医药行业创新药周报：2024年5月第四周创新药周报（附小专题PD-1/VEGF双抗研发概况）

Investment Rating - The report does not explicitly state an investment rating for the pharmaceutical industry. Core Insights - The A-share innovative drug sector experienced a decline of 5.11% this week, underperforming the CSI 300 index by 3.03%. Over the past six months, the A-share innovative drug sector has cumulatively decreased by 5.40%, lagging behind the CSI 300 index by 6.62% [2][18]. - The Hong Kong innovative drug sector fell by 7.33% this week, underperforming the Hang Seng index by 2.50%. In the last six months, the Hong Kong innovative drug sector has seen a cumulative decline of 11.97%, trailing the Hang Seng index by 15.82% [2][21]. - The XBI index dropped by 3.77% this week, with a cumulative decline of 5.17% over the past six months [2][23]. Summary by Sections 1. Market Performance - A total of 6 stocks rose while 56 stocks fell in the innovative drug sector this week. The top gainers were Heptares Therapeutics-B (+8.70%), Fuhong Hanlin-B (+4.78%), and Dongyao Pharmaceutical-B (+2.07%). The largest declines were seen in Kangfang Biotech-B (-23.92%), Rongchang Biotech-B (-17.10%), and Saint No Pharmaceutical-B (-16.20%) [2][17]. 2. New Drug Approvals - In May, 16 new drugs were approved for market in China, with 21 new indications also receiving approval. This week alone, 7 new drugs and 8 new indications were approved [3][24]. 3. Global Drug Development - In the U.S., 2 NDA applications were approved in May, and 2 BLA applications were approved this week. No new drugs were approved in Europe or Japan during this period [3][29][31][32]. 4. Key Drug Developments - The report highlights the approval of the PD-1/VEGF dual antibody, Iwosimab, by Kangfang Biotech for the treatment of advanced non-squamous non-small cell lung cancer, marking a significant milestone in immunotherapy [4][33]. 5. Clinical Trials - A total of 37 new clinical trials were publicly announced this week in China, including 22 Phase I trials, 10 Phase II trials, and 5 Phase III trials [24][26]. 6. Sales Performance - The report notes significant sales growth for GLP-1 receptor agonists, with the drug Tirzepatide achieving sales of $5.163 billion in 2023, reflecting a 970.1% increase [12][14]. 7. Drug Pipeline - The report details ongoing developments in the GLP-1RA drug pipeline, with multiple candidates in various stages of clinical trials, indicating a robust pipeline for diabetes and obesity treatments [9][10]. 8. Market Capitalization - The total market capitalization of the pharmaceutical industry is reported at 49,649.09 billion yuan, with a TTM P/E ratio of 32.0, significantly higher than the TTM P/E ratio of the CSI 300 at 12.0 [1].