特朗普周四晚间宣布对进口药品征收100%关税后，瑞银等投行纷纷告诉客户，这一政策的实际影响或 将微乎其微。分析师指出，由于大型制药公司已在美国投资数百亿美元建设生产设施，大多数企业可获 得关税豁免。 据央视新闻报道，当地时间9月25日，美国总统特朗普在其社交媒体"真实社交"宣布，自10月1日起，美 国将对多类进口产品实施新一轮高额关税，其中对专利及品牌药品加征100%关税。 根据特朗普在社交媒体上的表态，对"任何品牌或专利药品"的100%关税将从10月1日起生效，但正在美 国建设制药生产厂的公司可获豁免。这一豁免条款被定义为"破土动工"或"在建中"，只要开始施工就无 需缴纳关税。 周五亚洲股市因关税消息走低，亚洲制药股出现下滑。但欧洲大型制药股在特朗普隔夜宣布药品进口关 税后表现相对稳定。 市场普遍认为，鉴于主要药企已有大量美国生产布局，新关税政策的实际冲击有限。分析师预计，这一 政策更多具有象征意义，旨在推动制药业回流美国，而非真正打击进口药品贸易。据彭博经济学家分 析，受此举影响最大的国家是新加坡和瑞士。英国也有一些重要的对美制药出口——其与美国的贸易协 定提到，如果出现新的232条款关税，将考虑特殊税率 ...

Core Viewpoint - The announcement of a 100% tariff on imported brand or patented drugs by the U.S. government, effective October 1, has prompted Roche to accelerate its investment plans in the U.S. pharmaceutical market, including a $50 billion commitment for manufacturing and R&D [1][2]. Group 1: Roche's Response - Roche has begun construction on a new manufacturing facility in Holly Springs, North Carolina, as part of its commitment to significant investment in the U.S. market [1]. - The company aims to meet the U.S. government's requirements to avoid the new tariffs by establishing a large manufacturing presence in the country [1][2]. Group 2: Impact on the Pharmaceutical Industry - The new tariff policy is expected to heavily impact European pharmaceutical giants like Novartis, Roche, Sanofi, AstraZeneca, and Bayer, forcing them to choose between absorbing high tariff costs or investing billions to relocate production to the U.S. or its trade partners [2]. - The transition of supply chains to the U.S. is complex and costly, potentially leading to disruptions and challenges in the short term [2]. Group 3: Strategic Implications - The tariff policy will reshape the pathways for global pharmaceutical companies entering the U.S. market, with significant implications for pricing and profit models if production remains overseas [3]. - Companies that choose to produce in the U.S. or partner with U.S.-based contract development and manufacturing organizations (CDMO) can avoid tariffs, although this will increase initial capital expenditures and unit costs [3].

欧洲制药股在早盘交易中下跌，诺和诺德、诺华制药、阿斯利康在德国Tradegate交易平台下跌 1.7%-2%。 （文章来源：第一财经） ...

Core Insights - Novartis will present new data from 34 abstracts related to its oncology portfolio at the ESMO Congress 2025 in Berlin from October 17-21, 2025 [1] - The company aims to set new standards of care for prevalent cancers, particularly breast and prostate cancer, through innovative therapies like radioligand therapy [2] Oncology Data Highlights - Key data from the PSMAddition trial will be showcased, highlighting the efficacy and safety of Pluvicto combined with standard care versus standard care alone in patients with PSMA-positive metastatic hormone-sensitive prostate cancer [4] - The NATALEE trial will provide five-year outcomes for Kisqali in early breast cancer, offering insights into recurrence risk reduction [4] - New data for Pluvicto and Kisqali strengthens their profiles, indicating potential for new standards of care in earlier disease settings [4] Presentation Details - Pluvicto's Phase 3 trial results will be presented at the Presidential Symposium on October 19, 2025 [3] - Additional presentations for Pluvicto and Kisqali will occur on October 18 and 20, 2025, covering various aspects of their efficacy and safety [3][5] Novartis Oncology Strategy - Novartis focuses on improving the lives of cancer patients and their caregivers by developing innovative and differentiated medicines [6] - The company collaborates with patient advocacy groups and supports education and early cancer screening initiatives [7] - Novartis has approximately 35 research and development projects in oncology, emphasizing technology and patient-centered research [7]

Core Viewpoint - Novartis has announced positive data regarding its monoclonal antibody Kesimpta for treating relapsing multiple sclerosis (RMS), demonstrating long-lasting efficacy and safety in patients [1][2]. Group 1: Efficacy of Kesimpta - In a 3b phase study (ARTIOS), patients with RMS who switched to Kesimpta after inadequate response to other treatments showed a significantly low annualized relapse rate (ARR) of only 0.06 at 96 weeks [1]. - Over 90% of participants in the study exhibited no evidence of disease activity (NEDA-3) as assessed by MRI, indicating nearly complete suppression of disease activity [1][2]. - In the ALITHIOS study, more than 90% of treatment-naive RMS patients achieved NEDA-3 after 7 years of continuous Kesimpta treatment, further confirming its durable efficacy [2]. Group 2: Safety Profile - The transition to Kesimpta did not reveal any new safety concerns, regardless of the last disease-modifying therapy (DMT) the patients received [1][2]. - The overall population and treatment-naive patients demonstrated good safety characteristics throughout the studies, with no new safety issues reported [2]. Group 3: Product Information - Kesimpta is a fully humanized monoclonal antibody targeting CD20, which works by depleting B cells from circulation [2]. - It received FDA approval in 2020 for treating relapsing adult multiple sclerosis patients and is notable for being the first B-cell targeted therapy that allows patients to self-administer monthly injections at home using an auto-injector [2].

Core Points - The U.S. will impose a 100% tariff on imported patented and branded drugs starting October 1, unless pharmaceutical companies establish manufacturing plants in the U.S. [1] - President Trump has previously threatened to increase tariffs on imported drugs, with potential rates rising to 250% over the next year and a half [1] - The intention behind the tariffs is to lower drug prices in the U.S., but there are concerns that this could lead to drug shortages and increased costs for consumers [1] Group 1 - Pharmaceutical companies are increasing investments in the U.S., with Roche planning to invest $50 billion and Johnson & Johnson aiming to invest $55 billion over the next four years [2] - Building a pharmaceutical plant in the U.S. is costly and time-consuming, and even domestic production may not avoid tariffs on imported raw materials [2] - European pharmaceutical giants like Novartis, Roche, Sanofi, AstraZeneca, and Bayer may face significant challenges, having to choose between absorbing tariff costs or investing heavily to relocate production to the U.S. or its trade partners [2]

Core Insights - Novartis announced positive data regarding its monoclonal antibody Kesimpta (ofatumumab) for relapsing multiple sclerosis (RMS), demonstrating sustained efficacy for up to 7 years [1][2] Group 1: Efficacy Data - In a 3b phase study (ARTIOS), patients who switched to Kesimpta after experiencing disease activity on other treatments showed a significantly low annualized relapse rate (ARR) of only 0.06 at 96 weeks [1] - Over 90% of participants in the ARTIOS study exhibited no evidence of disease activity (NEDA-3) as assessed by MRI [1] - In the ALITHIOS study, more than 90% of treatment-naive RMS patients achieved NEDA-3 by the seventh year, indicating the long-term effectiveness of Kesimpta [2] Group 2: Safety Profile - No new safety issues were observed in patients switching to Kesimpta, regardless of their previous disease-modifying therapy (DMT) [1][2] - The therapy demonstrated good safety characteristics in both the overall population and treatment-naive patients [2] Group 3: Product Information - Kesimpta is a fully humanized monoclonal antibody targeting CD20, approved by the FDA in 2020 for treating relapsing adult multiple sclerosis patients [2] - It is the first B-cell targeted therapy that allows patients to self-inject at home monthly using an auto-injector, enhancing disease management convenience [2]

Core Viewpoint - The article discusses the new high tariffs imposed by the Trump administration on various imported products, particularly focusing on pharmaceuticals, and the potential implications for the industry and patients in the U.S. Tariff Details - Starting from October 1, the U.S. will impose a 100% tariff on all branded and patented pharmaceutical products, a 50% tariff on kitchen cabinets, bathroom sinks, and related building materials, a 30% tariff on imported furniture, and a 25% tariff on all imported heavy trucks [2][3][4]. Market Reaction - Following the announcement, pharmaceutical stocks in Japan, South Korea, and Australia experienced significant declines, with CSL down over 4%, and several other companies like Sumitomo Pharma and Samsung Biologics also facing drops of more than 3% [2]. Economic Implications - Analysts warn that the high tariffs on pharmaceuticals could increase costs and disrupt the drug supply chain, potentially putting U.S. patients at risk. The new tariffs may exacerbate inflationary pressures in an already high-inflation environment, impacting economic growth and creating new uncertainties for businesses [2][5]. Industry Response - The Trump administration aims to encourage pharmaceutical companies to relocate production back to the U.S., as domestic production has significantly declined, with a 70% reliance on imports. Major companies like Johnson & Johnson and GlaxoSmithKline have announced plans to increase investments in U.S. manufacturing [5][6]. Long-term Considerations - The article highlights the need for the U.S. government to balance domestic industry interests with global trade relations and patient welfare. Failure to find this balance could lead to chaos in the global pharmaceutical industry and increased drug costs for patients [6]. Policy Context - Throughout the year, the Trump administration has focused on lowering drug prices and reshaping the pharmaceutical supply chain. Previous proposals included reducing drug prices by 30%-80% and imposing even higher tariffs on imported drugs [7][8]. Future Initiatives - The government is considering creating a direct sales platform for prescription drugs, allowing patients to purchase discounted medications directly from manufacturers. This initiative aims to align U.S. drug prices with those in other developed countries [8][9].

Core Insights - Novartis announced new data on Kesimpta® (ofatumumab) for relapsing multiple sclerosis (RMS) to be presented at ECTRIMS 2025 Annual Meeting [1] - The studies demonstrate significant efficacy and safety of Kesimpta in patients who switched from other therapies [2][3] Study Findings - The ARTIOS Phase IIIb study showed a low annualized relapse rate (ARR) of 0.06 over 96 weeks for patients switching to Kesimpta, with over 90% achieving no evidence of disease activity (NEDA-3) [2][6] - The ALITHIOS study indicated that more than 90% of recently diagnosed treatment-naïve patients achieved NEDA-3 at seven years, highlighting long-term efficacy [3][6] Safety Profile - No new safety concerns were reported in both studies after switching to Kesimpta, reinforcing its favorable safety profile [2][3] Product Overview - Kesimpta is a targeted B-cell therapy administered via subcutaneous injection, approved in over 92 countries, with more than 150,000 patients treated as of August 2025 [5][6] Company Background - Novartis has over 80 years of experience in tackling neurological conditions and continues to develop transformative treatments in multiple sclerosis and other neurological diseases [7]

Core Insights - Novartis announced new data on Kesimpta (ofatumumab) for relapsing multiple sclerosis (RMS) at the ECTRIMS 2025 Annual Meeting, highlighting its efficacy and safety in patients who switched from other therapies [1][2][3] Study Findings - The ARTIOS Phase IIIb study demonstrated a low annualized relapse rate (ARR) of 0.06 over 96 weeks for patients switching to Kesimpta after breakthrough disease on fingolimod or fumarate-based therapies, with over 90% achieving no evidence of disease activity (NEDA-3) [2][6] - The ALITHIOS extension study showed that more than 90% of recently diagnosed treatment-naïve patients on first-line Kesimpta maintained NEDA-3 status at seven years, indicating long-term efficacy [3][6] Safety Profile - No new safety concerns were reported in both studies following the switch to Kesimpta, reinforcing its favorable safety profile [2][3][4] Product Information - Kesimpta is a targeted B-cell therapy administered via subcutaneous injection, approved in over 92 countries, with more than 150,000 patients treated as of August 2025 [5][6] Company Background - Novartis has over 80 years of experience in tackling neurological conditions and continues to develop transformative treatments in multiple sclerosis and other neurological diseases [7]