Core Viewpoint - Wall Street's major market averages ended near even as traders processed the latest retail inflation data [1] Market Performance - The blue-chip Dow ended with a gain of +0.1% [1] - The benchmark S&P 500 finished flat, showing no significant change [1] - The tech-focused Nasdaq Composite experienced a decline of -0.2% [1]

Core Insights - The annual transaction value of China's innovative drug licensing has surpassed $100 billion, marking a nearly tenfold increase over four years, with a total of $137.7 billion in licensing deals signed in 2025 [2] - Major global pharmaceutical companies, including Novartis, AstraZeneca, and GSK, have signed significant agreements with Chinese firms, indicating a strong interest in China's next-generation innovative drug development pipelines [3] - The average transaction size for licensing deals involving Chinese biopharmaceutical companies has significantly increased this year, with an average deal size of $1.3 billion, a 76% increase from 2025 and six times the average size in 2021 [4] Group 1 - In 2025, there were 186 licensing transactions involving Chinese companies, reflecting a growing trend in the biopharmaceutical sector [2] - The average upfront payment for licensing deals this year is $77.7 million, double that of 2025 and three times the average in 2021 [4] - Notable recent agreements include a strategic partnership between Innovent Biologics and Eli Lilly worth $8.85 billion, and a potential $18.5 billion collaboration between AstraZeneca and CSPC Pharmaceutical Group [4] Group 2 - Macquarie Capital predicts that oncology drugs will continue to attract global pharmaceutical companies, highlighting China's strong capabilities in chemical drug development [5] - Multinational companies are increasingly viewing China as a critical part of their global R&D infrastructure, especially as they face patent cliffs and seek to reduce costs [5] - Vision Lifesciences reports that China leads the world in specific molecular types, with Chinese companies accounting for nearly 90% of global licensing transactions for antibody-drug conjugates (ADCs) [5]

许多跨国公司正将中国视为其全球研发基础设施的重要组成部分。尤其是在一些公司面临专利悬崖之际，为了削减成本，这一点显得尤为重要。 中国生物制药公司参与的新药对外许可授权交易在2025年再次创下历史新高，并突破了千亿美元大关。 本周，总部位于美国的制药公司Madrigal Pharmaceuticals宣布与苏州瑞博生物达成一项实验性肝病项目的许可协议，潜在交易规模也达到44亿美元。 上个月，阿斯利康宣布与中国石药集团达成一项潜在价值高达185亿美元的合作协议。通过该项交易，阿斯利康获得石药集团的长效肽技术平台，有望开发 出每月仅需给药一次的下一代GLP-1类减重疗法。 Pharmcube的数据显示，随着跨国企业对中国新药资产投资兴趣的加速增长，今年至今，中国药企对外授权平均交易规模已达13亿美元，比2025年的水平增 长76%，约为2021年平均水平的六倍。就预付款金额来看，今年的平均预付款为7770万美元，较2025年的3880万美元翻了一番，约为2021年的三倍。 麦格理资本亚洲医疗保健研究部门预测，今年被视为肿瘤治疗基石的一类药物将继续吸引全球制药商的关注。麦格理资本分析师指出，尽管中国在生物学领 域的实 ...

Core Insights - AstraZeneca achieved a record revenue of $6.664 billion in China for 2025, marking a significant milestone in its 30-year history in the market [1] - The company plans to invest $15 billion in China by 2030 and has established a $18.5 billion collaboration with CSPC Pharmaceutical Group [1] Revenue Performance - AstraZeneca is the second-largest market for the company, with 2024 revenues reaching $54.073 billion, and China contributing $6.413 billion, a year-on-year increase of 11% [1] - In 2025, total revenue reached $58.739 billion, with China contributing $6.654 billion, accounting for 11% of total revenue, maintaining the top position among multinational pharmaceutical companies in China [1][3] Product Portfolio - Since entering the Chinese market in 1993, AstraZeneca has introduced over 40 innovative drugs, including key products in oncology and chronic disease management [3] - The inhaled budesonide suspension is the highest-selling drug in China, although its sales have declined due to policy price adjustments [3] - Osimertinib is expected to become a new flagship product in China, potentially replacing budesonide due to the large market for non-small cell lung cancer patients [3][4] Strategic Focus - AstraZeneca is focusing on a comprehensive "innovation offensive" in China, particularly in oncology, cardiovascular, renal, and metabolic disease areas [6] - The company has a robust pipeline in oncology, with several promising drugs set to launch in China, including novel AKT inhibitors and TROP2 ADCs for breast cancer treatment [6] - The pipeline also includes treatments for chronic diseases and rare diseases, addressing the diverse needs of the Chinese market [7][8] Investment Plans - AstraZeneca's $15 billion investment will focus on expanding drug manufacturing and R&D capabilities, particularly in cell therapy and radiolabeled drug conjugates [12][13] - The company has made 23 collaborations in China since 2021, totaling over $40 billion, with a significant focus on oncology and chronic disease treatments [9][12] Market Positioning - AstraZeneca aims to leverage China's scientific and manufacturing strengths to provide cutting-edge treatment solutions, positioning itself as a leader in cell therapy capabilities [13] - The company has established global strategic R&D centers in Beijing and Shanghai and operates multiple production bases across China [13][14] Conclusion - AstraZeneca's deep integration into the Chinese market signifies a shift from merely selling products to becoming a core participant in China's healthcare ecosystem, evolving into a global innovation center rooted in China [15]

(责任编辑：杜丁) 阿斯利康全球执行副总裁，生物制药研发负责人贝旭鸿表示："当前，众多患者仍承受着未控制的哮喘 所带来的困扰，我们为布地格福固定三联吸入疗法在改善肺功能、预防哮喘急性发作中展现的潜力感到 振奋。该药物在慢阻肺病治疗领域中已确立了坚实基础，我们也期待其能尽早造福未控制的哮喘患 者。" 广州医科大学附属第一医院、国家呼吸医学中心、广州呼吸健康研究院、呼吸疾病全国重点实验室教 授、主任医师，本试验主要研究者陈如冲教授表示："近年来，我国哮喘整体防控水平持续提升。然 而，对于部分接受ICS/LABA双联疗法未得到有效控制的哮喘患者，其临床需求仍亟待满足。KALOS与 LOGOS 研究结果有力地证实，布地格福固定三联吸入疗法有望为该类型哮喘患者带来健康获益。期待 这一具备潜力的创新疗法能够早日应用于临床，减轻广大未控制哮喘患者的疾病负担。" 阿斯利康全球高级副总裁、全球研发中国负责人何静博士表示："KALOS与LOGOS III期试验的成功， 是阿斯利康在哮喘治疗领域的又一个重要里程碑。该III期临床试验项目纳入了具有代表性的中国患者人 群，其结果表明，布地格福固定三联吸入疗法有望为广大未控制的哮喘患者 ...

Core Viewpoint - The recent round of national drug procurement has resulted in 4,163 products from 1,020 companies being shortlisted, covering 316 commonly used drugs across 26 therapeutic areas, with only 21 original drugs winning bids, representing less than 10% of the total [1][2]. Group 1: Procurement Details - The procurement aims to reduce drug prices and patient burdens while reallocating saved healthcare funds to innovative drugs that provide significant clinical value [2]. - The procurement process was led by the medical insurance bureaus of Jiangsu, Henan, and Guangdong provinces, with a high selection rate of 93% among participating companies [2]. - The results of this procurement are expected to be implemented by the end of March 2026, with a procurement cycle lasting until the end of 2028 [2]. Group 2: Original Drug Participation - The original drugs selected include various formulations such as Fosinopril and Acarbose, with companies like Bristol-Myers Squibb and Sanofi involved [3]. - Several original drugs that had previously won bids in earlier rounds, such as Gefitinib and Clopidogrel, did not participate in this round, allowing generic competitors to dominate [4][3]. - The absence of original drugs in the procurement reflects a trend where original drugs face significant competition from generics post-patent expiration, leading to a decline in sales and profits [6]. Group 3: Market Dynamics - The "patent cliff" phenomenon has led to original drugs experiencing substantial sales and profit declines once their patents expire, which was previously mitigated by high prices and market share [6]. - Some original drug companies have reduced or dissolved their sales teams for products affected by procurement policies, yet many still find market opportunities outside public hospital settings [7]. - Cross-national pharmaceutical companies are increasingly focusing on innovative drug development while divesting mature product lines to local firms [8][9]. Group 4: Future Outlook - The Chinese government is implementing policies to support the development of innovative drugs, which is expected to expand the overall pharmaceutical market [10].

Group 1 - Xinda Biopharmaceutical announced a strategic collaboration with Eli Lilly to advance global R&D of innovative drugs in oncology and immunology, with a total potential value of up to $88.5 billion [1] - Under the agreement, Xinda will receive an upfront payment of $350 million and may earn up to approximately $8.5 billion in milestone payments related to R&D, regulatory, and commercialization achievements [1] - Xinda retains all rights for the projects in Greater China, while Eli Lilly obtains exclusive development and commercialization rights outside this region [1] Group 2 - Kangtai Biological announced the termination of its collaboration with AstraZeneca to establish a joint venture in the vaccine sector, which was initially planned to be set up in Beijing with a registered capital of approximately 345 million yuan (about $50 million) [2] - The decision to terminate was made due to significant market changes and increased investment risks in the vaccine industry, with no adverse impact on Kangtai's operations [2] Group 3 - China Resources Pharmaceutical announced plans to sell approximately 17.87% of its stake in Tianmai Biotechnology for a base price of about 1.42 billion yuan [3] - The sale will be conducted through a public listing, and as of the announcement date, China Resources holds less than 30% of Tianmai's shares [3] Group 4 - Dong'e Ejiao plans to invest 1.485 billion yuan to construct a health consumer goods industrial park, with a construction period of approximately 22 months [4] - The project aims to support the high-quality development of the health consumer goods business, including the production of food and health products [4] Group 5 - WuXi Biologics expects a revenue increase of approximately 16.7% to 21.79 billion yuan for the fiscal year ending December 31, 2025, with a projected profit growth of 45.3% to 5.733 billion yuan [5] - The growth is attributed to successful execution of its "Follow and Win" strategy, expansion of service offerings, and increased utilization of production capacity [7] Group 6 - Kintor Pharmaceutical signed a strategic cooperation agreement to expand its CAR-T cell therapy production base in Shanghai, with a total investment of up to 370 million yuan [8] - This initiative aligns with the commercialization of multiple CAR-T products and aims to enhance production capacity to support global competitiveness [8]

业绩经营情况 经济观察网阿斯利康发布2025年全年财报，公司总营收达587.39亿美元，按固定汇率计算同比增长 8%；核心每股收益为9.16美元，同比增长11%。 未来发展 公司预计2026年总收入将实现中高个位数百分比增长，核心每股收益将实现低两位数百分比增长。同 时，阿斯利康宣布从现在到2030年将在中国投资超1000亿元人民币，扩大在药品生产与研发领域的布 局。 以上内容基于公开资料整理，不构成投资建议。 2025年，公司肿瘤业务收入256亿美元，同比增长14%，占总营收的44%。其中，明星产品Tagrisso(奥希 替尼)销售额72.54亿美元，同比增长10%；Imfinzi(度伐利尤单抗)销售额60.63亿美元，大幅增长28%。 中国区收入达66.54亿美元，同比增长4%，占公司总收入的11%。 公司项目推进 公司2025年公布了16项阳性三期临床试验结果，目前拥有16种重磅药物。预计2026年将公布超过20项三 期试验结果，并有100多项三期临床试验正在进行中。 ...

Carillon Tower Advisers, an investment management company, released its fourth-quarter 2025 investor letter “Carillon Eagle Growth & Income Fund”. A copy of the letter can be downloaded here. 2025 marked a positive period for the equity market. The S&P 500 Index returned 2.7% in Q4 and finished the year up 17.9%. The year started with potential disruptions and heightened volatility, while it ended with optimism driven by strong AI investment, clarity in policies, and U.S. Federal Reserve (Fed) interest rate ...

阿斯利康 图源：时代财经张羽岐摄 在被带走配合调查逾一年后，阿斯利康（AZN.US）中国区前"一号人物"王磊涉骗保和走私案又有新进展。 2月12日，据媒体消息，阿斯利康前全球执行副总裁、国际业务主席及中国区总裁王磊（Leon Wang）被中国官方正式提起公诉。目前，阿斯利康方面已 向媒体证实了针对王磊的起诉书内容。 市场消息显示，指控具体案由为非法进口药物、非法收集个人信息和医疗保险欺诈。 2月12日，时代财经就上述消息的真实性及公司是否有进一步信息披露等问题采访阿斯利康方面，截至发稿暂无任何回复。 在最新披露的年报中，阿斯利康也对外表示，2025年11月，深圳市检察院完成审查，阿斯利康中国、阿斯利康一名前执行副总裁和一名前高级员工因涉嫌 非法收集个人信息、非法贸易、医保欺诈，正面临正式刑事指控。 阿斯利康并未在年报中披露涉案人员的具体姓名，但经多家媒体证实，年报中"前执行副总裁"所指的正是王磊。 阿斯利康表示，这两名前员工将在深圳市中级人民法院受审，开庭日期暂未确定。 从传奇人物到阶下囚 从2024年10月底因涉案被调查开始，王磊，这位与阿斯利康中国区紧密捆绑的高管话题不断，属于他的时代也在风波中骤然落幕。 ...