CICC: Maintain Outperform rating on ABBISKO-B (02256) with a target price of HK$20.

CICC released a research report stating that it maintains ABBISKO-B (02256) 2025/2026 net profit forecast at 0.48 billion yuan/3.20 billion yuan. According to the DCF model, the bank maintains its outperform industry rating and target price of HK$20, with an upside potential of 48.8% from the current stock price. Key points to watch in 2026 include the progress of Pitimenib U.S. listing, registration clinical progress of Yipagotinib 2L and 1L clinical program, potential data readout opportunities for ABSK061 and ABSK043, as well as the development progress of early-stage molecules including ABSK131 and ABSK141. Key points from CICC: Company update On December 22nd, the company announced that the CSF-1R inhibitor Pitimenib (Beijing Mai) was approved for sale in China for the treatment of tenosynovial giant cell tumor (TGCT) unsuitable for surgery. This is the company's first self-developed innovative drug to be approved for sale. Pitimenib's approval speed exceeded the bank's expectations, with conclusive clinical evidence. In June 2025, the company announced that the application for the sale of Pitimenib in China was accepted, and it only took over 6 months to be approved. This approval was based on the results of the first part of the global Phase III registration clinical MANEUVER study of Pitimenib, with ORR at 54% vs. placebo 3.2% at 25 weeks, and significant improvements in patients' joint mobility, pain, and other indicators, which the bank believes shows the best potential among similar drugs. In addition, the long-term follow-up results of the MANEUVER study published by the company in November further showed an increase in ORR to 76.2% at a median follow-up of 14.3 months, demonstrating long-term treatment benefits. The bank expects Pitimenib's commercialization to bring new momentum to the company. Other pipeline progress 1) On December 16th, the company announced that the FGFR2/3 inhibitor ABSK061 completed the first patient dosing in a Phase II clinical trial for treating achondroplasia (ACH). 2) On December 8th, the company announced the results of a Phase II study of the oral PD-L1 inhibitor ABSK043 in combination with Fimepinib in the treatment of non-small cell lung cancer (NSCLC) at the ESMO Asia 2025 congress. The disease control rate (DCR) reached 71%, with no observed dose-limiting toxicity or interstitial lung disease.