--- title: "Everest Medicines Continues to Improve Operating Quality in H1 2026, Entering \"Phase 3.0\" to Accelerate the Release of Innovation Value" type: "Topics" locale: "en" url: "https://longbridge.com/en/topics/43480515.md" description: "Eterna Pharmaceuticals (01952.HK) announced its interim results for the period ending June 30, 2026. The report shows that in H1 2026, the company's operational quality continued to improve, with total revenue reaching RMB 1.148bn (+157% YoY); adjusted gross margin stood at 73.7% after excluding non-cash items; net profit under non-IFRS was RMB 97.23mn, while net loss under IFRS narrowed 98% YoY; operating expenses as a percentage of revenue decreased by 64.0 percentage points YoY..." datetime: "2026-08-19T09:08:18.000Z" locales: - [en](https://longbridge.com/en/topics/43480515.md) - [zh-CN](https://longbridge.com/zh-CN/topics/43480515.md) - [zh-HK](https://longbridge.com/zh-HK/topics/43480515.md) author: "[亚太商讯那些事儿](https://longbridge.com/en/profiles/18018177.md)" generator: "portal-rs" --- # Everest Medicines Continues to Improve Operating Quality in H1 2026, Entering "Phase 3.0" to Accelerate the Release of Innovation Value Cloudy Bay Pharma (01952.HK) announced its interim results for the period ended June 30, 2026. The report shows that in H1 2026, the company's operational quality continued to improve, with total revenue reaching RMB 1.148bn (+157% YoY); after excluding non-cash items, the gross margin was 73.7%, and under non-IFRS standards, it achieved a net profit of RMB 97.23mn, while the net loss under IFRS narrowed by 98% YoY; operating expenses as a percentage of revenue decreased by 64.0 percentage points YoY, reflecting continuous improvements in operational and execution efficiency. Looking at this period's performance, the company's growth drivers are expanding from the commercialization of core products to portfolio expansion, monetization of innovative assets, and global layout. As of June 30, 2026, the company had ample cash reserves of RMB 1.859bn; post-reporting period, in July 2026, the company received an upfront payment of RMB 770mn under the global licensing and cooperation agreement for Cibetinib (EVER001), further bolstering its cash balance. The continued strengthening of the company's overall financial strength provides strong support for subsequent R&D investment and business expansion. **Wu Yifang, Chairman of the Board of Cloudy Bay Pharma** stated: "In H1 2026, Cloudy Bay Pharma officially entered its 'Phase 3.0', becoming an innovation-driven comprehensive biopharmaceutical company. Guided by its 2030 strategy, the company has continuously enhanced its ability to integrate innovation resources, commercialize operations, and develop globally, accelerating the release of innovation value and laying a more solid foundation for long-term high-quality development." In H1, the company's operational quality continued to improve, turning a profit; the pipeline of innovative products was enriched, R&D achievements accumulated, and clinical value increased. Meanwhile, by continuously strengthening its "two-way" BD capabilities, the company is gradually forming an early-asset model represented by Cibetinib (EVER001) of "引进 + self-research", realizing the monetization of innovative assets through internal incubation and external licensing, and leveraging mid-to-late stage pipelines represented by Nefecon (R) to enhance commercialization capabilities, creating a positive feedback loop for more BD collaborations. This improves innovation resource allocation efficiency and accelerates the transformation of innovation outcomes into clinical and commercial value. **Core Products Continue to Release Growth Potential** On the commercialization front, sales of Nefecon (R) maintained strong growth. In H1 2026, Nefecon (R) sales reached RMB 889mn, with pure sales growing 94% YoY. The company continues to deepen its core hospital network, expand coverage in non-core markets, strengthen physician and patient education, accumulate real-world evidence, and accelerate the implementation of the "etiology-based, early intervention, long-term treatment" diagnostic and therapeutic strategy. Following the approval of Weishiping (R), commercialization was rapidly implemented, and localized production construction continued. YiJia (R) saw steady growth in hospital-side sales with sustained strong clinical demand, but supply tightened temporarily due to overseas supply chain issues; the company is orderly advancing localized production to ensure product supply and related medical insurance negotiation work. Meanwhile, commercial service cooperation with Haisen Bio progressed steadily, contributing to sales revenue. The company reached a 谅解 regarding patents related to Nefecon (R) with Hainan Herui and launched commercial cooperation on Budesonide Enteric-Capsules, further expanding patient medication options. Meanwhile, commercial service cooperation with Haisen Bio progressed steadily, with mature product CSO services officially launching in March 2026, generating RMB 145mn in service revenue and RMB 28mn in commercialization profit in H1, further contributing to revenue and profit. **Luo Yongqing, CEO of Cloudy Bay Pharma** stated: "In H1 2026, focusing on our established strategy, we accelerated the transformation of innovation outcomes. Commercialization, BD, independent R&D, and global layout advanced synergistically, leading to continuous improvement in operational quality and enhanced growth momentum. In terms of BD and independent R&D, the company continued to promote global cooperation of innovative assets and introduce high-quality innovative assets. Independent R&D and innovation technology platforms also made continuous clinical progress, further enriching future growth drivers. Meanwhile, with the establishment of the Pan-Asia-Pacific commercial platform, the company further replicated its commercially validated capabilities from the Chinese market to Asian markets, promoting the expansion of existing and future products in Asia." **EVER001 Global Licensing, Overseas Development Expected to Accelerate** In June, the company reached an exclusive licensing and cooperation agreement with Travere Therapeutics for Cibetinib (EVER001), granting them exclusive development and commercialization rights in regions excluding Greater China and some Southeast Asian countries. According to the agreement, the total transaction value is up to $1.1425bn, including an upfront payment of $112.5mn and up to $1.03bn in development, regulatory, and commercialization milestone payments. The company also stands to receive royalty payments ranging from high single-digit to double-digit percentages of future net sales. CICC believes this collaboration will accelerate the global clinical development and commercialization of EVER001 and potentially drive development in membranous nephropathy. BOCI is optimistic about the overseas market capacity and indication development prospects for EVER001, noting that the 52-week data from its Phase Ib/IIa study for treating membranous nephropathy showed positive results, suggesting overseas development may accelerate. Based on relevant clinical progress, the company has initiated a Phase II basket trial in China to further explore its therapeutic potential in focal segmental glomerulosclerosis (FSGS), minimal change disease (MCD), and IgA nephropathy, among other autoimmune kidney diseases. **BD Continues to Expand, Product Pipeline Further Perfected** In terms of introductions, the company focuses on core therapeutic areas and mid-to-late stage assets, continuously perfecting its product portfolio: introducing MT1013, DMX-200, and Beijiezin (R) in nephrology and autoimmunity; introducing Xingbituo (R) and Vicagrel in cardiovascular disease, further perfecting the cardiovascular product portfolio; and introducing LNZ100 in ophthalmology, reinforcing its ophthalmic layout alongside VIS-101. With multiple assets entering key registration and commercialization stages, the company's future product growth 梯队 is becoming clearer. Xingbituo (R) is expected to be approved and launched in Q3 2026, Leruibo (R) and LNZ100 are expected to be approved in 2027, and MT1013 is expected to be approved in 2028. **Independent R&D and Pan-Asia-Pacific Layout Continue to Advance** In R&D, the self-developed AI+mRNA platform continues to achieve breakthroughs. Personalized tumor vaccine EVM16 completed its first-in-human clinical data readout and plans to initiate Phase I/II IIT clinical studies in Q4 2026. Autologous generated CAR-T therapy EVM18 has initiated IIT studies targeting various autoimmune diseases and is steadily advancing global IND submissions. Regarding globalization, the company completed the acquisition of Haisen Biopharma (Singapore), obtaining a Pan-Asia-Pacific commercial platform. This accelerates the replication of commercially validated capabilities from the Chinese market to Asian markets, promotes the expansion of existing and future products in Asia, and further enhances global commercialization capabilities. Meanwhile, since December 2025, Kangqiao Capital and company directors have cumulatively increased their holdings by 5.163mn shares, with transaction amounts exceeding HKD 172.5mn, demonstrating confidence in the company's strategic direction and long-term development. Overall, Cloudy Bay Pharma is gradually forming a development structure based on the commercialization of core products, expanding the product portfolio through BD, reserving innovative assets through independent R&D, and expanding international markets through global cooperation and the Pan-Asia-Pacific platform. After entering "Phase 3.0", the synergistic enhancement of innovation resource integration, commercial operation, and global development capabilities will likely become a key support for the company's subsequent growth. ### Related Stocks - [01952.HK](https://longbridge.com/en/quote/01952.HK.md) - [TVTX.US](https://longbridge.com/en/quote/TVTX.US.md) --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**