Company Overview - Johnson & Johnson announced that the FDA granted Fast Track designation for nipocalimab, an investigational therapy for moderate-to-severe Sjögren's disease, marking the fourth such designation for this drug [1][2] - Nipocalimab is the first and only therapeutic to receive Breakthrough Therapy designation for SjD, aimed at accelerating the development and review of drugs for serious conditions [2] Clinical Development - The company is actively enrolling patients in the Phase 3 DAFFODIL study, which follows the positive results from the Phase 2 DAHLIAS study that demonstrated a greater than 70% relative average improvement in systemic disease activity at Week 24 for the 15 mg/kg nipocalimab group [1][4] - The DAHLIAS study involved 163 adults with primary Sjögren's disease and assessed the effects of nipocalimab compared to placebo [6] Disease Context - Sjögren's disease is a prevalent autoimmune condition affecting approximately four million people globally, with a higher incidence in women [5] - The disease is characterized by chronic inflammation and can lead to severe complications, including a 20 times greater risk of developing B-cell lymphomas compared to the general population [4][5] Treatment Landscape - Currently, there are no FDA-approved treatments that address the underlying causes of Sjögren's disease, highlighting the unmet medical need for effective therapies [4][5] - Nipocalimab is designed to block FcRn and reduce levels of circulating immunoglobulin G (IgG) antibodies, potentially offering a new treatment option for patients [8]

合作伙伴征集：2025全球手术机器人大会 报名：首届全球眼科大会 | 暂定议程 报名：首届全球心血管大会 | 奖项报名倒计时 报名：首届全球骨科大会 | 奖项报名倒计时 2025年3月15日上午，2025中国医学装备大会在重庆悦来国际会议中心成功召开。相关政府部门领导、知名院士、医疗机构专家，研发生产企业、高校、科 研院所、投融资机构负责人等嘉宾出席大会。 中国医学装备协会理事长 侯岩介绍， 2024年中国医学装备市场规模达到 1.35万亿 元，同比增长 6％ 左右 。据了解，目前我国已形成22个大类1100多个 品类的产品体系，是世界上产品类别和品种最齐全的国家之一，产品广泛服务于临床应用，覆盖卫生健康各个领域。 目前大会已圆满落幕。本届展会中，哪些企业凭借创新亮相引起了行业关注？又有哪些前沿产品和技术成为焦点？思宇将全面回顾展会精彩亮点，供各位读 者参考。 # 美敦力 美敦力在本届大会上展出 近80款 全球创新产品， 包括 全球首发的PulseSelect一次性心脏脉冲场消融导管 ，以及多款前沿技术产品， 其中不乏首次展出及近 期获批的产品和技术。 其中包括中国首款获批的 PulseSelect一次性心脏 ...

Core Insights - The article emphasizes the importance of resilience investing in the face of inflation and potential recession, focusing on companies with strong financial health and diversified income streams [1] Johnson & Johnson - Johnson & Johnson (JNJ) is highlighted as a defensive investment within the stable healthcare sector, with a diversified business model that includes Innovative Medicine and MedTech [2] - JNJ's financial health is reinforced by its AAA credit rating, shared only with Microsoft among US companies [2] - The company reported a revenue of $88.821 billion in 2024, a 4.3% increase from the previous year, with adjusted net earnings of $24.242 billion [3] - JNJ's Innovative Medicine segment saw a 5.7% operational growth in 2024, while the MedTech segment achieved 6.2% operational growth [4] - The stock forecast for JNJ indicates a current price of $162.94 with a 12-month target of $171.33, reflecting a potential upside of 5.15% [3][4] Microsoft - Microsoft (MSFT) demonstrates resilience through its transition to a recurring revenue model, primarily via cloud services, allowing it to navigate economic challenges effectively [5] - The company reported total revenue of $69.6 billion in Q2 2025, a 12% year-over-year increase, with cloud revenue reaching $40.9 billion, up 21% [6] - Microsoft's AI business has surpassed an annual revenue run rate of $13 billion, showing a remarkable 175% year-over-year growth [6] - The stock forecast for MSFT shows a current price of $388.56 with a 12-month target of $510.43, indicating a potential upside of 31.36% [6][7] Waste Management - Waste Management (WM) is presented as a resilient company due to the essential nature of its services, providing stable revenue regardless of economic conditions [8] - The company reported revenue of $22.063 billion in 2024, an 8.0% increase from the previous year, with adjusted operating EBITDA of $6.563 billion [9] - WM is projected to see revenue growth of 16.4% and adjusted operating EBITDA growth of 15.0% in 2025 [9] - The stock forecast for WM indicates a current price of $225.06 with a 12-month target of $236.65, reflecting a potential upside of 5.15% [9][10] Resilience Investing - The article concludes that resilience investing is not limited to a single industry, but rather focuses on identifying companies with strong financials, diversified revenue streams, and adaptability to market changes [11]

医药生物 医药生物 2025 年 03 月 16 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -36% -24% -12% 0% 12% 24% 2024-03 2024-07 2024-11 医药生物 沪深300 从月度数据来看，2025 年初至今沪深整体呈现上行趋势。2025 年 3 月第 2 周美 容护理行业涨幅靠前，计算机、机械设备行业跌幅靠前。本周医药生物上涨 1.77%，跑赢沪深 300 指数 0.18pct，在 31 个子行业中排名第 15 位。 本周线下药店板块涨幅最大，上涨 10.38%；医药流通板块上涨 4.91%，医院板 块上涨 3.4%，血液制品板块上涨 2.9%，中药板块上涨 2.63%；体外诊断板块涨 幅最小，上涨 0.77%，原料药板块上涨 0.83%，其他生物制品板块上涨 0.89%， 医疗设备板块上涨 1.1%，医疗耗材板块上涨 1.32%。 推荐及受益标的 相关研究报告 《从海内外公司 2024年业绩看科研服 务的投资机会—行业周报》-2025.3.9 《诊疗流程优化加速，AI 技术重塑精 准 医 疗 与 产 业 生 态 — 行 业 周 报 》 -2025.3. ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - Major pharmaceutical companies such as Johnson & Johnson, AbbVie, Eli Lilly, and Sanofi are actively investing in the next generation of oral immunotherapy drugs through mergers and acquisitions [4][11] - The demand for oral medications is significant, with surveys indicating that approximately 50-70% of patients eligible for the latest therapies for psoriasis and inflammatory bowel disease (IBD) are not using them, primarily due to injection-related issues [4][12] - The existing oral immunotherapy drugs have notable deficiencies in efficacy and/or safety, creating a larger market opportunity for safe and effective oral medications [12] Summary by Sections Industry Trends - Major pharmaceutical companies are focusing on the development of next-generation oral immunotherapy drugs, with significant investments and collaborations [4][11] - Johnson & Johnson's collaboration with Protagonist aims to develop an oral peptide IL-23 molecule, projected to peak sales of over $5 billion [4][11] - Eli Lilly acquired Dice for $2.4 billion to obtain its core pipeline of oral small molecule IL-17, currently in phase 2 trials for psoriasis [4][11] - Sanofi is collaborating with Kymera to develop an oral IRAK4 degrader, which is in phase 2 trials for atopic dermatitis and pustular hidradenitis [4][11] - AbbVie has made acquisitions to expand its portfolio of oral NLRX1 and IL-23 therapies [4][11] Market Performance - In the second week of March, the pharmaceutical and biotechnology sector rose by 1.77%, outperforming the CSI 300 index by 0.18 percentage points [5][16] - The offline pharmacy sector showed the highest increase, rising by 10.38%, while the in vitro diagnostics sector had the smallest increase at 0.77% [5][19] Recommended and Benefiting Stocks - Recommended stocks in the research services sector include: Baipusais, Bid Medical, Haoyuan Pharmaceutical, and others [6] - In the pharmaceutical and biological products sector, recommended stocks include: Zai Lab, Innovent Biologics, and others [6] - For raw materials, recommended stocks include: Pro Pharmaceutical, Jianyou Co., and others [6] - In the medical device sector, recommended stocks include: Aotai Biological, Anjisi, and others [6]

Core Points - Johnson & Johnson (J&J) entered a multibillion-dollar contract with ChemImage in 2019 to develop AI-powered surgical imaging technology [1][4] - ChemImage has filed a $1.5 billion breach of contract lawsuit against J&J, claiming the healthcare giant failed to uphold its commitments [2][3] - The trial will determine if J&J terminated the contract "with cause" or "without cause," impacting potential damages owed to ChemImage [5][6] Group 1: Contract Details - The contract included a $7 million upfront payment and outlined a potential total of $1.5 billion in royalties based on future milestones [4] - ChemImage alleges that J&J's decision to terminate the contract has harmed its business and technology development [3][4] Group 2: Legal Proceedings - The trial is presided over by US District Judge Jesse Furman, with ChemImage seeking $180 million in penalties and overdue payments [2] - J&J will argue that ChemImage failed to meet developmental milestones, justifying the contract termination [7] - ChemImage counters that delays were due to J&J's own technological issues and lack of engagement [8] Group 3: Witnesses - Nine current and former J&J executives, including key figures from the MedTech division, are expected to testify [10] - ChemImage will also call its former executives, including its ex-CEO, to support its claims [10]

合作伙伴征集：2025全球手术机器人大会 报名：首届全球眼科大会 | 暂定议程 报名：首届全球心血管大会 | 奖项报名倒计时 报名：首届全球骨科大会 | 奖项报名倒计时 2025年3月13日， 强生医疗科技 携旗下 50余款 创新医疗科技产品亮相2025 中国医学装备大会暨医学装备展览会 。以"领航健 康未来"为主题，强生医疗科技展台带来了覆盖 外科、心电生理、神经介入等领域 的创新产品和前沿科技，展示了公司积极推 动中国医疗事业健康发展的决心与担当。 强生医疗科技携创新产品亮相2025医学装备大会 # 全球 创 新引进 ，助力早 诊早治 面对逐年攀升的高发疾病发病率，强生医疗科技持续引进全球领先的创新产品和解决方案，助力提升疾病的早诊早治。 本次展出的 MONARCH机器人 ， 是 中国境内首个获批的经自然腔道诊疗机器人 。 术 者可以类似操控游戏手柄的方式，精 准灵活控制MONARCH机器人的内窥镜导航控制系统，在患者体表无切口的情况下，经支气管自然腔道抵达肺部深处病灶， 进而提取病灶组织以进一步开展诊疗操作，将助力推动中国肺癌诊疗的微创化和精准化，造福广大肺结节和肺癌患者。 EVERPOINT 钨铼合金 ...

Core Viewpoint - The article discusses the potential of bispecific antibodies to replace CAR-T therapies in the treatment of multiple myeloma, highlighting insights from Dr. Syed Abbas Ali of Johns Hopkins University [3][4][6]. Group 1: Bispecific Antibodies vs. CAR-T Therapies - Dr. Ali emphasizes that bispecific antibodies, particularly those targeting BCMA and CD3, may surpass CAR-T therapies in efficacy and safety, especially as physicians learn to manage toxicity better [6][7]. - The total response rate for Gilead-Arcellx's Anito-cel is reported at 100%, with lower toxicity compared to Johnson & Johnson's Carvykti, which is primarily used for high-risk patients [4][5]. - The safety profile of Anito-cel shows significant advantages, with a median onset of cytokine release syndrome (CRS) at 2 days and a duration of 3 days, compared to Carvykti's 7 days onset and 4 days duration [5]. Group 2: Market Dynamics and Competitive Landscape - The article notes that Blenrep from GlaxoSmithKline faces challenges in regaining market trust after its previous withdrawal, with analysts expressing concerns over its sales growth potential [8]. - Sanofi's Sarclisa is seen as a competitor to Johnson & Johnson's Darzalex, but the latter's ease of use as a monthly subcutaneous injection poses a significant challenge for Sarclisa [9]. - The article highlights the increasing accessibility of blood component apheresis for CAR-T therapy, which has improved patient treatment options [4].

Core Insights - The investigational drug icotrokinra has shown promising results in treating moderate-to-severe plaque psoriasis, with nearly half of patients achieving complete skin clearance at Week 24 in the Phase 3 ICONIC-LEAD study [1][2][4] - Johnson & Johnson is initiating the first head-to-head study comparing icotrokinra, an oral medication, to the injectable biologic ustekinumab, marking a significant step in psoriasis treatment research [1][3][4] Study Results - In the ICONIC-LEAD study, 65% of patients treated with icotrokinra achieved an Investigator's Global Assessment (IGA) score of 0/1 (clear or almost clear skin) at Week 16, with 50% achieving a Psoriasis Area and Severity Index (PASI) 90 response, compared to only 8% and 4% in the placebo group respectively [2][5] - By Week 24, 74% of patients on icotrokinra reached IGA 0/1, and 65% achieved PASI 90, with 46% achieving complete skin clearance (IGA 0) and 40% reaching PASI 100 [2][5] Safety Profile - The safety profile of icotrokinra appears favorable, with similar rates of adverse events (AEs) reported between the icotrokinra (49%) and placebo groups (49%), and no new safety signals identified [2][3] Future Studies - The positive outcomes from the ICONIC-ADVANCE studies, which also met their co-primary endpoints, have led to the initiation of the ICONIC-ASCEND study, further exploring the efficacy of icotrokinra against ustekinumab [3][4] Drug Mechanism - Icotrokinra is a first-in-class investigational targeted oral peptide that selectively blocks the IL-23 receptor, which is crucial in the inflammatory response associated with moderate-to-severe plaque psoriasis [1][10]

Core Viewpoint - Johnson & Johnson (J&J) has decided to discontinue the Phase 3 VENTURA development program for aticaprant as an adjunctive treatment for major depressive disorder (MDD) due to insufficient efficacy in the target patient population, despite the drug being safe and well-tolerated [1][2][3]. Group 1: Development Program and Financial Implications - The decision to halt the VENTURA program is a setback for J&J, which had anticipated annual peak sales of $1-$5 billion from aticaprant in the MDD indication [3]. - J&J is currently conducting full analyses of the VENTURA program data and plans to present findings at a future medical meeting [2]. Group 2: Future Plans and Acquisitions - Despite the setback, J&J maintains its long-term vision to become the 1 neuroscience company by 2030 and expects its Innovative Medicine business to grow at a CAGR of 5% to 7% from 2025 to 2030 [4]. - The company aims to offset the loss from aticaprant with the acquisition of Intra-Cellular Therapies (ITCI) for approximately $14.6 billion, which is expected to be completed later this year [5]. - Upon completion of the acquisition, J&J will gain access to ITCI's marketed drug, Caplyta, which is approved for schizophrenia and bipolar depression, with a regulatory filing submitted for label expansion to include MDD [6]. Group 3: Market Performance - Year to date, J&J's shares have increased nearly 15%, outperforming the industry growth of 12% [7]. Group 4: Industry Context - The setback with aticaprant is not isolated, as Neumora Therapeutics also faced a failure with its lead drug, navacaprant, in a similar MDD study [9]. - Neumora's KOASTAL-1 study did not achieve its primary endpoint, failing to show significant improvement over placebo in alleviating depression symptoms [10].