Core Insights - The dual antibody (dual-target) market is experiencing explosive growth in 2023, with major multinational corporations (MNCs) like Roche and Johnson & Johnson leading the charge [1][17] - Roche has successfully launched several dual antibodies in the Chinese market, including Glofitamab and Faricimab, while Johnson & Johnson's Amivantamab targets a $5 billion market in non-small cell lung cancer (NSCLC) [2][13] Group 1: Dual Antibodies in Hematological Malignancies - The dual antibody market began in 2014 with the FDA's accelerated approval of Blincyto for treating acute lymphoblastic leukemia, which generated $583 million in sales in 2022 [5] - Currently, most approved dual antibodies are focused on hematological malignancies, with a significant number targeting CD3 in various combinations [6][8] - The competition between dual antibodies and CAR-T therapies is intensifying, particularly in the CD3/CD20 target combination, which has over 10 candidates in development globally [8][9] Group 2: Broadening Applications in Solid Tumors - Dual antibodies are expanding into various indications, including genetic diseases and solid tumors, with significant potential in the latter [11] - Amivantamab, the first dual antibody approved for solid tumors, is projected to reach peak sales of $5 billion, supported by positive clinical data [13][15] - Roche's Faricimab has also made strides in ophthalmology, achieving $1.788 billion in sales in the first three quarters of 2023 due to its long-lasting efficacy [15] Group 3: Domestic Dual Antibody Development - The domestic dual antibody market is expected to enter a concentrated harvest period in 3-5 years, with over 20 candidates currently in development [18] - Domestic companies are increasingly pursuing international collaborations, with notable deals exceeding $1 billion in potential total transaction value [19] - The first domestic dual antibody, Kadofili monoclonal antibody, was approved in 2022, generating significant revenue and expanding its indications [21][22]