ASCO年会上的“较量”：中国创新药企全方位出击

Core Viewpoint - The innovative drug industry is experiencing a "triple resonance" of policy support, industrial upgrades, and performance recovery, leading to a rapid restructuring of capital market valuation logic [1] Group 1: ASCO Conference Highlights - The 2025 ASCO annual meeting in Chicago showcased a record number of presentations from Chinese experts, with 71 original research results selected for oral presentations, including 11 major studies [2] - Chinese pharmaceutical companies such as Hengrui Medicine, Innovent Biologics, and Rongchang Biopharmaceutical had significant research entries, with Hengrui reporting 69 studies, including 67 on innovative drugs [2][3] - The number of clinical studies from Chinese companies at ASCO has been increasing, with notable advancements in ADCs (antibody-drug conjugates), bispecific antibodies, and new small molecules [2][5] Group 2: Development of Chinese Innovative Drugs - Over the past decade, Chinese pharmaceutical companies have transitioned from being "followers" to "leaders" in the global pharmaceutical ecosystem, particularly in oncology [3] - The ASCO meeting highlighted significant clinical research from companies like Shijiazhuang Pharmaceutical and China Biologic Products, with China Biologic achieving a record of 12 oral presentations [3] Group 3: Market Trends and Projections - Antibody drugs, particularly PD-(L)1 inhibitors, remain a focal point at ASCO, with global sales projected to exceed $50 billion in 2024 and continue to grow [4] - The market for PD-(L)1/VEGF bispecific antibodies is expected to reach nearly $70 billion by 2028, driven by ongoing innovations and clinical trials [4] Group 4: Investment and R&D Growth - China's pharmaceutical R&D investment has been growing at an average annual rate of over 20%, with total spending reaching $32.6 billion in 2022, accounting for 13.5% of global pharmaceutical R&D expenditures [6] - By 2030, China's pharmaceutical R&D spending is projected to reach $67.5 billion, with a compound annual growth rate of 9.5% from 2022 to 2030 [6] Group 5: Globalization and Business Development - Chinese innovative drug companies are increasingly exploring global markets through various business development models, including licensing agreements [7][8] - A recent licensing deal between 3SBio and Pfizer for a PD-1/VEGF bispecific antibody reached a total value of over $6 billion, setting a record for upfront payments for Chinese innovative drugs [7][8]