三生国健双抗新药授权辉瑞 科创板药企再次刷新国产创新药出海首付款纪录 金十数据5月20日讯，5月20日，科创板创新药企业三生国健宣布，公司及关联方三生制药和沈阳三生共 同授予辉瑞PD-1/VEGF双特异性抗体SSGJ-707在全球（不包括中国大陆）的独家开发、生产、商业化 权利。辉瑞保留通过支付额外付款获得在中国大陆商业化许可产品的权利。根据协议，辉瑞将支付12.5 亿美元不可退还且不可抵扣的首付款，最高可达48亿美元的开发、监管批准和销售里程碑付款，以及根 据授权地区产品销售额计算得到的两位数百分比的梯度销售分成。该笔授权交易的"12.5亿美元首付 款"再次刷新国产创新药出海首付款金额纪录，也标志着科创板创新药企业的研发实力再次获得国际顶 尖医药公司认可，达成国内药企迈向全球市场的又一里程碑。 （上证报） ...

Group 1 - The U.S. pharmaceutical industry is experiencing significant turmoil, pushing the entire biopharmaceutical sector into a low valuation zone, with Goldman Sachs comparing the current state to "energy stocks at the peak of the ESG craze," suggesting it resembles a dying industry [1][3] - Recent events have increased volatility in the pharmaceutical sector, including Trump's pledge to significantly cut drug prices using the "most favored nation" rule, UnitedHealth Group's stock experiencing its worst weekly decline since 1998, and the CEO of Novo Nordisk announcing his resignation [1] - Goldman Sachs analysts noted that the relative P/E ratio of biopharmaceuticals compared to the S&P 500 briefly expanded to extreme levels seen during periods of high uncertainty, before slightly rebounding at the end of last week [1] Group 2 - Concerns are raised about the low valuations of large pharmaceutical stocks in both the U.S. and Europe, with Goldman Sachs' European pharmaceutical expert stating that the current trading conditions resemble those of energy stocks during the peak of the ESG era [3] - The valuation of the pharmaceutical sector has fallen below levels seen during the recovery from the global financial crisis and the peak of the COVID-19 liquidity bubble, reaching unprecedented lows [3] - European pharmaceutical stocks are also at historical low valuations, with a significant discount relative to the STOXX Europe 600 index [3] Group 3 - Key upcoming events that investors should closely monitor include the Goldman Sachs Healthcare Policy Day on May 20, the FDA Oncology Drug Advisory Committee meeting on May 20-21 discussing multiple cancer drug applications, and several significant events on May 22 [4][5] - On May 22, the FDA Vaccine Advisory Committee will discuss COVID-19 vaccine strains, and the deadline for the FDA's action on compounded semaglutide will be reached, which Novo Nordisk estimates affects about 1 million patients [5] - The ASCO (American Society of Clinical Oncology) will release most of its complete abstracts on May 22, which may impact U.S. pharmaceutical companies such as ABBV, BMY, JNJ, LLY, MRK, and PFE [5]

智通财经5月20日电，三生制药5月20日公告称，公司与辉瑞就PD-1/VEGF双特异性抗体SSGJ-707订立 许可协议，辉瑞将获得该产品在全球（不包括中国内地）的独家开发及商业化权利。公司将获得1250百 万美元首付款及最多4800百万美元的潜在付款，包括开发、监管批准及销售里程碑付款，并收取双位数 百分比的特许权使用费。此外，辉瑞可能认购公司价值100百万美元的新股份。许可协议须满足多项先 决条件。 三生制药与辉瑞签许可协议 获12.5亿美元首付款 ...

Summary of Key Points Core Viewpoint - The announcement details a licensing agreement between Sangfor Health (Shanghai) Co., Ltd. and its affiliates, granting Pfizer Inc. exclusive rights to develop, produce, and commercialize a dual-specific antibody product targeting PD-1 and VEGF outside of mainland China, with potential commercialization rights in mainland China under certain conditions [1][5][11]. Group 1: Transaction Overview - The transaction involves a licensing agreement that allows Pfizer to exclusively develop, produce, and commercialize the licensed product in specified regions and fields [1][3]. - The revenue from the agreement will be shared based on the initial R&D investments and asset ownership, with Sangfor Health receiving 30% and Shenyang Sangfor receiving 70% [1][5]. - The agreement is classified as a related party transaction, requiring approval from the company's shareholders and regulatory bodies [2][5]. Group 2: Product Details - The licensed product is a dual-specific antibody that targets PD-1 and VEGF, developed through a collaboration between Sangfor Health and Shenyang Sangfor [5][11]. - The product aims to enhance anti-tumor effects while reducing potential side effects compared to combination therapies, with ongoing clinical trials for various cancer types [5][11]. Group 3: Counterparty Information - Pfizer Inc. is a multinational biotechnology and pharmaceutical company based in the United States, listed on the New York Stock Exchange [6]. - Sangfor Health is a subsidiary of Sangfor Pharmaceutical, which holds a significant stake in the company [6][7]. Group 4: Financial Terms - The financial terms of the agreement include an upfront payment, milestone payments, and royalties based on annual net sales in the licensed regions [11][12]. - The total potential payments to be made by Pfizer could reach up to $4.8 billion, contingent on achieving specific development and sales milestones [11][12]. Group 5: Approval and Compliance - The agreement is subject to approval from the company's shareholders and must comply with antitrust regulations in the U.S. and other jurisdictions [2][5]. - The effectiveness of the licensing agreement is contingent upon meeting several conditions, including the approval of the shareholders' meeting and the establishment of a supply agreement for clinical trials [12][14].

Core Insights - The collaboration between 3SBio and Pfizer marks a significant milestone in the internationalization journey of 3SBio, highlighting the global recognition of SSGJ-707's clinical efficacy and the company's competitive edge in innovation [2][3] Group 1: Agreement Details - 3SBio and its subsidiaries have granted Pfizer exclusive rights to develop, manufacture, and commercialize the innovative PD-1/VEGF bispecific antibody SSGJ-707 globally, excluding mainland China [1] - 3SBio will retain rights for SSGJ-707 in mainland China and grant Pfizer an option for commercialization in that region based on agreed financial terms [1] - The agreement includes a non-refundable upfront payment of $1.25 billion and potential milestone payments of up to $4.8 billion, along with a double-digit percentage sales royalty based on product sales in the licensed territories [1] Group 2: Product Information - SSGJ-707 is developed based on the CLF2 patent platform and targets both PD-1 and VEGF, showing promising objective response rates (ORR) and disease control rates (DCR) in non-small cell lung cancer (NSCLC) patients [2] - The drug has received breakthrough therapy designation from the National Medical Products Administration for first-line treatment of PD-L1 positive locally advanced or metastatic NSCLC and has also obtained IND approval from the FDA [2] - Clinical research for SSGJ-707 is ongoing in other areas, including colorectal cancer and gynecological tumors [2] Group 3: Strategic Implications - This partnership is expected to accelerate the global development and commercialization of SSGJ-707, enhancing 3SBio's global strategy and financial returns [2][3] - The collaboration is anticipated to strengthen 3SBio's position in the oncology treatment field and integrate the company further into the global biopharmaceutical value chain [2][3]

（於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：01530） 內幕消息公告 (1)與輝瑞就PD-1/VEGF雙特異性抗體(SSGJ-707) 訂 立 許 可 協 議； 香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 就 因 本 公 告 的 全 部 或 任 何 部 份 內 容 所 產 生 或 因 依 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 及 (2)輝瑞可能認購若干數目的本公司新股份 本公告由三生制药（「本公司」，連 同 其 附 屬 公 司，統 稱「本集團」）根據香港聯合交 易所有限公司證券上市規則（「上市規則」）第13.09(2)條及香港法例第571章證券及 期貨條例第XIVA部項下的內幕消息條文（定 義 見 上 市 規 則）作 出。 (1) 與輝瑞就PD-1/VEGF雙特異性抗體(SSGJ-707)訂立許可協議 許可協議 本公司董事會（「董事會」）欣 然 ...

Core Insights - Merck and Pfizer are leading pharmaceutical companies with strong oncology portfolios, but their revenue reliance differs significantly, with oncology accounting for over 50% of Merck's total revenues compared to around 25% for Pfizer [1][2]. Group 1: Pfizer's Position - Pfizer is recovering from a slowdown in 2023/early 2024, with diminishing COVID-related uncertainties leading to reduced revenue volatility [3]. - Non-COVID operational revenues improved in 2024, driven by key products like Vyndaqel, Padcev, and Eliquis, as well as new launches and acquisitions [4]. - Pfizer anticipates cost cuts and restructuring to yield savings of $7.7 billion by the end of 2027, which should enhance profit growth [5]. - Challenges include declining sales of COVID-19 products and significant impacts from patent expirations expected between 2026-2030 [6]. - Pfizer has faced setbacks, including the discontinuation of the GLP-1R agonist danuglipron due to safety concerns [7]. - As of March 31, 2025, Pfizer had cash and cash equivalents of $17.3 billion and long-term debt of $57.6 billion, with a debt-to-capital ratio of 0.41 [8]. Group 2: Merck's Position - Merck has over six blockbuster drugs, with Keytruda being the primary revenue driver, particularly in early-stage non-small cell lung cancer [9]. - The company has made significant regulatory and clinical progress, with its phase III pipeline nearly tripling since 2021 [10]. - However, Merck is heavily reliant on Keytruda, raising concerns about its ability to diversify its product lineup ahead of the drug's patent loss in 2028 [11]. - Merck ended 2024 with cash and cash equivalents of $9.2 billion and long-term debt of $33.5 billion, also with a debt-to-capital ratio of 0.41 [12]. Group 3: Financial Estimates and Performance - The Zacks Consensus Estimate for Pfizer's 2025 sales implies a year-over-year decrease of 0.6%, while Merck's estimates suggest a 0.9% increase [13][17]. - Year-to-date, Pfizer's stock has declined by 10.8%, while Merck's stock has dropped by 22.9%, compared to the industry's decrease of 4.0% [19]. - Pfizer's dividend yield of 7.5% is higher than Merck's 4.3%, and Pfizer's return on equity is 20.3%, lower than Merck's 43.2% [22][23]. Group 4: Market Outlook - Both companies are cheaper than larger drugmakers like AbbVie and Eli Lilly, but Merck's reliance on Keytruda and challenges in other areas raise concerns about its future growth [28]. - Pfizer's improving growth prospects, rising estimates, and higher dividend yield position it as a better investment option compared to Merck [29].

Core Insights - Astellas Pharma will present 16 abstracts at the 2025 ASCO Annual Meeting, showcasing new clinical data from its oncology portfolio, emphasizing its commitment to improving cancer care and patient outcomes [1][3] Group 1: Clinical Data Highlights - The abstracts include long-term overall survival (OS) data for XTANDI (enzalutamide) and PADCEV (enfortumab vedotin), demonstrating their effectiveness in treating various forms of prostate and urothelial cancers [2][4] - Astellas will feature a five-year follow-up OS analysis of enzalutamide combined with androgen-deprivation therapy in metastatic hormone-sensitive prostate cancer patients [4][6] - The company is also supporting investigator-sponsored studies, including an eight-year data analysis comparing enzalutamide to non-steroidal anti-androgen in metastatic hormone-sensitive prostate cancer [4] Group 2: Focus on Overall Survival - Astellas emphasizes that long-term overall survival is a critical endpoint in cancer research, with new analyses from the ARCHES trial indicating a commitment to enhancing patient longevity and quality of life [6] - Presentations will include subgroup analyses and exploratory studies from the phase 3 EV-302 trial of enfortumab vedotin in combination with pembrolizumab for previously untreated locally advanced or metastatic urothelial carcinoma [7][10] Group 3: Company Commitment and Future Directions - Astellas is dedicated to transforming cancer care through innovative treatment approaches and a growing pipeline that incorporates novel modalities and precision medicine [3][6] - The company aims to maximize the impact of its therapies, continuing to pioneer oncology medicines that address high unmet medical needs [3][6]

Core Insights - The article discusses three dividend-paying stocks that are currently facing challenges regarding their dividend sustainability, highlighting the importance of dividend growth for long-term investment returns [1][19]. Company Summaries AbbVie - AbbVie is a pharmaceutical company with a market capitalization of $300 billion, known for drugs like Skyrizi and Botox [3]. - The stock has declined by 16% year-to-date and offers a quarterly dividend of $1.64 per share, resulting in an annual yield of 3.5% [3]. - AbbVie has a concerning payout ratio of 266%, indicating potential risks to its dividend payments [4]. - Sales of Humira, a key drug, have dropped by 51% to $1.1 billion in fiscal Q1 2025 compared to the previous year, contributing to a 69% decline in net income over the trailing 12 months [5]. - The company's net debt has increased by 24% over the past two years to $64.7 billion, raising doubts about the future of its dividend [6]. - However, AbbVie's next-generation drugs, Skyrizi and Rinvoq, generated $5.1 billion in fiscal Q1 2025, a 65% increase year-over-year, with expectations of continued growth [7]. Medtronic - Medtronic is a medical device company with a focus on cardiac devices and surgical tools, currently down 37% from its 2021 highs [8]. - The company has paid and raised its dividend for 47 consecutive years, with a current quarterly dividend of $0.70 per share, yielding 3.3% annually [9]. - Medtronic's payout ratio stands at 84.7%, with a reported net income of $1.29 billion in fiscal Q3 2024, reflecting a 2% decline year-over-year [10]. - Despite revenue reaching all-time highs, net income has not significantly grown in a decade, partly due to the company's extensive acquisition strategy [11]. - Medtronic holds $18.6 billion in net debt, with servicing costs of $757 million over the past year, although it has reduced debt by 8% from recent highs [12][13]. Pfizer - Pfizer is a well-known pharmaceutical company with a history of 176 years, recently recognized for its COVID-19 vaccine [15]. - The company offers a quarterly dividend of $0.43 per share, yielding 7.6%, but its stock has fallen 63% from pandemic highs [16]. - Pfizer's payout ratio is 121.5%, raising concerns about its ability to maintain dividend increases for the 17th consecutive year [16]. - The company reported an 8% decline in revenue for Q1 2025, with total revenue of $13.7 billion, down from $14.9 billion in Q1 2024, largely due to a 76% drop in sales of its COVID-19 product, Paxlovid [17]. - Pfizer has averaged over $10 billion in R&D spending annually, while also managing $44 billion in net debt, which it has reduced by 31% in less than a year [18].

Group 1 - Pfizer's share price has increased by 5% over the past month, alleviating investor fears regarding significant changes to vaccination policies for children and older adults [1] - The leadership change with Robert F. Kennedy, Jr. has not led to the anticipated major shifts in vaccination policy [1] Group 2 - Allka Research has over two decades of experience in investment, focusing on identifying undervalued assets in various sectors including pharmaceuticals [1] - The firm aims to simplify investment strategies and empower investors through informed analyses and insights [1]