全球生物制药行业：2021年美国多发性硬化症调查结果

1Unless otherwise noted, the source for all charts and tables in this presentation is J.P. Morgan.See the end pages of this presentation for analyst certification and important disclosures, including non-US analyst disclosures.J.P. Morgan does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. Global Equity Research13 May 2021Global BioPharma – 2021 US Multiple Sclerosis Survey TakeawaysUS BiotechnologyCory Kasimov AC212-622-5266cory.w.kasimov@jpmorgan.comJ.P. Morgan Securities LLCGavin Scott212-622-0579gavin.scott@jpmorgan.comJ.P. Morgan Securities LLCUS SMID Biotechnology Anupam Rama AC212-622-0900anupam.rama@jpmorgan.comJ.P. Morgan Securities LLCTessa T. Romero212-622-4484tessa.t.romero@jpmchase.comJ.P. Morgan Securities LLCEU Pharma & BiotechRichard Vosser AC(44-20) 7742-6652richard.vosser@jpmorgan.comJ.P. Morgan Securities plcJames D Gordon(44-20) 7742-6654james.d.gordon@jpmorgan.comJ.P. Morgan Securities plcLaerke L Engkilde(44-20) 7742-2917 laerke.enkilde@jpmorgan.comJ.P. Morgan Securities plcZain Ebrahim(44-20) 7134-1423 zain.ebrahim@jpmorgan.comJ.P. Morgan Securities plcUS SMID BiotechnologyEric Joseph AC212-622-0659eric.w.joseph@jpmchase.comJ.P. Morgan Securities LLCHannah Adeoye212-622-1756hannah.t.adeoye@jpmorgan.comJ.P. Morgan Securities LLCRahul Agarwal(91-22) 6157-3828rahul.agarwal@jpmchase.comJ.P. Morgan India Private Limited2Key Takeaways for US StocksTG Therapeutics Ublituximab: Somewhat surprisingly, physicians do not regard ublituximab’s activity as differentiated among the CD20 class, with overall efficacy impressions that trail both Ocrevus and Kesimpta. That said, physicians do view ublituximab’s faster infusion regimen as relatively favourable to other CD20s, while also seeing its oral prophylactic regimen as moderately beneficial. Encouragingly, 84% of respondents were somewhat/very likely to recommend patients to switch to ublituximab from existing therapies, largely Ocrevus and Oral DMTs. Assuming approval and launch in 2022, physicians anticipate share of ~15% among high efficacy therapies class by 2026. While use expectations for ublituximab trend somewhat lower to our current estimates (peak sales of ~$2.2B), we believe the anticipated lower price, taken together with increasing physician education on its comparative clinical profile, could result in higher drug uptake over the mid- to longer-term.Biogen – MS commercial trends have clearly taken a back seat to adu’s pending June PDUFA, possibly imminent zuranolone data and even the company’s Tec IP appeal, but nevertheless… Tecfidera: Within this survey sample, use of branded Tecfidera remains slightly higher than the generic equivalents (57% vs 43%, respectively); however, this is expected to dramatically decline