报告导读： 美国共 14 家药企与政府达成最惠国价格协议，降价渠道收入占比较低，且药 企获三年关税豁免，整体影响有限。 12 月 19 日，美国政府公布与九家大型跨国药企达成协议。 此次药企包括安进、勃林格殷格翰、百时美施贵宝、基因泰克、吉利德、葛兰素史克、默沙东、 诺华和赛诺菲。这些协议涵盖 Medicaid 降价、新药国际对齐定价以及 TrumpRx 直销渠道等多项内容。在本轮签署之前，辉瑞、礼来、阿斯利康、 EMD Serono 和诺和诺德已先一步与政府达成协议。在特朗普点名的 17 家药企中，仅剩强生、艾伯维和再生元尚未宣布达成一致。 本次协议措施包括降低部分渠道价格、创新药最惠国价格及增加投资。 1 ）降低慢病类用药费用。 适应症包括 2 型糖尿病、类风湿性关节炎等。 2 ）增加 本土投资。 9 家制药企业承诺在近期内合计投资至少 1500 亿美元用于美国本土生产。 3 ）创新药最惠国价格。 协议要求 9 家企业所有上市创新药均须执 行最惠国价格。 降价局限于 Medicaid 和直销渠道，收入占比有限。 此次达成 MFN 协议的 9 家药企均选择了最开始的辉瑞模式，在 Medicaid 下以直销（ ...

Investment Rating - The report assigns an "Overweight" rating for the pharmaceutical industry, indicating a projected performance that exceeds the Shanghai and Shenzhen 300 Index by more than 15% [6][23]. Core Insights - The U.S. government has reached a Most Favored Nation (MFN) price agreement with 14 pharmaceutical companies, which includes provisions for price reductions and a three-year tariff exemption, resulting in a limited overall impact on revenue [2][10]. - The agreement involves nine major pharmaceutical companies committing to invest at least $150 billion in domestic production in the U.S. and implementing MFN pricing for all listed innovative drugs [9][10]. - The MFN agreement primarily affects Medicaid and direct-to-patient sales channels, which represent a small portion of the companies' overall revenue [16][17]. Summary by Sections MFN Negotiations - As of December 19, 14 pharmaceutical companies have reached agreements with the U.S. government, with nine major firms including Amgen, Bristol-Myers Squibb, and Gilead participating [8][10]. - The agreements include measures to lower costs for chronic disease medications and increase domestic investment [9][10]. Price Reduction Measures - The agreement mandates price reductions for chronic disease medications, including those for diabetes and rheumatoid arthritis, through the TrumpRx platform, which offers discounts of 50%-85% [8][9]. - The MFN pricing requirement applies to all innovative drugs, affecting not only Medicaid but also commercial insurance and cash-paying patients [9][10]. Market Reaction - Following the announcement of the MFN agreement, the XBI index rose by 2.85%, indicating a neutral to optimistic sentiment among investors regarding the policy's implications [13][16]. - Stock price changes for the involved companies showed mixed reactions, with some experiencing slight increases on the announcement day [14][15].