We believe Ilumya will face stiff tough competition from AbbVie's Skyrizi (Risankizumab) and J&J;'s Tremfya (Guselkumab) because of the lower efficacy level with PASI (Psoriasis Area Severity Index) score of 75 in week 28 versus Skyrizi & Tremfya PASI of 90 in just 16 weeks. With more than 15 months' post launch of Ilumya in US, its market share has been lower than 2% in interleukin (IL) treatment for psoriasis/psoriatic arthritis, while Skyrizi and Tremfya have gained market share of more than 2% and 5% respectively. Although market expects Ilumya peak sales of US$300-350mn, we believe...