China Securities Co., Ltd. has released a research report indicating that the future direction of B-cell lymphoma treatment focuses on improving efficacy, reducing relapses, and optimizing drug administration. Innovative therapies such as small molecule targeted drugs and CAR-T have significantly extended survival and enhanced quality of life for B-cell lymphoma patients, driving rapid market expansion. Due to the complex classification of hematological tumors, numerous investment opportunities remain in the treatment of various subtypes, with a focus on innovative pharmaceutical companies possessing strong R&D capabilities and differentiated product pipelines.

Key Insights from China Securities Co., Ltd.:

Driven by innovative targeted therapies, B-cell lymphoma treatment is showing a clear trend toward "chronic disease management." Patients' survival has been greatly extended, leading to a large cumulative patient population. The sustained, long-term medication needs of this group are fueling rapid market growth and the frequent emergence of blockbuster drugs, signaling substantial market potential. The industry's future direction centers on enhancing efficacy, minimizing relapses, and refining drug delivery. Competition has entered a new phase, with technological iteration and the exploration of new targets becoming core trends. In the BTK field, best-in-class therapies are evolving, with active development of non-covalent BTK inhibitors and PROTAC degraders to address the resistant market. In the BCL-2 area, next-generation drugs are seeking breakthroughs through optimized dosing regimens and combination therapies. Additionally, new mechanisms like CAR-T offer new pathways to overcome drug resistance.

Market Grows Steadily, Blockbuster Drugs Emerge

Innovative therapies, including small molecule targeted drugs and CAR-T, have markedly improved the survival and quality of life of B-cell lymphoma patients, accelerating treatment market expansion. Extended survival has created a large population of patients living with the disease. According to WHO statistics, in 2022, there were approximately 4 million global patients who had survived for more than five years with hematological tumors, with lymphoma patients accounting for half. The total patient population is three times the number of new cases. The combination of a large existing patient base, long-term medication needs, and high prices for innovative drugs has spawned several blockbuster products in this field. In 2025, Johnson & Johnson's Darzalex (daratumumab) surpassed $10 billion in sales, while Imbruvica (ibrutinib) had global sales exceeding $5 billion. Other drugs, such as Brukinsa (zanubrutinib) and Venclexta (venetoclax), have also secured top spots on global best-seller lists, highlighting immense market potential.

Future Direction: Focus on Efficacy, Relapse, and Drug Delivery

Currently, acute lymphoblastic leukemia (ALL) is primarily treated with chemotherapy or targeted therapy combined with chemotherapy, aiming to improve survival rates through targeted drugs and multi-drug combinations. Treatment for Chronic Lymphocytic Leukemia (CLL) involves multiple targeted drugs, including BTK, BCL-2, and CD20 inhibitors. Active exploration is underway for fixed-duration BTK+BCL-2 combination regimens, as well as the development of non-covalent BTK inhibitors, dual-targeting BTK molecules, and BTK PROTACs to address the resistant market. Lymphoma has many subtypes, with rituximab-based chemotherapy remaining a cornerstone treatment. Both aggressive DLBCL and multiple myeloma face challenges of relapse and refractoriness. Currently, CAR-T therapy has shown high response rates in these settings, offering an important option for later-line patients.

Targeted Drug Competition Enters New Phase: Technological Iteration and Target Innovation are Key

In the BTK field, Brukinsa (zanubrutinib) has established itself as "best-in-class" by defeating Imbruvica (ibrutinib) in head-to-head studies, gradually replacing the earlier product. To address the resistant market, innovative products like non-covalent BTK inhibitors and BTK degraders are being rapidly developed. In the BCL-2 field, lisaftoclax is gaining an edge through optimized dose escalation and a differentiated 1.5-line therapy design. Meanwhile, sonrotoclax, combined with Brukinsa (zanubrutinib) in a powerful dual therapy, achieves both superior efficacy and safety.

Risk Warning: Risks related to delayed regulatory reviews, industry policy changes, failed R&D, delayed approvals, lower-than-expected sales, and intensified market competition.