Cathay Securities | Pharmaceuticals: The Birth of Major Drugs - Series on Autoimmunity: The Trillion-Yuan Autoimmunity Sector Welcomes Generational Change, MNCs Accelerate Entry into Next-Generation Pipelines

Guotai Junan released a research report, pointing out that the hundred billion autoimmune track faces a patent cliff and efficacy bottleneck, calling for the emergence of the next generation of disruptive blockbuster drugs. MNCs are accelerating the layout of new therapies, and Chinese pharmaceutical companies are actively participating in global layouts, welcoming opportunities for valuation reshaping. The report maintains an "overweight" rating for the industry, believing that autoimmune blockbuster drugs are the cornerstone of MNC business, and Chinese companies are expected to achieve breakthroughs in autoimmune technology in the future. Historical cases show that the autoimmune track has previously spawned multiple heavyweight products, driving MNC market capitalization growth