Summary of Key Points from the Conference Call Industry Overview - **Industry**: Biopharma in North America - **Market Analysis**: The latest weekly Total Prescription (TRx) year-over-year (YoY) growth for the week ending December 19, 2025, was +1.1%, compared to +1.0% the previous week and +0.8% over the past 12 weeks [1][2] Prescription Trends - **Weekly TRx Change**: For the week ended December 19, the US total market weekly TRx YoY change was +1.1%, up from +0.9% a year ago. The rolling 4-week TRx YoY was +1.2%, and the rolling 12-week TRx YoY was +0.8% [2] - **Extended Unit (EUTRx) Growth**: EUTRx weekly YoY growth was +1.4%, which is above the TRx YoY growth [2] - **Sequential Growth**: Sequential weekly TRx growth was +2.3%, a significant increase compared to -1.4% the week before [2] Company-Specific Insights Bristol Myers Squibb (BMY) - **Cobenfy Launch**: Cobenfy was approved for schizophrenia on September 26, 2024. The number of prescriptions (scripts) for the week was approximately 2,800, up from 2,710 the previous week. To meet 2025 consensus expectations, Cobenfy TRx needs to track at approximately 2-3 times the volumes from recent schizophrenia launches [3] - **Sales Estimates**: The consensus estimate for Cobenfy has decreased from $196 million to $161 million, implying that around 104,000 TRx are required to meet these estimates [3] Vertex Pharmaceuticals (VRTX) - **Journavx Launch**: Journavx was approved for acute pain on January 30, 2025. The number of scripts for the week was approximately 13,060, up from 12,570 the previous week. Hospital scripts accounted for about 39% of total scripts in Q3 [4] - **Sales Projections**: To achieve 2025 sales of $68 million, approximately 303,000 total scripts are needed, assuming a net price of $225 per script [4] Gilead Sciences (GILD) - **Yeztugo Launch**: Yeztugo was approved on June 18, 2025. The latest week total TRx was approximately 780, down from 800 the previous week. The analysis suggests that achieving FY25 sales of $150 million requires incremental weekly script growth from current levels [5][9] - **Market Coverage**: Yeztugo has secured 75% commercial coverage, including major payers, and most do not require copays, indicating alignment with USPSTF guidelines [9] Additional Insights - **Market Focus**: Investors are increasingly focused on 2026, with strong PrEP market growth of +14% YoY and sustained Descovy share of over 45% [9] - **Pricing Analysis**: The pricing analysis for immunology drugs such as Stelara and Tremfya has been updated, showing how additional indications impact price per script [10] - **Biosimilar Adoption**: Comprehensive analysis of biosimilar adoption across various branded drugs has been included, indicating trends in market share and sales [12] Conclusion - The biopharma industry in North America is showing positive growth trends in total prescriptions, with specific companies like BMY, VRTX, and GILD launching new products and adjusting sales expectations. The focus on 2026 and the strong market coverage for new drugs indicate potential investment opportunities in this sector.

Other drugmakers seem to be too far behind to disrupt this duopoly, at least for now.The weight loss market has garnered plenty of headlines over the past two years. Yet, to date, and despite plenty of pipeline candidates, only two brands dominate this field. One of them is Wegovy, a medication marketed by Novo Nordisk (NVO 0.30%), and the other is Zepbound, which was developed by Eli Lilly (LLY +0.07%). These two are the undisputed leaders in this therapeutic area, and they could soon solidify their lead w ...

Core Insights - The pharmaceutical industry is experiencing significant performance divergence among major multinational companies in 2025, with some companies thriving while others face substantial challenges [1][2][3][4]. Financial Performance - Novo Nordisk reported Q3 2025 revenues of 74.976 billion Danish Krone (approximately $11.276 billion), a year-on-year increase of 11%, with total revenues for the first three quarters reaching 229.92 billion Danish Krone (approximately $34.58 billion), up 15% [1]. - Key products such as Ozempic, Rybelsus, and Wegovy contributed significantly to Novo Nordisk's revenue, with Wegovy showing a remarkable growth of 54% [1]. - Merck's pharmaceutical revenue for the first three quarters of 2025 was $43.299 billion, with a 68% decline in revenue from China, dropping to $1.452 billion [2]. - Eli Lilly achieved a remarkable turnaround with Q3 revenues of $17.6 billion, a 54% increase year-on-year, driven by the success of its GLP-1 drug [3]. - Pfizer was the only company in the top 10 to experience a decline in both revenue and profit, with Q3 revenues of $16.654 billion, down 6% year-on-year [4]. Strategic Adjustments - Major pharmaceutical companies are actively seeking solutions to address strategic challenges, including layoffs and business divestitures, with 190 layoffs reported in the first three quarters of 2025 [2][9]. - Companies like Merck and Novo Nordisk are implementing significant cost-cutting measures, with Merck aiming to save $3 billion by 2027 and Novo Nordisk planning to cut approximately 9,000 jobs [2][9]. - The trend of divesting mature assets is becoming common, with companies opting to sell off non-core or underperforming business units to focus on innovation [7][9]. Market Dynamics - The Chinese market is no longer a guaranteed success for multinational pharmaceutical companies, with significant performance disparities emerging [5][12]. - The ongoing "patent cliff" is a critical concern, with many companies facing over 20% of their revenue at risk due to expiring patents [5]. - The competitive landscape is shifting, with local investment firms increasingly acquiring mature products from multinational companies, allowing for more localized management and decision-making [8][9]. Future Outlook - The future of multinational pharmaceutical companies will depend on their ability to innovate rapidly, adapt to local market policies, and manage patent expirations effectively [12][14]. - Companies that can successfully transition to innovation-driven models and integrate into China's biopharmaceutical ecosystem are likely to thrive [12][14]. - The restructuring of global pharmaceutical companies is creating both challenges and opportunities for local firms, as they may benefit from the divestiture of mature products and increased collaboration on early-stage innovations [14].

Core Insights - The pharmaceutical industry is experiencing significant performance divergence among major multinational companies in 2025, with some achieving remarkable growth while others face substantial declines [1][4][6]. Financial Performance - Novo Nordisk reported Q3 2025 revenues of 74.976 billion Danish Krone (approximately $11.276 billion), a year-on-year increase of 11%, with total revenues for the first three quarters reaching 229.92 billion Danish Krone (approximately $34.58 billion), up 15% [1]. - Merck's pharmaceutical business revenue for the first three quarters of 2025 was $43.299 billion, with a 68% year-on-year decline in revenue from China, dropping to $1.452 billion [2]. - Eli Lilly achieved a Q3 2025 revenue of $17.6 billion, a 54% increase from $11.439 billion in the same period last year, with total revenues for the first three quarters reaching $45.887 billion, up 46% [3]. - Pfizer's Q3 2025 total revenue was $16.654 billion, a 6% decrease from $17.702 billion year-on-year, with a 55% drop in revenue from its COVID-19 oral drug Paxlovid [4]. Strategic Adjustments - Major pharmaceutical companies are actively seeking solutions to address strategic challenges, including layoffs and business divestitures, with 190 layoffs reported in the biopharmaceutical sector in the first three quarters of 2025 [2][9]. - Companies like Merck and Novo Nordisk are implementing significant cost-cutting measures, with Merck aiming to save $3 billion by 2027 and Novo Nordisk targeting an annual cost saving of 8 billion Danish Krone [9]. - The trend of divesting mature assets is becoming common, with investment firms stepping in as buyers, indicating a shift in the operational landscape of the pharmaceutical industry in China [7][8]. Market Dynamics - The Chinese market is no longer a guaranteed profit zone for multinational pharmaceutical companies, with significant performance disparities emerging among leading firms [5][12]. - The ongoing "patent cliff" is a critical concern, with many companies facing over 20% revenue exposure to patent expirations in the next three years, impacting their financial stability [4][5]. - The competition in the pharmaceutical sector is intensifying, necessitating companies to adapt quickly to local market policies and innovate their product pipelines to maintain growth [6][12]. Future Outlook - The future of multinational pharmaceutical companies will heavily rely on their innovation capabilities, local market strategies, and management of patent expirations [12][15]. - Companies that successfully transition to innovation-driven models and establish strong positions in emerging therapeutic areas are likely to thrive, while those unable to adapt may face ongoing growth pressures [12][15]. - The restructuring of global pharmaceutical strategies is expected to accelerate, focusing on both downsizing and investing in innovative fields, such as gene and cell therapies [9][10].

Core Insights - Eli Lilly's weight loss drug Tirzepatide has launched a significant price reduction on the Meituan platform, with prices dropping to around 20% of their initial levels, leading to a more than tenfold increase in order volume [1][4] - The Chinese GLP-1 weight loss market is entering a new phase of competition characterized by "price for volume" strategies, influenced by factors such as Tirzepatide's inclusion in the national medical insurance directory and the impending patent expiration of Semaglutide [5][7] Pricing and Sales Dynamics - Tirzepatide's prices on Meituan for various specifications are set at 450 yuan, 750 yuan, 1050 yuan, and 1320 yuan, which are approximately 20% of the prices at the beginning of the year [2] - Other e-commerce platforms have slightly higher prices for the same specifications, indicating a competitive pricing landscape [4] - The price drop has stimulated consumer demand significantly, with order volumes on Meituan increasing over tenfold following the price reduction [4] Market Competition and Trends - The GLP-1 market is experiencing intense competition, with Tirzepatide contributing significantly to Eli Lilly's revenue, accounting for half of its total sales in the first three quarters of the year [5] - Novo Nordisk's Semaglutide has also seen price reductions, with its 1.5ml injection priced around 220 yuan, down approximately 70% from the mid-year price [4] - The market is expected to see a surge in competition as Semaglutide's core patent expires in March 2024, leading to an influx of generic drugs [7] Consumer Behavior and Online Market - The online channel has become a crucial battleground for GLP-1 drugs, with over 80% of users actively seeking information about weight management products online [7][8] - Female users dominate the online purchasing demographic, with women making up about three times the number of male users in the weight loss sector [8] - Platforms like Meituan are enhancing user experience by integrating services such as patient education and cold chain logistics for drug delivery, addressing the specific needs of GLP-1 medication [8] Future Outlook - The GLP-1 market is projected to exceed 30 billion yuan by 2030, with online medical channels expected to capture over 50% of this market share [7] - The Chinese government's initiatives, such as the "Weight Management Year" starting in 2024, aim to address the rising obesity rates, further driving the demand for GLP-1 drugs [8]

Core Insights - Dividend growth investing focuses on companies that consistently increase their payouts, which helps build long-term wealth for retirement [1] Summary by Categories - **Investment Strategy** - The strategy emphasizes investing in companies with a track record of increasing dividends, which can provide a reliable income stream and potential capital appreciation [1] - **Long-term Wealth Building** - By focusing on dividend growth, investors can accumulate wealth over time, making it a suitable approach for retirement planning [1]

【文/观察者网 陈思佳】"欧洲想安抚制药企业，但投资正流向其他地区。"据英国《金融时报》12月28 日报道，由于欧洲国家的药品研发投入太低，全球制药企业正持续削减在欧洲的投资，这些投资转而流 向美国和中国。欧洲分析人士担心，这可能导致欧洲在药品创新和生产方面落后于中美。 报道援引安永的一份报告指出，按人均国内生产总值（GDP）计算，高收入欧洲国家在创新药物上的支 出大约只有美国的一半。欧洲制药工业协会联合会的数据显示，在2022年，欧洲在发达国家中的药品研 发投资占比已降至31%，低于二十年前的41%。 2024年，欧洲的研发支出同比增长4.4%，但这一数字远不如美国的5.5%和中国的20.7%。 过去一年里，多家国际制药巨头已决定削减在英国的投资。英国阿斯利康公司1月取消了一项耗资4.5亿 英镑的英国疫苗制造厂计划，美国礼来公司9月暂停了在伦敦建立实验室的计划，德国默克集团也取消 了一项预算为10亿英镑的研究中心计划。 英国遭遇的挫折，反映出药企对欧洲投资减少的趋势。欧洲制药工业协会联合会总干事娜塔莉·莫尔表 示："这是一个非常明显的趋势，投资主要流向了美国和亚洲，特别是中国。投资并不是消失了，只是 资金流 ...

分组1: MercadoLibre Performance - In Q3 2025, MercadoLibre's net revenue increased by 39% year over year to $7.4 billion, marking the 27th consecutive quarter of over 30% year-over-year growth [2] - The lowered free shipping threshold in Brazil resulted in a 42% year-over-year increase in items sold and a 29% rise in unique buyers in Brazil [1][2] - The company generated approximately $718 million in adjusted free cash flow in the first nine months of 2025 [1] 分组2: Market Position and Strategy - Brazil is the largest market for MercadoLibre, accounting for over half of its total revenues, and the company is focusing on long-term value creation through investments in logistics and free shipping [2] - MercadoLibre has been cash-flow positive since 2007, allowing it to fund its expansion without excessive reliance on external capital [3] - The company handles 95% of its own deliveries through its Mercado Envíos network, providing a competitive advantage in logistics [5] 分组3: Financial Services and Growth Opportunities - The Mercado Pago division has a total credit portfolio of $11 billion as of Q3 2025, reflecting an 83% increase from the previous year, with significant payment volume coming from outside the e-commerce platform [4] - New ventures like digital advertising are expected to enhance overall profitability by leveraging user data [3]

文｜胡香赟 截至目前，国家医保局并未公布谈判价格结果。但在多位内分泌科、代谢科医生的社交媒体中，流传出2026年1月1日后替尔泊肽将执行的新价格，同比大幅 下降。不同用量的月费价格（每月4次）分别为：324.1元（2.5mg)、551元(5mg）、751.6元（7.5mg）和936.7元（10mg）。 编辑｜海若镜 新晋"全球药王"替尔泊肽，在2025年医保新药目录谈判后，价格即将大幅下降。 近期结束的国家医保目录调整中，多款GLP-1产品被纳入，其中就包括礼来的替尔泊肽，用于成人2型糖尿病治疗。 | 2.5mg*4次 | 324.1元 | | --- | --- | | 5.0mg*4次 | 551.0元 | | 7.5mg*4次 | 751.6元 | | 10mg*4次 | 936.7元 | 网传替尔泊肽2026年即将执行的院内新价格 36氪就该价格向礼来方面求证，礼来未予置评，并表示以"医保局官方发布为准"。 另两家开发GLP-1新药的药企人士称，这组替尔泊肽价格数据与其了解的区间接近，"确实降了很多"。 此外，36氪注意到，多个主流电商平台，均已推出替尔泊肽新的预售价格，降幅显著。例如2.5mg*4次 ...

Group 1 - The 2026 China International Service Trade Fair (CIFTIS) is scheduled to be held from September 9 to 13, 2026, with participation from over 10 countries and international organizations, including Norway and the World Intellectual Property Organization [1] - Since its inception in 2012, CIFTIS has successfully held 12 sessions, attracting 1.47 million exhibitors and visitors from nearly 200 countries and regions [1] - Starting in 2025, CIFTIS will be held annually during the second week of September at Shougang Park, with a five-day duration and plans for a permanent venue upgrade [1] Group 2 - The 2026 CIFTIS will host a high-profile global service trade summit, inviting foreign dignitaries, international organization leaders, and CEOs of multinational companies to participate and speak [2] - The fair will feature specialized exhibitions in key service trade areas such as financial services, cultural tourism, education, and sports, focusing on industry trends and showcasing new technologies [2] - A new "Overseas Zone" and a small and medium-sized enterprise exhibition area will be introduced, providing platforms for showcasing service and technology exports, along with tailored services for SMEs [2] Group 3 - CIFTIS 2026 will organize various cultural, business, and tourism-related activities at distinctive venues like the Shougang Ski Jump, creating a relaxed atmosphere for business negotiations [3] - Business investigation routes will be offered to provide exhibitors with immersive service experiences [3]