默沙东皮下注射Keytruda三期临床成功成功

Investment Rating - The industry rating is "Neutral" for the biopharmaceutical sector, indicating a balanced outlook with expected returns between -5% and 5% relative to the CSI 300 index over the next six months [3][10]. Core Insights - The pharmaceutical sector experienced a slight decline of -0.40% on March 28, 2025, outperforming the CSI 300 index by 0.04 percentage points, ranking fifth among 31 sub-industries [5]. - Merck's subcutaneous Keytruda (pembrolizumab) formulation MK-3475A has successfully completed a key Phase 3 clinical trial, demonstrating non-inferiority in pharmacokinetics compared to intravenous administration, with a median injection time of only 2 minutes. The FDA has accepted the Biologics License Application (BLA) for review, expected to be completed by September 23, 2025 [6]. Market Performance - The performance of various sub-sectors within the pharmaceutical industry shows that other biological products (+0.58%) and blood products (+0.46%) performed well, while offline pharmacies (-2.16%) and medical research outsourcing (-1.26%) lagged behind [5]. - Notable stock performances include Guanhao Biological (+11.87%), Yipinhong (+10.81%), and Sihuan Biological (+10.18%) leading the gains, while Bid Medical (-11.15%), Wohua Pharmaceutical (-7.19%), and Tigermed (-6.61%) faced significant declines [5]. Company Highlights - Tian Tan Biological reported a revenue of 6.032 billion yuan for 2024, a year-on-year increase of 16.44%, with a net profit of 1.549 billion yuan, up 39.58% [6]. - Baile Tianheng achieved a remarkable revenue of 5.823 billion yuan, a staggering increase of 936.31%, with a net profit of 3.708 billion yuan, marking a turnaround from losses [6]. - Kailaiying reported a revenue of 5.805 billion yuan, a decrease of 25.82%, with a net profit of 949 million yuan, down 58.17% [7]. - Zhaoyan New Drug reported a revenue of 2.018 billion yuan, a decline of 15.07%, with a net profit of 74 million yuan, down 81.34% [7].