国信证券：IgAN治疗药物远期市场规模广阔认为Povetacicept具有BIC潜质

智通财经网03-13

智通财经APP获悉，国信证券发布研报称，中国是全球IgAN(IgA肾病)负担最高的国家之一，存量患者预计超过75万人。根据该行的测算，IgAN治疗药物远期商业化规模中值有望达到~83亿美元。综合考虑疗效(ΔuPCR= -50%)及临床证据强度、给药途径/频次(自动注射笔80 mg剂量皮下给药)等因素，该行认为Povetacicept在IgAN适应症中具有BIC潜质。国信证券主要观点如下：IgAN...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2619415991?lang=zh_CN&edition=full","thumbnail":"https://img.zhitongcaijing.com/image/20260313/20260313095203_35320.png?x-oss-process=image/format,jpg/quality,Q_80/resize,w_250","is_english":false,"pubTime":"2026-03-13 09:56","share_image_url":"https://static.laohu8.com/6ca2dcdccfa2217fb20a0351f4efe814","id":"2619415991","market":"hk","top_or_hot":-1,"title":"国信证券：IgAN治疗药物远期市场规模广阔 认为Povetacicept具有BIC潜质","media":"智通财经网","content":"<div>\n<p>智通财经APP获悉，国信证券发布研报称，中国是全球IgAN(IgA肾病)负担最高的国家之一，存量患者预计超过75万人。根据该行的测算，IgAN治疗药物远期商业化规模中值有望达到~83亿美元。综合考虑疗效(ΔuPCR=  -50%)及临床证据强度、给药途径/频次(自动注射笔80 mg剂量皮下给药)等因素，该行认为Povetacicept在IgAN适应症中具有BIC潜质。国信证券主要观点如下：IgAN...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1413431.html\">网页链接</a>\n\n</div>\n","source":"highlight_zhitongcaijin","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>国信证券：IgAN治疗药物远期市场规模广阔 认为Povetacicept具有BIC潜质</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n国信证券：IgAN治疗药物远期市场规模广阔 认为Povetacicept具有BIC潜质\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-03-13 09:56 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.zhitongcaijing.com/content/detail/1413431.html><strong>智通财经网</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，国信证券发布研报称，中国是全球IgAN(IgA肾病)负担最高的国家之一，存量患者预计超过75万人。根据该行的测算，IgAN治疗药物远期商业化规模中值有望达到~83亿美元。综合考虑疗效(ΔuPCR=  -50%)及临床证据强度、给药途径/频次(自动注射笔80 mg剂量皮下给药)等因素，该行认为Povetacicept在IgAN适应症中具有BIC潜质。国信证券主要观点如下：IgAN...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1413431.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK0183","symbol_name":"MSCI概念","start_time":0,"source_url":"http://www.zhitongcaijing.com/content/detail/1413431.html","article_id":"2619415991","we_media_id":null,"thumbnails":["https://img.zhitongcaijing.com/image/20260313/20260313095203_35320.png?x-oss-process=image/format,jpg/quality,Q_80/resize,w_250"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2619415991","pubTimestamp":1773366982,"columns":[],"sourceInfo":{"source_id":"highlight_zhitongcaijin","name":"智通财经网"},"weMediaInfo":null,"summary":"目前IgAN的SoC以优化支持治疗为主，包括RAAS抑制剂、生活方式管理及进展风险患者使用SGLT2抑制剂。","collect":0,"end_time":0,"defaultTopTitle":"zhitongcaijing.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"BK0183":"MSCI概念","BK0276":"资本市场","BK0188":"融资融券","002736":"国信证券","BK0028":"国家队"},"translate_title":"Guosen Securities: The long-term market size of IgAN therapeutic drugs is broad, and it believes that Povetacicept has BIC potential","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"002736":1.5},"content_text":"智通财经APP获悉，国信证券发布研报称，中国是全球IgAN(IgA肾病)负担最高的国家之一，存量患者预计超过75万人。根据该行的测算，IgAN治疗药物远期商业化规模中值有望达到~83亿美元。综合考虑疗效(ΔuPCR=  -50%)及临床证据强度、给药途径/频次(自动注射笔80 mg剂量皮下给药)等因素，该行认为Povetacicept在IgAN适应症中具有BIC潜质。国信证券主要观点如下：IgAN治疗药物的商业化空间足够大吗?IgAN(IgA肾病)是全球最常见的原发性肾小球疾病，据测算美国+欧洲约有30万患者，中国是全球IgAN负担最高的国家之一，存量患者预计超过75万人;IgAN的核心疾病负担在于长期、不可逆的肾单位丢失及由此带来的肾功能衰竭风险，长期随访数据表明，30%~40%的IgAN患者在20年内进展至肾衰竭，并且蛋白尿水平越高、eGFR越低，进展风险越显著;因此，IgAN治疗药物的关键在于能否延缓长期eGFR下降，从而推迟透析/肾移植等事件时点。目前IgAN的SoC以优化支持治疗为主，包括RAAS抑制剂、生活方式管理及进展风险患者使用SGLT2抑制剂，疾病修饰疗法上市时间尚短，仍处于早期爬坡阶段，患者对长期肾功能获益存在未满足的需求。根据该行的测算，IgAN治疗药物远期商业化规模中值有望达到~83亿美元。哪些治疗机制中长期更容易胜出?IgAN的病理驱动主要来自Gd-IgA1及其复合物异常产生，免疫复合物沉淀及炎症放大，以及肾小球代偿导致的血流动力学恶性循环等三个阶段;因此，从机理角度，能够在上游源头干预黏膜免疫及致病IgA形成的定向缓释糖皮质激素及BAFF/APRIL机制药物，更有机会将短期的尿蛋白改善转化为持续的肾功能获益;相较之下，RAAS抑制剂、SGLT2抑制剂及ERA等药物也能够有效降低肾小球内压及尿蛋白，但主要作用于下游放大环节，通常更难实现同等深度的疾病修饰。综合考虑疗效(ΔuPCR=  -50%)及临床证据强度、给药途径/频次(自动注射笔80 mg剂量皮下给药)等因素，该行认为Povetacicept在IgAN适应症中具有BIC潜质。未来18个月该关注哪些催化剂?IgAN治疗药物已经进入连续兑现期，Sibeprenlimab (Otsuka)已于2025年11月获得加速审批上市，预计2026H1读出eGFR  slope数据;Povetacicept  (Vertex)于2026年3月读出36周尿蛋白期中分析数据，预计2026Q1末完成BLA申请，如果使用priorityreview  voucher加速审批进度，预计2026Q3末实现上市;Atacicept (Vera) PDUFA日期为2026年7月7日;Sefaxersen  (Roche/Ionis)及Ravulizumab (AstraZeneca) Ph3临床研究将于2026年内读出期中分析数据;Zigakibart  (Novartis) Ph3 BEYOND研究调整方案，计划2027H1同时读出尿蛋白及eGFR数据。风险提示：市场竞争加剧的风险、产品临床失败或有效性低于预期的风险、产品商业化不达预期的风险、技术升级迭代风险等。","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.42.0","shortVersion":"4.42.0","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2619415991","isCrawlerRequest":true}

国信证券：IgAN治疗药物远期市场规模广阔 认为Povetacicept具有BIC潜质

精彩评论

国信证券：IgAN治疗药物远期市场规模广阔认为Povetacicept具有BIC潜质