{"id":61541,"date":"2026-03-27T13:03:15","date_gmt":"2026-03-27T05:03:15","guid":{"rendered":"https:\/\/flcube.com\/?p=61541"},"modified":"2026-03-27T13:04:24","modified_gmt":"2026-03-27T05:04:24","slug":"cstone-pharma-2025-revenue-rmb-269-6m-down-34-nrdl-price-adjustment-hits-pralsetinib-licensing-fees-decline","status":"publish","type":"post","link":"https:\/\/flcube.com\/?p=61541","title":{"rendered":"CStone Pharma 2025 Revenue RMB 269.6M Down 34% \u2013 NRDL Price Adjustment Hits Pralsetinib, Licensing Fees Decline"},"content":{"rendered":"\n

CStone Pharmaceuticals<\/strong> (HKG: 2616<\/a>) reported 2025 financial results<\/strong>, with annual sales declining 33.8% YoY to RMB 269.6 million (USD 39 million)<\/strong>. The drop reflected RMB 78.3 million in product sales<\/strong> (avapritinib, pralsetinib, sugemalimab), RMB 167.7 million in licensing fees<\/strong>, and RMB 23.6 million in sugemalimab royalties<\/strong>. Pralsetinib (Gavreto) sales fell significantly<\/strong> due to NRDL price adjustment preparation<\/strong> and one-time channel compensation<\/strong>, while licensing revenue decreased<\/strong> following large 2024 upfront\/milestone payments<\/strong>. Net loss widened to RMB 437 million<\/strong> from RMB 91.2 million in 2024, with RMB 918.7 million cash<\/strong> providing 2+ years runway<\/strong>. <\/p>\n\n\n\n

Financial Performance<\/h2>\n\n\n\n
Metric<\/th>2025 Result<\/th>YoY Change<\/th>Commentary<\/th><\/tr><\/thead>
Total Revenue<\/strong><\/td>RMB 269.6M (USD 39M)<\/td>-33.8%<\/strong><\/td>Product + licensing decline<\/td><\/tr>
Product Sales<\/strong><\/td>RMB 78.3M (USD 11.3M)<\/td>\u2014<\/td>Pralsetinib NRDL price impact<\/td><\/tr>
Licensing Fees<\/strong><\/td>RMB 167.7M (USD 24.25M)<\/td>\u2014<\/td>Lower vs. 2024 one-time payments<\/td><\/tr>
Royalty Income<\/strong><\/td>RMB 23.6M (USD 3.41M)<\/td>\u2014<\/td>Sugemalimab ex-China royalties<\/td><\/tr>
Net Loss<\/strong><\/td>RMB 437M (USD 63.2M)<\/td>Widened from RMB 91.2M<\/td>Lower gross profit + higher R&D<\/td><\/tr>
Cash Position<\/strong><\/td>RMB 918.7M (USD 132.9M)<\/td>\u2014<\/td>2+ years runway<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Revenue Mix & Strategic Drivers<\/h2>\n\n\n\n
Segment<\/th>2025 Revenue<\/th>Key Dynamics<\/th>2026 Outlook<\/th><\/tr><\/thead>
Product Sales<\/strong><\/td>RMB 78.3M<\/td>Pralsetinib price reduction<\/strong> for NRDL inclusion (effective Jan 1, 2026); one-time channel compensation<\/td>Volume-driven recovery<\/strong> expected \u2013 NRDL access unlocks patient volume<\/td><\/tr>
Licensing<\/strong><\/td>RMB 167.7M<\/td>2024 comparison base<\/strong> included large upfront\/milestone (e.g., Zenas deal)<\/td>Dependent on new BD execution<\/strong> \u2013 pipeline maturation required<\/td><\/tr>
Royalties<\/strong><\/td>RMB 23.6M<\/td>Sugemalimab<\/strong> ex-China sales (EU, emerging markets)<\/td>Growth trajectory<\/strong> with ESMO [I,A] recommendation<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Pralsetinib (Gavreto) NRDL Transition<\/h2>\n\n\n\n
Factor<\/th>2025 Impact<\/th>2026+ Strategy<\/th><\/tr><\/thead>
Price Adjustment<\/strong><\/td>Revenue decline<\/strong> \u2013 preparation for NRDL listing<\/td>Volume offset<\/strong> \u2013 NRDL inclusion (Jan 1, 2026) enables national reimbursement<\/td><\/tr>
Channel Compensation<\/strong><\/td>One-time charge<\/strong> \u2013 distributor inventory adjustments<\/td>Normalized margins<\/strong> \u2013 direct hospital sales post-NRDL<\/td><\/tr>
RET Fusion NSCLC<\/strong><\/td>Competition<\/strong> from selpercatinib (Lilly)<\/td>First-mover NRDL advantage<\/strong> \u2013 ~5,000 annual RET+ NSCLC patients addressable<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Pipeline & Cash Runway<\/h2>\n\n\n\n
Asset<\/th>Status<\/th>Catalyst<\/th><\/tr><\/thead>
Sugemalimab<\/strong><\/td>ESMO [I,A] recommendation; EU commercialization<\/td>Royalty growth<\/strong> 2026<\/td><\/tr>
Avapritinib<\/strong><\/td>GIST, SM \u2013 stable niche sales<\/td>PDGFRA D842V<\/strong> dominance maintained<\/td><\/tr>
CS5001<\/strong> (ROR1 ADC)<\/td>Phase I ongoing<\/td>Potential out-license<\/strong> 2026\u20132027<\/td><\/tr>
Cash Burn<\/strong><\/td>RMB 437M annual loss<\/td>2+ years runway<\/strong> \u2013 requires BD or financing 2027<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Forward\u2011Looking Statements<\/strong>
This brief contains forward\u2011looking 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<\/a><\/p>\n\n\n\n