医药生物行业周报（20250120-0124）：银屑病市场空间大，国产TYK2抑制剂迎来新突破

Investment Rating - The report maintains an "Accumulate" rating for the industry [1] Core Viewpoints - The psoriasis market has significant potential, with multiple blockbuster products emerging. Approximately 125 million people globally suffer from psoriasis, leading to a market worth hundreds of billions of dollars due to the need for long-term treatment [1][2] - The treatment landscape for psoriasis is shifting towards biologics, with a growing trend for oral medications. The report highlights the transition from injectable antibodies to oral drugs, with several companies advancing oral therapies [2][3] - TYK2 has emerged as a crucial target for small molecule oral medications in psoriasis treatment. Several TYK2 inhibitors are in clinical development, with a notable breakthrough being the FDA approval of deucravacitinib for moderate to severe plaque psoriasis [3][9] Summary by Sections Market Overview - Psoriasis is a chronic immune-mediated disease affecting quality of life, with a large patient population requiring long-term treatment [1] - Major products in the market include Janssen's ustekinumab and AbbVie's risankizumab, with sales reaching $10.858 billion and$7.763 billion respectively in 2023 [1] Treatment Trends - The report notes a clear trend in drug target evolution from TNFα to IL-12/23, IL-17, and IL-23, with a focus on small molecule oral drugs [2] - Current approved oral medications are limited, with only two available: apremilast and deucravacitinib [2] Clinical Developments - The report emphasizes the high interest from Chinese pharmaceutical companies in optimizing TYK2 inhibitors, with nearly half of the global TYK2 inhibitors originating from China [3] - Efficacy data from Chinese companies show promising results, with D-2570 achieving PASI 75 in 85%-90% of patients after 12 weeks, indicating competitive potential against existing therapies [9] Investment Recommendations - The report suggests focusing on companies with TYK2 inhibitor pipelines, specifically mentioning Yifang Bio, Nocren, Haizhi, and Hansoh Pharma as key players [10]