J.P. 摩根-全球-制药业-全球制药业：2020年美国银屑病和特应性皮肤病调查-2020.6-49页.docxVIP

PAGE PAGE 1 Global Equity Research June 2020 Global BioPharma – 2020 US Psoriasis and Atopic Derm Survey Takeaways US Major Specialty Pharma US Biotechnology EU Pharma Biotech Christopher Schott, CFA AC212-622-5676 christopher.t.schott@ Christopher Schott, CFA AC 212-622-5676 christopher.t.schott@ Christopher Neyor 212- 622-0334 christopher.z.neyor@ Ekaterina V. Knyazkova 212- 622-9576 ekaterina.v.knyazkova@ Xiling Chen 212- 622-0364 xiling.chen@ Cory Kasimov AC 212-622-5266 cory.w.kasimov@ Matthew T. Holt, PhD 212-622-9602 m atthew.t.holt@ Gavin Scott 212-622-0579 gav in.scott@ Turner Kufe, MD 212-622-4104 Turner.kufe@ Richard Vosser AC (44-20) 7742-6652 richard.vosser@ James D Gordon (44-20) 7742-6654 james.d.gordon@ Sarita Kapila (MD) (44-20) 7134-4189 sarita.kapila@ Laerke L Engkilde (44-20) 7742-2917 laerke.enkilde@ J.P. Morgan Securities LLC J.P. Morgan Securities PLC See 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. Key Takeaways Key Takeaways With a number of moving pieces in the dermatology space, we surveyed 25 physicians to better understand current market dynamics (as well as COVID-impact on the space) with a focus on biologic use including TNF, IL-17, IL-23 categories and Dupixent use in atopic derm. Overall our survey suggests further market share gains for biologics in the treatment of psoriasis (slide 9) On IL-23s, physicians expressed a clear preference for the class (over IL-17s and TNFs more broadly), and we see IL- 23s emerging as the go-to 1st line psoriasis treatment over the next 3 years (slides 10, 14-16) Physic