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興業證券:呼吸領域國內藥企有望突破 看好中生製藥(1177.HK)等
格隆匯 03-04 15:37

近日,中國生物製藥附屬公司開發的兩款哮喘治療藥物(吸入用布地奈德混懸液、孟魯司特鈉顆粒)獲得國家藥品監督管理局頒發的藥品註冊批件。興業證券發佈研究報告,認為本次正大天晴吸入用布地奈德混懸液的獲批是國內藥企在該領域取得的重大突破,持續看好能夠持續推出新產品、在新的領域做大做強的頭部公司,如中國生物製藥(1177.HK),石藥集團(1093.HK)等。

報告測算,我國目前哮喘和COPD治療藥物市場規模合計188億元。2019年市佔率前三名的藥物為布地奈德、孟魯司特、布地奈德福莫特羅,市場份額分別為32.93%、12.78%、10.21%。布地奈德的市場份額穩中有升,孟魯司特相對穩定,布地奈德福莫特羅持續上升。考慮到聯合用藥療效更顯著,未來布地奈德福莫特羅的市場份額有望進一步提升。

呼吸領域外企主導,國內企業有望逐步突破:

(1)布地奈德:應用最廣的吸入用布地奈德混懸液此前僅原研藥上市銷售,正大天晴的產品獲批以後有望逐步實現進口替代。

(2)孟魯司特:目前原研藥仍佔據了50%以上的市場份額,國內已有4家企業的產品(視同)通過一致性評價,有望逐步替代原研藥。

(3)布地奈德福莫特羅:目前國內僅原研藥上市銷售,也只有正大天晴和TEVA於2015年分別申報了臨牀試驗申請。

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