“大牛股”康方生物，核心产品大卖亏损却扩大

时代财经APP2025-08-28

图源：图虫作者 | 张羽岐编辑| 温斯婷8月26日晚间，拥有PD-1/VEGF双抗依沃西（商品名：依达方）和PD-1/CTLA-4双抗卡度尼利（商品名：开坦尼）等多款商业化产品的港股创新药企康方生物（09926.HK）发布2025年上半年业绩。财报数据显示，今年上半年，康方生物总收入为14.12亿元，同比增长37.75%。其中，商业销售收入为14.02亿元，与去年同期相比增长49.20%，系核心...

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温斯婷8月26日晚间，拥有PD-1/VEGF双抗依沃西（商品名：依达方）和PD-1/CTLA-4双抗卡度尼利（商品名：开坦尼）等多款商业化产品的港股创新药企康方生物（09926.HK）发布2025年上半年业绩。财报数据显示，今年上半年，康方生物总收入为14.12亿元，同比增长37.75%。其中，商业销售收入为14.02亿元，与去年同期相比增长49.20%，系核心产品卡度尼利和依沃西首次纳入国家医保目录适应症后带来的销售增长，以及新获批的一线适应症带来的销售贡献。此外，康方生物新获批了PCSK9药物伊努西（商品名：伊喜宁）和IL-12/IL-23药物依若奇（商品名：爱达罗），目前已经开始销售。在商业授权收入方面，康方生物在今年上半年已收到990万元。不过，截至今年上半年，康方生物仍处于亏损状态，且亏损金额进一步扩大，为5.88亿元，这一数字在去年同期为亏损2.49亿元。对此，康方生物相关负责人在8月27日举办的2025年中期业绩发布会上表示，“今年前半年亏损有三个因素，其一，依据会计准则，因参股Summit公司，今年上半年亏损的股权投资损失为1.917亿元，与去年同期相比，增加了1.591亿元；其二，研发投入持续加大，系新增了多个注册三期临床研究以及新平台、新产品管线的开发，金额增加1.37亿元；其三，股权激励费用有所增加。”康方生物是一家致力于研究、开发、生产及商业化让全球病人可负担的创新抗体药的生物制药公司，成立于2012年，2020年在港股上市。财报显示，截至目前，其有50多个在研创新项目，涵盖肿瘤、自身免疫及代谢性疾病等多个领域。其中，已有7款自主研发的产品获批上市；1款产品在国家药监局（NMPA）上市审评中。投资者更为关注的是，康方生物核心产品的研发和商业化销售情况，尤其是依沃西在全球市场头对头试验进展。上述相关负责人表示，今年上半年，康方生物在中国市场医院覆盖进一步深化。在商业化团队组建方面，康方生物的商业化团队人数从去年的844人扩张至1221人，增幅达45%，扩增其中一部分是为非肿瘤业务方面新组建的团队。财报显示，康方生物正在全面加速纳入医保后的医院准入及覆盖工作，践行学术推广，积极开拓商保等多元化渠道。去年5月，康方生物核心产品之一依沃西获批上市，适应症为联合化疗用于治疗经表皮生长因子受体（EGFR）酪氨酸激霉抑制剂（TKi）治疗后进展的EGFR突变的局部晚期或转移性非鳞状非小细胞肺癌（nsq-NSCLC），成为全球首个“肿瘤免疫+抗血管”机制的双抗新药。图源：图虫今年4月下旬，依沃西在国内获批第二项适应症，是单药用于PD-L1阳性（TPS≥1%）的表皮生长因子受体（EGFR)基因突变阴性和间变性淋巴瘤激酶（ALK）阴性的局部晚期或转移性非小细胞肺癌（NSCLC）的一线治疗。目前，依沃西已有2项适应症在中国获批，其中首个适应症，即EGFR-TKI治疗后进展的EGFR突变的局部晚期或转移性非鳞状NSCLC，已成功纳入医保。此前高盛一则报告指出，依沃西有望在未来几年内成为PD-1/L1xVEGF双特异性抗体领域的全球引领者，并预测其2041年的峰值销售额约可达530亿美元。在获批上市后不久，一项头对头试验数据的披露，让依沃西再次成为业界瞩目的焦点。依沃西单药对比帕博利珠（商品名：Keytruda/可瑞达，下称“K药”）单药一线治疗PD-L1表达阳性的NSCLC（非小细胞肺癌）的Ⅲ期临床试验（AK112-303/HARMONi-2）获得了决定性胜出阳性结果，这也是全球第一个单药对照K药取得阳性结果的Ⅲ期临床试验。今年8月，康方生物表示，该项临床试验的总生存期（OS）最终分析显示，依沃西达到OS临床终点，取得具有统计学显著和临床意义显著的OS获益。详细数据将在未来国际学术会议上发表。康方生物创始人、董事长，总裁兼首席执行官夏瑜在上述业绩发布会上表示，不是所有产品都能拿到OS的显著获益，上述OS数据的读出也进一步验证了依沃西这一药物的实力，是对病人群体在治疗上面不断地升级改善，亦更惠及患者。财报显示，依沃西已通过联合用药布局30个适应症，开展约30项临床试验，其中包括13项Ⅲ期临床和6项与PD-(L)1头对头研究，4项Ⅲ期临床已达到阳性结果，覆盖肺癌、胆道癌、头颈鳞癌、乳腺癌、结直肠癌、胰腺癌等瘤种。今年以来，康方生物股价屡创新高，是港股市场公认的创新药大牛股之一。8月27日，康方生物盘中一度攀至179.00港元/股，创下历史新高，最终报收157.00港元/股，下跌7.1%，总市值逾1400亿港元。（欢迎转载，开白请添加微信，ID：rafe0101）-广东时代传媒集团出品-_连亏2年却砸亿元收购，600868遭监管拷问_53岁建行老将杨军，“空降”中行副行长_青海千亿盐湖龙头，终止3亿美元买矿_喜茶要玩“高端局”，10年老将被传离职请看官点赞点在看，给小编加一杯奶茶↓","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"dataReport","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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