2025年，全球"药王"宝座完成了一次引人瞩目的更迭，礼来的"明星单品"替尔泊肽以365.07亿美元的骄 人战绩强势登顶，成为新一届全球药物销售冠军。 GLP-1的崛起与"药王"更迭 全球药品百强榜从来不只是商业销售的成绩单，它还是映照行业未来的"风向标"。正因如此，"药王"之 争向来就备受瞩目。 紧随其后的，是其老对手诺和诺德的司美格鲁肽，2025年销售额达到361亿美元，以4亿美元的微小差距 位居次席。 替尔泊肽和司美格鲁肽同属GLP-1受体激动剂家族。它们的双双登顶，不仅是GLP-1类药物的一次重大 胜利，也标志着代谢性疾病的治疗进入了一个全新时代。其核心适应症——2型糖尿病和肥胖症，正影 响着全球数亿患者，市场潜力巨大。特别是近年来减肥市场的爆发性增长，成为了推动这场"药王"更迭 的关键引擎。 在这一场激烈的角逐中，替尔泊肽的崛起速度尤其令人称奇，从2022年获批上市，到2025年问鼎"药 王"，全程仅用了不到四年，刷新了行业纪录。 在许多人看来，它的成功关键在于其创新的双靶点作用机制。然而鲜有人知的是，如同众多传奇药物一 样，替尔泊肽的登顶绝非偶然。它的背后，是一段曾被长期忽视的靶点逆袭之路，是科研 ...

刘长洪 长江证券医药分析师: OK，各位线上的投资者大家好，我是那个长江医药的分析师刘长红。那今天由我来汇报一 下咱们这个近期的这个核心的推荐的标的，英恩生物。那从这一页的这个标题也可以看到 其实英人生物，在创新药里面，它主要是做这个 ADC 这个药物的研发的。然后我取的标 题，是这个携手 Biotech 共赴二代 ADC 的这个肿瘤治疗的这个新时代。是因为我们判断， 就是在创新药的这个肿瘤的这个一线治疗，往后去看的话，未来可能会是这个二代 O 和 ADC 的这样连用的这样一个趋势。 那在这个趋势当中，目前，进，全球的维度来看，进展最快而且布局最丰富的其实就是这 个 Biontech 这家公司。那么 Biontech 本身，它自己的这个 ADC 主要还是从这个英人 生物，也就是国内的，我们国内这家英人生物这家公司去引进的。所以如果说肿瘤未来的 治疗是二代或 ADC 这样一个格局的话，那可能英人生物和 Beyond Tech 两家公司一起 去分得全球这样一个巨大的这个蛋糕。那往后看的话，我们这篇报告可能分为几个部分。 那第一个是去看一下公司的一些基本情况，包括发展历史什么的。 然后后面再去拆解公司的核心的一些品 ...

Core Viewpoint - BioNTech SE will announce its financial results for Q4 and full year 2025 on March 10, 2026, and will host a conference call and webcast for stakeholders to discuss these results and provide a corporate update [1]. Company Overview - BioNTech is a global next-generation immunotherapy company focused on developing novel therapies for cancer and other serious diseases, utilizing a variety of computational discovery and therapeutic modalities [4]. - The company has a diversified portfolio of oncology product candidates, including mRNA cancer immunotherapies, next-generation immunomodulators, and targeted therapies such as antibody-drug conjugates (ADCs) and innovative chimeric antigen receptor (CAR) T cell therapies [4]. - BioNTech is also researching and developing multiple mRNA vaccine candidates for various infectious diseases, leveraging its expertise in mRNA development and in-house manufacturing capabilities [4]. - The company has established partnerships with several global and specialized pharmaceutical collaborators, including Bristol Myers Squibb, Pfizer, and Genentech, among others [4].

如果用一个词语来形容2025年乳腺癌治疗领域的发展，那就是全面开花。 从新药密集上市到临床突破频频，再到积极探索新靶点与新机制，乳腺癌治疗领域可谓迎来了大爆发。 01 阿斯利康/第一三共的HER2 ADC德曲妥珠单抗（Enhertu，T-DXd）捷报频传：1月，获FDA批准上市，用于HR+/HER2低表达晚期乳腺癌的二线治疗，前移 了治疗线数；12月，获FDA批准联合帕妥珠单抗用于不可切除或转移性HER2阳性成人乳腺癌患者的一线治疗，以中位PFS突破40个月、较标准方案显著延 长并降低疾病进展或死亡风险44%的优异疗效，巩固其作为重磅炸弹药物的市场统治力。 阿斯利康与第一三共联合开发的德达博妥单抗（Dato-DXd）也是高歌猛进，先是在1月获FDA批准用于HR阳性HER2阴性乳腺癌患者的二线治疗，之后在6 月拿下第2项适应症，成为全球首个获FDA批准的针对经治晚期EGFR突变非小细胞肺癌患者的TROP2靶向疗法。 4月，阿斯利康的卡匹色替片（Capivasertib）成为首个且唯一在中国获批用于PIK3CA/AKT1/PTEN改变的乳腺癌患者的AKT抑制剂，并且突破了传统治疗 的耐药瓶颈，为乳腺癌患者提供了新 ...

Skip to main content Exclusive news, data and analytics for financial market professionalsLearn more aboutRefinitiv US FDA Commissioner Makary says FDA supports mRNA vaccines but US taxpayers should not bear the cost February 23, 20268:15 PM UTCUpdated ago By Ahmed Aboulenein U.S. Food and Drug Administration Commissioner Marty Makary speaks during a press conference at the Department of Health and Human Services in Washington, D.C., U.S., November 10, 2025.... Purchase Licensing Rights, opens new tab Read ...

Core Insights - Merck & Co. (MRK) and Bristol Myers Squibb (BMY) are significant players in the pharmaceutical industry with diverse product portfolios [1][2] - Merck is recognized for its leadership in oncology, while Bristol Myers focuses on breakthrough therapies across multiple therapeutic areas [1][2] Merck (MRK) Overview - Merck has over six blockbuster drugs, with Keytruda accounting for 54% of total sales in 2025, driving revenue growth [3][4] - Keytruda's sales increased by approximately 7% in 2025, benefiting from its approval for various oncology indications [4] - The FDA approved Keytruda Qlex for subcutaneous administration in September 2025, with peak sales targeted at $35 billion by 2028 [5] - Other oncology drugs like Welireg, Lynparza, and Lenvima are contributing to growth, alongside a strong launch of Winrevair in pulmonary arterial hypertension [6] - Merck is enhancing its vaccine portfolio, particularly with the new 21-valent pneumococcal conjugate vaccine, Capvaxive [7] - The company has around 80 ongoing late-stage studies, expecting over $70 billion in potential commercial opportunities by the mid-2030s [8] Bristol Myers Squibb (BMY) Overview - BMY's growth portfolio includes key brands such as Opdivo, Yervoy, and Reblozyl, with a strong oncology focus [12] - Opdivo's consistent label expansion has maintained its momentum, and the approval of Opdivo Qvantig has strengthened its franchise [13] - BMY's Reblozyl sales exceed $2 billion annually, and strong performance in cardiovascular drug Camzyos has boosted revenues [14] - However, legacy drugs face significant generic competition, with expected sales declines of 12-16% in 2026 [15] - BMY is pursuing strategic acquisitions and collaborations, including a recent agreement with BioNTech to co-develop a bispecific antibody [16][17] - The company aims for $2 billion in annualized cost savings by the end of 2027, having achieved approximately $1 billion in savings in 2025 [18] Financial Performance and Valuation - MRK's 2026 sales are estimated to increase by 2.59%, but EPS is expected to decline by 38.75% [20] - BMY's 2026 sales are projected to decrease by 2.32%, while EPS is expected to increase by 0.33% [20] - MRK shares trade at 21X forward earnings, while BMY trades at 9.74X, with the industry average at 18.74X [24] - BMY offers a higher dividend yield of 4.22% compared to MRK's 2.79% [25] Investment Outlook - BMY is currently viewed as a stronger near-term investment option compared to MRK, which faces multiple headwinds [9][30] - BMY's strategic initiatives and new drug approvals position it favorably against MRK's challenges, including declining sales of Gardasil and competitive pressures on Keytruda [27][30]

Core Viewpoint - BioNTech has initiated a lawsuit against Moderna in Delaware federal court, claiming that Moderna's COVID-19 vaccine, mNexspike, infringes on a patent related to BioNTech and Pfizer's vaccine, Comirnaty [1]. Company Summary - BioNTech is asserting its intellectual property rights in the biopharmaceutical sector by targeting Moderna for alleged patent infringement [1]. - Moderna's mNexspike vaccine is at the center of the legal dispute, indicating potential competitive tensions in the COVID-19 vaccine market [1]. Industry Context - The lawsuit highlights ongoing legal battles within the biopharmaceutical industry, particularly concerning vaccine patents and intellectual property rights amid the COVID-19 pandemic [1].

When Jeff Bezos said that one breakthrough technology would shape Amazon’s destiny, even Wall Street’s biggest analysts were caught off guard. Fast forward a year and Amazon’s new CEO Andy Jassy described generative AI as a “once-in-a-lifetime” technology that is already being used across Amazon to reinvent customer experiences. At the 8th Future Investment Initiative conference, Elon Musk predicted that by 2040 there would be at least 10 billion humanoid robots, with each priced between $20,000 and $25,000 ...

Core Insights - Bristol Myers Squibb (BMS) reported a total revenue of $48.194 billion for 2025, nearly flat compared to $48.300 billion in 2024, but achieved a significant turnaround in GAAP net profit from a loss of $8.948 billion in 2024 to a profit of $7.054 billion in 2025, with Non-GAAP net profit soaring over 430% from $2.340 billion to $12.545 billion [1][2] Group 1: Financial Performance - The growth product portfolio generated $26.409 billion in revenue, accounting for over 54.8% of total revenue, marking a 17% increase year-over-year [1][3] - Traditional products, including Revlimid and Pomalyst, saw a significant revenue decline of 15%, contributing only $21.785 billion [1][3] Group 2: Product Performance - Revlimid's sales plummeted nearly 49% to $2.951 billion, primarily due to generic competition, with Pomalyst also facing a 54% decline in international sales [3][4] - Eliquis generated $14.443 billion in sales, reflecting an 8% increase, with expectations of 10% to 15% growth in 2026 [4][8] Group 3: Strategic Initiatives - BMS completed five strategic transactions in 2025, including a notable $1.5 billion collaboration with BioNTech to develop a next-generation bispecific antibody [7][8] - The company is shifting its focus from a few blockbuster drugs to a diversified product matrix, with more products exceeding $1 billion in sales [6][8] Group 4: Future Outlook - BMS anticipates a revenue guidance of $46 billion to $47.5 billion for 2026, indicating a cautious outlook amid ongoing challenges from patent expirations [11] - The company is actively pursuing opportunities in cell therapy for autoimmune diseases and expects significant data readouts in 2026 for several key products [9][10]

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The proportion of driver gene-negative non-small cell lung cancer (NSCLC) patients is approximately 31% in both China and the United States, indicating a significant market opportunity for treatments targeting this demographic [2][15] - The estimated market size for immune drugs used in first-line treatment of driver gene-negative NSCLC is projected to be around 7.5 billion CNY (approximately 1.1 billion USD) in China and 18 billion CNY (approximately 2.7 billion USD) in the United States by 2030 [2] - The current first-line treatment for advanced driver gene-negative NSCLC primarily relies on PD(L)-1 inhibitors combined with chemotherapy, but there are limitations in long-term efficacy and options for patients intolerant to chemotherapy [3] Summary by Sections Section 1: NSCLC Global Overview - Lung cancer is the leading cancer type globally, with new cases accounting for approximately 12% of all cancer cases in 2022, translating to about 2.5 million new lung cancer cases [10] - In China, lung cancer represents about 22% of new cancer cases, with approximately 1.06 million new cases in 2022 [10] Section 2: Market Potential for Driver Gene-Negative NSCLC - The report highlights the significant market potential for immune therapies in treating driver gene-negative NSCLC, with a focus on the limitations of current treatment options [2][3] Section 3: Next-Generation Immunotherapy Approaches - The report discusses the advancements in dual (multi) antibody therapies and immune-oncology (IO) combined with antibody-drug conjugates (ADC), emphasizing their potential to improve treatment outcomes for patients with driver gene-negative NSCLC [5][8] - The clinical data supporting these new therapies is expected to catalyze further investment and development in this area [5] Section 4: Treatment Guidelines Comparison - The report compares treatment guidelines for driver gene-negative NSCLC between the United States and China, noting differences in treatment stratification and recommended therapies [32][34] - The U.S. guidelines emphasize PD-L1 expression levels, while Chinese guidelines focus more on performance status (PS) [32][34] Section 5: Future Catalysts - Key upcoming clinical data releases and studies are highlighted as potential catalysts for investment opportunities in the sector, particularly regarding dual antibodies and ADC therapies [5][8]