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葡京账号注册,中邦生物制药(1177.HK):a positive surprise,Rating Bu

  机构:德意志银行

  评级:买入

  指标价:12.3港元

  SBP filed TAF as FTM, earlier than expected

  Sinobiopharm filed for marketing aPProval (NDA) of its TAF generic(CYHS1800365) yesterday, which is earlier than company guidance. Recall TAF is a prodrug of TDF with a better AE profile. We believe life cycle management for its HBV franchise did not achieve the objective because the launch price of TDF was similar to entecavir franchise. As such, the launch of TAF may provide another opportunity for HBV franchise. As of now, SBP remains the first to file TAF in China while Gilead has not filed for approval yet based on public database.

  But HBV game is changing quickly 

  The six approved anti-viral drugs are to suppress HBV DNA to undetectable levels, while unmet medical demand calls for novel treatment that could increase cure rates (HBs Agsero clearance). SBP indicated it is also working on next generation compounds for functional cure while declined to offer details on targets. Physicians we spoke with are interested in JNJ-379 and NVR3-778, while combination regimens might be required for a cure.

  TAF critical for HBV franchise

  We continue to believe SBP will not proactively promote TDF for now, as entecavir(ETV) franchise remains the priority. In our previous analysis, an earlier than expected TAF launch was the bull case in order to minimize the impact of transition (from ETV to TDF to TAF). As such, we believe this NDA filing represents a positive surprise.