Core Insights - Johnson & Johnson (JNJ) has significantly outperformed Pfizer (PFE) in 2023, with JNJ's stock rising nearly 45% compared to PFE's decline of 6%, while the S&P 500 increased by 13% [2] - The performance disparity is attributed to JNJ's strong strategic execution and growth drivers, contrasting with the challenges faced by Pfizer in a post-pandemic environment [2][4] Johnson & Johnson's Growth Drivers - JNJ's stock rise is supported by strong earnings and an optimistic outlook, with Q3 2025 earnings exceeding sales and profit projections, leading to an increase in full-year guidance [7] - Strategic acquisitions, such as Halda Therapeutics and Intra-Cellular Therapies, have bolstered JNJ's high-growth portfolio [7] - The planned separation of the orthopedics division (DePuy Synthes) allows JNJ to focus on higher-margin fields like cardiovascular and surgical technologies [7] - The Innovative Medicines division and the MedTech division have shown consistent operational growth, driven by successful product launches and acquisitions [7] Pfizer's Downturn - Pfizer's stock decline is primarily due to decreased demand for COVID-19 products, resulting in a significant revenue gap compared to pandemic sales [7] - Investor concerns regarding future growth are heightened by patent expirations, regulatory challenges, and the withdrawal of a weight-loss medication candidate [7] - JNJ's quarterly revenue growth was 6.8%, while PFE experienced a decline of 5.9%, with JNJ's Last 12 Months revenue growth at 5.1% compared to PFE's 3.9% [7] Financial Comparison - JNJ demonstrates superior revenue growth performance, improved margins, and a relatively lower valuation compared to PFE, indicating a more favorable investment opportunity in JNJ [4][6] - JNJ's profitability is stronger, with a Last 12 Months margin of 26.2% and a 3-year average margin of 26.4% [7]

这意味着： 心脏消融手术首次获得在 ASC 场景开展的支付通路 。 长期以来，心脏电生理手术主要在医院导管室完成，而 ASC 场景受到患者分层、术后监测要求、支付政策等 因素限制。此次调整被认为是"支付端放开"的重要转折，也与过去一年内产业链、临床界推动 PFA（脉冲场 消融）加速门诊化的努力高度一致。 ASC 模式在美国持续扩张，被视为 更高效、更可预测、成本更可控的手术场景 。此次 AF 消融纳入 ASC CPL，被业内视为心脏电生理技术跨向门诊化时代的关键一步。 2025年11月24日， 美国医保中心 （CMS）在最新发布的 2026 年医院门诊支付系统（OPPS）与门诊手术 中心（ASC）支付体系最终规则中，正式将 心房颤动（AF）导管消融 纳入 ASC 可覆盖治疗项目名单（ASC Covered Procedures List，CPL）。新规将于 2026 年 1 月 1 日 起生效。 # 最先受益的将是 PFA 三巨头：技术与场景高度契合 ASC 此次报销规则更新，被普遍解读为 对脉冲场消融（PFA）技术成熟度的官方确认——尤其是其更快的操作时 间、更低的并发症风险，以及更适用于门诊化路径的优势。 ...

Core Insights - Artificial intelligence (AI) has surpassed human analysts in accurately identifying customer needs, with a fine-tuned model achieving 100% detection compared to 87.5% by human analysts [2] - Companies are increasingly integrating AI into their workflows for customer feedback processing, leading to a shift from centralized analysis to day-to-day operations [3] AI Integration in Workflows - Oracle has introduced AI agents for sales that utilize multilingual data to generate account summaries and insight reports, aiming to embed AI into sales processes [4] - Clorox is implementing generative AI tools in its product development and consumer feedback processes as part of a $580 million digital transformation plan, analyzing customer reviews to identify emerging themes [5] - Companies using AI for customer interactions have seen up to a 45% increase in customer satisfaction and a 30% reduction in operational costs due to improved issue detection and request routing [5] Expansion of AI-Driven Analysis - AI systems are increasingly handling initial customer-signal processing across various functions, including sales, service, marketing, and product operations [6] - Vercel has deployed AI agents trained on top sales personnel to qualify leads and filter inquiries, consolidating tasks that previously required multiple employees [7] AI in Product Development - The use of AI has extended into product development, where it processes signals that inform decisions on ingredients and product formulas [9] - Barry Callebaut partnered with NotCo to utilize AI for generating new chocolate formulations, analyzing ingredient alternatives and consumer preferences [10] - Johnson & Johnson has redirected its AI efforts towards product and research workflows, reporting that 10% to 15% of initial projects yielded significant results [11]

证券研究报告 强生口服IL-23拮抗剂申报上市，启动与乌司奴单抗的头 对头研究 生物医药行业 强于大市（维持） 平安证券研究所生物医药团队 分析师： 叶寅投资咨询资格编号:S1060514100001邮箱：YEYIN757@PINGAN.COM.CN 倪亦道投资咨询资格编号:S1060518070001邮箱：NIYIDAO242@PINGAN.COM.CN 韩盟盟投资咨询资格编号:S1060519060002邮箱：HANMENGMENG005@PINGAN.COM.CN 裴晓鹏投资咨询资格编号:S1060523090002邮箱：PEIXIAOPENG719@PINGAN.COM.CN 何敏秀投资咨询资格编号:S1060524030001邮箱：HEMINXIU894@PINGAN.COM.CN 王钰畅投资咨询资格编号:S1060524090001邮箱：WANGYUCHANG804@PINGAN.COM.CN 曹艳凯投资咨询资格编号:S1060524120001邮箱：CAOYANKAI947@PINGAN.COM.CN 张梦鸽投资咨询资格编号:S1060525070003邮箱：ZHANGMENGGE752@PIN ...

Investment Rating - The report maintains an investment rating of "Outperform" with a rating of A [7] Core Insights - The report highlights significant advancements in small nucleic acid drugs for the treatment of hepatitis B, particularly the promising data from the drug AHB-137 presented at the AASLD 2025 conference, indicating its potential as the best small nucleic acid drug for hepatitis B [3][22] Summary by Sections Weekly New Drug Market Review - From November 17 to November 23, 2025, the top five gainers in the new drug sector were: - LaiKai Pharmaceutical (+13.34%) - Beihai Kangcheng (+2.67%) - Jiahe Biotech (+2.19%) - Yongtai Biotech (+1.94%) - Youzhi You (+1.14%) - The top five losers were: - WuXi AppTec (-15.75%) - Adi Pharma (-14.56%) - Mengke Pharma (-14.34%) - Yiming Oncology (-13.40%) - Kain Technology (-13.04%) [1][16] Weekly Focused Investment Targets - The report suggests focusing on several promising targets due to upcoming catalysts, including: 1. Products with high certainty for overseas expansion certified by MNCs: Sanofi, Federated Pharmaceuticals, and Kelun-Botai 2. Products with overseas data catalysts: Betta Pharmaceuticals, Hutchison China MediTech, and Yiming Biotech 3. Potential blockbuster products for overseas licensing by MNCs: Fuhong Hanlin, CSPC Pharmaceutical Group, and Yifang Biotech 4. New innovative drug technology breakthroughs: small nucleic acids, in vivo CAR-T, fat reduction and muscle gain, autoimmune CAR-T/bispecific antibodies, and gene therapy [2][20] Weekly New Drug Industry Analysis - The report emphasizes the breakthrough data for small nucleic acid drugs in treating hepatitis B, particularly the two-phase follow-up data for AHB-137, which shows a high potential for becoming the leading small nucleic acid drug in this field [3][22] Weekly New Drug Approval & Acceptance Status - No new drug or new indication approvals were reported this week, but six new drug or new indication applications were accepted [4][24] Weekly New Drug Clinical Application Approval & Acceptance Status - This week, 42 new drug clinical applications were approved, and 44 new drug clinical applications were accepted [5][26] Domestic Market Key Events TOP3 - Key events included: 1. Zean Biopharma's strategic collaboration with GSK to develop up to four "first-in-class" candidates in oncology [11] 2. Innovent Biologics announcing successful Phase III clinical study results for a drug in moderate to severe obesity [11] 3. Fuhong Hanlin's FDA approval for a biosimilar product [11] Overseas Market Key Events TOP3 - Key events included: 1. Merck's presentation of key Phase III trial results at the AHA Scientific Sessions [12] 2. Johnson & Johnson's acquisition of Halda Therapeutics for $3.05 billion [12] 3. The EMA's recommendation for the approval of a gene therapy product [12]

Core Insights - The integration of Artificial Intelligence (AI) in the U.S. healthcare industry has significantly increased, with 79% of healthcare organizations utilizing AI technology as of March 2024 [1] Group 1: AI Integration in Healthcare - AI is being integrated across various industries, including healthcare, with notable partnerships between pharmaceutical companies and AI tech firms [2] - Collaborations are expected to accelerate drug discovery, streamline clinical trials, and automate administrative tasks, potentially saving billions and enhancing operational efficiency [3][9] Group 2: Notable Pharma-Tech Collaborations - Eli Lilly is partnering with NVIDIA to create an "AI Factory" aimed at accelerating drug discovery by compressing decades of research into accessible intelligence [5] - Johnson & Johnson has been collaborating with NVIDIA to enhance surgical decision-making and training through real-time AI analysis in operating rooms [6] - AbbVie utilizes Palantir's Foundry platform for data management, which unifies data sources and streamlines clinical trial data, boosting operational efficiency [8] Group 3: Market Potential and Investment Opportunities - The global AI in healthcare market is projected to grow from $26.57 billion in 2024 to $505.59 billion by 2033, with a CAGR of 38.81% [10] - Vanguard Health Care ETF (VHT) has assets worth $16.2 billion, with significant weightage in Eli Lilly, AbbVie, and Johnson & Johnson, and has surged 12.3% year to date [11] - Health Care Select Sector SPDR ETF (XLV) has assets under management of $39.01 billion, also featuring major pharmaceutical companies, and has increased by 11.6% year to date [12][13]

Core Viewpoint - A nationwide ban on the "forced swim test" for small animals is being advocated by over 100 experts in various fields, as it is deemed ineffective and inhumane [1][2][3]. Group 1: Test Description and Criticism - The "forced swim test" involves placing small animals like mice and hamsters in water-filled beakers, where they must swim to avoid drowning, purportedly to study human depression [3]. - Critics argue that the test does not accurately reflect depression, as floating may indicate energy conservation rather than despair, and it is less reliable than random chance in assessing antidepressant efficacy [3]. - The test is said to cause significant psychological distress and physical suffering to the animals involved, raising ethical concerns about animal welfare and the validity of scientific outcomes [3]. Group 2: Institutional Support for Ban - A petition for an immediate ban on the test has been submitted to the Committee for Control and Supervision of Experiments on Animals (CCSEA) by Peta India, supported by over 100 scientific experts [2][3]. - The Pharmacy Council of India has directed a review of the test's continued use, and the Council of Scientific and Industrial Research (CSIR) has also requested action from the CCSEA [3]. - International pharmaceutical companies, including Pfizer, GSK, and Johnson & Johnson, along with major research universities, have committed to not conducting or funding the forced swim test [4]. Group 3: Regulatory Context - The forced swim test is fully banned in New South Wales and has restrictions in place by the UK Home Office, indicating a growing trend towards its prohibition in various jurisdictions [4]. - The Drugs Controller General of India (DCGI) had previously reached out to drugmakers for feedback on the test, highlighting ongoing scrutiny and potential regulatory changes [3].

多发性骨髓瘤作为血液系统第二大常见恶性肿瘤，曾因起病隐匿、临床表现复杂、治疗手段有限，患者预后普遍不佳。如今，随着创新疗法持续迭代与规范 诊疗广泛落地，越来越多患者不仅成功跨越五年生存期，更稳步迈向十年乃至更长期的高质量生存。 作为全国首个专注于血液肿瘤患者的八段锦主题赛事，本届大赛积极响应"健康中国"行动号召，探索传统养生与现代医学融合的创新康复路径，打造集赛 事、科普、康复于一体的特色项目，帮助患者在实现"更深缓解、更长生存"治疗目标的基础上，进一步提升免疫功能、改善身心状态、回归正常生活，为推 动"功能性治愈"目标的达成开拓更多现实可能。北京赛区作为此次全国系列活动的关键站点，也将继续发挥示范带头作用，引领全国以形式多样的康复活 动，构建跨区域、多层次的疾病管理支持生态。 强生创新制药中国区副总裁、肿瘤业务部负责人柯赛帆表示："今年适逢强生在华40周年，我们始终以患者健康为使命、致力于将科学创新的边界推向新的 高度。本次八段锦大赛不仅是一次康复实践，更是强生构建以患者为中心的肿瘤慢病管理模式的全新探索。未来，我们将继续携手医疗领域与社会各界，深 化具有中国特色的患者服务模式，让更多患者实现从治疗到治愈的 ...

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical industry [2] Core Insights - Eli Lilly's revenue increased by 52% year-on-year in Q3 2025, driven by GLP-1 drugs, with Tirzepatide's quarterly revenue exceeding $10 billion for the first time, showing a 131% year-on-year growth [4] - Novo Nordisk faced intensified competition in the weight loss drug market, leading to a modest revenue growth of 1% for Ozempic and 6% for Wegovy in Q3 2025, prompting a downward revision of its annual performance guidance [4] - A total of 11 out of 16 companies in the report raised their revenue and/or net profit/EPS forecasts for the year, primarily due to better-than-expected sales of new products [4] Summary by Sections 1. Q3 2025 Performance Review - Eli Lilly's Q3 revenue reached $17.6 billion, with a 62% increase in sales volume, while net prices decreased by 10% [12] - Novo Nordisk's sales revenue for Q3 was 75 billion Danish Kroner, with a net profit decline of 27% [13] - JNJ's pharmaceutical segment achieved revenue of $15.6 billion, with significant contributions from oncology and neurology products [14] - AbbVie reported global sales of $15.8 billion, with notable growth in immunology and neurology sectors [15] - Gilead's revenue for Q3 was $7.3 billion, with a 4% increase in HIV product sales [16] 2. MNC Product Performance in the U.S. Market - The median time for MNC products to reach peak sales in the U.S. market is approximately 8 years, with first-in-class (FIC) products achieving this in about 7 years [4] 3. Revenue and Guidance Adjustments - Eli Lilly raised its full-year revenue guidance from $60-62 billion to $63-63.5 billion [12] - Novo Nordisk revised its revenue growth forecast down from 8%-14% to 8%-11% [13] - JNJ increased its full-year revenue guidance from $93.2-93.6 billion to $93.5-93.9 billion [14]

在所有研究中，汇总安全性数据显示，Icotrokinra 组 (49.1%) 和安慰剂组 (51.9%) 之间经历不良事件 (AE) 的患者比例相似，未发现新的安全信号。 盐酸伊可白滞素片(Icotrokinra)是强生斥资近10亿美元从 Protagonist 引进的 first-in-class 口服多肽药物(IL-23R 拮抗剂)。今年7月该药在美国申报上市，9月在 欧洲申报上市。值得一提的是，Icotrokinra 是当前全球首个也是唯一一个报上市的 IL-23R 靶向药物。强生对此寄予厚望，预计年峰值销售额有望达到50亿 美元以上。 此外，强生还启动了 III 期 ICONIC-ASCEND研究，这是首个旨在证明口服药 Icotrokinra 优于注射生物制剂乌司奴单抗的头对头研究。长期数据方面， ICONIC-LEAD 研究中，Icotrokinra 在第 52 周时表现出对成人和青少年患者持续的皮肤清除率和良好的安全性。 此前该药在美国和欧盟的上市申请包含四项关键性 III 期研究的数据，包括 ICONIC-LEAD、ICONIC-TOTAL 以及 ICONIC-ADVANCE 1 和 ICON ...