浙商证券：看好全球创新药“中国化”估值重塑 重点关注全球大单品潜质等方向

Core Viewpoint - The report from Zheshang Securities highlights the optimistic outlook for the globalization and valuation reshaping of domestic innovative drugs in China, particularly in the fields of dual antibodies and ADCs, as they enter a period of accelerated global expansion [1] Financial Performance - Commercialization is expected to improve profitability, with 32 sample innovative drug companies projected to invest 67.2 billion yuan in R&D in 2024, reflecting a year-on-year increase of 7.23% [1] - The sales and R&D expense ratios for 22 sample innovative drug companies are continuously declining from 2021 to 2024, which is expected to drive improved profitability for companies like BeiGene and Innovent Biologics [1] Commercialization Insights - The sales revenue of 17 commercialized innovative drug companies is projected to reach 91.3 billion yuan in 2024, representing a year-on-year growth of 35%, indicating strong growth momentum despite a high base [2] MNC Strategies - The report notes that while multinational corporations (MNCs) have established strong first-generation IO pipelines, there has been no significant breakthrough in second-generation IOs, with companies like BMS and Pfizer acquiring Chinese pipelines through licensing [3] - MNCs are expected to leverage their ample cash flow and stable net profit contributions to enhance their pipeline strategies in the IO and ADC sectors [3] Domestic Market Dynamics - The competitiveness of domestic companies is strengthening, with significant business development (BD) transactions expected to continue into 2025, such as the licensing agreements involving 3SBio and Hengrui Medicine [4] - The commercialization of potential blockbuster drugs is accelerating, with a rich pipeline of NDA reserves expected to drive revenue and profit growth for domestic innovative drugs [4] - Domestic companies are leading in the development of second-generation IO and ADCs, with a robust pipeline that includes various promising targets [4]