Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" (maintained) [1] Core Insights - The 2025 National Medical Insurance Negotiation results were announced, with 114 new drugs added to the medical insurance directory, achieving an overall success rate of 88%, the highest in nearly seven years, with a maximum price reduction of 94 [4][19] - The newly added drugs include monoclonal antibodies, bispecific antibodies, ADCs, siRNA, and small molecules, indicating a strong focus on innovative therapies [19][32] - The commercial insurance directory has added 19 innovative drugs, which, while not reimbursed by medical insurance, receive support for innovative drug applications, enhancing patient access and benefiting the innovative drug industry [5][24] Summary by Sections 1. National Medical Insurance Negotiation Results - The 2025 medical insurance directory added 114 new drugs, with a success rate of 88% and a maximum price reduction of 94% [4][13] - The total number of drugs in the national medical insurance directory reached 3,253, including 1,857 Western medicines and 1,396 traditional Chinese medicines [16][17] - The directory reflects a significant increase in the inclusion of innovative drugs, with 50 of the new additions classified as category 1 innovative drugs [19][21] 2. Commercial Insurance Directory - The commercial insurance directory added 19 innovative drugs, highlighting their clinical value and innovation [24][28] - The directory includes treatments for diseases such as Alzheimer's, rare diseases in children, and other critical conditions, showcasing a focus on addressing unmet medical needs [24][28] - The support for innovative drugs in the commercial insurance directory aims to fill gaps in patient coverage and enhance the overall healthcare system [25][28] 3. Market Performance - In the second week of December, the pharmaceutical and biotechnology sector declined by 1.04%, underperforming the CSI 300 index by 0.96 percentage points [6][34] - The medical research outsourcing sector showed the highest increase, up by 3.69%, while offline pharmacy and medical circulation sectors experienced the largest declines [6][36] 4. Recommended Companies - The report continues to favor innovative drugs and their supply chain, recommending companies such as Sanofi, Innovent Biologics, and others for investment [7][32]

Core Points - Novartis has commenced construction on a new manufacturing hub in North Carolina, which will span over 700,000 square feet [1][4] - The project includes new facilities in Morrisville and Durham, along with the expansion of an existing facility, expected to create 700 direct jobs and over 3,000 indirect jobs by 2030 [2][4] - This initiative is part of Novartis' broader $23 billion investment in US infrastructure over the next five years [2][9] Investment and Economic Impact - The new manufacturing hub is anticipated to open between 2027 and 2028, marking a significant investment in the US market [5][6] - The expansion reflects Novartis' commitment to domestic production of key medicines, enhancing the supply chain for US patients [4][7] - The project is expected to bolster the local economy and create high-paying jobs, reinforcing North Carolina's position in the life sciences sector [5][9] Regulatory and R&D Developments - Novartis has achieved five FDA approvals in various therapeutic areas, demonstrating its commitment to innovation [8] - The company plans to establish a $1.1 billion biomedical research hub in San Diego, complementing its existing research facilities [8] - Investments in manufacturing capabilities include new facilities in Florida and Texas, alongside expansions in Indiana and New Jersey [8]

Figure 1 Novartis executives, federal, state and local officials gather for a groundbreaking at the company's flagship manufacturing hub in Durham, North Carolina, Thursday, December 11, 2025 Figure 2 Novartis CEO Vasant (Vas) Narasimhan, MD, pictured with North Carolina Governor Josh Stein at the company's flagship manufacturing hub groundbreaking in Durham, NC, Thursday, December 11, 2025 FDA Commissioner Marty Makary, North Carolina Governor Josh Stein and Novartis leadership highlight importance ...

（文章来源：证券日报） 据了解，IgA肾病作为一种常见的原发性肾小球疾病，在我国青壮年人群中高发，尤其集中于20至30岁 年龄阶段。疾病初期症状隐匿，但病情持续进展风险高。临床研究显示，若未能有效控制，约半数伴有 持续性蛋白尿的IgA肾病患者可能在确诊后的10至20年内发展至肾衰竭，最终不得不依赖终身透析或肾 移植。长期以来，临床治疗选择相对有限，亟需既能有效延缓疾病进展、又具备良好安全性的创新治疗 手段。 此次首发的诺锐达®（盐酸阿曲生坦片）作为中国首个获批用于此适应症的非免疫性疗法，它填补了该 领域非激素类基础治疗的空白。它能够与现有标准治疗联合使用，为临床医生提供了全新的武器，有望 为患者疾病的长期管理增添更多可能性和希望。 未来，京东健康将继续依托其坚实的医药健康服务生态，在肾病等慢性疾病管理领域深耕。通过与诺华 这样的全球领先药企深化合作，京东健康不仅将持续引入如诺锐达®这样的前沿治疗药物，更将聚焦于 为患者提供覆盖全病程的数字化健康管理解决方案，有效提升我国肾病患者乃至更广泛慢病人群的生命 质量。 本报讯 （记者袁传玺）12月12日，诺华公司旗下创新药物诺锐达®（盐酸阿曲生坦片）在京东健康线 上首 ...

本报讯(记者袁传玺)12月12日，诺华公司旗下创新药物诺锐达(盐酸阿曲生坦片)在京东健康线上首发。 该药物是中国首个获批、用于降低有疾病快速进展风险的原发性免疫球蛋白A肾病(IgA肾病)成人患者蛋 白尿的非免疫性疗法，也是国内目前唯一针对此适应症的高选择性内皮素A(ETA)受体拮抗剂。京东健 康将依托"新特药全网首发第一站"的能力优势，凭借其强大的供应链履约能力、专业药师服务，助力创 新药物更快速、更精准、更可及地触达全国患者。 未来，京东健康将继续依托其坚实的医药健康服务生态，在肾病等慢性疾病管理领域深耕。通过与诺华 这样的全球领先药企深化合作，京东健康不仅将持续引入如诺锐达这样的前沿治疗药物，更将聚焦于为 患者提供覆盖全病程的数字化健康管理解决方案，有效提升我国肾病患者乃至更广泛慢病人群的生命质 量。 据了解，IgA肾病作为一种常见的原发性肾小球疾病，在我国青壮年人群中高发，尤其集中于20至30岁 年龄阶段。疾病初期症状隐匿，但病情持续进展风险高。临床研究显示，若未能有效控制，约半数伴有 持续性蛋白尿的IgA肾病患者可能在确诊后的10至20年内发展至肾衰竭，最终不得不依赖终身透析或肾 移植。长期以来，临床 ...

未来，京东健康将继续依托其坚实的医药健康服务生态，在肾病等慢性疾病管理领域深耕。通过与诺华 这样的全球领先药企深化合作，京东健康不仅将持续引入如诺锐达®这样的前沿治疗药物，更将聚焦于 为患者提供覆盖全病程的数字化健康管理解决方案，有效提升我国肾病患者乃至更广泛慢病人群的生命 质量。 （编辑 张明富） 本报讯 （记者袁传玺）12月12日，诺华公司旗下创新药物诺锐达®（盐酸阿曲生坦片）在京东健康线 上首发。该药物是中国首个获批、用于降低有疾病快速进展风险的原发性免疫球蛋白A肾病（IgA肾 病）成人患者蛋白尿的非免疫性疗法，也是国内目前唯一针对此适应症的高选择性内皮素A（ETA）受 体拮抗剂。京东健康将依托"新特药全网首发第一站"的能力优势，凭借其强大的供应链履约能力、专业 药师服务，助力创新药物更快速、更精准、更可及地触达全国患者。 据了解，IgA肾病作为一种常见的原发性肾小球疾病，在我国青壮年人群中高发，尤其集中于20至30岁 年龄阶段。疾病初期症状隐匿，但病情持续进展风险高。临床研究显示，若未能有效控制，约半数伴有 持续性蛋白尿的IgA肾病患者可能在确诊后的10至20年内发展至肾衰竭，最终不得不依赖终身透析或 ...

Group 1 - Novartis AG has been upgraded to Overweight from Neutral by JPMorgan, with a new price target set at CHF 125, up from CHF 95, as part of its 2026 outlook for the European pharma sector [1] - The performance of the pharmaceutical sector is expected to be driven by pipeline readouts, leading to downgrades for companies lacking such developments in 2026 [2] - Novartis announced FDA approval for Itvisma, the first gene replacement therapy for spinal muscular atrophy (SMA) in children aged two and older, adults, and teens with a confirmed mutation in the SMN1 gene [3] Group 2 - Itvisma demonstrated improved motor function and stabilization in patients regardless of their SMA treatment history during Phase III studies, with a one-time dose replacing the SMN1 gene [4] - Novartis operates in various segments, including Innovative Medicines, Sandoz, and Corporate, and is headquartered in Basel, Switzerland [5]

Core Insights - Novartis AG announced results from the VAYHIT2 Phase 3 trial of ianalumab plus eltrombopag for patients with primary immune thrombocytopenia (ITP) previously treated with corticosteroids [1][5] Group 1: Trial Results - Ianalumab (9 mg/kg) plus eltrombopag extended ITP disease control by 45%, with a median time to treatment failure of 13.0 months compared to 4.7 months for placebo plus eltrombopag [2] - The sustained platelet count improvement rate at six months was significantly higher for ianalumab plus eltrombopag at 62% versus 39% for placebo plus eltrombopag [4] - Fatigue improvement was also noted, with a mean reduction of 7.7 points for ianalumab plus eltrombopag compared to 3.6 points for placebo plus eltrombopag [4] Group 2: Additional Insights - The estimated probability of being free from treatment failure at 12 months was 54% in the 9-mg group, 51% in the 3-mg group, and 30% in the placebo group [5] - Ianalumab is under investigation for other B-cell-driven autoimmune diseases, with ongoing Phase 3 trials in first-line ITP and in second and later lines of warm autoimmune hemolytic anemia, with results expected in 2026 [5] - Novartis stock increased by 1.46% to $132.07 at the time of publication [5]

Core Insights - Novartis AG is currently considered one of the most undervalued stocks, particularly following the FDA approval of Itvisma® for treating spinal muscular atrophy (SMA) [1][2] - Itvisma® is designed to address the genetic cause of SMA with a one-time fixed dose, which is a significant advancement over existing therapies that require chronic administration [2] Financial Performance - In Q3 2025, Novartis reported net sales of US$13.9 billion, reflecting an 8% increase (7% in constant currency), with volume contributing 16 percentage points to this growth [3] - The company's operating income reached US$4.5 billion, marking a 24% increase (27% in constant currency), driven by higher net sales and reduced impairments, although this was partially offset by increased R&D investments [4] - Generic competition negatively impacted sales by 7 percentage points, particularly affecting products like Promacta, Tasigna, and Entresto in the US [3]

Core Insights - Terns Pharmaceuticals presented updated data from the CARDINAL trial of TERN-701 for chronic myeloid leukemia (CML) patients, showing promising efficacy and safety results [1][3]. Efficacy Data - Among 38 efficacy-evaluable patients, the overall major molecular response (MMR) rate was 74% (28 out of 38) at 24 weeks, with 64% (18 out of 28) achieving MMR and 100% (10 out of 10) maintaining MMR [2][3]. - The deep molecular response (DMR) achievement rate was 29% by 24 weeks, with no patients losing MMR at the data cutoff [3][5]. - The reported MMR achievement rate of 64% is significantly higher than that of approved treatments like Scemblix and investigational agents, which reported rates of 24%-32% [8]. Safety Profile - The safety profile of TERN-701 was encouraging, with 87% (55 out of 63) of patients remaining on treatment as of the data cutoff [3]. - No dose-limiting toxicities were observed, and a maximum tolerated dose was not reached, indicating a favorable safety profile [3][4]. - The majority of treatment-emergent adverse events were low grade, with no apparent dose relationship [4]. Recommended Doses - The higher MMR achievement rate of 75% at doses of 320mg and above supports the selection of 320mg and 500mg QD as the recommended phase 2 doses for expansion [4][6]. Market Potential - Analysts believe TERN-701 has the potential to disrupt the CML treatment landscape, which has a global total addressable market (TAM) of approximately $5 billion [7]. - The consistency of efficacy data from the trial adds to the bullish sentiment among analysts regarding TERN-701's market prospects [9].