Shenwan Hongyuan Securities·2025-12-12 10:02Investment Rating - The report maintains a "Buy" rating for the pharmaceutical sector, highlighting ongoing commercialization and active business development opportunities [16]. Core Insights - The 2025 National Medical Insurance Directory and the first version of the Commercial Health Insurance Innovative Drug Directory were released, adding 114 new drugs, including 111 new drugs approved within the last five years. The success rate for negotiations was 88.19% [6][7]. - Fosun Pharma's subsidiary has licensed an oral GLP-1 drug to Pfizer, with potential milestone payments totaling up to $15.85 billion [3][7]. - The report emphasizes the importance of clinical progress in key pipelines for companies like BeiGene, Innovent Biologics, and others [9]. Summary by Sections Domestic Policy Developments - The 2025 National Medical Insurance Directory includes 114 new drugs, with 112 successfully negotiated from 127 that entered the bidding process. Most renewals were completed at original prices, with an average price reduction of 8.4% for 15 drugs [6][7]. Domestic Pharmaceutical Company Updates - Fosun Pharma's subsidiary has signed a licensing agreement with Pfizer for the oral GLP-1R agonist, with an upfront payment of $150 million and potential milestone payments [3][7]. - The approval of clinical trials for HLX22 (HER2 monoclonal antibody) for breast cancer treatment has been granted [3][7]. - New clinical data for a BCL2 inhibitor from Innovent Biologics showed promising results in treating various blood cancers [3][7]. International Pharmaceutical Company Updates - Wave Life Sciences reported positive Phase I data for WVE-007, showing significant reductions in visceral fat and overall body fat after treatment [8]. - Structure Therapeutics announced positive results for its oral GLP-1R agonist, achieving notable weight loss in clinical trials [8]. - Roche received EU approval for Gazyva/Gazyvaro for treating lupus nephritis, marking a significant advancement in autoimmune disease treatment [8]. Investment Recommendations - The report suggests focusing on innovative drugs and companies with active business development opportunities, particularly in the context of ongoing clinical advancements [9].