研報掘金丨中郵證券:麗珠集團IL-17A/F單抗臨牀三期達到終點,予“買入”評級
中郵證券研報指出,麗珠集團IL-17A/F單抗臨牀三期達到終點,數據亮眼。研究結果顯示,LZM012第12周PASI100應答率爲49.5%,對照組司庫奇尤單抗爲40.2%,LZM012優效於司庫奇尤單抗。主要的次要療效終點方面,LZM012第4周PASI75應答率爲65.7%,對照組司庫奇尤單抗爲50.3%,LZM012起效速度更快;LZM012第52周PASI 100應答率320mg Q4W和320mg Q8W維持治療組分別75.9%和62.6%,顯示銀屑病患者可持續提升獲益。安全性方面,本品整體安全性良好,常見不良事件發生率與對照組各類不良事件發生率相當。公司已就LZM012治療成人中重度斑塊狀銀屑病適應症向CDE遞交上市許可申請前的溝通交流申請,有望明年獲批上市。預計公司2025-2027年實現歸母淨利潤23.72億、26.83億、30.46億,對應PE分別爲16.74倍、14.79倍和13.03倍,維持推薦,給予“買入”評級。
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