Actual results may differ due to NRDL pricing dynamics, competitive entry in RET inhibitors, and BD market conditions for clinical-stage assets.-Fineline Info & Tech
By Fineline Cube 