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.
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
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