康哲药业(00867.HK)：芦可替尼重磅上市 填补白癜风靶向治疗空白

Company Updates - The company announced that its subsidiary, Dermira, has received NMPA approval for the launch of ruxolitinib cream on January 30, 2026, for the treatment of non-segmental vitiligo in patients aged 12 and above with facial involvement [1] - Ruxolitinib cream is the first and only targeted drug approved for vitiligo treatment in China, indicating significant clinical potential [1] Clinical Efficacy - In overseas Phase III clinical trials (TRuE-V1 and TRuE-V2), after 24 weeks of treatment, the proportion of patients achieving F-VASI75 was 29.9%, significantly higher than the placebo group at 7.5% and 12.9%, with sustained repigmentation effects observed at 52 weeks [1] - The Boao Super Hospital has prescribed the drug to over 7,000 patients with non-segmental vitiligo, and more than 20 hospitals in cities like Guangzhou and Shenzhen are providing prescription services for this medication [1] Revenue Potential - The company believes that ruxolitinib can synergize with its other dermatology products, including the innovative drug, Ilaris (canakinumab), and the exclusive drug, Hyaluronic Acid (multi-sulfated glycosaminoglycan cream), to enhance revenue [2] - The company is actively advancing the NDA application for the AD indication of ruxolitinib, which has shown positive results in domestic Phase III trials [2] - Dermira has licensed the rights for ruxolitinib in Hong Kong, Macau, Taiwan, and 11 Southeast Asian countries, which is expected to further contribute to revenue and profit growth [2] Profit Forecast and Valuation - The company maintains a profit forecast of 1.735 billion yuan for 2025 and has adjusted the 2026 profit forecast upward by 5% to 1.984 billion yuan due to the revenue increase from new product launches [2] - The introduction of the 2027 profit forecast is set at 2.418 billion yuan, with current prices corresponding to P/E ratios of 15.6 and 12.4 for 2026 and 2027, respectively [2] - The target price has been raised by 7% to 16.50 HKD, implying a potential upside of 17.6% based on P/E ratios of 18.3 and 14.6 for 2026 and 2027 [2]