长春高新在投资者互动平台回答称，为持续提升公司核心竞争力，公司聚焦内分泌代谢、女性健康等传 统优势领域与肿瘤、呼吸、免疫相关创新方向，并稳步推进有差异化和全球市场潜力的产品研发相关工 作，目前有逾40种处于临床阶段或已提交新药临床试验申请（IND）的候选药物。 ...

Core Viewpoint - Shanghai Laishi Blood Products Co., Ltd. has received approval from the National Medical Products Administration for clinical trials of SR604 injection for the prevention of bleeding episodes in patients with von Willebrand disease [1][3]. Drug Development Related Information - SR604 injection is a humanized monoclonal antibody that specifically inhibits the anticoagulant function of human activated protein C, classified as a Class 1 therapeutic biological product [2]. - The clinical trial application for SR604 injection targeting bleeding episodes in patients with von Willebrand disease was accepted on December 21, 2023, and the approval notice was received on March 5, 2024 [2]. - The drug has completed the single-dose escalation Phase I trial and is now entering the multiple-dose prevention treatment efficacy exploration Phase IIb trial, with results expected to be published in international conferences and professional journals [2]. Clinical Trial Details - The newly approved clinical trial for SR604 injection will explore dosing intervals of 0.2 mg/kg every 4 weeks and 0.4 mg/kg every 4, 6, or 8 weeks for patients with von Willebrand disease [3]. - There are currently no products on the market targeting the same mechanism as SR604 injection, and no antibody drugs have been approved for the prevention of bleeding in von Willebrand disease [3].

Core Viewpoint - Yuyuan Pharmaceutical's subsidiary Yuyuan Kechuang and Hangzhou Tianlong have received approval from the National Medical Products Administration for the clinical trial of YKYY013 injection for the treatment of chronic hepatitis B virus infection, marking a significant step in the drug's development [1] Group 1 - The YKYY013 injection is a self-developed chemical-synthesized double-stranded siRNA drug [1] - Preclinical studies have shown significant HBV virus suppression activity and good safety profile for YKYY013 [1] - The drug has also received clinical trial approval from the U.S. FDA recently [1] Group 2 - The initiation of Phase I clinical trials is set to begin following the approval [1] - The company acknowledges that drug development involves long cycles, multiple stages, and high risks, which contribute to uncertainties [1] - There is no significant impact on the company's recent performance due to the drug's development status [1]

Financial Data and Key Metrics Changes - The company reported adjusted earnings per share of $1.86, which is $0.10 above the guidance midpoint [5][31] - Total net revenues were nearly $15.8 billion, reflecting high single-digit sales growth and beating expectations by approximately $300 million [5][31] - Adjusted gross margin was 83.9% of sales, adjusted R&D expense was 14.3% of sales, and adjusted SG&A expense was 21.6% of sales [31] - The adjusted operating margin ratio was 30.9% of sales, including a 17% unfavorable impact from acquired IPR&D expense [31] Business Line Data and Key Metrics Changes - Immunology revenues reached approximately $7.9 billion, up 11.2% on an operational basis, with SKYRIZI global sales at $4.7 billion (46% operational growth) and RINVOQ at nearly $2.2 billion (34.1% operational growth) [11][12] - Oncology revenues were nearly $1.7 billion, relatively flat compared to the prior year, with VENCLEXTA and newer products offsetting declines from IMBRUVICA [15] - Aesthetics delivered global sales of approximately $1.2 billion, down 4.2% on an operational basis, with BOTOX cosmetic revenues at $637 million and JUVEDERM at $253 million [16] - Neuroscience revenues exceeded $2.8 billion, up 19.6% on an operational basis, driven by strong performance from Ubrelvy, Qulipta, and BOTOX Therapeutic [18] Market Data and Key Metrics Changes - The company anticipates total net revenues of approximately $60.9 billion for the year, an increase of $400 million, primarily driven by SKYRIZI and neuroscience sales [32] - The aesthetics market is facing challenges, with overall consumer sentiment low, particularly in the U.S., impacting discretionary spending [16][17] Company Strategy and Development Direction - The company is raising its 2025 outlook for the third time this year, indicating strong business performance and pipeline advancement [5][7] - AbbVie plans to invest at least $10 billion in the U.S. over the next 10 years, with ongoing construction of a new API manufacturing site and expansion of biologics manufacturing [9] - The company is focused on expanding its pipeline with approximately 90 programs across all stages of development, including new product approvals and acquisitions to enhance its therapeutic areas [8][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to adapt to changes in the PBM model and emphasized the importance of differentiated medicines for driving performance [40][41] - The company anticipates continued strong growth despite headwinds from Humira erosion and IMBRUVICA pricing changes [51] - Management highlighted the potential of the neuroscience franchise and the importance of pipeline depth for long-term growth [58][59] Other Important Information - The company announced a 5.5% increase in its quarterly cash dividend, reflecting a commitment to delivering a sustainable dividend [9][35] - AbbVie has executed approximately 30 deals since the beginning of 2024, focusing on external innovation across key growth areas [36] Q&A Session Summary Question: Implications of the new PBM model and IRA price negotiations - Management emphasized that AbbVie's performance is driven by differentiated medicines and strong execution, allowing adaptability to changes in the PBM model [40][41] - The outcomes of IRA price negotiations for Vraylar and Linzess will not impact long-term guidance [44] Question: Competitive dynamics in the IL-23 market - SKYRIZI is experiencing strong growth, and the IL-23 class is expanding rapidly, with confidence in maintaining a strong competitive position [48][49] - The company plans to provide 2026 guidance in the upcoming Q4 call, highlighting strong growth drivers across various therapeutic areas [51] Question: Long-term outlook for SKYRIZI and RINVOQ - The company is on track to exceed long-term guidance for SKYRIZI and RINVOQ, with a focus on continued innovation in immunology [56][57] Question: Market conditions for aesthetics products - The U.S. toxin market is currently flat, with challenges in the filler market, but the company is investing in consumer campaigns to revitalize growth [60][61] Question: Details on the Parkinson's franchise and tevapadon - Violev is performing well with a strong market position, and tevapadon is expected to complement Violev as both a monotherapy and adjunct therapy [72][76]

Financial Data and Key Metrics Changes - Adjusted earnings per share for the third quarter were $1.86, exceeding guidance by $0.10 [5][31] - Total net revenues reached nearly $15.8 billion, reflecting high single-digit sales growth and beating expectations by approximately $300 million [5][31] - Adjusted gross margin was 83.9% of sales, with adjusted R&D expense at 14.3% and adjusted SG&A expense at 21.6% [31] - The adjusted operating margin ratio was 30.9% of sales, including a 17% unfavorable impact from acquired IPR&D expense [31] Business Line Data and Key Metrics Changes - Immunology revenues totaled approximately $7.9 billion, up 11.2% operationally, with SKYRIZI and RINVOQ showing combined sales growth of over 40% [11][12] - SKYRIZI global sales were $4.7 billion, reflecting operational growth of 46%, while RINVOQ revenues were nearly $2.2 billion, up 34.1% [11][12] - Oncology revenues were nearly $1.7 billion, remaining relatively flat year-over-year, with VENCLEXTA and newer products offsetting declines from IMBRUVICA [15][16] - Aesthetics sales were approximately $1.2 billion, down 4.2% operationally, with BOTOX and JUVÉDERM experiencing declines [16][17] - Neuroscience revenues exceeded $2.8 billion, up 19.6% operationally, driven by strong performance from UBRELVY, QULIPTA, and VRAYLAR [18][19] Market Data and Key Metrics Changes - The U.S. aesthetics market is currently facing challenges, with overall consumer sentiment low, impacting discretionary spending [17] - The IL-23 market is expanding rapidly, with SKYRIZI and RINVOQ maintaining strong positions despite competition from TREMFYA [49][50] - The Parkinson's disease treatment market is seeing significant uptake for VYALEV, with a competitive advantage over ONAPGO due to its 24-hour coverage [74][75] Company Strategy and Development Direction - AbbVie is focused on pipeline advancement across immunology, oncology, neuroscience, and aesthetics, with approximately 90 programs in development [7][8] - The company is investing heavily in R&D, anticipating $9 billion in adjusted R&D expense for 2025, to support numerous pipeline opportunities [7][9] - AbbVie is committed to external innovation, including recent acquisitions to enhance its psychiatry and immunology pipelines [8][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to adapt to changes in the PBM model and emphasized the importance of differentiated medicines [39][44] - The outlook for 2026 remains strong, with expectations for continued growth driven by the performance of SKYRIZI, RINVOQ, and the neuroscience portfolio [52][54] - Management highlighted the potential for significant growth in the neuroscience franchise, particularly with emerging products like tavapadon and VYALEV [61][78] Other Important Information - AbbVie announced a 5.5% increase in its quarterly cash dividend, reflecting a commitment to delivering a sustainable dividend [9][34] - The company has executed approximately 30 deals since the beginning of 2024, focusing on external innovation across key growth areas [35] Q&A Session Summary Question: Implications of the new PBM model and IRA price negotiations for VRAYLAR and LINZESS - Management emphasized the adaptability of AbbVie to changes in the PBM model and stated that the outcomes of IRA negotiations would not impact long-term guidance [39][44] Question: Competitive dynamics in the IL-23 market and outlook for 2026 - Management noted strong growth for SKYRIZI and RINVOQ, with confidence in maintaining competitive positions despite the entry of TREMFYA [49][50][54] Question: Long-term outlook for SKYRIZI and RINVOQ and market stress in aesthetics - Management indicated that the long-term guidance for SKYRIZI and RINVOQ may be exceeded, while also addressing challenges in the aesthetics market and plans for revitalization [59][63]

南财智讯10月31日电，长春高新在投资者关系活动中表示，公司多个在研管线取得积极进展，全球首创 超长效生长激素月制剂GenSci134I期临床正在进行，NK3R拮抗剂GenSci074已启动III期临床试验，PD-1 激动剂GenSci120预计明年进入二期临床。此外，多款抗体药物偶联物（BsADC）及AI设计新药的临床 试验申请已获受理，研发布局覆盖肿瘤、内分泌、女性健康及免疫等领域。 ...

Summary of Chengdu XianDao Conference Call Company Overview - Chengdu XianDao reported a gross margin of 57% for Q3 2025, a 2% increase year-on-year, with its own business gross margin at 63% and Vanance at 46% [2][7][15] - The company is focusing on self-developed drug pipelines, with project 146 entering Phase II clinical trials [2][8] Key Financial Metrics - Total revenue for Bananas in Q1-Q3 2025 was approximately 108 million RMB, a 19% year-on-year increase [2][10] - Gross margin for Bananas improved to 39% and net profit to 23% due to milestone payments [2][10] - The overall gross margin and net profit for the year are expected to maintain levels seen in the first three quarters, subject to currency fluctuations and subsidiary performance [2][7] Industry Trends - There is a diversification in global demand for innovative drug development, with increased exploration of new molecules including small molecules, covalent molecules, macrocyclic molecules, and peptides [3] - Chengdu XianDao has launched multiple DEL4 series products, indicating ongoing innovation in research capabilities [3] Research and Development - The company has screened and transferred approximately 120 early-stage molecules, with over 85% being novel structures with high patent potential [2][12] - The overall screening success rate exceeds 70% [12] AI Integration - Chengdu XianDao has made significant progress in building an AI platform for drug development, collaborating with Nvidia to create a large-scale AI platform expected to impact business by 2030 [3][18] - The integration of AI is seen as a tool to enhance drug discovery and development processes [19][20] Collaboration and Partnerships - Chengdu XianDao has a long-standing partnership with Pfizer, with recent discussions indicating a trend towards deeper collaboration [16][17] - The partnership focuses on DNA-encoded compound technology and exploring new opportunities in biology and intellectual property protection [17] Future Outlook - The company is exploring mergers and acquisitions to enhance its capabilities in small molecule clinical services and new generation DELL technology [14] - Future development will focus on strengthening core technology platforms, expanding customer bases, and optimizing business operations [21] Conclusion - Chengdu XianDao is positioned for growth through strategic partnerships, innovative research, and a focus on AI integration, while maintaining strong financial performance and a robust pipeline of drug candidates [2][3][21]

Financial Data and Key Metrics Changes - In Q3 2025, revenue grew by 54% compared to Q3 2024, driven by key products [6][9] - Gross margin as a percentage of revenue was 83.6%, an increase of 1.4 percentage points year-over-year [9] - Earnings per share increased to $7.02, compared to $1.18 in Q3 2024 [10] Business Line Data and Key Metrics Changes - Revenue from key products accounted for $12 billion in the quarter, with significant contributions from immunology, oncology, and cardiometabolic health [11][12] - EBGLYSS prescriptions increased by 41% in Q3 2025 compared to Q2 2025 [11] - Mounjaro's total prescriptions grew by over 60% in the U.S. [14] Market Data and Key Metrics Changes - U.S. revenue increased by 45%, with strong volume growth from Zepbound and Mounjaro, despite a 15% decline in price [10] - International revenue increased by over 100% in constant currency, reflecting strong uptake of Mounjaro [10] - Japan, China, and the rest of the world saw constant currency revenue growth of 24%, 22%, and 51%, respectively [10] Company Strategy and Development Direction - The company is focused on expanding its manufacturing footprint and has announced plans for new facilities in the U.S. [7][8] - Lilly aims to leverage its robust pipeline and R&D investments to maintain a competitive edge in the market [51][53] - The company is pursuing an "all of the above" strategy to expedite the launch of orforglipron [39] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the strong performance and market share gains in the incretin analogs market [6][9] - The company raised its revenue and earnings per share guidance for the year based on strong financial performance [6][15] - Management acknowledged the competitive landscape but emphasized confidence in their portfolio and execution strategy [51][53] Other Important Information - The company distributed $1.3 billion in dividends and executed approximately $700 million in share repurchases during the quarter [8] - Lilly achieved several key milestones, including FDA approvals and positive trial results for multiple products [7][26] Q&A Session Summary Question: Comments on orforglipron and its market launch - Management indicated a focus on getting orforglipron to patients quickly and is pursuing various strategies to expedite its launch [39] Question: Insights on Mounjaro's international ramp - Management noted strong performance in new markets and emphasized the importance of patient activation for obesity treatment [46] Question: Market dynamics and competitor behavior - Management expressed confidence in their competitive position and highlighted ongoing investments in R&D and execution [51][53] Question: Pricing and volume dynamics for orforglipron - Management discussed the importance of understanding price elasticity and the potential for significant market expansion with orforglipron [85]

Third-Quarter 2025 Sales and Earnings Merck & Co., Inc., Rahway, N.J., USA October 30, 2025 Strategy and Business Update Robert M. Davis Chairman and Chief Executive Officer Financial Results and Outlook Caroline Litchfield Executive Vice President and Chief Financial Officer Research Update Dr. Dean Y. Li Executive Vice President and President, Research Laboratories Question & Answer Session 2 Agenda Agenda Forward-looking statement of Merck & Co., Inc., Rahway, N.J., USA This presentation of Merck & Co., ...

Financial Data and Key Metrics Changes - Third quarter revenues reached $231 million, exceeding the upper end of the guidance range by $21 million, driven by Narcan Nasal Spray growth and new contract modifications [7][11] - Year-to-date net income was $107 million, with earnings per share at $1.89, reflecting strong performance [11][15] - Adjusted EBITDA margin improved to 38%, a 200 basis point increase year-over-year, highlighting operational efficiency [11][14] - Total liquidity was $346 million, comprising $246 million in cash and $100 million in undrawn revolver capacity, improving by $96 million year-over-year [15][18] Business Line Data and Key Metrics Changes - Naloxone nasal spray revenue totaled $188 million, with a quarter-over-quarter unit volume growth of 13% and revenue growth of 9% [10][16] - Medical countermeasures (MCM) segment saw four new contract modifications in Q3, with international sales representing 34% of MCM sales year-to-date, up from the mid to high teens in previous years [9][22] - Anthrax medical countermeasure revenue was $61 million, while smallpox revenue increased by $30 million or 15% due to multi-year contracts and increased international orders [16][22] Market Data and Key Metrics Changes - International sales have become a significant growth driver, with 34% of MCM sales coming from international customers [9][22] - The company is actively engaging with international partners to enhance biodefense capabilities, particularly in the European Union [31][32] Company Strategy and Development Direction - The company aims to be a leader in addressing public health crises, focusing on biodefense and naloxone products [5][6] - A multi-year transformation plan is in place, with strategic investments aimed at long-term growth and operational efficiency [7][23] - The company is exploring government collaborations for new biodefense products and identifying external commercial programs that align with its business model [26][27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in exceeding 2025 revenue and adjusted EBITDA guidance, citing strong performance and market demand [5][8] - The company remains committed to combating the opioid overdose epidemic and enhancing its naloxone product offerings [10][24] - Management noted that the U.S. government employees continue to work diligently despite the government shutdown, ensuring ongoing support for biodefense initiatives [36] Other Important Information - The company has repurchased $15.8 million worth of shares as part of its $50 million share repurchase program [8][19] - Adjusted gross margin guidance has been raised to a range of 52% to 54%, reflecting improved profitability [20][21] Q&A Session Summary Question: What drove the strong year-over-year growth in other products specifically? - The growth was primarily driven by contracts and grants related to the Ibonga (Ebola) program [30] Question: Can international orders be considered recurring, and how do their gross margins compare to U.S. sales? - International orders are viewed as part of a concentrated program, with higher gross margins compared to U.S. government contracts due to pricing structures [31][32] Question: What is the status of Narcan sales in OTC and Canadian markets? - Progress is being made in Canada, with variability in order timing expected, but the relationship with the Canadian government is strong [33][34] Question: How is the government shutdown affecting the business? - U.S. government employees continue to work on biodefense initiatives despite the shutdown, ensuring ongoing operations [36] Question: Update on the RocketVax collaboration and anticipated catalysts? - The collaboration is progressing well, with a clinical trial expected to start in early 2026 [40][41] Question: Which medical countermeasures products will drive future U.S. government contract revenue? - The company has a diversified product portfolio in biodefense, with all products being important for future contracts [45][46]