Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 9.12, indicating an expected upside of over 20% from the current price of HKD 7.52 [6]. Core Insights - The company reported a total revenue of HKD 504 million for 2024, representing a year-on-year increase of 2544%, primarily due to a USD 70 million upfront payment from Merck. The net profit for 2024 was HKD 28.3 million, up 107% year-on-year [1]. - The clinical trial results for ABSK021 in the treatment of TGCT were outstanding, with a 54% overall response rate (ORR) in the 50mg QD dosage group, significantly outperforming the placebo group [2]. - The company is advancing its clinical trials for ABSK011, which has received approval for a Phase III registration trial, showing promising results in earlier phases with an ORR of 44.8% [4]. - The market for ACH (Achondroplasia) presents significant unmet medical needs, with a global incidence rate of 1 in 17,000 to 28,000 live births, indicating a substantial patient population for potential treatments [5]. Summary by Sections Financial Performance - The company expects revenues of HKD 630 million in 2025, with an upward revision of 2026 revenues from HKD 617 million to HKD 684 million, and projected revenues of HKD 634 million in 2027 [6]. Clinical Development - ABSK021 has shown excellent efficacy and safety in its Phase III trial for TGCT, with a 25-week ORR of 54% and a low rate of treatment-related adverse events [2][3]. - The ongoing Phase II trial for ABSK021 in cGvHD has reported an overall ORR of 57.7%, with promising results across various affected organs [3]. Market Potential - The global market for ACH treatments is expanding, with existing therapies showing significant sales growth, indicating a robust opportunity for the company's FGFR2/3 inhibitor, ABSK061 [5].
和誉-B：ABSK021的TGCT III期结果优秀，ABSK011将启动HCC III期临床-20250314