According to Zhitong Finance APP, Huaxin Securities released a research report stating that the global psoriasis treatment market was valued at USD 26.5 billion in 2022. The psoriasis drug market in China has shown strong growth momentum in recent years, with the market size rapidly increasing from USD 604 million in 2018 to USD 1.436 billion in 2022, achieving a compound annual growth rate of 24.2%. Among them, the market size of biologics and small molecule drugs is growing rapidly, with estimated growth rates of 37.6% and 26.2% respectively during the period from 2022 to 2025, and it is expected to maintain a compound annual growth rate of over 20% from 2025 to 2030.
With the emergence of innovative drugs such as biologics and oral targeted therapies, psoriasis treatment has entered the &#34;precision era,&#34; and future treatments for psoriasis patients are promising. Although there are many types of biologics, the penetration rate of domestically available biologics is still not high. With the increase in insurance coverage leading to &#34;volume at a lower price,&#34; the awareness and demand for moderate to severe psoriasis patients have increased, enhancing drug accessibility. Core targets such as IL-23p19 and IL-17A/F have significant market potential for drugs that have excelled in head-to-head comparisons. Oral drugs, particularly the highly efficient, safe, and convenient small molecules TYK2 and peptide drugs, are expected to become new options for psoriasis patients due to their significant advantages. Additionally, as TYK2 can be expanded to multiple immune diseases, its allosteric inhibitors are expected to bring market elastic growth.
<h2>The main points of Huaxin Securities are as follows:</h2>
Psoriasis is currently incurable, with a huge treatment demand and a broad market space for drugs.
Psoriasis is a chronic, recurrent, inflammatory, and systemic skin disease, with approximately 125 million psoriasis patients worldwide, including about 6.7 million in China. Among them, 20% to 30% of patients suffer from moderate to severe psoriasis. Currently, psoriasis cannot be completely cured and requires long-term treatment to control the condition, resulting in a huge treatment demand. Existing treatment options include topical medications, physical therapy, systemic therapy, and biologics.
According to data statistics, the global psoriasis treatment market was valued at USD 26.5 billion in 2022. The psoriasis drug market in China has shown strong growth momentum in recent years, with the market size rapidly increasing from USD 604 million in 2018 to USD 1.436 billion in 2022, achieving a compound annual growth rate of 24.2%. Among them, the market size of biologics and small molecule drugs is growing rapidly, with estimated growth rates of 37.6% and 26.2% respectively during the period from 2022 to 2025, and it is expected to maintain a compound annual growth rate of over 20% from 2025 to 2030.
Biologics, as mainstream drugs, are continuously iterating and upgrading, with efficacy and safety continuously improving, with IL-17 and IL-23 as core targets.
The IL-23/IL-17 signaling pathway is a key pathway in psoriasis, and more precise inhibition of these two targets has led to breakthroughs in the efficacy and safety of biologics. Due to their high clearance rates of skin lesions, faster onset of action, and relatively good safety, the therapeutic status of biologics has been recognized by numerous guidelines, and the treatment goals for psoriasis have continuously upgraded from PASI 75 to PASI 90/100
Among them, the global first IL-17A inhibitor, Secukinumab (Cosentyx), has a 12-week PASI75/PASI90/PASI100 response rate that surpasses that of the short-acting and long-acting anti-IL-17A (Taltz). The world's first IL-17A/F dual antibody, Bimekizumab, achieved a PASI 90 of 91% at 16 weeks, with 93.0% of patients maintaining PASI 90 and 80.8% maintaining PASI 100 after 3 years of treatment, breaking through the resistance bottleneck and achieving complete clearance and sustained remission. The world's first IL-23 (p19) monoclonal antibody inhibitor, Guselkumab, blocks the upstream IL-17 production pathway, achieving longer-lasting control.
At 48 weeks, the PASI 90 response rate exceeds 80%, and it is also effective for those who are resistant to IL-17, providing new options for resistant patients. Currently, Bimekizumab is applying for domestic listing in May 2025. In addition, the first domestically produced IL-17A/F dual antibody, LZM012 from Livzon Pharmaceutical, successfully reached the phase III clinical endpoint in July 2025 and is expected to apply for listing soon.
Oral medications are an unmet need in psoriasis treatment, and highly effective and safe targeted oral drugs will become a new choice.
Although biologics have improved clinical efficacy, issues such as injection dependence and immunogenicity limit patient compliance, which is not conducive to the long-term management of psoriasis. There remains an unmet clinical need for oral therapies that combine the efficacy of biologics, good safety, precise targeting, and lower costs. Various types of oral medications targeting psoriasis have been developed. The currently marketed oral medications are mainly small molecule drugs, targeting phosphodiesterase 4 (PDE4), JAK1-3, TYK2, etc., with approvals for oral small molecule drugs such as Apremilast, Upadacitinib, and Deucravacitinib, providing a diverse range of options for psoriasis patients. Among them, highly effective and safe targeted oral drugs will become a new choice.
TYK2 small molecules are currently the most effective among marketed oral drugs, and the efficacy of IL-23 antagonistic peptide oral drugs is worth noting.
Among the marketed oral drugs, TYK2 small molecules exhibit unique advantages due to their higher selectivity and safety, making them the most effective oral medications currently available. The world's first TYK2 allosteric inhibitor, Deucravacitinib, has shown superior short-term efficacy (16-week PASI75 reaching 68.8%) and long-term efficacy (52-week PASI75 reaching 71%) compared to JAK1 inhibitor Upadacitinib and PDE4 inhibitor Apremilast. At 256 weeks, PASI75 and PASI90 were 81.8% and 55.3%, respectively, confirming the dual breakthrough of Deucravacitinib in terms of efficacy durability and safety in the field of psoriasis treatment.
Among the drugs under research, the fastest overseas progress is Takeda's TAK-279, which is in phase III clinical trials, while Alumis's ESK-001 has completed phase II clinical trials. Domestically, Hansoh Pharmaceutical's HS-10374 is progressing the fastest, currently in phase III clinical trials, with phase II data showing a 12-week PASI75 of 28.6% (6mg) and 72.1% (12mg); InnoCare Pharma's ICP-488 is in phase III clinical trials, with phase II data showing a 12-week PASI75 of 77.3% (6mg)/78.6% (9mg);
InventisBio D-2570 has entered Phase III, with Phase II data showing a 12-week PASI75 of 90.0% (18mg)/85.4% (27mg) and 85.0% (36mg), demonstrating best-in-class potential.
Oral small molecule TYK2 inhibitors can fill the treatment gap between topical medications and biologics, and are expected to become a new trend. Additionally, since TYK2 is a key factor in inflammation, it can be expanded to multiple immune diseases, such as atopic dermatitis and SLE. The current competitive landscape is favorable, and its application and potential in the autoimmune field are promising.
Furthermore, Johnson &amp; Johnson's global first IL-23 antagonist peptide oral drug Icotrokinra (JNJ-2113) has shown superior efficacy in Phase III clinical trials compared to the already marketed psoriasis oral therapy deucravacitinib, and has been submitted for market approval in 2025, with expectations for approval next year. The approval of this therapy is also expected to greatly enrich the psoriasis drug market.
Investment Recommendation
Huaxin Securities believes that psoriasis currently cannot be cured and requires long-term treatment, with a vast drug market size and broad prospects. With the emergence of innovative drugs such as biologics and oral targeted therapies, psoriasis treatment has entered the &#34;precision era,&#34; and future treatment for psoriasis patients is promising. Although there are many varieties of biologics, the penetration rate of biologics in China is still not high. As the increase in medical insurance coverage brings &#34;volume through price,&#34; the awareness and demand of moderate to severe psoriasis patients for the disease are rising, enhancing drug accessibility. Core targets such as IL-23p19 and IL-17A/F, with drugs that have won head-to-head comparisons, still have enormous market potential.
Oral drugs, including highly efficient, safe, and convenient small molecule TYK2 and peptide drugs, are expected to become new options for psoriasis patients due to their significant advantages. Additionally, since TYK2 can be expanded to multiple immune diseases, its allosteric inhibitors are expected to bring market elastic growth.
Among various drugs targeting psoriasis in China, those with strong efficacy, good sustainability, superior safety, and rapid progress have higher commercialization value. In the small molecule TYK2 category, it is recommended to pay attention to InventisBio-U (688382.SH), which currently has the best efficacy and potential for overseas authorization, and to focus on the fastest progressing Hansoh Pharmaceutical (03692) and InnoCare Pharma-U (688428.SH); in the biologics category, it is recommended to focus on the biologics IL-17A/F with excellent efficacy from Livzon Pharmaceutical Group (000513.SZ) and the rich pipeline of Quansheng Biotechnology-B (02509), which focuses on autoimmune drugs.
Risk Warning
Risk of R&amp;D failure or inability to industrialize: The pharmaceutical biotechnology industry has high barriers, and R&amp;D failures may lead to the inability to develop new products as planned and to industrialize.
Risk of sales falling short of expectations: Sales may fall short of expectations due to factors such as marketing strategies not adapting to the market and insufficient academic promotion.
Risk of intensified competition: If multiple similar products are already on the market or if multiple products are about to be launched, market competition will be fierce.
Policy risk: The pharmaceutical biotechnology industry is highly regulated, and any adjustments in industry policies may impact the company
Recommendation of companies with performance risks below expectations

688428

09969

688382

Huaxin Securities released a research report indicating that the psoriasis treatment market has broad prospects, with the global market size reaching USD 26.5 billion in 2022. The Chinese market grew from USD 604 million in 2018 to USD 1.436 billion in 2022, with a compound annual growth rate of 24.2%. Biologics and small molecule drugs are experiencing rapid growth, with expected growth rates of 37.6% and 26.2% respectively from 2022 to 2025. With increased insurance coverage and rising patient demand, psoriasis treatment has entered the "precision era," and the future looks promising

Huaxin Securities: A Hundred Flowers Blooming in Biologics and Oral Medications, Promising Future for Psoriasis Treatment