大摩分析师对此表示，Tec-Dara组合的优异数据有望推动其从当前的后线治疗向更前线拓展。作为强生 旗下年销售额预计达140亿美元的重磅药物，Darzalex已在一线治疗中占据稳固地位，且约76%的美国患 者在首次复发后仍对其敏感，这为Tec-Dara组合的线级提升奠定了基础。该行预测，Tecvayli的全球销 售额将从2026年的10亿美元增长至2033年的93亿美元，其疗效表现与传奇生物(LEGN.US)/强生的 BCMA CAR-T疗法Carvykti(CARTITUDE-4试验数据)具备竞争力。 智通财经APP获悉，摩根士丹利表示，强生(JNJ.US)在近期美国血液学会(ASH)年会上公布的多项重磅 临床数据。其中，Tecvayli与Darzalex联合疗法(Tec-Dara)在复发/难治性多发性骨髓瘤(RRMM)二线及以 上治疗的Ⅲ期临床试验(MajesTEC-3)中表现突出，显著优于现有标准疗法，有望推动该组合疗法向更前 线治疗拓展，同时强生布局的新型CAR-T疗法也展现出潜在竞争力。目前，大摩维持强生"持股观望"评 级，目标价为190美元。 该行在一份报告中指出，MajesTEC-3临床试验共纳 ...

Regeneron Pharmaceuticals Conference Call Summary Company Overview - **Company**: Regeneron Pharmaceuticals (NasdaqGS:REGN) - **Focus**: Linvoseltamab Development Program in multiple myeloma and precursor conditions Key Points Industry and Market Context - The multiple myeloma treatment landscape is complex, with a need for simplified and effective treatment options [6][8] - The estimated market for multiple myeloma is approximately $30 billion, with first-line and second-line settings each representing over $10 billion [27][28] Linvoseltamab Development Program - **Linvoseltamab**: A BCMA x CD3 bispecific antibody aimed at revolutionizing multiple myeloma treatment [4][6] - **Approval**: Accelerated approval received in July 2025 based on LINKER-MM1 study results [12] - **Clinical Data**: - LINKER-MM1 study showed an overall response rate of 71% and a complete response rate of 52% at 20 months of follow-up [11] - In the second-line setting, a combination with Carfilzomib showed an overall response of 90% and a complete response of 76% [16] - In the first-line setting, LINKER-MM4 study reported an overall response rate of 86% and a complete response rate of 43% with only nine months of follow-up [18] Development Strategy - **Late-Line Setting**: Establishing Linvoseltamab in late-line therapy to build market share [8][9] - **Early-Line Therapy**: Plans to advance into early lines with differentiated development strategies [9][14] - **Precursor Conditions**: Aiming to treat high-risk smoldering multiple myeloma and MGUS to potentially eliminate myeloma [24][25] Safety and Efficacy - Linvoseltamab demonstrated a manageable safety profile with the lowest rates of cytokine release syndrome (CRS) compared to other bispecifics [10][11] - Infections decreased over time in patients treated with Linvoseltamab, indicating a potential improvement in immune function [52][53] Commercial Opportunities - Strong early momentum in the launch of Linvoseltamab, with over 300 institutions certified for the REMS program [27] - Positive physician feedback on Linvoseltamab's differentiated clinical profile and patient-centric dosing [27][28] - Potential for significant commercial opportunities in precursor conditions and related diseases [28][29] Future Studies and Trials - Ongoing and upcoming pivotal studies, including LINKER-MM3, LINKER-MM5, LINKER-MM6, LINKER-MM7, LINKER-MM8, and LINKER-SMM2, are expected to provide critical data in the coming years [12][21][25][30] - Anticipated results from LINKER-MM3 in 2027 and LINKER-SMM2 in the first half of 2026 [13][25] Conclusion - Regeneron is positioned to simplify the treatment landscape for multiple myeloma with Linvoseltamab, aiming to establish it as the therapy of choice across various treatment lines and precursor conditions [30][31]

Core Insights - The latest data from the Hong Kong Stock Exchange indicates that on August 18, shareholders of Deking Pharmaceutical-B (06996) deposited shares worth HKD 416 million into Standard Chartered Bank (Hong Kong), representing 9.23% of the total shareholding [1] - On July 28, Deking Pharmaceutical announced that the National Medical Products Administration (NMPA) of China has approved the use of Xivio (Selinexor) in combination with Bortezomib and Dexamethasone (XVd) for the treatment of adult patients with relapsed or refractory multiple myeloma (MM) who have received at least one prior therapy, marking a new indication for Xivio [1]

Core Insights - The increasing prevalence of multiple myeloma (MM) among the aging population in China poses significant health challenges, with a doubling of incidence and a 1.5 times increase in mortality over the past 30 years [1][3] - The five-year survival rate for MM patients in China is only 24.8%, indicating a critical need for improved diagnosis and treatment strategies [1][3] Group 1: Disease Overview - Multiple myeloma is the second most common hematological malignancy, particularly affecting individuals over 60, with 75% of cases occurring in this age group [1][3] - The disease is characterized by high heterogeneity, difficulty in treatment, and a tendency to relapse, with 70% of patients showing bone lesions at diagnosis [4][3] Group 2: Risk Factors - Genetic predisposition plays a significant role in the development of MM, with a higher incidence in individuals with a family history of hematological malignancies [2][3] - Environmental factors such as chemical exposure, radiation, chronic viral infections, and autoimmune diseases also contribute to the risk of developing MM [2][3] Group 3: Treatment Landscape - Recent advancements in treatment options include proteasome inhibitors, immunomodulatory agents, and anti-CD38 monoclonal antibodies, although relapse remains a major challenge [4][5] - Less than 10% of patients achieve long-term remission after first-line treatment, and about 25% experience early relapse [4][5] Group 4: Innovative Therapies - BCMA (B-cell maturation antigen) has emerged as a promising target for therapy, with various drug types such as antibody-drug conjugates (ADCs), CAR-T, and bispecific antibodies showing potential [6][7] - Recent studies presented at the EHA 2025 conference indicate that BCMA ADCs provide higher efficacy and longer disease control compared to standard treatments in the Chinese population [7][8] Group 5: Future Directions - The goal is to enhance treatment efficacy for newly diagnosed patients, aiming for clinical cures and improved quality of life [9] - Continuous innovation in drug development is expected to further improve treatment outcomes for MM patients [9]