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GlobeNewswire PharmaceuticalsCodex · 实盘不做把握 6/10不做原因:风险收益比不佳
北京时间·🕒 发布 15:00:00·⟳ 抓取 15:00:48·⚡ 决策 08-28 15:02:29 +1m41s·60.4 天前

罗氏公布Vabysmo在亚洲PCV患者SALWEEN研究两年数据

本次是成熟商业化药物的学会长期数据更新,方向偏正面但缺少新增监管准入、销售指引或可量化收入增量;罗氏市值和收入基数很大,短线交易edge不足。

📄 原文GlobeNewswire Pharmaceuticals↗ 原文
The SALWEEN study showed significant improvements in vision and retinal health 1 More than 60% of Asian patients with p…
不做 Roche Holding AG(RHHBY.US)
罗氏(RHHBY.US)受益方向成立,但本次为已上市Vabysmo的学会长期数据更新,缺少新增获批、指引或收入增量;相对约3651亿美元市值和Vabysmo既有41.02亿瑞郎销售基数,短线风险收益不足。
不做 Chugai Pharmaceutical(4519.JP)
中外制药(4519.JP)仅为间接受益映射,当前新闻没有日本新增批准、报销或销售指引,且未查得可执行实时报价,不能下ENTER。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)

研究档案

结论摘要

SALWEEN两年数据支持Vabysmo在亚洲PCV患者中的疗效、耐久性和安全性,利好产品竞争叙事;但Vabysmo已是罗氏2025年约41.02亿瑞郎大单品,罗氏集团2025年销售约615.16亿瑞郎,本次没有新增获批、定价、医保或订单信息,难以相对约3650亿美元市值形成短线可交易增量,因此不做。

🔎 新鲜度:最早出现 2026-08-28 · 扩散 low · price-in 风险 medium ↗ ↗

消息传播链

  1. 2026-08-28 07:00 UTC首发GlobeNewswire/Roche一手源原文 ↗
    罗氏发布SALWEEN两年数据,披露Vabysmo在PCV患者中持续改善视力和视网膜指标。

关键理由

  • Vabysmo在PCV亚型nAMD的两年数据强化其眼科大单品的差异化和亚洲市场渗透叙事。
  • 罗氏2025年披露Vabysmo销售约41.02亿瑞郎,占集团销售约6.7%,但本次只是亚组长期数据,没有直接改变2026收入基线。
  • 公开报价显示罗氏ADR市值约3651亿美元,单个学会数据更新相对市值的短线弹性有限。

主要风险

  • 若后续监管机构基于PCV数据扩展标签或公司上调Vabysmo销售指引,当前AVOID可能低估中期增量。
  • 本轮无法调用stock_tools完成真实行情、内部案例库和event_study校验,结论需人工终审时补齐工具链。

反向证据

  • 做多前查反向 · 来源 web · 日期 2026-01-29 · 影响 weakens
    Fierce Pharma报道Vabysmo 2025年四季度销售约10亿瑞郎,较Jefferies共识低约8%,提示市场对该产品增长斜率已有分歧。
    检索:Roche Vabysmo undershoots consensus 2025 Q4 sales Jefferies 原文 ↗
  • 做多前查反向 · 来源 web · 日期 2026-02-01 · 影响 weakens
    Market Scope称Vabysmo 2025年全球收入约41亿瑞郎、同比增长约12%按固定汇率,说明产品已是成熟高基数增长品种。
    检索:Roche Vabysmo 2025 revenue market share wet AMD 原文 ↗

先例如何影响了这次决策

对本次决策的影响:先例不足叠加当前事件缺少收入增量,使仓位从潜在小多降为不做。

方向:没有足够高相似先例支撑短线做多;机制上类似为大药企成熟产品学会数据更新,通常需要监管、指引或销售增量才有强价格弹性。

涨幅量级:未取得可用于校准tp/sl的同市场同机制高相似样本。

形态:证据不足,不能声称存在稳定见光死或稳定上涨模式。

原文全文

展开原文 · 12,864 字
The SALWEEN study showed significant improvements in vision and retinal health
1
More than 60% of Asian patients with polypoidal choroidal vasculopathy (PCV), an aggressive subtype of nAMD, treated with Vabysmo showed no signs of polypoidal lesions
1,2
By the end of year two, more than 60% of patients were on an extended 20-week treatment interval, reducing treatment burden
1
Vabysmo was well tolerated with a consistent long-term safety profile
1
Basel, 28 August 2026 - Roche (SIX: RO, ROP; OTCQX: RHHBY) announced today new two-year data from the Phase IIIb/IV SALWEEN study of Vabysmo
®
(faricimab), presented at the 19
th
Asia-Pacific Vitreo-retina Society (APVRS) Congress in Australia.
1
The results showed significant improvements in vision and retinal health in patients with polypoidal choroidal vasculopathy (PCV), a severe sub-type of neovascular age-related macular degeneration (nAMD), the leading cause of vision loss in people over the age of 60.
1-3
“The two-year SALWEEN results demonstrate the sustained efficacy and durability of Vabysmo in people living with PCV, a difficult-to-treat subtype of nAMD that is common in Asia,” said Levi Garraway, MD, PhD, Roche’s Chief Medical Officer and Head of Global Product Development. “Since its initial approval, Vabysmo continues to demonstrate strong efficacy, durability and a favourable safety profile in treating a range of high-burden eye diseases.”
"PCV is an aggressive subtype of nAMD that accounts for up to 60% of cases in Asian populations — a burden that will only grow as the population ages,” said Professor Gemmy Cheung, MBBS, FRCOphth, MD, PhD, Duke-NUS Medical School, National University of Singapore. “These two-year results show that dual Ang-2/VEGF-A inhibition can change the trajectory of this vision-threatening disease. Achieving polypoidal lesion inactivation in nearly nine out of 10 patients, while allowing most to maintain a 20-week dosing interval, means Vabysmo can provide disease control while also drastically reducing the treatment burden."
The study showed that patients experienced a gain of 7.3 letters in best-corrected visual acuity (BCVA) and a reduction of 127 µm in central subfield thickness (CST) from baseline averaged over weeks 100–108. At year two, 74% of patients had no retinal fluid. Vabysmo also had a clinically meaningful impact on the abnormal, polyp-like blood vessels characteristic of PCV, with complete regression (62%) and inactivation (86%) of polypoidal lesions in the majority of eyes. At the end of the first year, 51% of patients were assigned to extended 20-week dosing, which increased to 61% by the end of year two. Vabysmo was well tolerated, with a safety profile in PCV that was consistent with its known safety profile in nAMD.
1
About neovascular age-related macular degeneration
Age-related macular degeneration (AMD) is a condition that affects the part of the eye that provides sharp, central vision needed for activities like reading. nAMD is an advanced form of the disease that can cause rapid and severe vision loss if left untreated.
4-6
It develops when new and abnormal blood vessels grow uncontrolled under the macula, causing swelling, bleeding and/or fibrosis.
6
Worldwide, around 20 million people are living with nAMD – the leading cause of vision loss in people over the age of 60 – and the condition will affect even more people around the world as the global population ages.
3,4,7
About polypoidal choroidal vasculopathy
Polypoidal choroidal vasculopathy (PCV) is a subtype of nAMD that is more prevalent in people of Asian descent, accounting for up to 60% of nAMD cases in this population and up to 20% in people of European descent.
2
PCV is characterised by abnormal blood vessels in the choroid, a thin layer of tissue between the sclera (the whites of the eyes) and the retina. These abnormal vessels can leak fluid or blood, leading to retinal damage and vision loss.
2,8,9
People with PCV often experience blurred vision or a blind spot in or near the centre of their vision in one or both eyes.
9,10
Early diagnosis and treatment are important to help restore vision and prevent further vision loss.
8,11
About SALWEEN
SALWEEN was a Phase IIIb/IV multicentre, open-label, single-arm study of Vabysmo for the treatment of Asian people with PCV. It enrolled 135 patients aged 50 years and over from 38 sites across nine markets in Asia, including China, Hong Kong SAR, India, Japan, Malaysia, Singapore, South Korea, Taiwan and Thailand. Patients received four loading doses of Vabysmo 6 mg over 12 weeks. After that, their treatment schedule was adjusted based on their progress, with doses given every eight, 12, or 16 weeks. From weeks 44 to 104, patients followed a personalised treatment plan with treatment intervals extended up to 20 weeks. The primary endpoint was the change from baseline in BCVA averaged over weeks 40-48.
1
About Vabysmo® (faricimab)
Vabysmo is the first bispecific antibody approved for the eye.
12-14
It targets and inhibits two signalling pathways linked to a number of vision-threatening retinal conditions by neutralising angiopoietin-2 (Ang-2) and vascular endothelial growth factor-A (VEGF-A). Ang-2 and VEGF-A contribute to vision loss by destabilising blood vessels, causing new leaky blood vessels to form and increasing inflammation. By blocking pathways involving Ang-2 and VEGF-A, Vabysmo is designed to stabilise blood vessels.
14,15
Vabysmo is approved in more than 100 countries around the world, including the United States (US), Japan, the United Kingdom and the European Union (EU) for people with neovascular or ‘wet’ age-related macular degeneration and diabetic macular edema, and in more than 60 countries, including the US, EU and Japan, for people with macular edema following retinal vein occlusion (RVO).
12,13,16-19
Review by other health authorities is ongoing.
About Roche in Ophthalmology
Roche is focused on saving people’s eyesight from the leading causes of vision loss through pioneering therapies. Through our innovation in the scientific discovery of new potential drug targets, personalised healthcare, molecular engineering, biomarkers and continuous drug delivery, we strive to design the right therapies for the right patients.
We have the broadest retina pipeline in ophthalmology, which is led by science and informed by insights from people with eye diseases. Our pipeline includes innovative treatments across different modalities, such as antibodies, and gene and cell therapies targeting multiple vision-threatening conditions, including retinal vascular and diabetic eye diseases, geographic atrophy, and autoimmune conditions, such as thyroid eye disease and uveitic macular edema.
About Roche
Roche (SIX: RO, ROP; OTCQX: RHHBY) is a healthcare company uniquely placed to prevent, stop and cure diseases by uniting leading science and technology across diagnostics, medicines and digital solutions.
Roche was founded in Basel, Switzerland in 1896 and today is a leading provider of transformative medicines and diagnostics for millions of people in over 150 countries around the world. It is dedicated to tackling healthcare challenges that place the greatest strain on patients, families, communities and healthcare systems. Across its Diagnostics and Pharmaceutical divisions, Roche focuses on areas including oncology, neurology, cardiovascular and metabolic diseases, ophthalmology, infectious diseases and immunology with the aim of providing real and positive change for patients, the people they love and the professionals who care for them.
Genentech in the United States is a fully owned subsidiary in the Roche Group. Roche is the majority shareholder in Chugai Pharmaceutical, a major innovator in the Japanese therapeutic antibody market.
For more information, please visit
www.roche.com
.
All trademarks used or mentioned in this release are protected by law.
References
[1] Lai TYY, et al. Faricimab for Polypoidal Choroidal Vasculopathy (PCV): Two-Year Results From the SALWEEN Trial. Presented at: 19
th
Asia-Pacific Vitreo-retina Society (APVRS) Congress; August 28, 2026; Gold Coast, Australia.
[2] Cheung CMG. Macular neovascularization and polypoidal choroidal vasculopathy: phenotypic variations, pathogenic mechanisms and implications in management. Eye (Lond). 2024;38(4):659-667. doi:10.1038/s41433-023-02764-w.
[3] Wong WL, Su X, Li X, et al. Global prevalence of age-related macular degeneration and disease burden projection for 2020 and 2040: a systematic review and meta-analysis. Lancet Glob Health. 2014;2(2):e106-e116. doi:10.1016/S2214-109X(13)70145-1.
[4] Macular Degeneration Facts & Figures. BrightFocus Foundation. [Internet; cited August 2026]. Available from:
https://www.brightfocus.org/macular/facts-figures/
.
[5] Pennington KL, DeAngelis MM. Epidemiology of age-related macular degeneration (AMD): associations with cardiovascular disease phenotypes and lipid factors. Eye Vis (Lond). 2016;3:34. doi:10.1186/s40662-016-0063-5.
[6] Little K, Ma JH, Yang N, Chen M, Xu H. Myofibroblasts in macular fibrosis secondary to neovascular age-related macular degeneration - the potential sources and molecular cues for their recruitment and activation. EBioMedicine. 2018;38:283-291. doi:10.1016/j.ebiom.2018.11.029.
[7] Connolly E, Rhatigan M, O'Halloran AM, et al. Prevalence of age-related macular degeneration associated genetic risk factors and 4-year progression data in the Irish population. Br J Ophthalmol. 2018;102(12):1691-1695. doi:10.1136/bjophthalmol-2017-311673.
[8] Cheung CMG, Lai TYY, Ruamviboonsuk P, et al. Polypoidal Choroidal Vasculopathy: Definition, Pathogenesis, Diagnosis, and Management. Ophthalmolog
y
. 2018;125(5):708-724. doi:10.1016/j.ophtha.2017.11.019.
[9] Polypoidal Choroidal Vasculopathy. The Foundation of the American Society of Retina Specialists. [Internet; cited August 2026]. Available from:
https://www.asrs.org/patients/retinal-diseases/30/polypoidal-choroidal-vasculopathy
.
[10] Polypoidal Choroidal Vasculopathy. Scott E. Pautler, M.D. Tampa. [Internet; cited August 2026]. Available from:
https://www.scottpautlermd.com/polypoidal-choroidal-vasculopathy/
.
[11] Chawla H, Blair K, Vohra V. Polypoidal Choroidal Vasculopathy. In: Stat Pearls. Stat Pearls Publishing; March 16, 2023. [Internet; cited August 2026]. Available from:
http://www.ncbi.nlm.nih.gov/books/NBK567780/
.
[12] United States (US) Food and Drug Administration (FDA). Highlights of Prescribing Information, Vabysmo. April 2026. [Internet; cited August 2026]. Available from:
https://www.gene.com/download/pdf/vabysmo_prescribing.pdf
.
[13] Medicines and Healthcare products Regulatory Agency approves faricimab through international work-sharing initiative. May 17, 2022. [Internet; cited August 2026]. Available from:
https://www.gov.uk/government/news/mhra-approves-faricimab-through-international-work-sharing-initiative
.
[14] Heier JS, Khanani AM, Quezada Ruiz C, et al. Efficacy, durability, and safety of intravitreal faricimab up to every 16 weeks for neovascular age-related macular degeneration (TENAYA and LUCERNE): two randomised, double-masked, phase 3, non-inferiority trials. Lancet. 2022;399(10326):729-740. doi:10.1016/S0140-6736(22)00010-1.
[15] Wykoff CC, Abreu F, Adamis AP, et al. Efficacy, durability, and safety of intravitreal faricimab with extended dosing up to every 16 weeks in patients with diabetic macular oedema (YOSEMITE and RHINE): two randomised, double-masked, phase 3 trials. Lancet. 2022;399(10326):741-755. doi:10.1016/S0140-6736(22)00018-6.
[16] European Medicines Agency. Summary of Product Characteristics, Vabysmo. August 2026. [Internet; cited August 2026]. Available from:
https://www.ema.europa.eu/en/documents/product-information/vabysmo-epar-product-information_en.pdf
.
[17] Chugai obtains regulatory approval for Vabysmo, the only bispecific antibody in the ophthalmology field, for additional indication of macular edema associated with RVO. March 26, 2024. [Internet; cited August 2026]. Available from:
https://www.chugai-pharm.co.jp/english/news/detail/20240326160000_1054.html
.
[18] Chugai obtains regulatory approval for Vabysmo, the first bispecific antibody in ophthalmology, for nAMD and DME. March 28, 2022. [Internet; cited August 2026]. Available from:
https://www.chugai-pharm.co.jp/english/news/detail/20220328160002_909.html
.
[19] Roche data on file.
Roche Global Media Relations
Phone: +41 61 688 8888 / e-mail: media.relations@roche.com
Tristan Schmitz
Phone: +41 79 529 70 35
Lorena Corfas
Phone: +41 79 568 24 95
Simon Goldsborough
Phone: +44 797 32 72 915
Karsten Kleine
Phone: +41 79 461 86 83
Kirti Pandey
Phone: +41 79 398 38 53
Yvette Petillon
Phone: +41 79 961 92 50
Irène Stephan
Phone: +41 79 377 83 75
Albert Thottiyil
Phone: +41 79 775 66 12
Attachment
Media Release SALWEEN APVRS English

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