医药行业周报:哮喘与COPD:长效化、生物药加速突破

中信建投证券
Mar 01

核心观点:哮喘与COPD的异质性决定了2型炎症通路的精准分层(从EOS≥300到T2-low)与生物标志物驱动的个体化治疗是生物制剂价值兑现的前提;行业呈现“单靶点长效化”(如半年一针IL-5抑制剂)与“多靶点协同”(TSLP/IL-13双抗)的技术迭代趋势,同时COPD异质性催生出PDE3/4吸入制剂与生物制剂并行的双主线格局。我们认为,中国药企对IL-4Rα、TSLP、PDE3/4、IL5等...

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