2025.09. 26 当地时间9月25日，亚太时段周五稍早，美国总统特朗普在社交媒体"真相社交"（Truth Social）上 宣布，将从10月1日开始，对专利及品牌药品征收100%关税。亚洲多个主要股市的医药股闻声下 跌。 日本东证指数整体仍录得上涨，但东证制药指数（Topix Pharma Index）下跌1.39%。第一三共株 式 会 社 （ Daiichi Sankyo ） 、 中 外 制 药 （ Chugai Pharmaceutical ） 和 住 友 制 药 （ Sumitomo Pharma）均位列跌幅最大的医药股，跌幅分别达到3.34%、2.18%和3.03%。 同样地，韩国股市中的权重医药股——三星生物（Samsung Biologics）和SK生物制药（SK Bio Pharmaceuticals）也分别下跌1.66%和2.66%。截至11：30左右，韩国KOSPI指数整体也已跌去 2.56%，跌幅不断扩大，领跌亚太主要股指。 图源：investing 本文字数：1147，阅读时长大约2分钟 作者 | 第一财经 后歆桐 在 中 国 香 港 上 市 的 医 药 股 同 样 成 为 恒 生 ...

不论如何，他称，新的行业关税将在"中短期"影响制药股。 当地时间9月25日，亚太时段周五稍早，美国总统特朗普在社交媒体"真相社交"（Truth Social）上宣布，将从10月1日开始，对专利及品牌药品征收 100%关税。亚洲多个主要股市的医药股闻声下跌。 日本东证指数整体仍录得上涨，但东证制药指数（Topix Pharma Index）下跌1.39%。第一三共株式会社（Daiichi Sankyo）、中外制药（Chugai Pharmaceutical）和住友制药（Sumitomo Pharma）均位列跌幅最大的医药股，跌幅分别达到3.34%、2.18%和3.03%。 澳大利亚联邦银行经济学家孔（Carol Kong）表示，事实上，市场此前已经为美国进一步推出关税和行业调查做好了准备。行业关税将使美国政府 的有效关税率更高。8月时这一税率约为10%，我们预计未来几个月将进一步升至18%左右。不过，她补充称，这对于日本、澳大利亚经济体的广泛 影响将有限。 事实上，市场目前更关注医药关税对印度股市的影响。印度股市的开盘时间为北京时间上午11:45，对应印度标准时间上午9:15。印度基准Nifty 50 指数（. ...

Group 1 - The stock of CSPC Pharmaceutical Group (01093) rebounded nearly 5% after a drop of almost 9% earlier, closing down nearly 4% at HKD 10.15 with a trading volume of HKD 1.824 billion [1] - Morgan Stanley's report indicated that the Hang Seng Healthcare Index fell by 3% during the trading session, while the overall Hang Seng Index remained flat, highlighting the weak performance of companies with asset authorization potential [1] - Concerns about the upcoming US pharmaceutical and semiconductor tariffs may have contributed to the market's decline, although Morgan Stanley believes the likelihood of tariffs on BD transaction payments is low [1] Group 2 - Morgan Stanley anticipates more BD transactions in the second half of this year and in the future, particularly for key pharmaceutical companies with strong product lines, such as CSPC Pharmaceutical Group [1] - Credit Lyonnais previously reported that CSPC has 10 already listed innovative brands and over 30 innovative products expected to launch before 2028, predicting a re-acceleration of core profit growth starting in 2026 [1] - The target price for CSPC was raised from HKD 13.8 to HKD 17.4, with a reaffirmation of a strong belief in outperforming the market [1]

摩根士丹利发表研究报告指，美国表示将对进口半导体芯片征收约100%关税，市场视此为对即将公布 的医药关税的负面连带影响。大摩认为，对外授权合作(BD)交易付款征收关税的可能性较低。目前， 美国关税主要针对有形商品，聚焦生产回流，而服务相关收入(包括知识产权转让)较少受关注，特别是 美国对中国保持服务贸易顺差情况下。 此外，大多数BD交易协议包含向全球授权方授予开发及制造权，部分授权方表示，计划在美国获批 后，于当地生产这些获批的授权药品。大摩预期，2025年下半年及未来将有更多BD交易，特别是拥有 深厚产品线的关键医药公司，如恒瑞医药、中生制药、石药集团。最后，中国医药公司在美国现有成品 药销售份额较低，因此任何关税都可能只会产生有限的影响。责任编辑：栎树 ...

Core Viewpoint - The company expects that the impact of the 15% pharmaceutical tariff proposed by President Trump in 2025 will be "relatively low" [2] Group 1 - The company is assessing the potential effects of the proposed tariff on its operations and financial performance [2] - The anticipated low impact suggests that the company may have strategies in place to mitigate the effects of such tariffs [2]

Core Viewpoint - The company expects that the impact of the 15% pharmaceutical tariff proposed by President Trump in 2025 will be "relatively low" [1] Company Summary - The company, Merck, is assessing the potential effects of the upcoming tariff on its operations and financial performance [1]

美国总统特朗普表示，可能会"在月底"出台医药关税。 ...

Core Viewpoint - The article discusses the potential impact of proposed 200% tariffs on pharmaceutical imports in the U.S., which could lead to significant drug shortages and affect both brand-name and generic drug manufacturers [1]. Group 1: Tariff Implications - President Trump announced that pharmaceutical companies will have about one to one and a half years to adjust before facing tariffs as high as 200% on imported drugs and related products [1]. - Barclays analyst Emily Field noted that investors are not taking the tariff threat seriously, viewing it as mere "bluster" [1]. - Capstone's analysis indicates that a 200% tariff could lead to drug shortages in the U.S., as brand-name manufacturers would face increased import costs for components, while generic manufacturers might exit the U.S. market to protect their already thin margins [1]. Group 2: Investment Plans by Pharmaceutical Companies - Several U.S. and European pharmaceutical companies have announced significant investment plans in the U.S., including Novartis's $23 billion investment over five years and Roche's $50 billion investment [4]. - Eli Lilly and Johnson & Johnson have also announced investment plans worth $27 billion and over $55 billion, respectively [4]. - AstraZeneca announced a $3.5 billion investment in the U.S. last year [4]. Group 3: Trade Negotiations and Export Data - Ireland is the largest exporter of pharmaceuticals to the U.S., with exports valued at $50 billion in 2024, followed by Switzerland, Germany, Singapore, and India [6]. - Singapore has prioritized pharmaceutical supply chains in trade negotiations with the U.S., with discussions scheduled for later this month [6]. - India exported $27.9 billion worth of pharmaceuticals in the fiscal year ending March 2024, with nearly one-third going to the U.S., highlighting the country's reliance on the U.S. market [6].

Core Viewpoint - The article discusses the potential impact of Trump's proposed drug pricing policies on the U.S. pharmaceutical industry, suggesting that while there are significant threats, the short-term effects may be limited due to existing structural challenges in the industry [1][2]. Group 1: Background and Current Situation - U.S. pharmaceutical spending is at a high level, with per capita drug spending reaching $1,564 in 2022, significantly higher than other developed countries. The compound annual growth rate (CAGR) from 2018 to 2022 was 6.2% [1]. - The increase in drug prices is primarily driven by innovative drugs, which have long-term pricing above inflation, while generic drugs continue to decrease in price. The complex pricing system supports the stability of high prices for innovative drugs [1]. - The U.S. pharmaceutical trade deficit is expanding, with imports projected at $213 billion and a deficit of $118.6 billion in 2024. Ireland has become a major source of this deficit due to tax advantages [1]. Group 2: Policy Implications - Trump's proposal for a "Most Favored Nation" (MFN) pricing policy aims to anchor U.S. drug prices to the lowest prices in developed countries, potentially reducing prices by 30%-80%. However, legal complexities may hinder its implementation, and the focus will likely remain on reforms within the Medicare framework [2]. - The Pharmacy Benefit Manager (PBM) system is identified as a structural monopoly that drives up drug prices, with rebate percentages for chronic diseases exceeding 50% and some reaching 80%. The top three PBMs control 80% of prescriptions, leading to a highly concentrated market [3]. - Trump's proposed 25% tariffs on European drugs aim to encourage domestic manufacturing, but the high costs and long construction timelines for U.S. production facilities may limit the effectiveness of this strategy in the short term [3].

Core Insights - The uncertainty surrounding U.S. tariffs on pharmaceuticals is impacting the global pharmaceutical sector, but the overall effect on China's pharmaceutical industry is expected to be limited [1][2] - Chinese CXO (Contract Research Organization) companies are becoming increasingly significant in the global supply chain, but the impact of tariffs will primarily be felt by their clients, leading to increased supply costs [2] - The rise of innovative drugs in China is notable, particularly in the Hong Kong market, where clinical-stage products are being evaluated based on their potential global market performance [2][3] Impact of Tariffs - The potential tariffs are likely to have a limited impact on China's pharmaceutical industry, especially for finished drugs, as the export volume is relatively small [1] - For medical device companies, the exposure to the U.S. market is also limited, with many products targeting emerging markets instead [1] - Companies with exposure to the U.S. market may prioritize depleting their existing inventory in the U.S. in response to tariff uncertainties [1] CXO Industry Dynamics - Most tariff costs will be borne by clients of CXO companies, which may lead to increased supply chain costs [2] - The process of reshoring manufacturing to the U.S. is complex and time-consuming, requiring 2-3 years for new facilities and additional time for regulatory approvals [2] - The talent pool necessary for replicating China's CDMO success is difficult to establish in the U.S. and Europe, making it challenging to recreate the same level of global influence [2] Innovative Drug Market - The evaluation of clinical-stage products is based on their projected peak sales and market penetration, which has become more familiar to investors since the opening of the Hong Kong market to unprofitable biotech firms [2] - Chinese innovative drugs are gaining global recognition, leading to increased investor interest as companies begin to license products internationally [2][3] - The competitive landscape for Chinese innovative drugs is still developing, with further observation needed over the next 3-5 years to assess their commercial viability against global competitors [3][4] Future Disease Areas - Oncology remains a significant area of exploration, with continued opportunities for growth [4] - Other promising fields include autoimmune diseases, metabolic disorders, and neurodegenerative diseases [4]