在生物医药领域，"授权合作"是常见的模式，并从去年以来加速。 今年创新药行情由跨国药企高额交易驱动。 国际投行Jefferies认为，中国创新药研发性价比高、临床研发成本高，双方BD（商务开发）合作是强强联合，中国药企可借此提升全球商业化能力，但目前 仍处于起步阶段。 继人工智能、新消费等行业后，今年以来中国医药行业迎来了三年低迷后的逆袭。 创新药行情是由跨国药企高额交易所驱动的，美国大药企更是疯狂"扫货"中国管线，超过10亿美元的海外授权（Licensing-out）订单常态化。当前，创新药 行情热度依旧不减，众多生物医药企业排队等待港股IPO。 所谓"授权合作"，即中国药企将候选药物的部分权利（如全球开发、生产、商业化权利）授权给美国药企。中国药企通常仍然保留药物的专利权归属，并无 需建设自主全球商业化能力。美国药企拥有在协议范围内的独占许可权，有权在相关市场开展后续开发与销售，而中国企业则可获得里程碑付款（临床、注 册、销售等），并按药物在美国或全球的销售额获得一定比例（如5%~15%）。 根据港交所披露的数据，截至7月中旬，约有288家企业排队等待IPO，其中不乏生物医药企业试图通过18A规则上市。在 ...

Company Analysis - Sanofi has entered a global licensing agreement with Pfizer for the PD-1/VEGF dual antibody 707, which includes an upfront payment of $1.25 billion, potential milestone payments of up to $4.8 billion, and a double-digit sales revenue share [2] - Pfizer will subscribe to 31,142,500 shares of Sanofi at HKD 25.2 per share, totaling approximately HKD 785 million (around $100 million) [2] - The agreement grants Pfizer an option for rights in China, which could yield an additional $150 million if exercised [2] Clinical Development Insights - The 707 antibody is noted for its differentiated structure, which may provide advantages in efficacy and safety compared to similar PD-1/VEGF dual antibodies [5] - Pfizer's management expressed confidence in the clinical data for 707, indicating its potential as a foundational treatment option for multiple indications [5][6] - The Phase II clinical data presented at ASCO showed a 64.7% confirmed overall response rate (cORR) in patients with PD-L1+ NSCLC [5] Market Outlook - Pfizer plans to accelerate the global Phase III clinical development of 707, exploring its use as a monotherapy and in combination with chemotherapy and ADCs [6] - The report maintains a "Buy" rating for Sanofi with a target price of HKD 37.67, reflecting an upward adjustment in sales expectations due to Pfizer's rapid development plans [6] Other Company Insights - Thermo Fisher Scientific reported a 3.0% year-over-year revenue growth in Q2 2025, with adjusted EPS declining by 0.2% [7] - The company has raised its full-year guidance, expecting revenue growth between 1.7% and 3.1% [7][8] - Zhejiang Dingli's Q2 2025 net profit increased by 19% year-over-year, primarily driven by foreign exchange gains [8]

Investment Rating - The report does not explicitly state an investment rating for the industry, but it provides insights into market performance and trends [2][4]. Core Insights - The pharmaceutical and biotechnology sector saw a weekly increase of 1.9%, underperforming the Wind All A index (2.21%) but outperforming the CSI 300 index [2][7]. - The medical research outsourcing segment experienced the highest growth at 8.29%, while chemical preparations and other biological products faced declines of -2.02% and -0.58%, respectively [2][8]. - The Quark Health model achieved a significant milestone by passing the written assessment for chief physician in 12 core disciplines, marking a rapid development phase for medical AI models in China [2][11]. - State-owned equity funds are actively acquiring stakes in pharmaceutical companies, with notable transactions including the acquisition of Kanghua Biological and a significant stake in MicroPort Medical [2][11]. Summary by Sections Market Weekly Review - The pharmaceutical and biotechnology sector rose by 1.9% from July 21 to July 25, 2025, with medical research outsourcing leading the gains at 8.29% [2][7]. - Individual stocks such as Haitai Biological (46.9%), Zhendong Pharmaceutical (42.9%), and Saily Medical (31.7%) saw significant increases, while *ST Suwu (-22.3%) and Yong'an Pharmaceutical (-13.7%) faced notable declines [2][10]. Industry News and Key Company Announcements Important Industry Events - The National Medical Insurance Administration announced new measures to optimize drug procurement, emphasizing quality over lowest price and launching a nationwide drug price comparison tool [2][11]. Industry News - Shanghai Biopharmaceutical M&A Fund is set to acquire shares in MicroPort Medical, becoming a strategic shareholder [2][11]. - Kangfang Biologics' new indication application for Ivoris monoclonal antibody has been accepted by the National Medical Products Administration [2][11]. Company Announcements - WuXi Biologics reported a positive mid-year earnings forecast, expecting a 16% revenue increase and a 3.6% rise in gross margin [2][14]. - The Quark Health model's capabilities continue to align closely with human physicians, marking a significant advancement in AI healthcare applications [2][14]. - WuXi AppTec and other companies reported substantial revenue growth, with WuXi AppTec expecting over 60% growth in the first half of 2025 [2][14].

Investment Rating - The report maintains a "Positive" outlook for the pharmaceutical and biotechnology industry in China [6]. Core Insights - Small nucleic acid drugs are expected to become the third major class of drugs after small molecules and antibodies, with unique advantages such as broad targets, strong specificity, high development efficiency, and long dosing intervals [9][38]. - The commercialization of rare diseases is maturing, and the long-term advantages for chronic diseases are becoming evident, with significant sales growth for products like Spinraza and Leqivo [9][60]. - There is a notable increase in business development (BD) activities, highlighting the potential of early-stage chronic disease pipelines [9]. Summary by Sections 1. Small Nucleic Acids: Potential as a New Drug Class - Small nucleic acid drugs, including ASO, siRNA, and Aptamer, interact with mRNA to regulate gene expression, offering a new technological pathway for drug development [13]. - The global market for small nucleic acid drugs has grown from $1.04 billion in 2017 to $5.09 billion in 2024, with a CAGR of 25.5% [60]. 2. Milestones in Overseas and Domestic Markets - In the overseas market, significant developments are expected in the TTR field and cardiovascular diseases, with drugs like Vutrisiran and Pelacarsen showing promise [9]. - In China, new therapies for chronic hepatitis B and competitive advancements in cardiovascular drugs are emerging, with several companies making progress in their pipelines [9][60]. 3. Investment Recommendations and Targets - The report suggests focusing on high-quality domestic companies involved in the development of small nucleic acid drugs targeting chronic hepatitis B and cardiovascular diseases, such as HengRui Medicine, China National Pharmaceutical Group, and others [9].

Group 1 - Pfizer's recent decline is attributed to decreasing COVID-19 revenues and concerns regarding its pipeline and impending patent expirations [1] - The company is implementing a $7.7 billion cost-savings plan, which has already improved margins to 81% [1] Group 2 - The fundamentals of the company are shifting positively despite current challenges [1] - The focus on high-potential investment opportunities emphasizes the importance of strong management, sustainable revenue growth, and effective risk management [1]

Core Viewpoint - Pfizer and BioNTech have received a positive recommendation from the European Medicines Agency's Committee for Medicinal Products for Human Use for their LP.8.1-adapted monovalent COVID-19 vaccine, COMIRNATY LP.8.1, aimed at preventing COVID-19 in individuals aged 6 months and older, in response to the evolving SARS-CoV-2 variants [1][2][6]. Group 1: Vaccine Development and Approval - The LP.8.1-adapted vaccine is designed to improve immune responses against multiple circulating SARS-CoV-2 lineages, including XFG and NB.1.8.1, compared to previous vaccine formulations [2][6]. - The European Commission is expected to make a final decision on the marketing authorization soon, with manufacturing already initiated to ensure supply readiness for the upcoming vaccination season [1][6]. - Over a billion doses of the Pfizer-BioNTech COVID-19 vaccine have been administered globally, demonstrating a favorable safety and efficacy profile supported by extensive data [6]. Group 2: Regulatory and Market Context - The CHMP's recommendation is based on a comprehensive body of evidence, including clinical, non-clinical, and real-world data, affirming the safety and efficacy of the vaccine [2][4]. - The companies are actively monitoring the epidemiology of COVID-19 to adapt to global public health needs and have submitted data for the updated vaccine to regulatory authorities worldwide [3][4]. - The LP.8.1-adapted vaccine will be available for individuals aged 6 months and older upon authorization by the European Commission [6].

Investment Rating - The report maintains a rating of "Buy" for the company [9]. Core Insights - The report highlights the potential of SSGJ-707 in the global market, emphasizing its promising clinical data and the strategic partnership with Pfizer, which is expected to enhance its market presence [2][3]. Summary by Sections 1. PD(L)1*VEGF Dual Antibodies as New SOC - PD(L)1 monoclonal antibodies have become the standard treatment for various cancers, with a projected market size of $100 billion by 2029. The PD(L)1*VEGF dual antibodies are expected to replace PD(L)1 monoclonal antibodies in many indications, potentially covering a market exceeding $200 billion [13][19]. 2. SSGJ-707's BIC Potential - SSGJ-707, a PD1*VEGF dual antibody developed by the company, has shown superior efficacy in early clinical trials compared to competitors. It is currently in Phase II trials for various cancers, including NSCLC and CRC, and is expected to enter Phase III trials soon [25][29]. 3. Global Market Entry via Pfizer - The partnership with Pfizer, which includes a record upfront payment of $1.25 billion and milestone payments totaling $4.8 billion, positions SSGJ-707 for significant market penetration. Pfizer's established oncology business is expected to leverage SSGJ-707 to expand its treatment offerings [32][35]. 4. Financial Projections - The company forecasts revenues of RMB 191.78 billion, RMB 118.95 billion, and RMB 140.51 billion for 2025, 2026, and 2027, respectively. Net profits are projected to be RMB 102.14 billion, RMB 28.08 billion, and RMB 35.08 billion for the same years [9][10]. 5. Clinical Development Pipeline - The company plans to launch 13 new drug assets between 2025 and 2027, enhancing its portfolio in hematology, immunology, nephrology, and dermatology. This expansion is expected to contribute significantly to revenue growth [9][10]. 6. Competitive Landscape - The report discusses the competitive advantages of SSGJ-707, including its superior binding affinity and efficacy in clinical trials compared to other PD(L)1*VEGF dual antibodies, which positions it favorably in the oncology market [25][29]. 7. Market Potential and Patient Coverage - The dual antibody is anticipated to cover over 1.4 million patients in previously unaddressed indications, significantly expanding its market potential [21][24]. 8. Strategic Collaborations - The collaboration with Pfizer is expected to facilitate rapid clinical development and market access for SSGJ-707, particularly in indications where Pfizer has existing assets [44]. 9. Valuation and Target Price - The report utilizes a DCF valuation method to raise the target price to HKD 46.71, reflecting the company's growth potential in the PD(L)1*VEGF market [9].

Group 1 - Valiant Biotech-B's dark market saw a maximum increase of 134.28%, reflecting market recognition of its antibody drug development pipeline in oncology and autoimmune diseases [1] - The company has one core product and 13 other candidates, with 6 having successfully entered clinical stages [1] - Long-term value will depend on the commercialization capabilities of new drugs [1] Group 2 - Hengrui Medicine's subsidiary received approval for clinical trials of HRS-1893 tablets, a selective myosin inhibitor aimed at treating heart failure with preserved ejection fraction [2] - The project has accumulated R&D investment of approximately 60.67 million yuan [2] - If clinical trials proceed successfully, it could become the first drug in this unmet clinical need, enhancing the company's competitiveness [2] Group 3 - 3SBio announced the formal effectiveness of a licensing agreement with Pfizer for the global development and commercialization rights of the PD-1/VEGF bispecific antibody SSGJ-707, excluding mainland China [3] - The agreement includes a total option and exercise fee of up to 150 million USD [3] - This partnership allows 3SBio to leverage Pfizer's resources for accelerated project development and commercialization [3] Group 4 - Zhonghui Yuantong updated its prospectus, indicating that its core products have been commercialized, alongside 11 vaccines in development [4] - The company has raised a total of 999.5 million yuan through three rounds of financing from notable investors [4] - The upcoming Hong Kong listing is expected to accelerate R&D and market expansion in the vaccine sector [4] Group 5 - Eddingpharm received approval for the registration and commercialization of multi-dose diquafosol sodium eye drops in China, which contains 3% diquafosol sodium [5] - The product is intended for the treatment of dry eye syndrome [5] - This approval enhances the treatment options for dry eye disease and is expected to contribute to the company's growth in the ophthalmic market [5]

Market Overview - The market capitalization of major US stocks shows varied performance, with Oracle at 762.30 billion, Mastercard at 321.36 billion, and Visa at 770.15 billion, reflecting increases of +0.66%, +0.86%, and +0.68% respectively [3] - Exxon Mobil's market cap is 679.53 billion, with a slight decrease of -0.98%, while Johnson & Johnson and Netflix show minor changes of -0.08% and -0.05% respectively [3] - Companies like Wells Fargo and Cisco have market caps of 270.15 billion and 279.59 billion, with respective increases of +0.98% and -0.58% [3] Notable Stock Movements - T-Mobile US Inc experienced a significant increase of +6.20%, reaching a market cap of 272.19 billion [3] - General Electric and Coca-Cola saw market caps of 285.05 billion and 298.76 billion, with increases of +0.37% and +0.91% respectively [3] - Companies like Disney and Goldman Sachs have market caps of 229.06 billion and 221.80 billion, with slight changes of +0.01% and -0.60% [3] Sector Performance - The technology sector shows mixed results, with Intel at 991.05 billion, down -3.28%, while AMD increased by +2.46% to 254.92 billion [5] - The consumer goods sector is represented by companies like Procter & Gamble and Coca-Cola, with market caps of 371.68 billion and 298.76 billion, showing slight increases [3][4] - The energy sector, represented by Exxon Mobil and Chevron, shows varied performance, with Exxon down -0.98% and Chevron up +0.66% [3] Summary of Key Companies - Oracle's market cap stands at 762.30 billion, reflecting a positive trend [3] - Mastercard and Visa show strong performance with market caps of 321.36 billion and 770.15 billion, both increasing [3] - Companies like Pfizer and Comcast have market caps of 1579.81 billion and 1332.00 billion, with Pfizer showing minimal change and Comcast down -3.16% [4][5]

金十数据7月24日讯，辉瑞公司宣布与三生制药完成了一项除中国以外（保留在中国独家开发和商业化 权力的选择权）的全球独家授权协议，辉瑞获得了三生制药SSGJ-707——一项基于其专有CLF2平台开 发的靶向PD-1和VEGF双特异性抗体的开发、生产和商业化独家权利。该协议进一步强化了辉瑞的肿瘤 产品线。 辉瑞：与三生制药完成授权协议，获创新癌症免疫疗法独家授权 ...