Core Viewpoint - Roche and Sanofi's latest earnings met expectations, with both companies emphasizing the importance of developing new drugs to counteract the impending "patent cliff" facing the pharmaceutical industry [1][2]. Roche - Roche's sales grew by 8% in the fourth quarter, driven by blockbuster drugs like Ocrevus and Tecentriq [5]. - The company forecasts profit growth to outpace sales growth by 2026, with adjusted earnings per share expected to grow by high single digits at constant currencies [5]. - Roche plans to launch up to 19 new medicines by the end of the decade, focusing on late-stage development [3]. - The company is entering the obesity market with its weight-loss candidate CT-388, which showed a 22.5% weight reduction in Phase 2 trials, comparable to competitors [10]. - Roche has partnered with Zealand Pharma to co-develop the drug petrelintide, aiming to invest in next-generation obesity treatments [11]. Sanofi - Sanofi reported a 13% sales growth in the fourth quarter at constant currencies, with earnings per share of 1.53 euros ($1.20), exceeding forecasts [6]. - The company anticipates sales growth in the high single digits for 2026, with profit growth expected to be slightly higher than revenue [8]. - Sanofi's growth was supported by new medicines and its drug Dupixent, which reached a new quarterly high [8]. - The company announced a 1 billion euro share buyback, but investor focus remains on its research and development efforts [8]. - The need to expand the pipeline will be a key topic in Sanofi's earnings call, highlighting long-term R&D spending and potential M&A activities [9].

France's equity index CAC 40 moved higher Thursday morning, supported by some encouraging earnings updates. Despite paring some gains subsequently, the index remained firmly up in positive territory a little while ago.Investors digested the Federal Reserve's decision to hold interest rates. Geopolitical news were in focus as well.The CAC 40, which advanced to 8,145.44 earlier, was up 51.98 points or 0.64% at 8,118.66 nearly half an hour before noon.Schneider Electric climbed more than 3% and Legrand gained ...

1月29日，赛诺菲发布2025年财报，公司全年总收入达436.26亿欧元（约507.81亿美元），同比增长 9.9%（按固定汇率计算）。研发投入为78.42亿欧元（约91.28亿美元），同比增长8.8%，占净销售额的 18.0%。 （赛诺菲财报） (编辑：杨燕 林辰) 财报提到，赛诺菲免疫领域明星产品Dupixent2025年销售额达157.14亿欧元（约182.91亿美元），同比 增长25.2%。赛诺菲还在计划将Dupixent扩展至第9个适应症，并在全球范围内加速推广新获批的适应症 （如慢阻肺、结节性痒疹）。 ...

智通财经APP获悉，在重磅皮肤与哮喘药物Dupixent强劲销售表现的推动下，赛诺菲(SNY.US)2025年第四季度盈利超出预期，并预测其营收和盈利在2026年 将继续增长。财报显示，赛诺菲Q4销售额为113.03亿欧元，同比增长7.0%(按固定汇率计算为增长13.3%)。业务经营利润为23.41亿欧元，同比增长12.7%;业 务净利润为18.56亿欧元，同比增长13.0%;业务每股收益为1.53欧元，同比增长16.8%，好于分析师平均预期的1.45欧元。 赛诺菲首席执行官Paul Hudson乐观地表示，该公司的盈利增长将持续"至少五年"。但与此同时，Paul Hudson正面临越来越大的压力，需要向投资者证明赛 诺菲的研发管线将能够接替Dupixent带来的收入。目前的赛诺菲极度依赖其超级单品Dupixent。尽管该药销售额屡创新高，但在市场眼中，过度依赖单一产 品往往意味着巨大的风险。所有跨国药企都恐惧专利悬崖。赛诺菲必须在Dupixent增长见顶之前，找到第二增长曲线。 而在过去12个月里，一系列好坏参半且令人失望的试验结果引发了对赛诺菲即将上市的新药能否带来足够收入的质疑。该公司的实验性多发性硬化 ...

Core Insights - The French drugmaker announced a share buyback program following an increase in sales and earnings for the fourth quarter [1] Group 1 - The company's sales and earnings for the fourth quarter showed a positive trend, indicating strong financial performance [1]

Core Viewpoint - French drugmaker Sanofi expects sales to grow by a high-single-digit percentage in 2026, driven by strong demand for its asthma drug Dupixent and newer medicines [1] Sales Growth Expectations - Sanofi anticipates a high-single-digit percentage increase in sales for the year 2026 [1] Key Products Driving Growth - The growth is primarily attributed to the strong demand for Dupixent, a blockbuster asthma drug, along with contributions from some newer medicines [1]

Core Insights - The company reported a Q4 sales growth of 13.3% at constant exchange rates (CER) and a business earnings per share (EPS) of €1.53, reflecting strong performance driven by new medicines and Dupixent [1][2]. Sales Performance - In Q4 2025, net sales reached €11.3 billion, marking a 7.0% increase year-over-year at actual exchange rates and a 13.3% increase at CER [5]. - For the full year 2025, net sales totaled €43.6 billion, with a 6.2% increase at actual exchange rates and a 9.9% increase at CER [5]. Earnings Performance - Business EPS for Q4 2025 was €1.53, up by 16.8% at actual exchange rates and 26.7% at CER [5]. - The full year 2025 business EPS improved to €7.83, reflecting a 10.0% increase at actual exchange rates and a 15.0% increase at CER [5]. Product Developments - The company launched three new medicines and vaccines in 2025, contributing to sales growth [3]. - Dupixent sales increased by 32.2% to €4.2 billion, while pharmaceutical launches increased sales by 49.4%, reaching €1.1 billion [4]. Regulatory Approvals and R&D - The company obtained ten regulatory approvals across various therapeutic areas, including immunology and rare diseases [4]. - Research and Development expenses reached €2.3 billion, up by 6.6%, indicating continued investment in innovation [4]. Future Guidance - For 2026, the company expects sales to grow by a high single-digit percentage at CER, with business EPS anticipated to grow slightly faster than sales [2][4]. - A share buyback program of €1 billion is planned for 2026 [2]. Financial Management - The company completed a €5 billion share buyback program and proposed a dividend of €4.12, up by 5.1% [4]. - Free cash flow for Q4 2025 was €2.6 billion, reflecting a 12.7% increase [5].

Core Viewpoint - Sensorion, a clinical-stage biotechnology company focused on hearing loss therapies, announced a €60 million Reserved Offering to specific investors, including Sanofi and existing shareholders, to advance its gene therapy programs [1][2][4]. Funding and Investment - The Reserved Offering involves the issuance of 214,285,714 new ordinary shares at a price of €0.28 per share, with Sanofi investing €20 million and other investors contributing €40 million [1][5]. - The net proceeds from the offering, approximately €56 million, will primarily fund R&D activities for the gene therapy programs SENS-501 and SENS-601 (GJB2-GT) [5][8]. Gene Therapy Programs - SENS-601 (GJB2-GT) is the second gene therapy program entering clinical trials, targeting GJB2 mutations responsible for about 50% of autosomal recessive non-syndromic congenital hearing loss [3][23]. - SENS-501, which targets deafness caused by otoferlin mutations, is already in clinical development [3][23]. Clinical Milestones - Key upcoming clinical milestones include the submission of the Clinical Trial Application for SENS-601 in Q1 2026 and the follow-up data for SENS-501 [6][8]. Shareholder Impact - The issuance of new shares will result in a capital increase of approximately €59.99 million, representing about 71% of the company's share capital before the offering [8][10]. - Existing shareholders who do not participate in the offering will see their ownership diluted; for example, a shareholder with 1% before the offering will hold approximately 0.58% afterward [12][16]. Lock-up Agreements - The company has entered into a lock-up agreement restricting the issuance of additional shares for 90 days following the subscription agreement with investors [17]. Trading and Admission - The new shares will be admitted to trading on Euronext Growth in Paris, expected to occur on January 30, 2026, and will be fungible with existing shares [10][18].

中金研究 特朗普自2025年1月再次就任美国总统以来多次表示将采取措施推动美国药价降低，其多项举措与药企直接相关。根据ICER的报告，相比于2022年， 2024年经通胀调整后的新药标价（中位数）提高了24%，新药净价（中位数）提高了51%，药企的定价权依旧强势。总的来讲，我们认为，美国的高药 价与医保支付体系、PBM盈利机制，以及药企的定价权等因素密切相关，当前各方利益博弈之下，特朗普政府药价政策的实际效果与推进节奏存在不 确定性，影响相对有限。 点击小程序查看报告原文 美国医保体系的发展历程及现状 医疗服务成本高，医保覆盖率偏低 美国作为一个没有建立全民公共医保的发达国家，其以私人医疗保险为主体，市场力量为主导的医疗体系是一把双刃剑：一方面，通过市场竞争，将资金 与科技优势转化为医疗技术的发展，进而实现医疗产业的升级；另一方面，也导致当前美国医疗体系呈现出医疗服务成本高，医保覆盖面偏低，且医疗服 务效率有待提高的问题。 图表1：美国总医疗支出及其占GDP比重（1960-2023） 资料来源：CMS，中金公司研究部 ► 医疗服务成本： 在美国医疗总支出中，个人健康护理支出占绝对比重，其中，医院护理、专业医疗 ...

Core Insights - The small nucleic acid drug sector is experiencing a significant surge, marking the beginning of a golden era driven by technological breakthroughs and capital enthusiasm [2][11][22] Industry Developments - On January 5, 2026, Sanofi's APOC3 siRNA drug Plozasiran was approved for domestic market use to treat hyperlipidemia [1] - On January 9, 2026, Rebio Biotech, known as "China's first small nucleic acid stock," successfully listed on the Hong Kong Stock Exchange, with its stock price soaring by 40% on the first day, leading to a market capitalization exceeding 13 billion HKD [1] - China National Pharmaceutical Group announced a 1.2 billion CNY acquisition of Hegia Biotech, securing the world's first clinically validated liver-targeted delivery platform capable of annual dosing [1] Market Trends - The global small nucleic acid drug market has seen nearly 100 business development (BD) collaborations in the past three years, with transaction numbers and amounts increasing annually, reaching over 30 BD deals in 2025 totaling nearly 30 billion USD [4][9] - Notable transactions in 2025 included Novartis acquiring Avidity Biosciences for 12 billion USD and multiple other significant deals involving RNA therapies [7][9] Clinical Advancements - Ionis's APOC3 ASO drug Olezarsen showed promising results in reducing triglyceride levels by up to 72% in patients with severe hypertriglyceridemia, leading to an increase in peak annual sales forecast from 1.5 billion USD to 2.5 billion USD [12] - GSK's ASO therapy Bepirovirsen is expected to be the first drug to achieve functional cure for chronic hepatitis B, with a peak annual sales potential of 2 billion USD [12] Emerging Opportunities - The small nucleic acid drugs are expanding into various therapeutic areas, including obesity and kidney diseases, with promising results from clinical trials demonstrating significant weight loss and metabolic health improvements [13][15] - The number of small nucleic acid drugs in development globally has surpassed 1,200, with siRNA and ASO therapies being the most prominent [17] Strategic Collaborations - Domestic companies are increasingly recognized for their innovative value in small nucleic acid drugs, with active BD transactions, including significant collaborations by Rebio Biotech and other firms [18][21] - Companies like Saintin Biotech are forming strategic partnerships with major pharmaceutical firms to advance their small nucleic acid drug pipelines [19] Conclusion - The convergence of technological advancements, capital influx, and successful clinical outcomes is propelling small nucleic acid drugs into a pivotal position within the pharmaceutical industry, with China poised to become a global innovation hub [22]