Core Insights - Pfizer is transitioning from a peak revenue era driven by the coronavirus vaccine, which generated over $37 billion in 2022, to a new growth phase through strategic acquisitions and product development [1][2][4]. Group 1: Revenue and Market Position - The demand for coronavirus vaccines has declined, and Pfizer is facing the loss of exclusivity for older blockbuster drugs, impacting its revenue streams [2][4]. - Despite these challenges, Pfizer reported over $10 billion in revenue from recent product launches and acquisitions last year, up from $8.9 billion the previous year [10]. Group 2: Strategic Acquisitions - Pfizer's acquisition of Seagen has provided access to several commercialized drugs, including Padcev for bladder cancer, which has achieved blockbuster status with over $1 billion in annual revenue [6]. - The company has also acquired Metsera, focusing on developing weight loss drug candidates, which is a growing market expected to approach $100 billion by the end of the decade [8][9]. Group 3: Future Growth Potential - Pfizer is focusing on in-house research and development and aims to reinvest $500 million in R&D by the end of the year [10]. - The company is exploring monthly dosing for its weight loss drug candidate, which could differentiate it in a market currently dominated by weekly dosing options [9].

Core Insights - Merck (MRK.US) is actively pursuing acquisitions, product innovation, and new drug pipelines, which may significantly impact its future strategy and performance [1] Recent Events - Merck is in talks to acquire cancer drug developer Revolution Medicines for an estimated $28 billion to $32 billion, which would introduce the experimental drug Daraxonrasib targeting RAS gene mutation cancers, marking one of the largest deals in the pharmaceutical industry since Pfizer's acquisition of Seagen at the end of 2023 [2] - The company has also completed the acquisition of Cidara Therapeutics to strengthen its product pipeline [2] Business Progress - The subcutaneous formulation of Keytruda (Qlex) has been submitted for approval in the U.S., EU, and China, addressing challenges from the intravenous version's key patent expiration in 2028. Wolfe Research estimates that by 2029, approximately 41% of Keytruda's intravenous revenue may transition to the subcutaneous version [3] - New indications for Keytruda, including combination therapy with Moderna's mRNA vaccine and perioperative treatment for bladder cancer, are in progress [3] Performance Overview - The pulmonary arterial hypertension drug Winrevair (sotatercept) is projected to achieve sales of $1.443 billion by 2025 and is expected to receive FDA approval for new indications in 2026 [4] - The oral PCSK9 inhibitor Enlicitide has successfully completed Phase III clinical trials, potentially offering new options for cardiovascular disease patients [4] - The animal health business is expected to generate $6.4 billion in sales by 2025, reflecting an 8% year-over-year growth, while the diabetes drug sitagliptin is projected to generate $2.544 billion in revenue [4] Company Status - Merck's 2025 financial report anticipates 2026 sales between $65.5 billion and $67 billion, with adjusted EPS ranging from $5 to $5.15, which is below market expectations [5] - The company faces challenges including a decline in sales of the HPV vaccine Gardasil (projected at $5.2 billion for 2025, down 39% year-over-year), a slow recovery in the Chinese market, and a 12% decrease in R&D investment [5] Institutional Views - In January 2026, Wolfe Research upgraded Merck's rating to "Outperform" with a target price of $135, citing the company's position in a catalyst-rich phase through acquisitions and product innovation [6] - As of February 2, 2026, Merck's stock was priced at $113.37, reflecting a 14.72% increase over the past 52 weeks [6]

Core Thesis - Pfizer Inc. is viewed positively due to its strategic acquisition of Seagen, which enhances its oncology portfolio and growth potential in the biopharmaceutical market [1][5]. Company Overview - Pfizer Inc. engages in the discovery, development, manufacturing, marketing, distribution, and sale of biopharmaceutical products both domestically and internationally [3]. Acquisition Impact - The $43 billion acquisition of Seagen in 2023 has significantly strengthened Pfizer's leadership in oncology and expanded its antibody-drug conjugate (ADC) portfolio [3]. - Seagen's key drugs, including Adcetris, Padcev, Turkysa, and Tiivdak, are projected to generate approximately $1.5 billion in revenue in the first half of 2025, underscoring the strategic importance of targeted chemotherapy within Pfizer's oncology business [4]. Revenue Growth Potential - The leading drugs from Seagen could collectively exceed $6 billion in annual sales by 2029, highlighting the substantial value added by the acquisition and the potential for long-term growth in targeted cancer therapies [5]. - Pfizer's strengthened position in a high-margin, high-growth segment of the pharmaceutical industry is expected to provide multiple catalysts for revenue growth [5]. Market Position and Investor Sentiment - As of the end of the third quarter, 84 hedge fund portfolios held Pfizer shares, an increase from 83 in the previous quarter, indicating a growing interest among institutional investors [7]. - Despite concerns regarding debt and revenue normalization, the bullish perspective on Pfizer's oncology growth through the Seagen acquisition remains strong [6].

Francesca DeMartino Chief Investor Relations Officer, Senior Vice President Fourth Quarter 2025 Earnings 2 Fourth Quarter 2025 Earnings Teleconference February 3, 2026 1 Introduction Forward-Looking Statements and Non-GAAP Financial Information Fourth Quarter 2025 Earnings 3 • Our discussions during this conference call will include forward-looking statements that are subject to substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such s ...

评级：中性(维持) 曹泽运(证券分析师) 李畅(证券分析师) S0350525110001 S0350524010004 caozy@ghzq.com.cn lic05@ghzq.com.cn 证券研究报告 2026年01月30日 医药生物 生物医药深度报告：国产ADC药物即将迎来高光时刻 ——ADC子行业专题研究 最近一年走势 相关报告 《医药生物行业动态研究：中国独立医学实验室行业的先行者（中性）*医药生 物*曹泽运，林羽茜》——2026-01-27 《医药生物行业动态研究：AI药研或引产业革命，JPM大会再推行业新峰（中 性）*医药生物*曹泽运，林羽茜》——2026-01-20 相对沪深300表现 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 医药生物 | 2.0% | -2.7% | 21.1% | | 沪深300 | 2.1% | 1.3% | 24.5% | 请务必阅读报告附注中的风险提示和免责声明 2 -9% 0% 9% 19% 28% 37% 2025/02/05 2025/05/06 2025/08/04 2025/11/02 医药生物 ...

Core Viewpoint - Pfizer has faced significant challenges over the past three years, with its stock performance declining after the initial success during the COVID-19 pandemic, and it is currently projected to have a revenue rebound in the future [1][2]. Financial Performance - Projected revenue for 2025 is between $61 billion and $64 billion, significantly lower than the record-breaking revenue of over $100 billion in 2022 [2]. - Despite setbacks, Pfizer could potentially add $10 billion or more in new revenue by 2030 through new drug developments [4]. Drug Development and Acquisitions - Pfizer is focusing on developing several new billion-dollar oncology drugs by 2030 and has acquired a weight-loss drug through a $10 billion acquisition of Metsera, which targets a market potentially worth over $150 billion annually [3]. - Recent acquisitions, including Arena Pharmaceuticals in 2022 and a $43 billion deal for Seagen in 2023, are expected to enhance Pfizer's drug pipeline, although these prospects will not yield results until after 2030 [5]. Investment Considerations - Investors may consider waiting for more clarity on Pfizer's growth opportunities, but as these become clearer, the stock price may increase, reducing the current attractive forward-looking dividend yield of 6.7% [6]. - Pfizer was not included in a recent list of the top 10 stocks recommended for investment, indicating a cautious sentiment among analysts regarding its immediate investment potential [7].

2026年开年，生物制药界的最大焦点，当属Revolution。 据英国《金融时报》报道，默沙东正就收购生物科技公司Revolution展开深入谈判，交易作价可能高达280亿至320亿美 元。 这场堪比辉瑞收购Seagen的超级并购传闻，无疑印证了KRAS作为PD-1之后最大癌症靶点的黄金地位。 不过，虽然Revolution占据优势，但这条黄金赛道的未来走向，仍存在诸多变数。 一方面，从Revolution的布局探索来看，泛（K）RAS抑制剂并非终局。日前，Revolution官宣启动KRAS G12D抑制剂 三期研究，以及悄悄启动KRAS G12V抑制剂的一期研究，预示了针对G12X突变亚型的精准抑制剂仍有巨大探索价 值，且存在与泛（K）RAS抑制剂联合用药的潜力。这意味着，后续临床研发的演变仍有极大想象空间。 另一方面，Revolution自身的技术路线选择，也留下了不少值得探讨的问题：比如泛RAS是否为最优解？仅抑制（K） RAS"激活态（ON）"是否足以实现理想治疗效果？这一切，有待挑战者揭晓答案。 可以说，KRAS领域的精彩角逐，才刚刚拉开序幕。 pan-（K）RAS不是终点 KRAS突围不易。 ...

Core Viewpoint - The company has signed an exclusive licensing agreement with AbbVie for the PD-1/VEGF dual antibody drug RC148, granting AbbVie exclusive rights for development, production, and commercialization outside Greater China, with an upfront payment of $650 million and potential milestone payments up to $4.95 billion, along with double-digit royalties on net sales outside Greater China [1][2]. Group 1: Licensing Agreement Details - The agreement includes an upfront payment of $650 million and milestone payments that could reach up to $4.95 billion [1]. - AbbVie will have exclusive rights to develop, produce, and commercialize RC148 outside of Greater China [1]. Group 2: Clinical Data and Efficacy - RC148 has shown promising efficacy and safety in recent clinical trials, with a Phase 1 study demonstrating an overall response rate (ORR) of 61.9% and a disease control rate (DCR) of 100% among PD-L1 positive NSCLC patients [1]. - In the Phase 2 study, the combination of RC148 with docetaxel achieved an ORR of 66.7% and a DCR of 95.2%, with an ORR of 80% in PD-L1 positive patients [2]. Group 3: Business Development and Financial Impact - This licensing agreement marks the fourth successful business development (BD) transaction for the company, validating its R&D capabilities and recognition by foreign entities [2]. - The high upfront payment is expected to significantly improve the company's cash flow and provides strong financial and brand endorsement for future R&D and pipeline advancement [2]. Group 4: Profit Forecast - The company anticipates a net profit of -885 million, -449 million, and 373 million yuan for the years 2025 to 2027, with corresponding earnings per share (EPS) of -1.57, -0.80, and 0.66 yuan [2].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation of stock price appreciation exceeding 15% over the next six months [5]. Core Insights - The company has signed an exclusive licensing agreement with AbbVie for the PD-1/VEGF dual antibody drug RC148, receiving an upfront payment of $650 million, with potential milestone payments up to $4.95 billion, and double-digit royalties on net sales outside Greater China [1][2]. - RC148 shows promising efficacy and safety data, with a reported overall response rate (ORR) of 61.9% in a Phase 1 trial and 66.7% in a Phase 2 trial for non-small cell lung cancer (NSCLC) [1]. - The company has successfully executed multiple business development (BD) transactions, enhancing its cash flow and validating its research capabilities [2]. Financial Summary - The company’s projected revenues for 2025-2027 are $250.8 million, $319.6 million, and $428.5 million, respectively, reflecting growth rates of 46.1%, 27.4%, and 34.1% [4]. - The net profit attributable to the parent company is expected to improve from a loss of $885 million in 2025 to a profit of $373 million in 2027 [4]. - Earnings per share (EPS) are projected to transition from -1.57 yuan in 2025 to 0.66 yuan in 2027, indicating a significant turnaround [4].

Core Viewpoint - Rongchang Biopharma announced a significant business development (BD) deal with AbbVie for the RC148 drug, with a total transaction value of up to $5.6 billion, marking a new high for the company in terms of upfront payments and potential total deal value [1][3][8] Group 1: Business Development Deal - The agreement with AbbVie includes an upfront payment of $650 million and potential milestone payments of up to $4.95 billion, along with tiered royalties on net sales outside Greater China [2][5][9] - This deal represents a shift in Rongchang Biopharma's BD strategy, moving from early reliance on multinational pharmaceutical companies to a more flexible collaboration model [1][4][6] Group 2: RC148 Drug Development - RC148 is a novel bispecific antibody targeting PD-1/VEGF, currently undergoing clinical trials for various advanced malignancies [4][9] - The drug has received FDA IND approval for a Phase II clinical trial in the U.S., indicating its entry into global clinical development [4][9] - Preliminary clinical data presented at the ESMO-IO conference showed promising efficacy for RC148 in treating non-small cell lung cancer [4][9] Group 3: Financial Performance - For the first three quarters of 2025, Rongchang Biopharma reported revenues of 1.72 billion yuan, a year-on-year increase of 42.27%, while net losses decreased significantly to 551 million yuan from 1.071 billion yuan in the same period last year [5][10]