证券研究报告 | 2025年11月26日 2025年11月27日 医药生物周报（25 年第 46 周） 优于大市 化脓性汗腺炎治疗药物梳理 本周医药板块表现弱于整体市场，医药商业板块领跌。本周全部 A 股下跌 4.32%（总市值加权平均），沪深 300 下跌 3.77%，中小板指下跌 5.10%， 创业板指下跌 6.15%，生物医药板块整体下跌 6.88%，生物医药板块表 现弱于整体市场。分子板块来看，化学制药下跌 7.02%，生物制品下跌 7.46%，医疗服务下跌 6.90%，医疗器械下跌 6.38%，医药商业下跌 7.67%，中药下跌 6.46%。医药生物市盈率（TTM）36.69x，处于近 5 年历史估值的 78.22%分位数。 化脓性汗腺炎治疗药物梳理。化脓性汗腺炎（HS）是一种慢性、复发性、 毁容性、炎症性皮肤病。一般认为西方人群的真实患病率~1%，美国确诊 HS 患者~32 万人（其中~20 万为中重度患者）；中国 HS 患病率~0.03%（~40 万人，已被列入第二批罕见病目录），其中中重度患者~30 万人。HS 一线 疗法以抗菌为主，二线生物制剂疗法主要为阿达木单抗（TNFα）、司库奇 尤单抗 ...

证券研究报告 | 2025年11月26日 2025年11月27日 医药生物周报（25 年第 46 周） 优于大市 化脓性汗腺炎治疗药物梳理 本周医药板块表现弱于整体市场，医药商业板块领跌。本周全部 A 股下跌 4.32%（总市值加权平均），沪深 300 下跌 3.77%，中小板指下跌 5.10%， 创业板指下跌 6.15%，生物医药板块整体下跌 6.88%，生物医药板块表 现弱于整体市场。分子板块来看，化学制药下跌 7.02%，生物制品下跌 7.46%，医疗服务下跌 6.90%，医疗器械下跌 6.38%，医药商业下跌 7.67%，中药下跌 6.46%。医药生物市盈率（TTM）36.69x，处于近 5 年历史估值的 78.22%分位数。 化脓性汗腺炎治疗药物梳理。化脓性汗腺炎（HS）是一种慢性、复发性、 毁容性、炎症性皮肤病。一般认为西方人群的真实患病率~1%，美国确诊 HS 患者~32 万人（其中~20 万为中重度患者）；中国 HS 患病率~0.03%（~40 万人，已被列入第二批罕见病目录），其中中重度患者~30 万人。HS 一线 疗法以抗菌为主，二线生物制剂疗法主要为阿达木单抗（TNFα）、司库奇 尤单抗 ...

Core Viewpoint - LZM012, a humanized monoclonal antibody injection targeting IL-17A/F developed by the company, has successfully met its primary endpoint in Phase III clinical trials for moderate to severe plaque psoriasis, showing non-inferiority and superiority compared to Secukinumab [1][2] Group 1: Clinical Trial Results - The primary endpoint of the Phase III trial was the proportion of subjects achieving PASI 100 at week 12, with LZM012 showing a PASI 100 response rate of 49.5% compared to 40.2% for Secukinumab [2] - The secondary endpoint at week 4 showed a PASI 75 response rate of 65.7% for LZM012 versus 50.3% for Secukinumab, indicating a faster onset of action and good safety profile for LZM012 [2] Group 2: Market Landscape - The IL-17 market remains competitive, with only three IL-17 inhibitors approved overseas: Novartis' Secukinumab, Eli Lilly's Efalizumab, and UCB's Bimekizumab [1] - In 2024, projected sales for these drugs are $6.14 billion for Secukinumab, $3.26 billion for Efalizumab, and $630 million for Bimekizumab [1] Group 3: Future Prospects - The company has submitted a pre-application for marketing authorization to the CDE, with expectations for continued growth as its pipeline products enter the market [1] - Profit forecasts indicate net profits of 2.2 billion, 2.5 billion, and 2.8 billion yuan for 2025-2027, reflecting an optimistic outlook on business structure optimization and accelerating growth [2]

Core Viewpoint - The path of domestic innovative drugs in China is becoming clearer, with companies like Livzon Pharmaceutical demonstrating the potential to lead in the market through differentiated treatment mechanisms and successful clinical trials [1][4]. Group 1: Clinical Trial Success - Livzon Pharmaceutical's LZM012, a recombinant anti-IL-17A/F humanized monoclonal antibody, achieved its primary endpoint in a Phase III clinical trial for moderate to severe plaque psoriasis, outperforming Novartis's Cosentyx (secukinumab) [1][3]. - The trial results showed a PASI 100 response rate of 49.5% for LZM012 compared to 40.2% for the control group (secukinumab) at week 12, indicating superior efficacy [3]. - LZM012 also demonstrated faster onset of action with a PASI 75 response rate of 65.7% at week 4, compared to 50.3% for secukinumab [3]. Group 2: Market Potential - The psoriasis drug market in China reached 13.9 billion yuan in 2023 and is projected to grow to 89.4 billion yuan by 2032, with a compound annual growth rate of 59.1% [5]. - The impending patent expiration of secukinumab presents an opportunity for LZM012 to capture market share [5][6]. Group 3: Competitive Landscape - LZM012 faces competition from several other IL-17 targeted therapies already approved in China, including Eli Lilly's etanercept and others, which may impact its market entry [5][6]. - The competitive landscape is further complicated by the aggressive pricing strategies of established products like secukinumab, which has seen significant price reductions since its launch [6]. Group 4: Company Performance - Livzon Pharmaceutical reported a revenue decline of 4.97% in 2024, with net profit increasing by 5.5%, indicating challenges in core business growth despite cost-cutting measures [7]. - The company has successfully reduced sales, management, and R&D expenses, leading to improved net profit margins [7]. Group 5: Strategic Challenges - The success of innovative drugs like LZM012 hinges not only on clinical efficacy but also on navigating the complexities of commercialization, including market competition and pricing strategies [9]. - Livzon Pharmaceutical must maintain strategic focus to effectively respond to market dynamics and ensure the successful launch of its new products [9].