Core Insights - The recent AAN annual meeting showcased significant advancements in the treatment of Myasthenia Gravis (MG), particularly with new targeted biologics entering the market, indicating a shift in the competitive landscape for MG therapies [1] Competitive Landscape in gMG Treatment - The report from Goldman Sachs highlights the positive clinical data from Rongchang Biopharma's dual-target biologic RC18, which has shown deep patient response capabilities, sparking discussions on its efficacy compared to FcRn antagonists like Efgartigimod [2] - FcRn class drugs, including Efgartigimod, are expected to have a speed advantage in onset of action due to their mechanism of action, which could provide a competitive edge in the market [2] - Efgartigimod demonstrated a 4.6-point reduction in MG-ADL scores by week 4, more than double the efficacy of RC18 at the same time point, highlighting the importance of rapid onset in treating acute and refractory patients [2] Maintenance Therapy as a Future Focus - As MG is a chronic disease requiring long-term management, maintenance therapy is anticipated to become a key competitive focus in the MG drug market [4] - Efgartigimod currently employs an intermittent treatment model of "4 weeks on + 3 weeks off," but is exploring a more flexible bi-weekly maintenance treatment option, showing good safety and sustained efficacy in clinical data [4] External Factors Influencing Competition - The report emphasizes that factors beyond clinical data, such as insurance coverage, will significantly impact the competitive landscape for gMG treatments [5] - Efgartigimod has been included in China's National Reimbursement Drug List (NRDL) since 2023, while RC18 is not expected to gain reimbursement coverage until 2026, providing Efgartigimod with at least a two-year market lead [5] Administration Method Diversity - Efgartigimod's recently FDA-approved pre-filled subcutaneous injection allows for self-administration, enhancing convenience for patients, while RC18 is limited to subcutaneous injection [7] - Efgartigimod is widely recommended in treatment guidelines in both the US and China, enhancing its brand value and trust among healthcare providers and patients [7] Overall Competitive Advantage - Despite RC18's strong efficacy, Efgartigimod's rapid onset, flexible treatment options, and market lead position it favorably in the gMG treatment landscape [7]
高盛研报：重症肌无力市场格局重塑？强烈看好再鼎医药(09688)艾加莫德绝对竞争力