Core Insights - AstraZeneca (AZN) and Merck (MRK) are both leading global pharmaceutical companies with strong oncology portfolios, with oncology driving over 60% of Merck's revenues and around 43% for AstraZeneca [1][2][3] Group 1: Company Performance - Merck's Keytruda generated $23.3 billion in sales in the first nine months of 2025, reflecting an 8% year-over-year increase, and is a key driver of revenue growth [4][9] - AstraZeneca's oncology sales rose 16% in the first nine months of 2025, contributing to its overall revenue growth [2][12] - AstraZeneca aims for $80 billion in revenues by 2030, supported by 20 planned medicine launches, with several new products already contributing to growth [14][30] Group 2: Product Pipeline and Acquisitions - Merck's pipeline has nearly tripled since 2021, with plans to launch around 20 new vaccines and drugs, including Capvaxive and Winrevair, which have strong revenue potential [6][28] - AstraZeneca has launched several new drugs that are performing well, offsetting losses from mature brands, and expects to achieve a mid-30s percentage core operating margin by 2026 [14][16] Group 3: Market Challenges - Both companies face pressures from declining legacy brands and increasing competition, particularly Merck's reliance on Keytruda, which will lose exclusivity in 2028 [10][11][29] - AstraZeneca is dealing with generic competition affecting key drugs and challenges related to U.S. oncology sales due to policy changes [16][17] Group 4: Financial Estimates and Valuation - The Zacks Consensus Estimate for AstraZeneca's 2025 sales and EPS indicates an 8.7% and 11.9% year-over-year increase, respectively [18] - Merck's 2025 sales and EPS estimates imply a 1.0% and 17.4% year-over-year increase, respectively, with recent EPS estimates showing a slight increase [20][21] - AstraZeneca's stock has risen 42.5% year-to-date, outperforming the industry, while Merck's stock has increased by 5.2% [22][24] Group 5: Dividend and Valuation Comparison - AstraZeneca's dividend yield is 1.08%, while Merck's is higher at 3.1%, indicating a more attractive income for Merck [25] - From a valuation perspective, AstraZeneca trades at a higher price/earnings ratio of 18.28 compared to Merck's 11.85, suggesting Merck may be undervalued [24]

何咏前介绍，今年以来，商务部会同相关部门和地方深入实施《打造"投资中国"品牌实施方案 （2025）》，在境内外举办系列投资促进活动，积极宣介中国投资机遇。前不久，在第八届进博会期 间，商务部举办了外资企业圆桌会、2025上海城市投资推介大会、自贸试验区专场推介活动、绿色低碳 产业对接会等重点活动，与会外资企业普遍表示，对中国经济充满信心，正通过深化本土化、加码数字 化、扩大绿色低碳转型等路径，深耕中国市场。 何咏前表示，下一步，商务部将持续优化外商投资环境。办好外资企业圆桌会议，把企业"需求清单"变 成政府"服务列表"。围绕外资企业重点关注的要素获取、资质许可、标准制定、政府采购等方面，不断 健全外商投资服务保障体系，全面落实国民待遇，持续营造市场化、法治化、国际化一流营商环境。 何咏前还表示，以服务业为重点扩大市场准入和开放领域，进一步扩大电信、医疗等开放试点。落实好 对外资已开放领域的"准入又准营"要求，帮助外资企业破解市场准入方面遇到的具体问题。同时，商务 部将深化外商投资促进体制机制改革，发挥好多双边投资促进工作机制作用，强化国家级经开区、自贸 试验区、国家服务业扩大开放综合试点示范等开放平台引资功能 ...

Core Insights - Drug pricing is a significant concern for pharmaceutical companies and investors, particularly in light of the Inflation Reduction Act and President Trump's push for lower medicine prices [1][11] - The U.S. market is crucial for large-cap pharmaceutical companies due to higher prices for branded medicines, with a substantial portion of their sales originating from this market [7] Drug Pricing Legislation - The Inflation Reduction Act (IRA), enacted in 2022, allows the Centers for Medicare & Medicaid Services (CMS) to negotiate drug prices for Medicare patients, impacting global pharmaceutical companies [2][4] - Newly negotiated prices for 15 blockbuster drugs, including significant discounts for Novo Nordisk's Ozempic (71% discount) and GSK's Trelegy (73% discount), are set to take effect in 2027, with overall discounts ranging from 38% to 85% [4][9] Company Responses and Market Reactions - European pharmaceutical companies, including AstraZeneca and Novo Nordisk, are making substantial U.S. investments to adapt to the changing market dynamics and pricing pressures [3][11] - Stock market reactions have been muted, with AstraZeneca and GSK shares rising less than 1%, while Novo shares increased by 4.7% following the announcement of price negotiations [8][9] Future Considerations - The CMS is expected to publish a list of 15 drugs selected for negotiations for 2028 by February 1, 2026, indicating ongoing scrutiny and potential changes in drug pricing [9] - Companies are exploring ways to mitigate the impact of price reductions, including voluntary price cuts and investments in U.S. manufacturing to avoid tariffs [11][13]

Core Insights - The U.S. Centers for Medicare and Medicaid Services (CMS) has negotiated lower prices for 15 high-cost medications, leading to significant annual savings on prescription expenses [1][3] - The new prices, effective in 2027, include a monthly cost of $274 for Novo Nordisk's GLP-1 drug, semaglutide, marketed as Wegovy, Ozempic, and Rybelsus [2] - Other drugs, such as AstraZeneca's Calquence, Boehringer's Ofev, and Pfizer's Ibrance, have seen price reductions of 40%-50% from their estimated net prices, with Medicare enrollees expected to save approximately $685 million in out-of-pocket costs and Medicare itself saving $12 billion [3] Drug Price Reductions - The changes are part of the Inflation Reduction Act (IRA) signed into law by former President Joe Biden, aimed at reducing drug costs for Medicare beneficiaries [4] - The pharmaceutical industry has faced pressure to lower drug prices, with recent agreements to reduce costs for weight-loss drugs like Zepbound and Wegovy, bringing patient costs down to $50–$350 per month from over $1,000 [5] - Pfizer was the first company to reach an agreement under the Trump administration to align U.S. drug prices with the lowest prices in other developed countries [6]

Core Insights - The recent Medicare negotiations are expected to save approximately 36% on the prices of 15 high-cost drugs, translating to around $8.5 billion in net reimbursement costs [1][3][10] - The new prices will take effect in 2027, with significant reductions for popular drugs like semaglutide, which will drop over 70% to about $274 per month [1][4] - The negotiations are part of the Inflation Reduction Act signed by President Biden in 2022, which allows Medicare to negotiate drug prices for the first time [2][11] Drug Price Reductions - The estimated net prices for drugs like Calquence, Ofev, and Ibrance have been reduced by over $4,000 each in the latest negotiations [2][4] - The new pricing for other drugs includes Trelegy Ellipta at $175 (down from $654) and Linzess at $136 (down from $539) [4][10] - The average negotiated prices for these drugs are still higher than those in the Group of Seven (G7) nations, with some drugs costing over $500 more than their G7 counterparts [7][11] Comparison with Previous Negotiations - The 36% savings in the current negotiations surpasses the 22% savings achieved in the previous year's negotiations for 10 different drugs [3][10] - The pricing strategy has become more efficient, with newer products potentially having greater flexibility in pricing [4][10] Industry Response - The pharmaceutical industry has expressed strong opposition to government price negotiations, arguing that such policies are detrimental [5][10] - Industry representatives claim that government pricing policies like the Inflation Reduction Act and the Most-Favored-Nation pricing are misguided [5][12] Future Implications - The Medicare negotiations are expected to influence other payers to seek similar pricing from drug manufacturers [10] - Future negotiations will include an additional 15 drugs, with discussions set to begin in February [12]

Core Insights - The announcement highlights the deepening global strategic collaboration between Heptares Therapeutics and AstraZeneca established in March 2025 [1] - The partnership focuses on the discovery and development of next-generation biotherapies, including antibody-drug conjugates (ADCs) and T-cell engagers (TCEs) [1] Collaboration Details - AstraZeneca will nominate research projects to Heptares Therapeutics annually over the next four years, demonstrating the ongoing commitment to the partnership [1] - Heptares Therapeutics is eligible to receive option fees, exercise fees, development and commercial milestone payments, as well as tiered royalties based on future net sales of licensed projects [1]

丨2025年11月25日 星期二丨 11月24日，"SINOVAC"微信公众号发文称，国家药品监督管理局批准了北京科兴控股（集团）有限公 司旗下科兴中维与大连科兴联合研制的重组带状疱疹疫苗（CHO细胞）的临床试验申请，该疫苗用于 40岁及以上人群预防带状疱疹。 点评：目前国内共有两款带状疱疹疫苗获批，分别来自跨国药企葛兰素史克、中国公司百克生物，但这 两款产品的销售情况均不乐观。面对公众的低接种意愿，价格高昂的自费疫苗的研发及商业化如何开 展，疫苗公司需要思考这个问题。 NO.4阿斯利康宣布今年第四项美国重大制造投资 近日，英国药企阿斯利康宣布计划投资20亿美元，扩大其在马里兰州长期的制造业务，这是公司今年宣 布的第四项美国重大制造业投资。 NO.1和铂医药宣布与阿斯利康深化推进全球战略合作 11月24日，和铂医药发布公告，称将更新与深化推进其与阿斯利康于今年3月建立的全球战略合作。在 本次合作中，双方将基于各自专业技术知识，共同发现和开发包括抗体偶联药物（ADC）和T细胞衔接 器（TCE）在内的新一代生物疗法。根据协议，阿斯利康将在未来四年内，每年持续向和铂医药提名研 发项目，并获得这些项目的授权许可选择权 ...

丨2025年11月25日星期二丨 NO.1 和铂医药宣布与阿斯利康深化推进全球战略合作 11月24日，和铂医药发布公告，称将更新与深化推进其与阿斯利康于今年3月建立的全球战略合作。在 本次合作中，双方将基于各自专业技术知识，共同发现和开发包括抗体偶联药物（ADC）和T细胞衔接 器（TCE）在内的新一代生物疗法。根据协议，阿斯利康将在未来四年内，每年持续向和铂医药提名研 发项目，并获得这些项目的授权许可选择权。 点评：自2022年以来，和铂医药已与阿斯利康在多个项目上开展合作，双方逐步建立了稳固的合作伙伴 关系，和铂医药的最新宣布，彰显双方合作关系的持续深化，也反映了中国生物科技公司进一步融入全 球制药生态。 点评：目前国内共有两款带状疱疹疫苗获批，分别来自跨国药企葛兰素史克、中国公司百克生物，但这 两款产品的销售情况均不乐观。面对公众的低接种意愿，价格高昂的自费疫苗的研发及商业化如何开 展，疫苗公司需要思考这个问题。 NO.4 阿斯利康宣布今年第四项美国重大制造投资 近日，英国药企阿斯利康宣布计划投资20亿美元，扩大其在马里兰州长期的制造业务，这是公司今年宣 布的第四项美国重大制造业投资。 点评：此前，阿斯利 ...

Hong Kong-based Harbour BioMed announced on Sunday an update and advancement of its global strategic collaboration with AstraZeneca Plc (NASDAQ:AZN) , initially established in March 2025. • AZN is in positive territory. Get the market research here.Harbour BioMed is a biopharmaceutical company focused on the discovery and development of antibody therapeutics in immunology and oncology.The collaboration aims to discover and develop next-generation biotherapeutics, including antibody-drug conjugates and T cel ...

（来源：新康界） 转自：新康界 11月24日，和铂医药宣布更新并深化其与阿斯利康于2025年3月达成的全球战略合作。 根据最新协议，双方将整合各自技术优势，共同研发抗体偶联药物（ADC）和T细胞衔接器（TCE）等 新一代生物疗法，进一步拓展在肿瘤与自身免疫性疾病领域的创新布局。 2024年5月，阿斯利康再度出手，以1900亿美元预付款、超过6亿美元的总价购入和铂医药子公司诺纳生 物的一款临床前的单抗项目。这一笔巨额的临床前授权交易，使得和铂医药股价双位数大涨。 2025年3月，和铂医药与阿斯利康达成全球战略合作，共同研发针对免疫性疾病、肿瘤及其他多种疾病 的新一代多特异性抗体疗法，使得双方合作达到新高度。该合作还涵盖基于和铂医药专有的全人源抗体 技术平台（Harbour Mice®）在多治疗领域的多项目授权许可协议，以及阿斯利康对和铂医药的1.05亿 美元股权投资。此外，双方承诺共建北京全球战略研发中心，以推动前沿科研落地。该研发中心已于 2025年10月正式启用，形成"北京－剑桥"的双城联动。 作为合作深化的重要标志，位于北京的"和铂医药－阿斯利康创新实验室"已全面就绪。该实验室整合了 和铂医药的Harbo ...