In a remarkable development within the pharmaceutical sector, Novartis has announced that its nuclear medicine product, Pluvicto (177Lu-PSMA-617), achieved $1.39 billion in sales for the year 2024, marking a 42% increase compared to the previous year. This milestone establishes Pluvicto as the first blockbuster drug in the nuclear medicine field.
Since its approval in the United States in March 2022, Pluvicto has demonstrated impressive growth. In its first year, the drug generated $271 million, which skyrocketed to $980 million in 2023, representing a staggering 261% year-over-year increase. Cumulatively, Pluvicto has contributed $2.643 billion to Novartis’ revenue, with four additional indications currently under investigation, including a Phase III trial for metastatic hormone-sensitive prostate cancer expected to conclude in 2025.
Nuclear medicine is being hailed as a crucial aspect of precision diagnostics and treatment, with experts likening its impact to that of a "missile" in the hands of healthcare providers. According to Dr. Wang Tie, Chief Physician of Nuclear Medicine at Beijing Chaoyang Hospital, nuclear medicine offers unique advantages over traditional cancer therapies, including non-invasive precision diagnostics and integrated therapeutic capabilities. This allows for personalized treatment based on imaging and targeted delivery of radioactive agents to tumors.
The demand for both diagnostic and therapeutic nuclear medicines has surged in recent years, revealing a significant unmet need in cancer treatment. Major pharmaceutical companies are keenly aware of the potential of this market. Besides Novartis, industry giants such as Bayer, Eli Lilly, AstraZeneca, Bristol Myers Squibb, Merck, and Johnson & Johnson are actively investing in nuclear medicine through acquisitions and partnerships. Notably, Bristol Myers Squibb made headlines in December 2023 with its $4.1 billion acquisition of RayzeBio, gaining access to a differentiated platform for alpha-emitting radiopharmaceuticals.
In the domestic Chinese market, competition in nuclear medicine is intensifying. Nearly 20 companies, including Hengrui Medicine, Yuan Da Medicine, and Xiantong Medicine, are rapidly advancing their nuclear medicine portfolios. To date, 24 radioactive drugs have been approved for use, addressing various conditions including prostate cancer, coronary heart disease, neuroendocrine tumors, and Alzheimer's disease.
Innovative domestic products are also emerging, with over 100 nuclear medicine candidates in clinical stages. The most advanced is 99mTc-3PRGD2, developed by Radiopharmaceuticals, which is the first domestically produced innovative nuclear medicine for tumor imaging. This drug has completed Phase III trials and is in the process of seeking market approval. Additionally, Hengrui's 177Lu-labelled octreotate injection is also in Phase III trials, targeting neuroendocrine tumors.
With the nuclear medicine sector rapidly evolving, the future looks promising as companies strive to meet the growing demand for effective cancer diagnostics and treatments.
