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医药行业创新药周报：2024年12月第一周创新药周报
Southwest Securities·2024-12-10 03:38

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical industry as of December 8, 2024 [1]. Core Insights - The A-share innovative drug sector increased by 1.28% this week, outperforming the CSI 300 index by 0.64 percentage points. Over the past six months, the A-share innovative drug sector has risen by 49.00%, surpassing the CSI 300 index by 15.81 percentage points [2][26]. - The Hong Kong innovative drug sector decreased by 0.63%, underperforming the Hang Seng index by 2.24 percentage points. In the last six months, the Hong Kong innovative drug sector has increased by 60.00%, outperforming the Hang Seng index by 24.72 percentage points [2][28]. - The XBI index fell by 0.48% this week, but has seen a cumulative increase of 6.97% over the past six months [3][33]. Summary by Sections 1. Market Performance - A total of 35 stocks in the innovative drug sector rose, while 32 stocks fell during the week. The top gainers were CloudTop New Drug-B (+34.69%), Yifang Bio-U (+28.3%), and Beihai Kangcheng-B (+27.78%). The largest declines were seen in Kangfang Bio-B (-10.81%), Lepu Bio-B (-9.22%), and Chuangsheng Group-B (-6.94%) [1][24]. - The total market capitalization of the pharmaceutical industry is approximately 51,157.49 billion yuan, with a circulating market capitalization of 49,457.03 billion yuan. The industry’s TTM price-to-earnings ratio stands at 33.1, compared to 12.7 for the CSI 300 [1]. 2. Drug Approval Progress - No new drugs were approved for market launch in China during December, and there were no new indications approved this week [4][50]. - In the U.S., one NDA was approved this week, while no BLA approvals were reported. In Europe and Japan, no new drugs were approved this week [5][43][45]. 3. Global Transaction Activity - A total of 29 significant transactions occurred globally this week, with 11 transactions disclosing amounts. Notable transactions include GSK's agreement with Muna Therapeutics for 187.64 million USD and Ionis Pharmaceuticals' agreement with Theratechnologies for 22.75 million USD [6].