2025 年 6 月 9 日 证券研究报告 行业周报 | 行业评级： | | | --- | --- | | 报告期：2025.5.26-2025.6.6 | | | 投资评级 | 看好 | | 评级变动 | 维持评级 | huchenxi@gwgsc.com 执业证书编号：S0200518090001 联系电话：010-68085205 研究助理 魏钰琪 weiyuqi@gwgsc.com 执业证书编号：S0200123060002 联系电话：010-68099389 公司地址：北京市丰台区凤凰嘴街 层 医药生物行业双周报 2025 年第 12 期总第 135 期 聚焦创新主线，把握三大方向投资机遇 行业回顾 本报告期医药生物行业指数涨幅为 3.36%，在申万 31 个一级行业中 位居第 6，跑赢沪深 300 指数（-0.21%）。从子行业来看，化学制剂、 其他生物制品涨幅居前，涨幅分别为 5.77%、4.68%；线下药店跌幅 居前，跌幅为 1.15%。 行业走势： 估值方面，截至 2025 年 6 月 6 日，医药生物行业 PE（TTM 整体法， 剔除负值）为 28.24x（上期末为 27.60x），估值 ...

5月29日，爱尔康(Alcon)公司宣布，美国FDA批准其"first-in-class"眼药水Tryptyr 0.003%眼药水上市，用于治疗干眼症(DED)。当日爱尔康股价收涨1.14%， 表现较为平淡，但远在大洋彼岸的港股兆科眼科-B(06622)却在当日大幅收涨了19.21%，而这也不过是这家公司此轮股价翻倍涨幅行情中的一个"小插曲"。 智通财经APP观察到，近两个月来，AH两地医药板块上涨明显，7成股票股价上涨，超过20家药企股价实现翻倍增长，兆科眼科便是其中之一。 4月9日，兆科眼科股价受到恒指大盘震荡影响触底1.30港元，在此之后公司股价开启一轮波动上涨行情，6月5日盘中，公司最高股价达到3.22港元。也就是 说，近2个月内，兆科眼科股价最大涨幅达到147.69%。 去年2月，兆科眼科股价因其阿托品NVK002未获FDA审批而出现跳水，收跌28.09%，而此次公司股价站上高点也与FDA有关。 6月4日，兆科眼科发布公告，美国FDA已批准公司就环孢素眼用凝胶(公司核心产品之一，前称环孢素A眼凝胶)用于治疗中重度干眼症作出的新药临床试验 申请。该项即将进行的研究将为一项第三期、多中心、随机、双盲、活 ...

Company Overview - Alcon recently received FDA approval for TRYPTYR (acoltremon ophthalmic solution) 0.003%, indicated for treating dry eye disease (DED) [1] - The approval is expected to enhance the company's Vision Care segment, with plans to launch TRYPTYR in the U.S. in Q3 2025 [1] Stock Performance - Following the FDA approval announcement, Alcon's shares increased by 2.5% in after-market trading [2] - Year-to-date, Alcon's shares have gained 0.6%, while the industry has declined by 9.1% [2] Financial Performance - Alcon has a market capitalization of $42.18 billion [4] - The company has beaten earnings estimates in three of the last four quarters, with an average surprise of 2.85% [4] Product Significance - TRYPTYR is the first eye drop that stimulates corneal nerves to address tear deficiency, providing a new treatment option for many dry eye patients due to its rapid efficacy [5] - The FDA approval was based on two Phase 3 clinical trials involving over 930 patients, showing significant natural tear production as early as Day 1 [6] Industry Insights - DED affects approximately 38 million adults in the U.S. and 719 million globally, with increasing prevalence due to modern lifestyle factors [7][9] - The global DED market was valued at $7.02 billion in 2023 and is projected to reach $13.00 billion by 2032, with a compound annual growth rate of 7.1% from 2024 to 2032 [9] Recent Developments - Alcon recently introduced the Clareon PanOptix Pro intraocular lens for cataract patients in the U.S., enhancing its product portfolio [10]