Core Viewpoint - Pfizer Inc. reported solid Q4 and full-year 2025 earnings, but missed estimates in some areas, leading to a ~5% decline in shares during pre-market trading [1] Financial Performance - The earnings report for Q4 and full-year 2025 was overall solid but did not meet all analyst expectations, resulting in a negative market reaction [1]

Core Insights - The article discusses potential investment opportunities in SMMT, indicating a possible long position within the next 72 hours [1]. Group 1 - The analyst has no current stock or derivative positions in the mentioned companies but may initiate a beneficial long position [1]. - The article expresses the author's personal opinions and is not influenced by external compensation [1]. - There is no business relationship with any company mentioned in the article [1]. Group 2 - The article emphasizes that past performance does not guarantee future results, highlighting the inherent uncertainties in investment [2]. - It clarifies that no specific investment recommendations are provided, and opinions may not reflect the views of Seeking Alpha as a whole [2]. - The authors of the analysis include both professional and individual investors, some of whom may not be licensed or certified [2].

康方生物新药依沃西新适应症获批上市，然而，康方生物的美国合作方SMMT公司周五股价暴跌超过36%，原因何在?这对康方生物影响几何? 01 长按即可参与 断崖式暴跌 SMMT重挫36% 国家药品监督管理局官网显示，康方生物全球首创双特异性抗体新药依沃西新适应症获批上市，单药用于PD-L1表达阳性的局部晚期或转移性非小 细胞肺癌（NSCLC）的一线治疗。 尽管 PFS 数据亮眼， OS（总生存期） 的未达预期却引发了资本市场的剧烈波动。分析认为，投资者的失望源于两点： 消息面上，在周五宣布 依沃西 获中国批准用于一线 PD-L1 阳性非小细胞肺癌（ NSCLC ）时，康方生物披露了备受关注的 HARMONi-2 试验中 期分析结果：与 Keytruda（简称K药， 全球最畅销抗癌药物 ） 相比，依沃西 将死亡风险降低了 22.3% （风险比 HR=0.777 ）。 然而，这一数据未能跨越预先设定的统计学显著性门槛（ α=0.0001 ）。该分析基于 39% 预设死亡事件时的数据得出。 值得注意的是，中国监管部门批准 依沃西 的依据是其无进展生存期（ PFS ）数据：与K药 相比，依沃西 使疾病进展或死亡风险降低了 ...