行业评级： | 报告期：2025.3.3-2025.3.16 | | | --- | --- | | 投资评级 | 看好 | | 评级变动 | 维持评级 | 医药生物行业双周报 2025 年第 6 期总第 129 期 创新和出海仍是全年投资主线之一 近期关注消费医疗板块 行业回顾 本报告期医药生物行业指数涨幅为 2.85%，在申万 31 个一级行业中 位居第 21，跑输沪深 300 指数（3.00%）。从子行业来看，线下药店、 医药流通涨幅居前，涨幅分别为 8.35%、4.05%；医疗设备跌幅居前， 跌幅为 0.08%。 行业走势： 估值方面，截至 2025 年 3 月 14 日，医药生物行业 PE（TTM 整体法， 剔除负值）为 27.31x（上期末为 26.54x），估值上行，低于均值。医 药生物申万三级行业 PE（TTM 整体法，剔除负值）前三的行业分别 为诊断服务（103.77x）、医院（43.66x）、其他医疗服务（36.92x）， 中位数为 28.51x，医药流通（15.99x）估值最低。 XXXX@gwgsc.com 本报告期，两市医药生物行业共有 28 家上市公司的股东净减持 82.05 亿元 ...

Core Insights - Gallagher has been certified as a Smartchoice® Preferred Solution Provider by Brandon Hall Group, highlighting its commitment to delivering high-quality development solutions and impactful business results for clients [4][5]. Company Overview - Arthur J. Gallagher & Co. (NYSE:AJG) is a global insurance brokerage, risk management, and consulting services firm headquartered in Rolling Meadows, Illinois, operating in approximately 130 countries [8]. Service Offerings - Gallagher's expert consultants utilize data and insights to create tailored strategies and performance solutions that directly impact their clients' businesses [2][5]. - The company is recognized for its ability to measurably benefit organizations through its offerings, as confirmed by Brandon Hall Group [5]. Certification and Recognition - The Smartchoice® Preferred Provider Program by Brandon Hall Group serves as a membership center for knowledge and resources, ensuring that Gallagher's certification reflects the highest market standards [3][5]. - Brandon Hall Group has a long-standing reputation as a leading independent analyst firm, influencing the development of over 10 million employees and executives globally [7].

Company Overview - HUTCHMED is an innovative, commercial-stage biopharmaceutical company focused on the discovery, global development, and commercialization of targeted therapies and immunotherapies for cancer and immunological diseases [6] - The company retains all rights to fanregratinib worldwide [4] Clinical Trial Details - HUTCHMED has completed enrollment for a Phase II trial of fanregratinib (HMPL-453) targeting intrahepatic cholangiocarcinoma (IHCC) patients with FGFR2 fusion/rearrangement [1][2] - The trial is a single-arm, multi-center, open-label study with a primary endpoint of objective response rate (ORR) and secondary endpoints including progression-free survival (PFS), disease control rate (DCR), duration of response (DoR), and overall survival (OS) [2] - A total of 87 patients were enrolled in the registration phase of the study, with topline results expected to be announced around the end of 2025 [2][3] Product Information - Fanregratinib is a novel, highly selective, and potent inhibitor targeting FGFR 1, 2, and 3, which are implicated in tumor growth and resistance to therapies [4] - Aberrant FGFR signaling is recognized as a driving force in tumor growth, and abnormal FGFR gene alterations are believed to drive tumor cell proliferation in various solid tumors [4] Market Context - In China, an estimated 61,900 new cases of IHCC were diagnosed in 2015, with an annual incidence increase of 9.2% from 2006 to 2015 [5] - FGFR2 fusion has a reported prevalence of 10-15% among IHCC patients [5]

Core Viewpoint - HUTCHMED (HCM) has received an upgrade to a Zacks Rank 2 (Buy), indicating a positive outlook for its earnings estimates, which significantly influence stock prices [1][3]. Earnings Estimates and Stock Price Impact - The Zacks rating system emphasizes the importance of earnings estimate revisions, which are strongly correlated with stock price movements, particularly due to institutional investors' reliance on these estimates for valuation [4][6]. - HUTCHMED's earnings estimates for the fiscal year ending December 2025 are projected at $1.46 per share, reflecting a substantial increase of 151.7% from the previous year, with a 303.7% rise in the Zacks Consensus Estimate over the past three months [8]. Zacks Rating System - The Zacks Rank system categorizes stocks into five groups based on earnings estimates, with a proven track record of Zacks Rank 1 stocks generating an average annual return of +25% since 1988 [7]. - HUTCHMED's upgrade to Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, suggesting a strong potential for market-beating returns in the near term [10].

Core Viewpoint - HUTCHMED (HCM) shares have increased by 4.6% recently, with analysts suggesting a potential upside of 72.8% based on a mean price target of $25.63 [1] Price Targets - The average price target for HCM ranges from a low of $17.50 to a high of $39, with a standard deviation of $9.84, indicating variability among analysts [2] - The lowest estimate suggests an 18% increase from the current price, while the highest estimate indicates a 163% upside [2] - A low standard deviation signifies greater agreement among analysts regarding price movement [2][7] Analyst Sentiment - Analysts show strong agreement in revising earnings estimates upward, which correlates with potential stock price increases [4][9] - Over the past 30 days, one estimate has increased, leading to a 5% rise in the Zacks Consensus Estimate for the current year [10] Zacks Rank - HCM holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate factors [11] Conclusion on Price Targets - While consensus price targets may not be entirely reliable, the direction they imply can serve as a useful guide for potential price movements [12]

Core Viewpoint - HUTCHMED is set to announce its final results for the year ended December 31, 2024, on March 19, 2025, with an invitation for analysts and investors to join a conference call and audio webcast presentation [1][2]. Company Overview - HUTCHMED is an innovative, commercial-stage biopharmaceutical company focused on the discovery, global development, and commercialization of targeted therapies and immunotherapies for cancer and immunological diseases [3]. - The company has successfully brought drug candidates from in-house discovery to market, with its first three medicines marketed in China, and the first also approved in the US, Europe, and Japan [3]. Event Details - The English conference call and audio webcast will occur at 8:00 am EDT / 12:00 pm GMT / 8:00 pm HKT on March 19, 2025, with a Chinese (Putonghua) webcast following on March 20, 2025 [2]. - Both webcasts will be available live on the company website, and a replay will be accessible shortly after the event [2].

以下文章来源于阿基米德Biotech ，作者阿基米德君 阿基米德Biotech . 生物医药第三方独立观察，客观中立，深入浅出，松弛愉悦，写作纯为兴趣，不接广告 一个伟大的开端。 作者 | 阿基米德君 来源 | 阿基米德Biotech （ID：ArchimedesBiotech） 这个冬天太长了。在遥远的2021年夏天，所有人都不会想到医药下行周期会超过3年半，以致于最有耐心的坚守者也濒临崩溃。 参考率先见底的CDMO，当所有负面因素都充分入价后，任何细微的边际改善都将带来巨大弹性。从底部挣扎起来，药明康德反弹约 60% 药明生物反弹约110%，药明合联一度逼近历史新高。 不要指望惊天大逆转，但细微的边际改善是可期待的，这已经足矣。 2024Q4，全部公募基金对医药板块的持仓比例为8.58%，环比下降1.08pct，已超过2022Q3全部基金持仓的低点位（9.37%）， 下降至历史最低位置，意味着任何细微的增量资金都将带来弹性。 寒冰融化。在支付端，单一支付体系即将破局，多元化支付体系将在年内初步建立，而且在用药群众对药效日益关切的推动下，集 采、医保谈判有望转向控费与质控的平衡；在融资端，未盈利生物科技企业 ...

Core Insights - HUTCHMED's ORPATHYS (savolitinib) has received approval from the China National Medical Products Administration (NMPA) for treating both treatment-naïve and previously treated adult patients with locally advanced or metastatic non-small cell lung cancer (NSCLC) with MET exon 14 skipping alteration [1][2][4] Company Developments - The approval was based on data from a confirmatory Phase IIIb clinical trial, which demonstrated significant efficacy and safety in both treatment-naïve and previously treated patients [2][4] - ORPATHYS was previously conditionally approved in June 2021 and has now transitioned to full approval, expanding its indication in China [1][9] - The drug is marketed in partnership with AstraZeneca, representing the first selective MET inhibitor approved in China [5][10] Clinical Data - In treatment-naïve patients, the objective response rate (ORR) was 62.1%, with a disease control rate (DCR) of 92.0% and a median duration of response (DoR) of 12.5 months [3] - For previously treated patients, the ORR was 39.2%, DCR was 92.4%, and median DoR was 11.1 months [3] - The median progression-free survival (PFS) for treatment-naïve patients was 13.7 months, while for previously treated patients, it was 11.0 months [3] Market Context - Lung cancer is the leading cause of cancer death globally, with a significant patient population in China, where over a third of the world's lung cancer patients reside [6] - Approximately 2-3% of NSCLC patients have tumors with MET exon 14 skipping alterations, which are targetable mutations [7] - The approval of ORPATHYS addresses unmet medical needs for NSCLC patients with MET aberrations, enhancing treatment options in this challenging area [4][5]

Core Viewpoint - HUTCHMED's ORPATHYS® (savolitinib) has received full approval from the China National Medical Products Administration (NMPA) for treating both treatment-naïve and previously treated adult patients with locally advanced or metastatic non-small cell lung cancer (NSCLC) with MET exon 14 skipping alteration, marking a significant advancement in targeted therapy for this patient population [1][4]. Group 1: Approval and Clinical Data - The NMPA's approval was based on data from a confirmatory Phase IIIb clinical trial, which demonstrated the efficacy and safety of ORPATHYS® in patients with MET exon 14 skipping alteration NSCLC [2][4]. - In treatment-naïve patients, the objective response rate (ORR) was 62.1%, disease control rate (DCR) was 92.0%, and median duration of response (DoR) was 12.5 months [3]. - For previously treated patients, the ORR was 39.2%, DCR was 92.4%, and median DoR was 11.1 months [3]. Group 2: Safety Profile - The safety profile of ORPATHYS® was found to be tolerable, with no new safety signals observed [3]. - The most common drug-related treatment-emergent adverse events of Grade 3 or above included abnormal hepatic function (16.9%), increased alanine aminotransferase (14.5%), and increased aspartate aminotransferase (12.0%) [3]. Group 3: Market and Development Context - ORPATHYS® is the first selective MET inhibitor approved in China and has been included in the National Reimbursement Drug List since March 2023 [7]. - The drug is also under clinical development for multiple tumor types, including lung, kidney, and gastric cancers, both as a single treatment and in combination with other therapies [7][8]. - HUTCHMED and AstraZeneca have a global licensing and collaboration agreement for the development and commercialization of ORPATHYS®, with HUTCHMED leading the development in China [8][9].

Group 1 - Monteverde & Associates PC is investigating Paycor HCM, Inc. regarding its proposed merger with Paychex, which will acquire Paycor at a price of $22.50 per share [1] - Monteverde & Associates PC has a successful track record in recovering millions of dollars for shareholders and is recognized as a Top 50 Firm by ISS Securities Class Action Services Report [1][2] - The firm operates from the Empire State Building in New York City and specializes in class action securities litigation [2][3] Group 2 - The firm encourages shareholders with concerns about Paycor HCM, Inc. to contact them for additional information free of charge [3] - Monteverde & Associates PC emphasizes that no company, director, or officer is above the law, highlighting their commitment to shareholder rights [3][4] - The firm has a history of litigating and recovering money for shareholders, including cases that have reached the U.S. Supreme Court [2][4]