金吾财讯 | 交银国际研报指，荣昌生物(09995)泰它西普gMG III期数据优于已上市竞品：公司在AAN 2025上公布了泰它西普治疗gMG的中国内地III期研究结果。结果显示，研究主要终点、治疗24周时MG-ADL评分较基线的平均改善幅度达到5.74分，vs. 安慰剂组0.91分，改善≥3分的患者比例高达98.1%，vs. 安慰剂组12%。24周时的QMG评分较基线平均改善8.66分，vs. 安慰剂组2.27分，改善≥5分的患者比例达到87%，vs. 安慰剂组16%。VYVGART治疗可能导致感染风险，相比之下泰它西普感染类AE发生率低于安慰剂组。虽然VYVGART在短时间内疗效显著，但安全性限制了其长期给药潜力。而泰它西普优异的疗效和安全性能保证持续给药，从而使患者病情在长时间内保持稳定。该行继续给予公司买入评级和35.2港元的目标价，并将其选为医药板块重点推荐标的之一，看好其持续控费努力下未来两年内扭亏为盈确定性增强、以及泰它西普海外注册路径逐步清晰。
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