手机闹钟一响，李杰（化名）不得不立即暂停进行中的会议，对会议伙伴说声抱歉，马不停蹄地冲进卫生间往眼睛里滴药水。 这样"局促"的场景是李杰的常态。在他的手机上，每天有8个这样的闹钟，对应两种治疗干眼的滴眼液用药时间。为了保证两种滴眼液的用药间隔在15分钟 以上，他必须精准计算时间。很多时候，他得硬着头皮面对工作场合闹钟响起的尴尬，还要忍受不开空调的燥热，以及无法长时间专注工作的烦恼。 幸运的是，李杰看到了更好的解决办法。7月中旬，全球首款干眼鼻喷药物——酒石酸伐尼克兰鼻喷雾剂（OC-01）在中山大学附属第一医院和深圳市眼科 医院实现内地首批商业化处方落地。据悉，这款新药单支定价599元，首方患者是位忙碌的白领。 7月23日，中山大学附属第一医院眼科主任万鹏霞接受《每日经济新闻》记者采访。她表示，目前干眼没有特效药，但也绝不是绝症，"（患者有）希望能够 减少用药的种类，减少用药的频次，甚至最终脱离用药"。 首款干眼鼻喷雾剂来中国，"打工人"治疗意愿最强 从业20余年，万鹏霞见证了干眼患者在眼科门诊的占比跃升。十几年前，门诊干眼患者多为中重度病例；如今，年轻的轻度干眼患者数量变多，他们大多通 过网络自查发现自己的症 ...

Investment Rating - Investment Rating: Positive [2] Core Insights - The pharmaceutical and biotechnology industry index increased by 3.36%, ranking 6th among 31 primary industries, outperforming the CSI 300 index, which decreased by 0.21% [5][17] - The valuation of the pharmaceutical and biotechnology industry as of June 6, 2025, is 28.24x (TTM, excluding negative values), up from 27.60x in the previous period, indicating an upward trend but still below the average [5][23] - Notable sub-industry performance includes chemical preparations and other biological products, with increases of 5.77% and 4.68% respectively, while offline pharmacies saw a decline of 1.15% [5][17] Industry Review - The report highlights three major investment opportunities: 1) Companies with dual-antibody/multi-antibody technology platforms that have differentiated target design capabilities and clinical advancement efficiency are likely to attract international giants [9] 2) Areas with unmet clinical needs, such as advanced liver cancer and non-small cell lung cancer, are promising for dual-antibody therapy development [9] 3) Potential license-out candidates, as domestic innovative pharmaceutical companies continue to engage in global collaborations [9] Important Industry News - CDE launched the "Star Plan" to encourage the development of pediatric anti-cancer drugs, addressing significant unmet clinical needs in this area [7][32] - Alcon's dry eye medication "Tryptyr" received FDA approval, marking it as the first of its kind globally [39] - Hansoh Pharmaceutical's third-generation EGFR-TKI "Amivantamab" was approved in the UK for first-line treatment of NSCLC, becoming the first domestically developed EGFR-TKI approved overseas [42] - BMS and BioNTech entered a collaboration for the dual-antibody candidate BNT327, with an upfront payment of $1.5 billion and potential milestone payments of $7.6 billion [51] Company Dynamics - Stone Pharmaceutical is negotiating three potential deals totaling $5 billion, involving several products including EGFR ADCs [49] - BMS's "Rotecip" was approved for treating lower-risk myelodysplastic syndromes, marking a significant innovation in this therapeutic area [45] - AbbVie’s JAK inhibitor "Upadacitinib" was approved for treating giant cell arteritis, becoming the first approved treatment for this condition in China [48]

Core Viewpoint - Alcon's FDA approval of Tryptyr 0.003% eye drops for dry eye disease (DED) marks a significant development in the ophthalmic market, while the stock performance of Zhaoke Ophthalmology (06622) reflects broader trends in the pharmaceutical sector, with a notable increase in stock prices across the industry [1][5]. Company Developments - Zhaoke Ophthalmology's stock surged by 19.21% on the same day as Alcon's announcement, continuing a trend where the company's stock has doubled in value over recent months, with a maximum increase of 147.69% since April [1][3]. - The company received FDA approval for a new drug clinical trial application for cyclosporine eye gel, a core product aimed at treating moderate to severe dry eye disease, which is expected to enhance its market position [3][5]. Market Dynamics - The dry eye treatment market in China is projected to grow significantly, with an estimated market size of approximately 160 billion yuan in 2024 and expected to exceed 200 billion yuan by 2025, reflecting a compound annual growth rate (CAGR) of over 15% [5][12]. - Current treatments for dry eye, primarily sodium hyaluronate eye drops, have limitations, leading to a shift towards more effective alternatives like cyclosporine eye gel, which is gaining market share due to its superior efficacy and lower side effects [5][11]. Product Efficacy - Cyclosporine A (CsA) eye gel has shown to significantly improve symptoms in moderate to severe dry eye patients, with a clinical trial indicating a marked improvement in patient outcomes compared to control groups [6][12]. - The formulation of cyclosporine eye gel enhances its bioavailability, achieving peak concentrations in the cornea and conjunctiva that are significantly higher than traditional formulations, thus improving treatment effectiveness [6][7]. Financial Performance - Zhaoke Ophthalmology reported a substantial revenue increase of 268.6% in 2024, with drug sales contributing significantly to this growth, although the company remains in a loss position [12][13]. - The reduction in research and development expenses, alongside increased revenue, has led to a narrowing of losses, indicating a potential turnaround for the company [12][13]. Future Prospects - The anticipated approval and commercialization of cyclosporine eye gel could position Zhaoke Ophthalmology favorably in the market, especially given the high patient compliance rates associated with its formulation [7][11]. - The company is also advancing its pipeline with NVK002, a low-dose atropine product for myopia management, which has received regulatory attention and could further enhance its market presence [13].

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]