"期待跨国公司将南通作为围绕上海优化投资布局的首选地，携手打造一批产创合作标杆项目，共同培 育发展新质生产力。"南通市委副书记、市长张彤说。 截至目前，南通实际使用外资累计近550亿美元，现有在营外商投资企业3800多家，其中77家世界500强 企业投资了160多个项目。 本报讯(记者丁宏波)11月6日，第八届中国国际进口博览会第二天，南通与跨国公司对话活动在国家会 展中心(上海)举行，来自20余个国家和地区的140余家跨国企业、商协会及投融资机构代表参会。 本次对话活动以"开放共创新机遇合作共享新未来"为主题，从"南通是国家战略加持的开放之城、发展 潜力巨大的产业之城、客商宜居宜业的幸福之城"三个板块，向参会跨国公司展示了南通开发开放的发 展历程，并向全球企业发出投资南通的邀请。斯堪尼亚、默克集团、嘉吉农业、三菱重工等4家企业代 表分享了与南通合作体会。 ...

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Financial Data and Key Metrics Changes - Total revenue and other income for Q3 2025 on a GAAP basis was $115.5 million, up from $51.8 million in the same quarter last year, with core revenue growing 68% year over year to $86.9 million [26][34] - Royalty revenue rose 47% year over year to $46.6 million, and adjusted EPS increased 68% to $3.09 [26][34] - The company raised its full-year 2025 guidance, now expecting core revenue of $225-$235 million and adjusted EPS of $7.40-$7.65 [35][36] Business Line Data and Key Metrics Changes - Royalty revenue growth was driven by strong performances from products like Travere's Filspari, Merck's Ohtuvayre, and Capvaxive, with Filspari becoming the largest royalty-generating asset [30][31] - Filspari reported Q3 sales of $90.9 million, a 155% year-over-year increase, while O2VARE sales reached $136 million, a 32% sequential increase [30][31] - Capvaxive generated $244 million in sales, an 89% sequential increase, reinforcing its market position [31] Market Data and Key Metrics Changes - The company noted strong uptake of Zelsuvmi in its early launch phase, with expectations for continued momentum [7] - Ohtuvayre is tracking ahead of initial forecasts, with Q3 sales growing 32% sequentially, and projected sales of $2 billion by 2029 [10][11] - The FDA has assigned a PDUFA date of January 13, 2026, for Filspari's second indication, FSGS, which could significantly expand its market opportunity [18] Company Strategy and Development Direction - The company has focused on building a diversified portfolio of high-margin royalties and has successfully executed a convertible debt financing to support growth initiatives [5][6] - The strategic direction set in 2022 has led to significant growth across core revenue and adjusted EPS, with a long-term royalty growth outlook of 22% CAGR [9][10] - The company is actively pursuing high-quality investment opportunities and expanding its business development team to capitalize on its robust pipeline [27][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of the commercial royalty portfolio and the potential for indication and geographic expansion of key products [36][37] - The company highlighted the positive developments in the FDA's approach to accelerating timelines for innovative treatments, which aligns with its investment strategy [16][49] - Management remains optimistic about the ongoing progress of the Pelthos team and the launch momentum of Zelsuvmi [37] Other Important Information - The company ended the quarter with approximately $1 billion in deployable capital, including cash and investments [7][27] - The Pelthos transaction resulted in a $53 million gain recognized in Q3, reflecting the strategic value of the spin-out [24][25] - The company has seen record-setting origination activity, reviewing over 130 investment opportunities in the first three quarters of the year [13] Q&A Session Summary Question: Opportunities and special situations related to Pelthos and Palvella - Management indicated a robust opportunity set in special situations, focusing on companies needing more than just capital [38][39] Question: Changes in investment opportunities and capital demands - Management noted that while the deal flow may shift with market conditions, the demand for royalty capital remains high, particularly for development-stage assets [44][45] Question: Insights on the ZELSUVMI launch and future expectations - Management provided limited additional information but indicated that more specifics would be available during the upcoming earnings call [50][51] Question: Competitive landscape for royalty assets - Management acknowledged potential future competition but noted that they have not yet seen significant changes in the competitive landscape [53][54] Question: Thoughts on the recent approval of Furoscix - Management expressed optimism about Furoscix's potential to provide a differentiated treatment option in the market [56]

Core Insights - President Trump has urged pharmaceutical CEOs to lower drug prices, threatening to intervene if they do not comply [1] - A letter was sent to 17 CEOs outlining expectations for reducing consumer drug costs [1] - Americans are facing higher drug prices compared to consumers in other countries [1] Drug Pricing Overview - Merck's Keytruda, used for various cancers, costs $11,795 per dose every three weeks, with projected global sales of $29.5 billion in 2024 [5] - Novo Nordisk's Ozempic, for Type 2 diabetes, is priced at $997.58 per weekly pen for a 28-day supply, but nearly 90% of insured patients pay $25 or less; expected sales exceed $17 billion in 2024 [7] - Eli Lilly's Mounjaro, for diabetes and weight loss, costs around $1,080 per month for a 28-day supply, with projected sales of $11.5 billion in 2024 [9] - Bristol-Myers Squibb/Pfizer's Eliquis, a blood thinner, ranges from $500 to $600 per month, with expected sales of $11.4 billion in 2024 [12] - Gilead Science's Biktarvy, for HIV treatment, costs between $2,000 and $3,000 per month, with projected sales of $10 billion in 2024 [14]

Group 1: Political Landscape - Following significant victories for Democrats in the 2025 elections, President Trump will pivot his message towards affordability, highlighting the importance of economic concerns for voters [2][8] Group 2: Company Performance - Diageo has revised its financial guidance downwards due to a notable reduction in spirit sales within China, indicating challenges for international companies in the Chinese consumer market [3][8] Group 3: Foreign Investment and Trade - China's Ministry of Commerce has reaffirmed its commitment to ensuring equal participation for foreign firms in government procurement processes, aiming to create a more equitable business environment [4][8] Group 4: Technological Collaboration - Mitsubishi Electric and Hon Hai Precision Industry (Foxconn) have partnered to develop AI data centers, reflecting the increasing global demand for high-performance computing capabilities [5][8] Group 5: Economic Data - Spain's industrial production increased by 0.4% in September, surpassing estimates, while Switzerland's unemployment rate remained stable at 2.9% [6]

新华社上海11月5日电 题：越长越"高"！进博会八岁了 新华社记者叶昊鸣、杨有宗 在这里，中国经济与世界经济交融，汇聚成推动世界发展的源源动力。 11月5日，第八届中国国际进口博览会在上海开幕，"四叶草"喜迎八方来客。 这是11月4日拍摄的第八届进博会举办场地——国家会展中心（上海）的南广场。新华社记者蔡湘鑫 摄 展览面积超过43万平方米，155个国家、地区和国际组织参与，4108家境外企业参展，290家世界500强和行业龙头企业参展……在八方来客眼中， 进博会越长越"高"、越来越"壮"。 广阔的、迅速发展的市场，让人们看到一个活力满满、动力十足的中国。 连续4年参展，进博会已经成为美国企业欧加隆每年的"打卡项目"。本届进博会，欧加隆带来了在心血管领域的整体解决方案。 "对高品质生活的追求，让人们更加关注自身身体健康。我们积极支持健康中国，期待与更多合作伙伴一同推动血脂管理的科学化、规范化，共同 跃升健康繁荣未来。"欧加隆中国总裁吴泽发说。 美国罗克韦尔自动化推出显著提升系统通信效率和扩展灵活性的多款新产品；法国云帆智控公司首展具备双臂协同30公斤负载能力的电力具身智 能机器人；加拿大可立克魔科技公司全球首发 ...

Financial Performance - Merck's worldwide sales reached $17.3 billion in Q3 2025, a 4% increase compared to Q3 2024, with total sales for the first nine months of 2025 at $48.6 billion, showing slight growth from the same period in 2024[188][189]. - The oncology franchise drove growth, particularly from Keytruda, which generated $8.1 billion in Q3 2025, a 10% increase year-over-year, and $23.3 billion for the first nine months, an 8% increase[192]. - Merck's sales performance in the first nine months of 2025 was negatively affected by pricing pressures and cost-reduction measures from governments[184][185]. - The company anticipates ongoing negative impacts on sales and profits due to healthcare cost containment efforts and government pricing policies[185]. - Combined worldwide sales of Gardasil and Gardasil 9 declined 24% in Q3 2025 and 40% in the first nine months of 2025, primarily due to lower demand in China and Japan[205]. - Global sales of Keytruda grew 10% in Q3 2025 and 8% in the first nine months of 2025, driven by higher demand and net pricing in the U.S.[193]. - Alliance revenue related to Lynparza increased 12% in both Q3 and the first nine months of 2025, primarily due to higher demand in the U.S. and certain international markets[198]. - Sales of Welireg rose 42% in both Q3 and the first nine months of 2025, primarily due to higher demand in the U.S. and continued launch uptake in international markets[200]. - Total income before taxes for Q3 2025 was $6,745 million, up from $4,090 million in Q3 2024[250]. Acquisitions and Collaborations - Merck acquired Verona Pharma for approximately $10.5 billion, gaining rights to Ohtuvayre, a treatment for chronic obstructive pulmonary disease (COPD)[177]. - Merck entered a funding arrangement with Blackstone Life Sciences for $700 million to support development costs for MK-2870, which will reduce R&D expenses as costs are incurred[178]. - The company recorded a $150 million upfront payment to Dr. Falk Pharma for the global rights to MK-8690, impacting Q4 2025 R&D expenses by approximately $0.05 per share[176]. - Merck's exclusive license agreement with Jiangsu Hengrui Pharmaceuticals for MK-7262 included a $200 million upfront payment, recorded as R&D expense[180]. - Merck acquired Verona Pharma in October 2025, gaining Ohtuvayre, a treatment for COPD, which is currently under clinical evaluation[265]. Research and Development - Research and development (R&D) expenses decreased by 28% in Q3 2025 and 11% for the first nine months, largely due to lower business development charges compared to the previous year[232]. - Keytruda is in clinical development for over 30 cancer types, with several currently in Phase 3 trials[259]. - MK-3475A, a new subcutaneous formulation of Keytruda, is under review in the EU, with a decision expected in Q4 2025[256]. - MK-8591A, an investigational HIV treatment, has a target action date set by the FDA for April 28, 2026[257]. - Enflonsia, a monoclonal antibody for RSV prevention, received a positive recommendation from the CHMP but faces a delay in final decision due to data entry issues[258]. - Merck announced positive topline results from three Phase 3 trials for MK-0616, demonstrating significant reductions in LDL-C compared to placebo and other therapies[263][264]. Sales and Market Trends - The decline in vaccine sales was primarily due to lower sales of Gardasil products, offset by new product launches like Capvaxive[190]. - U.S. Keytruda sales in Q3 2025 benefited by approximately $100 million due to the timing of wholesaler purchases[193]. - Sales of Capvaxive reached $244 million in Q3 2025 and $480 million in the first nine months of 2025, following its U.S. launch in Q3 2024[212]. - Enflonsia sales in the U.S. were $79 million in Q3 2025, driven by inventory stocking after FDA approval[213]. - Bridion sales grew 5% in Q3 2025 and 2% in the first nine months, but are expected to decline significantly after losing U.S. market exclusivity in July 2026[214]. - Prevymis sales increased 28% in Q3 2025 and 23% in the first nine months, primarily due to higher demand in the U.S.[215]. - Dificid sales declined 55% in Q3 2025 and 15% in the first nine months due to generic competition in the U.S.[216]. - Winrevair sales were $360 million in Q3 2025 and $976 million in the first nine months, reflecting higher demand in the U.S. and international markets[218]. - Combined sales of Januvia and Janumet grew 29% in Q3 2025 and 15% in the first nine months, driven by higher net pricing in the U.S.[222]. Financial Position and Cash Flow - Cash provided by operating activities was $13.6 billion in the first nine months of 2025, down from $18.0 billion in the same period of 2024[270]. - Cash used in investing activities decreased to $2.5 billion in the first nine months of 2025 from $6.3 billion in 2024, primarily due to lower acquisition costs[271]. - Cash used in financing activities increased to $6.7 billion in the first nine months of 2025, compared to $4.0 billion in 2024, driven by higher treasury stock purchases and dividends[272][273]. - The company has $19.3 billion in cash and investments as of September 30, 2025, up from $14.2 billion at the end of 2024[270]. - The total debt to total liabilities and equity ratio was 31.9% as of September 30, 2025, slightly up from 31.7% at the end of 2024[270]. - The company factored $1.7 billion of accounts receivable as of September 30, 2025, compared to $2.1 billion at the end of 2024[274]. Shareholder Returns and Stock Activity - Dividends paid to stockholders increased to $6.2 billion for the first nine months of 2025, compared to $5.9 billion in the same period of 2024[277]. - The Company repurchased $3.8 billion (46 million shares) of its common stock during the first nine months of 2025, with a remaining share repurchase authorization of $8.6 billion as of September 30, 2025[278]. - The Company has a $6.0 billion credit facility maturing in May 2030, which has not been drawn upon[279]. - In January 2025, the Board of Directors authorized an additional $10 billion for stock repurchases, with no time limit on the purchases[278]. - The Company expects the pace of share repurchases to continue at the current level for the remainder of 2025[278]. Tax and Regulatory Matters - The effective income tax rate for Q3 2025 was 14.2%, influenced by geographical income mix and discrete items[244]. - Merck expects the global minimum tax to impact its effective income tax rate by approximately 2% for the full year 2025[246]. Cost Management - Cost of sales decreased by 6% in Q3 2025 and 5% for the first nine months, reflecting lower amortization of intangible assets and restructuring costs[228]. - Selling, general and administrative expenses declined by 4% in Q3 2025, driven by lower administrative and restructuring costs[231]. - Pharmaceutical segment profits increased by 9% in Q3 2025, reaching $12,538 million, driven by higher sales and lower costs[243]. - Animal Health segment profits were flat in Q3 2025 at $511 million, with a 10% increase in the first nine months of 2025 to $1,737 million[243]. - Other (income) expense, net was $238 million in Q3 2025, an increase from $162 million in Q3 2024, primarily due to income from investments in equity securities[240]. - The 2025 Restructuring Program is expected to incur approximately $3.0 billion in costs, with annual savings of about $1.7 billion anticipated by the end of 2027[236]. Market Risks and Accounting Policies - The Company’s significant accounting policies have not changed since December 31, 2024, indicating stability in financial reporting[280]. - There have been no material changes in market risk exposures affecting disclosures since the 2024 Form 10-K[282].

Core Insights - Merck has showcased its commitment to innovation and collaboration in the healthcare sector at the 8th China International Import Expo, emphasizing its theme of "Innovative Science, Healthy Future" [1] Group 1: Product and Pipeline Highlights - Merck is displaying approximately 30 approved drugs and vaccines in China, covering areas such as oncology, anti-infection, diabetes, and rare diseases, including several innovative drugs making their debut at the expo [1] - The company plans to introduce over 40 new products and indications to China in the next five years, with ongoing clinical research in multiple therapeutic areas [1] Group 2: Collaborations and Initiatives - Over the past three years, Merck has engaged in several R&D collaborations with five local pharmaceutical companies, focusing on cardiovascular, metabolic, and oncology fields [1] - The establishment of the Merck China Innovation Collaboration Center (MCICC) on November 1, 2024, aims to enhance cooperation with China's life sciences innovation ecosystem, promoting rapid and high-quality clinical translation of breakthrough innovations from China [1] Group 3: Animal Health Segment - In the animal health sector, Merck will showcase products and solutions covering five major business areas: pets, poultry, pigs, ruminants, and aquaculture [2] - The company will also host several thematic events focusing on key areas such as oncology, rare diseases, and public health [2]

Core Insights - Merck has entered into a $700 million R&D funding agreement with Blackstone to support the global development of its core ADC asset, sac-TMT, highlighting the recognition of its commercial value and the acceleration of Chinese innovative drugs in the global market [1][2] Group 1: Agreement Details - Blackstone will provide $700 million specifically for the development costs expected for sac-TMT in 2026, allowing Merck to explore the drug's potential while maintaining financial stability [1] - The funding model is based on future revenue rights from sac-TMT, indicating Blackstone's confidence in the clinical data and market prospects of the drug [2] Group 2: Strategic Context - Merck has exclusive rights to develop, use, manufacture, and commercialize sac-TMT outside Greater China, with a total deal value exceeding $10 billion, setting a record for Chinese innovative drugs going global [2] - With the impending patent cliff of Keytruda, Merck is increasingly focused on ADC drugs, and sac-TMT's clinical data aligns with its strategic needs [2] - Merck is conducting 15 global Phase 3 clinical studies for sac-TMT across various cancer types, and the product has generated over 300 million yuan in revenue during the first half of 2025 [2]

Group 1 - The 8th China International Import Expo (CIIE) opened in Shanghai on November 5, showcasing innovative products from several multinational pharmaceutical companies [1] - Eli Lilly presented multiple global innovative drugs, including the oral selective estrogen receptor degrader Imlunestrant for breast cancer and the injectable tirzepatide for cardiovascular metabolic health, marking their debut at the expo [1] - Eli Lilly's Vice President and General Manager for China emphasized the importance of collaboration with government, clinical institutions, and industry partners to enhance healthcare development through the CIIE platform [1] Group 2 - Bayer showcased 26 highlight exhibits at its 800-square-meter dual exhibition booth, focusing on innovations in healthcare and agricultural technology [1] - In the imaging diagnostics sector, Bayer's MEDRAD Stellant D-CE high-pressure injection system made its debut at the expo after receiving local production approval in June [1] - Merck displayed approximately 30 approved drugs and vaccines at the expo, including several innovative drugs and new indications, benefiting from the expo's spillover effect [2] Group 3 - Merck's participation has led to the approval of multiple investigational drugs in China, providing new treatment options for patients with antibiotic-resistant infections and rare diseases [2] - The company is advancing clinical research in various therapeutic areas in China and plans to introduce over 40 new products and indications in the next five years [2]