1. 4月24日(周四)美股盘前，美股三大股指期货齐跌。截至发稿，道指期货跌0.47%，标普500指数期货跌0.31%，纳指期货跌0.26%。 杰富瑞：美股"高光"不再，后市或继续下挫。杰富瑞全球股票策略主管克里斯托弗·伍德(Christopher Wood)表示，美股早已过了"黄金时期"，投资者应做好 准备，迎接美股、美债以及美元的进一步下跌。伍德指出，美股市值在明晟全球指数(MSCI All Country World Index)中的占比在去年12月末达到历史最高水 平。他认为"美股已见顶"，并将其与1989年的日本股市相提并论，"美元已开启长期贬值趋势，这将降低美股市值在全球股市中的占比" 。伍德建议投资者 在重新平衡投资组合时，考虑增加对中国、印度和欧洲资产的配置。这位资深策略师对美国市场的悲观态度与弥漫在全球的悲观情绪相呼应。 哈马克发声：美联储应继续缩表，货币政策需保持稳定。克利夫兰联储主席贝丝•哈马克周三表示，当前形势仍然支持美联储继续缩减资产负债表。她还表 示，在巨大的不确定性之下，现在不是改变货币政策的时候。哈马克表示，在货币政策上"现在不是先发制人的好时机"，并补充说，现在是时候保持耐心 ...

Exhibit 99.1 News Release Merck Announces First-Quarter 2025 Financial Results RAHWAY, N.J., April 24, 2025 – Merck (NYSE: MRK), known as MSD outside the United States and Canada, today announced financial results for the first quarter of 2025. "Our company made strong progress to start the year, with increasing contributions from our newer commercialized medicines and vaccines and continued advancement of our pipeline," said Robert M. Davis, chairman and chief executive officer, Merck. "We are working with ...

Core Viewpoint - Merck has lowered its full-year profit guidance due to estimated costs from tariffs and a one-time charge related to a recent deal, impacting its adjusted earnings outlook for 2025 [1][4]. Financial Guidance - The company now expects adjusted earnings for 2025 to be between $8.82 and $8.97 per share, a decrease from the previous range of $8.88 to $9.03 per share [1]. - Merck reiterated its full-year sales forecast of between $64.1 billion and $65.6 billion [4]. Tariff Impact - The expected tariff charge is primarily due to levies between the U.S. and China, with additional impacts from Canada and Mexico [2]. - The new outlook does not include the potential effects of President Trump's planned tariffs on pharmaceuticals imported into the U.S., which may lead to increased U.S. manufacturing investments by drugmakers [3]. Investment in U.S. Manufacturing - Merck has invested $12 billion in U.S. manufacturing and research and development, with plans to invest an additional $9 billion by the end of 2028 [3]. Recent Financial Performance - In the first quarter, Merck reported net income of $5.08 billion, or $2.01 per share, compared to $4.76 billion, or $1.87 per share, in the same period last year [6]. - The company earned $2.22 per share excluding acquisition and restructuring costs, surpassing the expected $2.14 [8]. Revenue Performance - Merck's revenue for the first quarter was $15.53 billion, a 2% decrease from the same period a year ago, but above the expected $15.31 billion [7][8]. Product Contributions - The company noted significant sales contributions from two recently launched drugs, Winrevair and Capvaxive, which are expected to help offset losses from its top-selling cancer therapy, Keytruda, set to lose exclusivity in 2028 [5].

Merck & Co Inc MRK will be reporting its first-quarter earnings on Thursday before the market opens. Wall Street expects earnings per share of $2.14 and revenue of $15.33 billion.The stock is down a painful 38.04% over the past year and has dropped 20.73% year-to-date. Even in the past month, it’s off by 14.85%, making it one of the more bruised names among Big Pharma peers.Let's look at what the charts indicate for Merck stock and how it currently maps against Wall Street estimates.Read Also: Gilead Cancer ...

市场竞争格局剧变加速危机。默沙东在男性HPV疫苗市场的布局虽具前瞻性，但GSK、万泰生物等竞品 已形成合围之势。GSK的带状疱疹疫苗2024年批签发量达377.6万支，万泰生物的二价HPV疫苗通过 WHO预认证打开出海空间。而智飞生物自主管线中，23价肺炎疫苗、四价流感疫苗等产品仍处研发后 期，短期内难成气候。 如何破局？ 战略重心向自主创新倾斜成为必然选择。控股宸安生物进军GLP-1赛道展现战略转向，司美格鲁肽注射 液三期临床如能顺利推进，有望在千亿级减肥药市场分羹。但需警惕生物类似药研发的高风险性，2023 年全球糖尿病药物研发失败率达62%的行业数据提示需建立风险对冲机制。建议采用"自主研发+license in"双轮驱动，如在mRNA技术平台、多联多价疫苗等前沿领域加强布局。 渠道价值重估与生态重构迫在眉睫。覆盖3万个基层网点的渠道网络是核心资产，但当前主要服务于代 理产品配送。应转型为开放式疫苗服务平台：一方面深度绑定默沙东、GSK等国际药企，争取新型带状 疱疹疫苗、呼吸道合胞病毒疫苗等产品的区域代理；另一方面打造智慧接种管理系统，通过数字化工具 提升终端服务能力，挖掘成人疫苗市场的长尾需求。 男性 ...

分组1 - The Health Care sector has outperformed the S&P 500 in 2025, with the Health Care Select Sector SPDR Fund ETF (XLV) returning -1.5% year to date, which is significantly better than the SPDR S&P 500 ETF [1]

I initiate on (NYSE: MRK ) with a Strong Buy and $139 PT. Merck & Co., Inc. is a leading global healthcare company with market-leading positions in oncology, vaccines, and animal health. My conviction is based on resilient execution (Hi, I'm Oskar Goyvaerts, Chief Investment Officer at Moretus Investments L.P., a value-focused hedge fund. At Moretus, we specialize in identifying deeply undervalued businesses trading significantly below intrinsic value. Our disciplined, fundamentals-driven approach has consi ...

Investment Rating - The report indicates a positive outlook for the weight loss drug sector within the pharmaceutical and biotechnology industry, suggesting potential acceleration in business development (BD) opportunities [2]. Core Insights - The pharmaceutical and biotechnology sector experienced a slight decline of -0.36% from April 14 to April 18, underperforming compared to the Wind All A index (0.39%) and the CSI 300 index (0.59). The market showed a preference for defensive sectors, with chemical preparations (0.62%), traditional Chinese medicine (0.6%), and offline pharmacies (0.19%) showing minor gains, while blood products (-4.39%), other biological products (-1.78%), and vaccines (-1.49%) saw significant pullbacks [2][7]. - The GLP-1 receptor agonists are expected to catalyze growth in the weight loss drug sector. Notably, Eli Lilly announced positive results from the Phase III ACHIEVE-1 study for its oral drug Orforglipron, which is set to expand the application of GLP-1 drugs. This class of drugs is becoming a focal point for multinational corporations (MNCs) in the metabolic disease space, with domestic companies poised to benefit from rapid innovation and lower R&D costs [2][12]. Market Weekly Review - The pharmaceutical and biotechnology sector's performance from April 14 to April 18 showed a decline of -0.36%, with the market favoring defensive stocks. The top gainers included Shuangcheng Pharmaceutical (56.4%), Kangpeng Technology (56.3%), and Lifang Pharmaceutical (47.1%), while the largest losers were *ST Jiyuan (-50.7%), Hasanlian (-19.1%), and Changyao Holdings (-18.5%) [7][10]. Industry News and Key Company Announcements - On April 17, Eli Lilly announced that its oral GLP-1 receptor agonist Orforglipron achieved positive results in its Phase III study, showing significant reductions in A1C levels and weight loss compared to placebo [12]. - Pfizer terminated the development of its GLP-1 small molecule receptor agonist Danuglipron due to potential liver damage in trial participants [12]. - The report highlights several companies making strides in the industry, including the approval of new indications for Merck's Gardasil 9 HPV vaccine and the progress of various clinical trials for innovative drugs [13][14].

Core Viewpoint - Analysts forecast Merck's quarterly earnings to be $2.16 per share, reflecting a year-over-year increase of 4.4%, while revenues are expected to decline by 1.9% to $15.48 billion [1]. Earnings Estimates - Over the last 30 days, the consensus EPS estimate has been revised downward by 4%, indicating a collective reassessment by analysts [2]. - Changes in earnings estimates are crucial for predicting investor reactions, with empirical studies showing a strong correlation between earnings estimate revisions and short-term stock performance [3]. Key Metrics Projections - Sales for Oncology product Keytruda are projected to reach $7.55 billion, an increase of 8.7% year-over-year [5]. - Hospital Acute Care sales for Zerbaxa are expected to be $63.07 million, reflecting a 12.6% increase from the previous year [5]. - Alliance revenue for Lynparza is estimated at $300.62 million, indicating a 3% increase year-over-year [5]. - Sales for Oncology Alliance revenue Lenvima are projected at $234.33 million, showing an 8.1% decline from the prior year [6]. - U.S. sales for Keytruda are expected to be $4.47 billion, reflecting an 8.6% increase year-over-year [6]. - International sales for Keytruda are projected at $3.08 billion, indicating an 8.8% increase from the previous year [7]. - U.S. sales for Lynparza are expected to reach $121.96 million, reflecting a 9.7% decline year-over-year [7]. - International sales for Lynparza are projected at $178.66 million, indicating a 13.8% increase from the prior year [8]. - U.S. sales for Lenvima are expected to be $155.59 million, reflecting a 10.1% decline year-over-year [8]. - International sales for Lenvima are projected at $78.74 million, indicating a 4% decline from the previous year [9]. - U.S. sales for Zerbaxa are expected to reach $36.81 million, reflecting an 11.5% increase year-over-year [9]. - International sales for Zerbaxa are projected at $26.26 million, indicating a 14.2% increase from the prior year [10]. Stock Performance - Merck's shares have decreased by 17.7% over the past month, compared to a 6.9% decline in the Zacks S&P 500 composite [10].

Core Viewpoint - A class action lawsuit has been filed against Merck & Co., Inc. alleging that the company made false and misleading statements regarding its revenue outlook and growth prospects for Gardasil, particularly in relation to competition and drug approval developments [1][2]. Group 1: Allegations of Misleading Statements - The lawsuit claims that Merck created a false impression of having reliable information about its projected revenue and growth for Gardasil while downplaying competitive risks and drug approval challenges [2]. - It is alleged that Merck's optimistic reports regarding growth and demand in China were not reflective of the actual situation, indicating a material decline in the company's ability to drive demand for Gardasil [2]. Group 2: Impact on Stock Price - Following the announcement on July 30, 2024, regarding a significant drop in shipments from its distributor, Merck's stock price fell nearly 10% [3]. - On February 4, 2025, after disclosing a 3% decline in Gardasil sales to $8.6 billion, Merck's stock price dropped more than 9% [4]. Group 3: Legal Representation - Bragar Eagel & Squire, P.C. is investigating potential claims on behalf of long-term stockholders of Merck and is encouraging individuals with information or questions to reach out [1][5].