Core Insights - The focus in the PD-(L)1/VEGF bispecific antibody market has shifted from business development amounts to development efficiency and indication differentiation [1] - The competition is intensifying as multiple PD-(L)1/VEGF bispecific antibodies are entering Phase III clinical trials, emphasizing the importance of research speed and strategic indication planning [1] Domestic Indication Layout - The PD-(L)1/VEGF bispecific antibody market in China is characterized by rapid development and strategic positioning, with 康方生物/Summit’s Ivonescimab leading the way [2] - Ivonescimab has received approval for two indications in China, with projected sales of approximately 9 billion CNY in 2024 and 7.2 billion CNY in the first half of 2025, and a forecasted total sales exceeding 15 billion CNY in 2025 [2][3] Clinical Development and Market Potential - The first indication for Ivonescimab was approved in May 2024 for treating advanced non-squamous non-small cell lung cancer (nsq-NSCLC) after progression on EGFR-TKI therapy [3] - The second indication was approved in April 2025 for first-line treatment of PD-L1 positive (TPS≥1%) EGFR mutation negative and ALK negative advanced NSCLC [3] - The third indication for Ivonescimab is under review for first-line treatment of advanced squamous NSCLC [3] - The potential of the advanced lung cancer market is significant, with non-small cell lung cancer accounting for approximately 85% of all lung cancer cases [3] Competitive Landscape - The competitive landscape includes other key players such as BioNTech/BMS with PM8002 and Pfizer with SSGJ-707, both of which are also in late-stage clinical trials [5][6] - PM8002 is focusing on triple-negative breast cancer (TNBC) and small cell lung cancer (SCLC), while SSGJ-707 has initiated a head-to-head comparison with Keytruda for treating PD-L1 positive NSCLC [6][8] Global Market Dynamics - The global PD-(L)1/VEGF bispecific antibody market is dominated by three main players: 康方生物/Summit, BioNTech/BMS, and Pfizer, all of which are conducting Phase III clinical trials [8] - The strategies of these companies vary, with 康方生物 focusing on building a strong clinical barrier in the lung cancer market, BioNTech/BMS creating differentiation in TNBC and SCLC, and Pfizer leveraging its ADC advantages in colorectal cancer [18]