Group 1 - The core viewpoint of the reports indicates that with the launch and market penetration of products like Naisukan, Yijia, Iqumod, and EVER001, the expected revenue for Cloudtop New Medicine (01952) will reach 1.47 billion, 3.07 billion, and 4.2 billion yuan in 2025, 2026, and 2027 respectively [1] - Naisukan is the first and only approved drug for IgA nephropathy in China, with a projected peak sales of 5 billion yuan. It was approved by the National Medical Products Administration in November 2023, filling a significant clinical gap [1] - The patient population for IgA nephropathy in China is estimated to be between 4 to 5 million, with Naisukan expected to generate 350 million yuan in revenue in 2024, and a peak sales potential of 5 billion yuan [1] Group 2 - Iqumod is a new oral treatment for ulcerative colitis, with a peak sales potential of 2 billion yuan. The incidence of ulcerative colitis in China has been rising, with an estimated 918,000 patients by 2030 [2] - The phase III clinical study data for Iqumod showed that 89.6% of patients completed the 40-week maintenance period, significantly higher than the 51.9% in the placebo group [2] - EVER001 is a new generation of covalent reversible BTK inhibitor, showcasing significant potential for international licensing. It is positioned as a potential best-in-class product with high selectivity and efficacy [2] - There are currently no approved drugs for primary membranous nephropathy globally, and the patient population in China is expected to reach 2.7 million by 2032, indicating a substantial unmet clinical need that could drive the international potential for EVER001 [2]
西南证券:云顶新耀迎商业化拐点 耐赋康销售峰值预计达到50亿元