美容护理 2026 年 03 月 20 日 行 业 研 究 / 行 业 深 度 相关研究 证 券 研 究 报 告 联系人 证券分析师 行 业 及 产 业 王立平 A0230511040052 wanglp@swsresearch.com 聂霜 A0230524120002 nieshuang@swsresearch.com 聂霜 A0230524120002 nieshuang@swsresearch.com 全球业绩陆续企稳，中国市场曙光现 看好 ——国际化妆品医美公司 25 年业绩跟踪报告 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 投资案件 - ⚫ 2025 年全球美妆市场持续低速增长，受此影响，各大国际集团 2025 年收入端表现略 疲软，但整体开始企稳。据欧莱雅集团数据，2025 年全球美妆市场增速 3.5%，相比 24 年 4.5%的增长，以及 23 年 8%的高增长，需求端增速持续回落。需求端的疲软表 现，继续考验各国际集团的战略与适应能力，逆境行舟不进则退。20-24 年由于疫情、 宏观经济因素、中国市场疲软等多方面因素影响，各大 ...

Key Takeaways AbbVie shares dropped 5.2% as J&J secured FDA approval for Icotyde in plaque psoriasis.Skyrizi, AbbVie's top drug, posted $17.6B sales in 2025 and is key to post-Humira growth.Icotyde's oral delivery and expanding indications may intensify IL-23 competition over time.Shares of AbbVie (ABBV) fell 5.2% on Wednesday, wiping out more than $20 billion in market value. This selloff comes as investors grow wary of Johnson & Johnson’s (JNJ) newly approved immunology therapy, Icotyde, which could emerg ...

Core Insights - Allergan Aesthetics has conducted a global survey involving over 12,000 consumers, revealing a shift towards multimodal treatment plans and a preference for holistic, natural results in aesthetic treatments [1][2][13] - The findings will be presented at the Aesthetic and Anti-Aging Medicine World Congress (AMWC) 2026 in Monaco, showcasing the evolution of the AA Signature™ framework to meet changing patient expectations [1][3] Group 1: Evolving Patient Expectations - Patients are increasingly open to exploring treatment combinations and desire personalized, long-term aesthetic plans, with 62% finding multiple aesthetic treatments appealing and 59% likely to adopt a structured multi-treatment approach [3][5] - A significant 78% of consumers expressed that they would feel more satisfied with their aesthetic journey if they worked towards an agreed long-term plan with their practitioner [3] Group 2: New Educational Solutions - Allergan Aesthetics will introduce a new report titled "Layered Beauty: The New Aesthetic Mindset" at AMWC 2026, which emphasizes the importance of structured treatment frameworks and education for practitioners [3][10] - The AA Signature™ Skin360+ initiative is designed to address real-world consumer needs by integrating injectable treatments with energy-based devices, reflecting the company's commitment to evolving its portfolio [5][6] Group 3: Scientific Innovation and Events - The AMWC 2026 will feature live injection sessions and symposia focusing on multimodal approaches in aesthetic practice, highlighting the integration of science and education in delivering personalized outcomes [7][8][10] - Allergan Aesthetics will present 21 scientific e-posters that showcase its leadership in advancing multimodal approaches to aesthetics, reinforcing its commitment to innovation [8][10]

TrumpRx lists many medicines at prices higher than paid in UK | Reuters Skip to main content Exclusive news, data and analytics for financial market professionalsLearn more aboutRefinitiv U.S. dollar banknotes and medicines are seen in this illustration taken, June 27, 2024. REUTERS/Dado Ruvic/Illustration/File Photo Purchase Licensing Rights, opens new tab March 18 (Reuters) - U.S. President Donald Trumppledged to make prescription drugs cheaper for Americans than anywhere in the world, but his TrumpRx.gov ...

AbbVie Inc. (NYSE:ABBV) is one of Billionaire Ken Fisher’s 15 Most Notable Moves for 2026. AbbVie Inc. (NYSE:ABBV) is a constant part of the 13F portfolio of Fisher Asset Management since the start of 2013. Even though the fund trimmed this stake substantially around 2020, it has started buying shares of the company again since early 2025. In the last quarter of 2025, the fund upped the stake in AbbVie by 128% compared to third quarter filings. The holding now comprises close to 630,000 shares. In 2021, j ...

In a 3-0 decision, the 9th U.S. Circuit Court of Appeals in Pasadena, California said AbbVie (ABBV.N), opens new tab, AstraZeneca (AZN.L), opens new tab, Novartis (NOVN.S), opens new taband Sanofi (SASY.PA), opens new tabmust defend against claims they violated the federal False Claims Act through their involvement in the Section 340B Drug Pricing Program. Big drugmakers must face US overcharge claims on medications for low-income patients | Reuters Skip to main content Exclusive news, data and analytics fo ...

Key Takeaways AbbVie fell below its 50-day SMA, hinting at short-term weakness, but remains above 200-day trendSkyrizi and Rinvoq drove growth with $26B sales in 2025, expected to exceed $31B in 2026Humira erosion and weak aesthetics sales persist, but pipeline, M&A, and new drugs support growthAbbVie (ABBV) stock slipped below its 50-day simple moving average (SMA) on March 13, after consistently trading above it since mid-Feb. However, the stock has remained comfortably above its 200-day SMA for more than ...

Core Insights - Generative AI is viewed as a transformative technology by Amazon's CEO Andy Jassy, indicating its potential to significantly enhance customer experiences across the company [1] - Elon Musk predicts that by 2040, humanoid robots could create a market worth $250 trillion, representing a major shift in the global economy driven by AI innovation [2][3] - Major firms like PwC and McKinsey acknowledge the potential of AI to unlock multi-trillion-dollar opportunities, reinforcing the optimistic outlook on AI's economic impact [3] Company and Industry Analysis - A breakthrough in AI technology is seen as a catalyst for redefining work, learning, and creativity, leading to increased interest from hedge funds and top investors [4] - There is speculation about an under-owned company that may play a crucial role in the AI revolution, suggesting that it could be a significant investment opportunity [4][6] - Prominent figures in technology and finance, including Bill Gates and Warren Buffett, recognize AI as a major technological advancement with the potential for substantial social benefits [8]

Core Thesis - AbbVie Inc. is viewed positively due to its successful transition from Humira, with a diversified drug portfolio and strong growth potential in the biopharmaceutical sector [1][6]. Financial Performance - AbbVie’s share price was $227.68 as of March 11th, with trailing and forward P/E ratios of 96.07 and 15.65 respectively [1]. - The company has seen its shares rebound, rising over 20% in 2025, indicating market confidence in its growth strategy [5]. Product Portfolio - AbbVie is navigating the post-Humira era by launching new therapies in immunology and oncology, with Skyrizi and Rinvoq generating combined sales of $6.9 billion [3][4]. - The company projects sales of $31 billion in 2027 and $40 billion by 2029 for its immunology drugs, indicating strong future revenue potential [4]. Pipeline and Development - AbbVie has an extensive pipeline with 20 drugs in phase III trials and over 50 in earlier development stages, targeting high-demand areas such as blood cancers and Parkinson's disease [4]. Dividend and Income Stability - AbbVie offers a $6.92 annual dividend, yielding 3.1%, and has a 53-year history of annual dividend increases, averaging 12.5% growth over the past decade [5].

Core Viewpoint - Large-cap biotech stocks are considered resilient to disruption risks typically faced by tech companies, primarily due to their long drug approval processes and established product portfolios [1][2] Group 1: Biotech Sector Resilience - Companies like Amgen and AbbVie are highlighted for their ability to navigate revenue erosion through broad product portfolios and multi-year pipeline replacements [1] - The FDA approval process, which can take a decade, provides a structural time buffer that protects biotech firms from rapid obsolescence [1] - Year-to-date performance shows Amgen up 16% and Gilead up 21% in 2026, significantly outperforming the iShares Biotechnology ETF, which is up approximately 3% [1] Group 2: Disruption Mechanisms - While biotech firms are insulated from AI-driven disruption, they face challenges such as patent cliffs, biosimilar competition, and government drug pricing reforms [1] - AbbVie’s Humira lost exclusivity, leading to a revenue drop of about 50% in two years, highlighting the risks associated with patent cliffs [1] - Amgen's revenue from Enbrel fell 48% in Q4 2025 due to biosimilar competition and Medicare redesign, indicating structural revenue erosion [1] Group 3: Company-Specific Insights - Gilead's ASCENT-07 trial for Trodelvy missed its primary endpoint, demonstrating how clinical trial failures can significantly impact pipeline value [2] - Eli Lilly's stock has appreciated approximately 416% over five years, driven by the success of its GLP-1 products, but it is down 6% year-to-date in 2026 [2] - Biogen's revenue is expected to decline mid-single digits in 2026, with its MS franchise down 14% in Q4 2025, reflecting a different risk profile compared to other biotech firms [2] Group 4: Evaluating Biotech Stocks - Investors should assess biotech stocks based on three questions: the percentage of revenue from products with patent protection beyond five years, the presence of at least two Phase 3 pipeline products, and the strength of the balance sheet to support pipeline investments [2] - Amgen's CEO expressed confidence in the company's broad portfolio and innovative therapies, indicating a path for sustained long-term growth [2] - Understanding the specific types of disruption, such as patent cliffs and pricing reform, is crucial for investors to navigate volatility in the biotech sector [2]