Group 1 - The U.S. President Trump announced a plan to impose approximately 100% tariffs on chips and semiconductors, while stating that no fees would be charged for products manufactured in the U.S. [1] - Trump indicated that the U.S. would initially impose "small tariffs" on imported drugs, with plans to increase the rate to 150% within a year and potentially to 250% thereafter, although the initial tariff rate was not disclosed [1] - The market reacted calmly to the news, with several companies reporting that tariffs are not expected to significantly impact their performance this year; Pfizer's stock rose over 5%, while stocks of companies like Eli Lilly and Johnson & Johnson saw slight declines [1] Group 2 - Analysts estimate that a 15% tariff on drugs imported from the EU could increase costs for the pharmaceutical industry by up to $19 billion annually [1] - Trump has previously sent letters to 17 pharmaceutical companies, including major players like Eli Lilly, Johnson & Johnson, and Pfizer, urging them to lower drug prices in the U.S. [1]

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q For the quarterly period ended June 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission File No. 1-6571 Merck & Co., Inc. (Exact name of registrant as specified in its charter) New Jersey 22-1918501 (State or other jurisdiction of ...

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2025 年 8 月 1 日，特朗普政府向艾伯维、礼来、辉瑞、默沙东等 17 家全球顶级制药企业发出公开信，要求其在 60 天内提交降低美国药品价格的具体方 案，核心是执行"最惠国价格"政策——即美国药品价格需锚定其他发达国家的最低售价[1]。 此举源于美国处方药价格显著高于全球水平，据兰德公司数据，美国处方药均价为其他发达国家的 2—3 倍，部分创新药（如 PD-1 抑制剂）价格甚至是中 国市场的 10 倍[2]。政策要求包括：强制药企向美国医疗补助计划提供"最惠国价格"、与政府签订价格锁定合同、重新谈判海外价格以"回流利润"、推动直 销模式以透明化价格[3]。美国药品研究和制造企业协会（PhRMA）随即批评该政策"将削弱美国创新能力" [4]。 跨国药企的应对策略 面对价格管控压力，跨国药企（如强生、辉瑞、默克等）需通过多维策略平衡利润与合规性，主要包括以下四方面： 1. 全球价格策略调整 为应对美国降价要求，药企可能采取"美国市场降价+其他市场提价"的平衡策略。例如，阿斯利康已宣布下调部分在美药品价格，礼来、诺和诺德则尝试绕 过药品福利管理者（PBM）直接向医疗机构销售，以压缩中间成本[5]。 但为弥补 ...

华夏时报记者 杨燕 北京报道 美东时间7月31日清晨，特朗普在其自创社交平台Truth Social发帖，罕见地以扫描附件形式公布了17封 落款为"Donald J. Trump"的总统亲笔信。收信人名单几乎囊括了全球制药业的"银河舰队"——辉瑞、强 生、诺和诺德、艾伯维、阿斯利康、默沙东、赛诺菲等17家跨国药企的CEO悉数在列。 信件开篇即给出"倒计时"：从当日算起60天内，即到2025年9月29日午夜前，企业必须书面承诺并启 动"可验证、可量化"的降价举措，否则"本届政府将动用一切可用工具保护美国家庭免受药价暴利之 害"。 几乎同一时间，辉瑞、默沙东、礼来的股价在盘前交易中应声下挫。这似曾相识的一幕，将美国社会最 敏感神经之一——处方药价格问题，再次推至风口浪尖。 风暴中心：总统的"最后通牒" 从各家回应来看，药企普遍将责任推向供应链中游（PBM、保险公司），强调自身援助计划的作用， 但对系统性、大幅度降低药品标价——尤其是高利润的创新药和专利保护期内药物——态度暧昧或直接 回避。 "当前中美之间的创新药市场和BD交易多数是以license out的形式展开，涉及具体的药品出口的体量非 常小，药品"降价潮 ...

Group 1 - President Trump issued a stern ultimatum to 17 pharmaceutical companies, demanding they take measures to lower drug prices in the U.S. within 60 days, or face government intervention [1][3] - The ultimatum is part of an executive order signed by Trump in May, aimed at reviving the "most favored nation" pricing policy, which links U.S. drug prices to lower prices in other countries [3] - Current data shows that the average price of prescription drugs in the U.S. is typically 2 to 3 times higher than in other developed countries, with some drug prices being as much as 10 times higher [3] Group 2 - Following the announcement, pharmaceutical stocks experienced significant declines, with Sanofi dropping over 7%, Novo Nordisk falling nearly 6% to a four-year low, and other companies like Bristol-Myers Squibb and Merck seeing declines of over 4% [4] - The pharmaceutical industry reacted strongly, with the American Pharmaceutical Research and Manufacturers Association stating that foreign price control measures would undermine U.S. leadership in the sector [4] - Some companies are adjusting their strategies in response, with Novo Nordisk emphasizing its commitment to improving patient access, Pfizer collaborating with Congress and the White House, and Merck expressing willingness to work with the government to achieve price reduction goals [4]

Group 1 - China Biopharmaceutical announced a successful collaboration progress with Merck on LM-299, expecting to receive a $300 million technology transfer milestone payment soon [1] - The technology transfer for LM-299 was completed in July 2025, with Merck confirming the milestone payment in the third quarter [1] - CSPC Pharmaceutical reached an exclusive licensing agreement with Madrigal for the GLP-1 receptor agonist SYH2086, with a total deal value of up to $20.75 billion [2] Group 2 - Eli Lilly's drug Mounjaro (tirzepatide injection) received approval from China's National Medical Products Administration for a new indication to improve blood sugar control in adults with type 2 diabetes [3] - Hualan Pharmaceutical expects a profit of approximately RMB 1.184 billion for the first half of the year, following the successful transfer of commercialization tasks for Huataning [4] - WuXi AppTec reported a 101.92% increase in net profit to RMB 8.561 billion for the first half of the year, with revenue growth of 20.64% to RMB 20.799 billion [5] Group 3 - Heng Rui Medicine signed a collaboration agreement with GSK to advance innovative therapies in respiratory, autoimmune, inflammation, and oncology fields, with a potential total value of approximately $12 billion [6][7] - GSK will pay Heng Rui a $500 million upfront payment, with potential future milestone payments based on successful development and sales [7]

Group 1 - President Trump has sent letters to 17 major pharmaceutical companies, demanding specific actions to lower drug prices in the U.S. within 60 days, or he will use "all available means" to protect American families from "price gouging" [1][2] - The companies that received the letters include Pfizer, Novo Nordisk, Johnson & Johnson, and others, with a focus on commitments such as providing "most favored nation" pricing for Medicaid patients and direct sales to consumers [1][2] - Trump highlighted that U.S. drug prices are significantly higher than those in other developed countries, with average prescription drug prices being 2 to 3 times higher, and some drugs up to 10 times more expensive [2] Group 2 - Following the announcement, stock prices of several pharmaceutical companies dropped, with Sanofi falling over 8%, and others like Bristol-Myers Squibb and Novo Nordisk declining nearly 5% [2] - The Pharmaceutical Research and Manufacturers of America criticized the introduction of "foreign price controls," arguing it would undermine U.S. innovation and harm patients and workers [3] - Companies like Pfizer and Novartis stated they are working on solutions to make medications more affordable for American patients, with AstraZeneca considering price reductions and direct sales models [3]

Core Viewpoint - President Trump has issued an ultimatum to 17 pharmaceutical companies, demanding significant reductions in drug prices within 60 days, threatening to use all available tools to protect American families from high drug pricing practices [1][5][6] Group 1: Ultimatum Details - The letter was sent to major pharmaceutical companies including Eli Lilly, GlaxoSmithKline, Pfizer, Regeneron, Merck, and Novo Nordisk [1] - If companies do not comply by September 29, Trump will take action to address the issue [1] - The announcement led to a sell-off in the pharmaceutical sector, with stock prices of GlaxoSmithKline and Merck dropping over 4%, and Sanofi's stock falling more than 7% [1] Group 2: Previous Policies - In May, Trump signed an executive order reinstating a controversial "Most Favored Nation" policy aimed at linking U.S. drug prices to significantly lower prices in other countries [3] Group 3: Specific Demands - Trump outlined specific steps for companies to take, including: - Full implementation of "Most Favored Nation" pricing, requiring pharmaceutical companies to offer their entire drug portfolio at the lowest prices available in other developed countries to all Medicare patients [7] - Locking in new drug prices by requiring companies to contract with the U.S. government to ensure "Most Favored Nation" pricing for all new drugs [8] - Pressuring foreign markets to negotiate harder with what he termed "foreign freeloading countries" [8] - Bypassing intermediaries by adopting a direct-to-consumer sales model to ensure all Americans receive the same "Most Favored Nation" pricing [8] Group 4: Industry Response - AstraZeneca has reportedly proposed lowering some drug prices in the U.S. and is considering direct sales to patients [8] - Companies like Eli Lilly, Novo Nordisk, Pfizer, and Bristol-Myers Squibb have also adopted direct-to-consumer sales models in response to the affordability crisis faced by American patients [8]

Core Insights - Merck's total revenue for the first half of the year was $31.335 billion, a 2% year-over-year decline, with pharmaceutical revenue at $27.688 billion, down 3% [2] - Sales of the core HPV vaccine plummeted, with revenue in China dropping 70% to $1.075 billion, representing only 3.9% of Merck's global pharmaceutical business [2] - Keytruda (pembrolizumab) sales increased by 7% to $15.16 billion, but the growth rate has slowed significantly compared to 18% in the first half of 2024 [2] - The HPV vaccine Gardasil/Gardasil9 also saw a significant decline, with sales of $2.453 billion, down 48% year-over-year [2] Cost-Saving Measures - In response to the decline in performance, Merck initiated a cost-saving plan aimed at saving $3 billion annually until the end of 2027, with funds reinvested to support new product launches across multiple therapeutic areas [2] - As part of this plan, Merck approved a restructuring project that will involve cutting administrative, sales, and R&D positions while continuing to hire in strategic growth areas [2] - The company will also reduce its global real estate footprint and optimize its manufacturing network [2] Future Outlook and Challenges - The slowdown in core product growth is expected to impact Merck's annual and future performance, with key patents for Keytruda expiring in 2028 and competition from biosimilars and domestic PD-1 drugs threatening market share [3] - Geopolitical tensions and trade wars pose additional risks, with potential tariffs on goods from various countries, including a 15% to 50% tariff on imports, affecting Keytruda's production base in Ireland [3] - Merck has taken measures to mitigate these risks by transferring sufficient inventory to the U.S. to ensure supply is not affected by tariff policies before the end of 2025 [3] - For the full year 2025, Merck projects global sales between $64.3 billion and $65.3 billion, raising questions about finding new growth drivers [3] Investment Plans - Merck is looking to invest in chronic obstructive pulmonary disease (COPD) as a potential growth area, announcing a $10 billion acquisition of Verona Pharma, which focuses on respiratory diseases [3] - The acquisition centers on Ensifentrine, a dual inhibitor of phosphodiesterase-3 and phosphodiesterase-4, which is expected to be a breakthrough therapy for COPD, with market sales projected to exceed $1 billion and potentially reach $4 billion [3]