REMEGEN(688331) 新浪财经·2025-04-10 07:44Core Insights - The company reported a revenue of 1.72 billion yuan in 2024, representing a 58.5% increase, but incurred a net loss attributable to shareholders of 1.47 billion yuan, with a non-GAAP net loss of 1.51 billion yuan, aligning with expectations [1] - The company's core products continue to expand, with both the autoimmune and oncology teams gaining access to over 1,000 hospitals [1] - The drug Tai Taisip received NMPA approval in March 2021 and was included in the new national medical insurance for treating SLE in December of the same year [1] - The autoimmune commercialization team has grown to over 800 people, while the oncology team has nearly 600, both achieving access to over 1,000 hospitals [1] Clinical Data - Tai Taisip's Phase III clinical data for generalized Myasthenia Gravis (gMG) was presented at the AAN annual meeting, showing the highest MG-ADL response among peers [2] - The study included 114 gMG patients, with significant improvements in MG-ADL and QMG scores observed from week 4 [2] - At 24 weeks, the MG-ADL score decreased by 5.74 points in the Tai Taisip group compared to a 0.91 point decrease in the placebo group, with 98.1% of patients showing a ≥3 point improvement [2] - The QMG score decreased by 8.66 points in the Tai Taisip group versus a 2.27 point decrease in the placebo group, with 87% of patients showing a ≥5 point improvement [2] - The safety profile of Tai Taisip during treatment was reported to be acceptable [2] - The application for Tai Taisip's market approval for gMG was accepted in October 2024, with expectations for approval in Q2 2025 [2] Revenue Forecast - Revenue projections for the company are estimated at 2.27 billion yuan in 2025, 3.11 billion yuan in 2026, and 4.29 billion yuan in 2027, reflecting year-on-year growth rates of 32.5%, 36.8%, and 37.8% respectively [3] - The continued expansion of commercialized products, along with the potential international market entry for Tai Taisip, supports a "buy" rating [3]