News Flash

ABBV's RC148 clinical data collaboration is impressive, and its global commercial value needs to be reassessed

Economic Observation Network ABBV has recently attracted institutional attention due to its collaboration with Rongchang Biology on the clinical progress of RC148, and relevant data is positive for the value enhancement of its dual antibody pipeline.

Business progress:
The core highlight of AbbVie in the past week is the RC148 collaboration with Rongchang Biotechnology, which directly relates to its dual resistance pipeline value On September 1st, CICC maintained Rongchang Biotechnology's industry-leading rating with a target price of HKD 112.92, based on the fact that AbbVie has registered RC148 international phase III clinical trials (first-line combination chemotherapy SQ-NSCLC) and recently disclosed impressive phase II data at the WCLC conference - ORR of 90% and 75.9% in the 10mg/kg group, and 93.3% and 71.4% in the PD-L1 negative subgroup, respectively The Phase III reading is the most critical catalyst for the future, and if successful, the global commercial value of RC148 will be significantly reassessed.

The above content is based on publicly available information and does not constitute investment advice.

Jinfang Pharma-B (02595. HK) GFH375 research has made progress, multiple data will be presented at academic conferences

Economic Observation Network New progress has been made in the research and development of GFH375 in Jinfang Pharmaceutic-B (02595. HK), and multiple clinical data will be announced at an academic conference in the near future.

Product development progress:
On August 26th, it was announced that GFH375 has entered the Phase II study of first-line NSCLC, exploring three regimens: monotherapy, combination therapy with cetuximab, or chemotherapy

On September 14th, WCLC will verbally report the Phase I/II updated data of GFH375 monotherapy for NSCLC, and multiple data disclosures will be made at the ESMO annual meeting

The above content is based on publicly available information and does not constitute investment advice.

Rongchang Biotechnology (09995) turned losses into profits in the first half of the year, and the clinical progress of RC148 attracted market attention

Economic Observation Network Rongchang Biotechnology (09995) achieved a turnaround in revenue by more than four times in the first half of 2026, with significant contributions from technology licensing revenue and good progress in its own products and overseas pipelines.

Performance and business situation:
In the first half of the year, the revenue was 5.853 billion yuan, a year-on-year increase of 433.11%, and the net profit attributable to the parent company was 4.662 billion yuan (a loss of 450 million yuan in the same period last year). It was the first time since its listing that the financial statements turned positive in the first half of the year Of the 4.662 billion yuan, 4.462 billion yuan is technology licensing revenue - corresponding to a cost of only 1.3587 million yuan. The $650 million down payment confirmation from AbbVie for RC148 accounts for approximately 76% of the revenue This part is one-time, but the market did not see it as a negative, but rather as a positive confirmation - the large BD realized the value of the pipeline. 76% of the net profit is one-time authorization income, and the interim report itself also suggests that there is doubt about whether it can continue to obtain the same scale of external authorization income in the future After excluding the down payment, the actual operating profit scale is much smaller than the reported figure.

Business progress:
Excluding authorization, drug sales revenue was 1.347 billion yuan, a year-on-year increase of 23%, a quarter on quarter increase of 11% in the second quarter, and a year-on-year decrease of 7 percentage points in sales expense ratio ——Our own products are increasing in volume and efficiency. At the same time, AbbVie is advancing RC148 very quickly: the protocol will only take effect in March, and in mid August, first-line NSCLC global phase III clinical trials have been registered. The WCLC 2026 abstract shows an ORR of 90.0% for squamous cell carcinoma and 75.9% for non squamous cell carcinoma, and PD-L1 negative populations also have activity The overseas imagination space has been supported by data.

The above content is based on publicly available information and does not constitute investment advice.

AstraZeneca (AZN) faces multiple event windows, pipeline advancement simultaneously faces pressure from centralized procurement

Economic Observation Network AstraZeneca (AZN) will be in a window of academic conferences and third quarter reports in the next two months, with pipelines continuing to advance and core products facing challenges from centralized procurement and generic drugs.

Recent events:
In the next two months, AstraZeneca will enter the event window of "academic conference data readout+three quarter report verification" - the WCLC lung cancer conference in mid September, the ESMO tumor conference in late October, and the three quarter report on October 30th are the three most certain nodes; Extending to the next 18 months, the company's official statement is that over 20 high-value clinical data items will be read out one after another These events all point to the same core issue: whether the speed of new pipeline connections can outperform the revenue gap caused by the patent cliff and centralized procurement.

Product development progress:
The oral GLP-1 candidate drug elecoglipron has launched six phase III trials for obesity and type 2 diabetes, which is the company's key bet on the weight loss track; After reaching the primary endpoint of stage III COPD, the sales peak expectation for tozorakimab (IL-33 monoclonal antibody) has been raised to over $5 billion 。

Business progress:
The rhythm of the pipeline has begun to show signs: two positive results for advanced stage 3 lung cancer were just announced on August 22nd On August 21st, a heavyweight monoclonal antibody dual indication was approved in China Data release is continuous, not a one-time event. Dizhe Pharmaceutical's global equity transaction for sunitinib (down payment of $600 million) is expected to be completed and delivered in the fourth quarter Strengthening its lung cancer oral product matrix - this is a part of the "China Innovation Pipeline Backfeeding Global" layout.

Industry and Risk Analysis:
The sustained-release and controlled release formulations of Dapagliflozin and Metformin have been included in the 12th batch of national centralized procurement "patent risk varieties" list, and compound formulations are facing new centralized procurement pressure; At the same time, Q2 in the US market has been impacted by the concentrated listing of generic drugs, resulting in a significant year-on-year decline in sales of Dapagliflozin in the US 。

The above content is based on publicly available information and does not constitute investment advice.

Fosun Pharma (02696) will release multiple clinical research data on tumor treatment at WCLC in September

Economic Observation Network Fosun Pharma (02696) will announce the Phase I data of HLX43 (PD-L1 ADC) in the field of thymic squamous cell carcinoma and 7 research data on H-drugs at the World Lung Cancer Conference (WCLC) to be held in September

The above content is based on publicly available information and does not constitute investment advice.

The data related to the number of mid year events in the Phase III clinical trials of Elixivumertinib will be released at WCLC

Economic Observation Network The Phase III clinical trial of Elisibatinib for first-line treatment of EGFR 20 exon insertion mutation non-small cell lung cancer will release relevant data, and the partner's stock price has been strong recently.

The global, multicenter, phase III clinical trial of Fumatinib for first-line treatment of EGFR 20 exon insertion mutant non-small cell lung cancer (NSCLC) is expected to reach event numbers by mid-2026 and is expected to announce relevant data at this year's World Lung Cancer Congress (WCLC) Its overseas authorized partner ArriVent BioPharma IncThe stock price has shown strong performance recently.

The above content is based on publicly available information and does not constitute investment advice.