ST Pharm is coming into one other progress section, using the wave of RNA therapeutics commercialization, in line with an evaluation from Mirae Asset Securities launched on Dec. 8.
The evaluation signifies that international companion firms’ FDA-approved product gross sales are increasing sooner than anticipated, and with the opportunity of further orders opening from 2026, earnings visibility has considerably improved. It was additionally emphasised that the won-dollar change price sustaining excessive ranges is instantly reflecting constructive change price advantages for ST Pharm, which has a big export proportion.
The report stated, “The gross sales progress price of RNA therapeutics that ST Pharm’s shopper firms are commercializing is quicker than anticipated, and a few pipelines are even buying further indications, considerably growing the opportunity of order enlargement in 2026,” elevating the goal inventory worth from the earlier 125,000 received to 160,000 received. The funding opinion is purchase.
A consultant progress pillar is the familial chylomicronemia syndrome (FCS) remedy. This drug has been experiencing speedy gross sales progress since receiving FDA approval in December final yr, and its marketability has been additional highlighted as the identical drug’s hypertriglyceridemia indication was designated as an modern remedy by the FDA. Scientific trials confirmed security and tolerability, together with decreasing triglycerides by as much as 72% and reducing acute pancreatitis incidence by 85%. Accordingly, the shopper firm is getting ready to submit an sNDA inside the yr, and there’s a excessive chance that further orders to ST Pharm will happen in 2026.
The hereditary angioedema (HAE) remedy authorised in August can be supporting the expansion pattern. The product has already acquired EU approval advice, and European authorization is predicted within the first quarter of 2026. Each remedies are ST Pharm’s oligo merchandise, and the corporate expects full-scale shipments to start from 2025, with associated gross sales to greater than double in 2026.
The structural progress of the oligo CDMO enterprise can be enhancing earnings stability. ST Pharm’s FDA-approved merchandise elevated to five this yr alone, and with 13 further new orders, the corporate secured a complete pipeline of 43 orders as of the top of the third quarter. The indications involving international pharmaceutical firms and biotechs have additionally expanded to hyperlipidemia, HBV, cardiovascular ailments, and hematologic cancers, supporting long-term progress potential. Order backlogs continued to extend, increasing to roughly $240 million as of September 2025.
Change price results are additionally working positively. ST Pharm has a construction the place change price will increase are instantly mirrored in gross sales and working revenue, because it facilities on RNA oligo merchandise with excessive export proportions. The report analyzed, “Fourth-quarter outcomes are anticipated to be the perfect this yr as nicely, and the excessive stage of change charges makes revenue enchancment even larger.”
