医药行业周报：板块流动性持续恢复，创新药行情有望受益于政策推动（附美国痛风治疗研究）

Investment Rating - The report maintains a "Positive" outlook for the pharmaceutical industry [1] Core Insights - The liquidity in the pharmaceutical sector continues to recover, and the innovative drug market is expected to benefit from policy support [1] - There is an unmet demand in the treatment of gout in the U.S., with a focus on new URAT1 inhibitors and XO inhibitors [5][18] - The pharmaceutical sector saw a 1.88% increase this week, outperforming the CSI 300 index by 0.88 percentage points [31] Summary by Sections Industry Investment Rating - The report maintains a "Positive" rating for the pharmaceutical sector [1] Unmet Demand in Gout Treatment - Approximately 9.2 million gout patients exist in the U.S., with a significant need for safer new gout medications due to the limitations of current treatments [5][18] - The primary treatment for chronic gout in the U.S. is allopurinol, which has a slow onset and low response rate [19][22] - New URAT1 inhibitors in clinical trials include ABP-671 and AR882, while XO inhibitors like tigulixostat are also being actively developed [25][29] Investment Recommendations - The report suggests focusing on innovative drugs with differentiation and overseas expansion potential, particularly companies like Lai Kai Pharmaceutical and Hualing Pharmaceutical [6][31] - The raw material drug sector is expected to see increased demand due to the expiration of patents for several major products, with a projected sales impact of $175 billion from 2023 to 2026 [32][33] Market Performance - The pharmaceutical sector's performance is highlighted, with sub-sectors such as pharmaceutical outsourcing and innovative drugs showing strong growth [36] - The overall P/E ratio for the pharmaceutical industry is reported at 27.11, indicating a premium over the broader A-share market [36] Company Dynamics - Notable companies mentioned include Junshi Biosciences, Hualing Pharmaceutical-B, and Aorite, all rated as "Buy" [3] - Recent developments include FDA approvals and significant sales forecasts for drugs like Horizon's Krystexxa, which is projected to generate $1.2 billion in revenue in 2024 [23][24]