全球生物制药行业：2021年美国镰状细胞病调查

1See 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 ResearchJune 2021Global BioPharma – 2021 U.S. Sickle Cell Disease Survey TakeawaysUS BiotechnologyCory Kasimov AC212-622-5266cory.w.kasimov@jpmorgan.comGavin Scott212-622-0579gavin.scott@jpmorgan.comJ.P. Morgan Securities LLCUS SMID Biotechnology Anupam Rama AC212-622-0900anupam.rama@jpmorgan.comJ.P. Morgan Securities LLCEU Pharma & BiotechRichard Vosser AC(44-20) 7742-6652richard.vosser@jpmorgan.comJames D. Gordon(44-20) 7742-6654james.d.gordon@jpmorgan.comLaerke L. Engkilde(44-20) 7742-2917 laerke.enkilde@jpmorgan.comZain Ebrahim(44-20) 7134-1423 zain.ebrahim@jpmorgan.comJ.P. Morgan Securities plcTessa T. Romero AC212-622-4484tessa.t.romero@jpmchase.comJ.P. Morgan Securities LLCUS SMID Biotechnology 2Key Takeaways for U.S. Stocks (I)Global Blood Therapeutics (GBT; covered by Tessa Romero)Oxbryta: Our survey work reaffirms that physicians see utility of Oxbryta (voxelotor) in the current treatment paradigm in particular in patients with severe anemia on current standard of care.  That said, direct feedback on clinical experience with the drug varied from ‘excellent’ to ‘modest’ and ‘not pleased’, which we believe could translate into more gradual growth for Oxbryta over time. Looking more closely at Oxbryta’s profile relative to standard of care hydroxyurea (HU), Oxbryta is viewed as similar to or better than HU along most key efficacy/safety parameters, though less favorable results were cited with respect to cost/access and clinical experience.  In terms of current use, our physicians were roughly even split between single agent and combination use, with a slight edge to prescribing single agents. The physicians surveyed are using Oxbryta in 24% of patients in combinations and in 6% of patients treated with monotherapy, which, in total, is slightly less than use of Adakveo, though reported 1Q21/FY20 sales would suggest slightly broader use of Oxbryta than Adakveo.  Our survey results also underscore uncertain dynamics that lay ahead over the next ~6-12 months as the pandemic subsides. In the near- to mid-term, physicians in our survey: 1) expect to prescribe less new scripts for Oxbryta over the coming ~6-12 months than the prior ~12 months; 2) see the use of telemedicine steadily declining over time and a gradual return to in-person visits; and 3) cite challenges with respect to starting new medications virtually and authorizations/access and cost.  We now project a steady ramp for Oxbryta with growth moderating in the outer years to peak. Specifically, physicians in our survey