Industry Investment Rating - Overweight (Maintained) [3] Core Views - Pluvicto has shown rapid growth, with revenue exceeding $1 billion in the first three quarters of 2024 [3] - Novartis reported Q3 2024 revenue of $12.823 billion, a 10% YoY increase, and total revenue of $37.164 billion for the first nine months, up 11% YoY [3] - Pluvicto, approved by the FDA in March 2022 for third-line treatment of PSMA-positive metastatic castration-resistant prostate cancer (mCRPC), achieved $270 million in sales in its first year and $980 million in 2023 [3] - Novartis has submitted an application for Pluvicto's use in second-line treatment of PSMA-positive mCRPC, which could significantly boost its annual sales if approved [3] Nuclear Medicine Market Potential - The global nuclear medicine market is projected to reach $39 billion by 2032, with China's market expected to grow to 9.3 billion yuan by 2025 [4] - Radioligand therapy (RLT) has demonstrated significant commercial value and market potential, with Novartis' products leading the way [4] - RLT's unique mechanism allows for precise tumor targeting with minimal damage to surrounding tissues, earning it the nickname "magic nuclear bomb" [4] Company Highlights - Grand Pharmaceutical reported a 107.6% YoY increase in nuclear medicine revenue to 210 million HKD in the first half of 2024 [5] - Grand Pharmaceutical has partnered with Sirtex, Telix Pharmaceutical Limited, and ITM Isotope Technologies Munich SE to develop a robust tumor intervention and RDC technology platform [5] - The company has 12 innovative products in the R&D pipeline, covering 5 radioactive isotopes and 7 cancer types, with 4 RDC drugs approved for clinical research in China, 3 of which are in Phase III trials [5] Investment Recommendations - Focus on companies such as Grand Pharmaceutical, Dongcheng Pharmaceutical, and China Isotope & Radiation Corporation [6]
医药生物行业周报：Pluvicto放量迅速，核药赛道空间大
Shanghai Securities·2024-11-04 07:03