Core Insights - Pfizer is focusing on rebuilding its pipeline through acquisitions, investing approximately $9 billion in M&A deals in 2025, including the acquisition of Metsera and a licensing deal with 3SBio to enhance its obesity and oncology pipeline [1][4]. Obesity Pipeline - The acquisition of Metsera has re-entered Pfizer into the obesity market, adding four novel clinical-stage GLP-1 and amylin programs, which have the potential to generate billions in peak sales if successful [4]. - Pfizer plans to initiate or advance over 20 pivotal studies in 2026, including 10 pivotal studies for PF-08653944, a dual PD-1/VEGF inhibitor, and other obesity candidates [2][8]. - The VESPER-3 study showed that PF-08653944 delivered significant weight loss without plateauing at week 28, maintaining competitive tolerability when switching to a monthly dose [5][6]. - Pfizer's obesity portfolio is strengthened by the in-licensing of YP05002 from YaoPharma, alongside other candidates, creating a diverse pipeline [7]. Oncology Pipeline - Pfizer is advancing its oncology pipeline with several candidates in late-stage development, including atirmociclib for metastatic breast cancer and sigvotatug vedotin for non-small cell lung cancer [9]. - The company is also working on expanding the labels of existing cancer products and expects key data readouts for various oncology candidates in 2026 [12]. - PF-08634404, a dual PD-1/VEGF inhibitor, is currently in two large global phase III studies for metastatic colorectal cancer, aiming to overcome limitations of existing therapies [11]. Market Position and Valuation - The obesity market presents a significant opportunity exceeding $100 billion, but Pfizer faces strong competition from established players like Novo Nordisk and Eli Lilly [13]. - Pfizer's stock has increased by 2.9% over the past year, compared to a 17.2% increase in the industry, and is trading at a forward P/E ratio of 8.98, below the industry average of 18.85 [17][18]. - The Zacks Consensus Estimate for 2026 earnings has slightly declined from $2.97 to $2.96 per share, indicating a stable outlook for 2027 at $2.83 per share [20].

Core Viewpoint - Pfizer Inc. has received Priority Review from the U.S. FDA for its supplemental Biologics License Application for HYMPAVZI® (marstacimab), aiming to expand its indication for treating hemophilia A or B patients aged 6 years and older with inhibitors, as well as pediatric patients aged 6 to 11 with hemophilia A or B without inhibitors [1] Group 1 - The FDA has accepted Pfizer's supplemental Biologics License Application for HYMPAVZI® [1] - The application seeks to expand the treatment indication to include hemophilia A or B patients aged 6 years and older with inhibitors [1] - The application also targets pediatric patients aged 6 to 11 with hemophilia A or B without inhibitors [1]

2026.02. 06 本文字数：1690，阅读时长大约3分钟 作者 | 第一财经 孙卓 当地时间周四（2月5日），特朗普发表全国电视讲话称将推出名为"特朗普药房"（TrumpRx）的新网站，旨在让美国民众以大幅折扣价格直接向药品制 造商购买处方药。 白宫发表声明称，TrumpRx的核心在于绕过中间环节和传统保险体系，以政府协议折扣价直接向制药商购买特定药品，从而为民众降低处方药价格。 特朗普表示，新的政府协议将改变这种局面。 "根据我的政府与制药公司谈判达成的协议，美国将支付所有国家中最低的价格。我们将获得世界上任何地方的最低价格。这就是你们将要支付的价 格。"特朗普说，"这些药价对美国来说将大幅下降——降幅高达300%、400%、500%，甚至600%。"特朗普说。"在某些情况下，降幅甚至更大。" 特朗普当天列举了一系列他声称价格将会降低的药物，包括辅助生育药物、胰岛素和减肥药等40多种药物。 白宫的声明称，这些价格反映了其与十多家制药公司-包括安进、礼来、吉利德和辉瑞等公司根据"最惠国"药品定价协议谈判达成的折扣。 和关税有关？ 特朗普当天在白宫的活动中说，"美国人长期以来一直在为药品支付全球最高的价格 ...

白宫发表声明称，TrumpRx的核心在于绕过中间环节和传统保险体系，以政府协议折扣价直接向制药商 购买特定药品。 当地时间周四（2月5日），特朗普发表全国电视讲话称将推出名为"特朗普药房"（TrumpRx）的新网 站，旨在让美国民众以大幅折扣价格直接向药品制造商购买处方药。 白宫发表声明称，TrumpRx的核心在于绕过中间环节和传统保险体系，以政府协议折扣价直接向制药商 购买特定药品，从而为民众降低处方药价格。 和关税有关？ 白宫的声明称，这些价格反映了其与十多家制药公司-包括安进、礼来、吉利德和辉瑞等公司根据"最惠 国"药品定价协议谈判达成的折扣。 据报道，在同每一家制药公司达成的协议中，特朗普政府都同意放弃对制药行业征收关税的计划，以换 取制药公司以折扣价向医疗补助计划（Medicaid）和通过TrumpRx直接向消费者销售药品。 在去年3月，特朗普签署一项行政命令称，制药公司已同意"以不高于其他可比国家的价格销售处方 药"，特朗普称，这可以被称为是一项药品定价的"最惠国待遇"政策。 特朗普当天在白宫的活动中说，"美国人长期以来一直在为药品支付全球最高的价格，而其他国家却只 需支付同样药品价格的零头。" ...

Group 1 - The article provides a market analysis of Pfizer Inc., highlighting its recent performance and strategic initiatives in the pharmaceutical industry [1] - Pfizer's revenue for the last quarter reached $22.6 billion, reflecting a 47% decrease compared to the same period last year, primarily due to reduced demand for COVID-19 vaccines and treatments [1] - The company is focusing on diversifying its product portfolio and investing in new drug development to offset declining revenues from pandemic-related products [1] Group 2 - Pfizer's research and development expenses increased by 10% year-over-year, amounting to $3.5 billion, indicating a commitment to innovation and long-term growth [1] - The company has several key drug candidates in late-stage clinical trials, which could significantly impact future revenue streams if approved [1] - Pfizer's stock performance has been volatile, with a current market capitalization of approximately $200 billion, reflecting investor concerns over its post-pandemic strategy [1]

NEW YORK--(BUSINESS WIRE)--Pfizer Inc. (NYSE: PFE) today announced the launch of its program on TrumpRx, making innovative medicines more affordable and accessible to millions of Americans. Starting today, the program provides Americans a wide range of more than 30 medicines at a significant discount off list prices. This effort is part of Pfizer's broader landmark Most Favored Nation (MFN) agreement with the U.S. government enabling patients to pay lower prices for their prescription medicines. ...

Eli Lilly and Novo Nordisk may want to enjoy their duopoly while they can.Eli Lilly's (LLY +10.33%) obesity drug, Zepbound, generated sales of $13.5 billion in 2025. Its Type 2 diabetes drug Mounjaro, which is also marketed for treating obesity outside of the U.S., Canada, and Japan, raked in nearly $23 billion last year. Meanwhile, Novo Nordisk's (NVO 6.22%) obesity franchise made the Denmark-based drugmaker 82.3 billion Danish krone (roughly $13 billion). What was Pfizer's (PFE +4.08%) revenue in the obes ...

即使在排除了体重、血糖等代谢因素的影响后，这种心脏保护作用依然存在。这表明该类药物可能通过 改善心肌能量代谢、保护血管功能、抑制炎症等直接途径保护心脏。 GLP-1类药物在降糖与减重之外的疗效正在进一步被揭示。近日，中国研究团队发现，此类药物对于心 脏可能存在独立的保护作用，展现了未来用于心力衰竭治疗的潜力。 在全球范围内，礼来的替尔泊肽及诺和诺德的司美格鲁肽仍占据目前GLP-1类药物的主要市场份额。但 近期，来自中国的GLP-1类药物也在崛起，已经获批的创新药包括信达生物的玛仕度肽以及先为达的埃 诺格鲁肽。 与此同时，辉瑞等制药巨头也在积极布局下一代GLP-1药物。本周，辉瑞公布了一项最新的减重药中期 试验数据，将非糖尿病患者体重减轻超过12%。该药物是去年辉瑞在与诺和诺德经过一番激烈"厮 杀"后，以百亿美元高价收购生物技术公司Metsera获得的。 该研究还有一个重要发现——即使在排除了体重、血糖等代谢因素的影响后，这种心脏保护作用依然存 在。这表明该类药物可能通过改善心肌能量代谢、保护血管功能、抑制炎症等直接途径保护心脏。 研究通讯作者之一、复旦大学附属中山医院心内科陆浩教授对第一财经记者表示，这一发现 ...

2026 年 2 月 5 日 招银国际环球市场 | 市场策略 | 招财日报 每日投资策略 公司点评 全球市场观察 公司点评 辉瑞（PFE US，买入，目标价：35.46 美元） - 减重管线数据推动估值重估 潜力 中国股指收涨，港股能源、地产与原材料领涨，信息科技、可选消费与医疗 跑输。南下资金净买入133.73亿港元，腾讯、阿里巴巴与小米净买入居前， 中芯国际、华虹半导体与钧达股份净卖出最多。A 股煤炭、建材与地产领涨， 传媒、通信与计算机跑输。马斯克团队考察光伏产业链，上市公司密集回应。 中国光伏行业协会表示太空光伏技术仍处于探索和验证的初期阶段。 美股指数下跌，信息技术、通讯服务与可选消费领跌，能源、材料与地产领 涨。美股市场软件股抛售潮继续蔓延至半导体、AI 概念股等领域，宏观数据 喜忧参半未能给市场提供支撑。资金从科技股、成长股与高估值板块向能源、 材料股、价值股与低估值板块切换。AMD 疲弱指引后暴跌 17%，拖累半导 体板块下挫，Palantir、Snowflake、Datadog 等软件与 AI 相关个股继续承压。 谷歌All in AI，第4季度云收入猛增48%，今年支出指引接近翻倍大超预期 ...

2026年2月5日 CMB国际 | 全球市场 | 股权研究 | 公司更新 辉瑞公司（PFE美国） 肥胖领域风险降低推动重估潜力 辉瑞公布了强劲的2025年第四季度业绩，收入为176亿美元（基本符合我们180亿美元 的预估），调整后净收入为38亿美元（超出我们33亿美元的预估）。尽管2025财年收入 达到626亿美元（同比下降2%），但排除COVID-19产品（Comirnaty和Paxlovid）的经 营收入同比增长6%，凸显了公司业务的强劲基础。2025财年调整后摊薄每股收益同比 增长4%至3.22美元，反映了成本削减举措的成功实施。管理层重申了2026年收入预期 为595亿美元至625亿美元，调整后每股收益为2.80美元至3.00美元。我们预计2026财年 预期将充满催化剂，包括长效GLP-1和长效胰淀素项目的关键数据公布，肥胖产品组合 和PF'4404（PD-1/VEGF）的积极临床进展，以及2L+非小细胞肺癌中SV的III期数据和 Elrexfio在复发/难治性多发性骨髓瘤中的数据。我们认为这些里程碑有望推动显著的价 值重估。 VESPER-3读数验证了每月剂量区分。 辉瑞公布了其长效GLP-1（PF ...