全球制药行业成本压力上升，多家企业宣布减员计划

Core Viewpoint - The global pharmaceutical industry is facing a downturn in the capital market due to uncertain policies from the Trump administration, leading to increased cost pressures from tariffs and drug price negotiations. Major pharmaceutical companies are announcing cost-cutting measures and layoffs in their recent quarterly reports [2][4]. Group 1: Market Performance - The S&P 500 healthcare sector index, with a total market value of nearly $5 trillion, has declined by approximately 5% this year, while the S&P 500 index has increased by over 7%. The net outflow of funds from U.S. healthcare stocks has surpassed that of any other sector [2]. - The price-to-earnings (P/E) ratio for the healthcare industry has dropped from nearly 20 times a year ago to about 16 times, with Merck and Bristol-Myers Squibb's expected P/E ratios at 8.7 and 7.4, respectively, both below the industry average [4]. Group 2: Cost-Cutting Measures - Merck has announced a cost-cutting and layoff plan aimed at saving $3 billion annually by 2027, with an expected cost increase of $200 million due to current tariff levels. The plan includes $1.7 billion in savings from administrative, sales, and R&D expenses [4]. - Pfizer has initiated a significant cost-cutting plan, targeting approximately $4.5 billion in net savings by the end of 2025 and $7.2 billion by the end of 2027. The company is also in discussions with U.S. officials regarding drug price reductions [5][6]. - Moderna is facing financial challenges, with its stock price down over 75% from its pandemic peak, and has announced a 10% workforce reduction, aiming to cut annual operating expenses by $1.5 billion by 2027 [7]. Group 3: Future Growth and Challenges - The pharmaceutical industry is confronting a wave of patent expirations in the next two to three years, with nearly $200 billion in sales from drugs exceeding $5 billion annually set to lose patent protection before 2030 [10]. - Companies are increasingly focusing on their drug pipelines to drive future growth. Novo Nordisk is investing in late-stage clinical trials for oral semaglutide and Alzheimer's treatments, while Moderna is developing a melanoma vaccine [9][10]. - The trend of large-scale acquisitions in the pharmaceutical sector has decreased significantly, with companies now favoring smaller acquisitions to achieve higher returns. Chinese innovative drugs are gaining attention for their investment value [11].