Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology sector [5]. Core Insights - In 2024, nine global drugs are expected to exceed 29.482 billion, followed by Eliquis (apixaban) at 16.631 billion [22][23]. - The report highlights the dominance of biopharmaceuticals in the market, with a strong focus on oncology, autoimmune diseases, and metabolic disorders as key growth areas [21]. Summary by Sections Market Review - The pharmaceutical and biotechnology index rose by 2.71%, outperforming the CSI 300 index by 1.53 percentage points [1][15]. - The Hang Seng Healthcare Index increased by 6.16%, lagging behind the Hang Seng Index by 0.87 percentage points [1][15]. Company Updates - Recent clinical application approvals include IBI3020 from Innovent Biologics and RC108 from Rongchang Biopharmaceuticals [27]. - Ongoing clinical trials include SHR-2004 from Heng Rui Medicine and GR1802 from Zhifei Biological Products, currently in Phase III [28]. Sales Forecasts and Valuations - Key companies and their projected earnings per share (EPS) for 2024 include: - Heng Rui Medicine: EPS of 0.94 with a PE ratio of 48, rated as "Accumulate" [4]. - Innovent Biologics: EPS of -0.39 with a PE ratio of 186, rated as "Buy" [4]. - Mindray Medical: EPS of 11.47 with a PE ratio of 23, rated as "Buy" [4]. Investment Strategy - The report suggests focusing on three payment channels within the pharmaceutical industry: hospital payments, out-of-pocket payments, and overseas payments, with a recommendation for companies like Heng Rui Medicine and Innovent Biologics [3][21].
医药生物行业跨市场周报：2024年全球9款药品销售额超百亿美元，肿瘤、代谢领域表现突出
光大证券·2025-02-18 02:00