本文节选自彭博终端NSN SXYZPADWLU68 。如您还不是终端用户，您可在文末" 阅读原文 "联系我们预约产品演示。 彭博行业研究 欧美大型药企2025年年中展望 （彭博行业研究）——观点：美国和欧洲大型药企下半年前景，既有对美国药品定价的担忧， 又有对拟公布数据集表现乐观的预期。礼来和诺和诺德将在销售和收益增长方面保持行业领先 地位。美国已提出多种针对药品降价的方案，但尚未实施，而关税威胁促使许多企业承诺在美 国加大投资。中国市场的压力已经对默克和艾伯维等企业造成了影响。预计将公布的关键数据 集涉及阿尔茨海默症（诺和诺德、百时美施贵宝）、降脂（默克）、特应性皮炎（赛诺菲）和 多发性硬化症（罗氏）领域。 长按或扫描二维码 阅读完整报告 " 精彩内容节选 欧美药企逾3,500亿美元的销售面临专利到期风险 随着专利在2025-2030年到期，多达133种药品将失去独占权，美国和欧洲大型药企逾3,500亿美元 的年销售额恐将受到仿制药竞争的影响。在药企面临专利到期风险的收入中，容易仿制的小分子药 物约占40%，而生物制剂的占比最高。根据市场普遍预期，到2030年欧美药企的销售侵蚀规模最高 可达1,370亿美元 ...

三是扩展原清单中部分药品适应症。根据新版用药指南，国内特药清单中增加了可瑞达等10款药品新获 批的适应症，患者可报销的适应症范围更广。 四是替换国内清单无理赔药品。原清单中的赫捷康已进入医保并且目前无理赔，替换为新上市的医保外 药品伊赫莱，让更多患者可以用上好药。 （文章来源：证券日报） 新版特药清单自2025年6月10日正式执行，对于被保险人2025年1月1日至6月9日已发生符合新特药清单 的保障责任且未进行理赔的情况，可进行追溯赔偿，新版特药保障待遇可追溯至2025年1月1日。 一是保留原清单中已进入医保目录药品。国内特药清单中的维泰凯等6款药品已纳入医保目录内；另百 泽安等5款药品对应的部分适应症已纳入医保目录内。以上药品及其医保内适应症继续保留在国内特药 清单，在医保报销完成后的相应费用可继续使用"北京普惠健康保"进行赔付报销。 二是增加国内特药数量。按照聚焦本市高发肿瘤用药，全面覆盖全治疗周期、全靶点用药的原则，同时 拓展药品种类提高受益覆盖面，新增15款药品至国内特药清单中。 本报讯 （记者苏向杲） 记者从"北京普惠健康保"项目组获悉，2025年度"北京普惠健康保"特药清单升级，特药清单由106种 ...

《金融时报》在美东时间周一报道称，制药巨头默沙东(MRK.US)今年早些时候曾向生物科技公司 MoonLake Immunotherapeutics(MLTX.US)提出收购要约。消息发布后，MoonLake股价在美股盘后交易 中大幅飙升，一度暴涨超30%，截至发稿，该股上涨约20%。 报道称，默沙东提出了一份金额超30亿美元的非约束性报价，但初步报价遭到拒绝。三位知情人士透 露，两家公司之间的谈判仍有可能重启。 值得注意的是，默沙东多年来依赖畅销药Keytruda(可瑞达)驱动增长，但其专利将于2028年开始到期。 此外，该公司在中国市场的Gardasil(佳达修)疫苗收入近期持续下滑。 今年4月，默沙东称拟斥资10亿美元在美国建厂，以确保Keytruda供应免受关税冲击。随着针对行业的 关税迫在眉睫，默沙东成为最新一家增加美国国内投资的制药公司。该工厂将生产一种新型的、用户友 好的该公司重磅癌症治疗药物Keytruda的配方;该工厂还将成为该公司在美国的第一个Keytruda内部生产 基地，确保美国患者获得国内生产的药物。 截至发稿，默沙东美股盘后微跌0.07%。 《金融时报》分析称，默沙东在MoonLa ...

Financial Data and Key Metrics Changes - In 2024, the company achieved a strong top line growth of 10%, with sales increasing to CAD 64.2 billion, despite a significant decline in GARDASIL demand in China [7][12] - Non-GAAP EPS was CAD 7.65, which included a net charge of CAD 1.28 per share for certain business development related transactions [7] Business Line Data and Key Metrics Changes - The oncology segment continues to lead, with Keytruda prescribed to over 2.6 million patients globally and FDA approvals for 41 indications [9] - The cardiometabolic disease area saw significant momentum with the successful launch of WinRiver, which received regulatory approvals in over 40 countries [10][24] - The Animal Health business is positioned for consistent above-market growth driven by new product launches [14] Market Data and Key Metrics Changes - GARDASIL and GARDASIL nine remain robust in most major regions, although demand in China slowed in 2024 [12] - The FDA accepted the Biologics License Application for klezrovimab, with a PDUFA action date set for June [12] Company Strategy and Development Direction - The company is committed to a science-driven strategy, focusing on investing in medicines and vaccines that save and improve lives [6] - The pipeline is the most diversified in recent history, with nearly 20 potential new products on the horizon, most representing blockbuster opportunities [8] - Business development remains a priority, with over CAD 40 billion invested since 2021 to expand the pipeline [14] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges in the pharmaceutical industry, including regulatory changes and specific issues with the GARDASIL franchise in China, but expressed confidence in the overall health of the business [64] - The company remains focused on scientific excellence and disciplined operational execution to deliver long-term value for patients and shareholders [19] Other Important Information - The company reached nearly half a billion people globally with its products through various channels [16] - Significant investments in manufacturing and R&D capabilities are planned, including a $1 billion vaccine manufacturing facility and a $895 million expansion of the animal health manufacturing facility [18] Q&A Session Summary Question: What caused the recent share price decline and what plans are there to address it? - Management attributed the decline to various factors affecting the stock market and the pharmaceutical industry, including regulatory actions and challenges with the GARDASIL franchise in China, but emphasized the strength of the overall business [64] Question: What is the Board's process for communicating with shareholders? - The Board welcomes input from shareholders and provides information on communication processes in the proxy statement [67] Question: Does DEI further the business? - Management reaffirmed the company's commitment to diversity and inclusion as a core value and strategic imperative [68] Question: What is the Board's plan for profits downstream of AI? - The company is investing in AI to enhance innovation and productivity across its value chain, which is expected to drive shareholder value [70][71] Question: How is the Board of Directors selected? - All Board members are shareholders, and the selection process aims for a balance of skills and experience [72] Question: Why give shares to executives at a reduced rate? - The Compensation and Management Development Committee regularly reviews the long-term incentive plan to align management interests with those of shareholders while managing dilution [75]

以下文章来源于英为财情Investing ，作者Jesse Cohen 英为财情Investing . 全球第五大财经门户网站Investing.com中国官方微信，提供全球各国海量金融资讯和实时行情数据，包 括股票股指、外汇、期货、基金、债券、加密货币等。关注全球金融市场动态的投资者千万不可错过。 来源 | 英为财情Investing 全球贸易局势剑拔弩张，金融市场忧心忡忡。全球局势动荡与摩擦升级下，避险股票开始获得 青睐，这些股票有望在各种市况下能够保持相对稳定且具备增长潜力。 默沙东(NYSE:MRK)、NextEra能源(NYSE:NEE)和泰森食品(NYSE:TSN)就是三只这样的股 票。他们基本面稳健，商业模式抗风险能力强。具备在冲突期间保持业务稳定的特质：产品或 服务属于必需品、本土市场地位稳固、国际贸易冲击影响有限。 今年表现：跌6.9% 市值：2338亿美元 默沙东是全球医药巨头，旗下创新医疗方案著称市场，产品矩阵横跨前沿抗癌药物、疫苗及处 方药等核心领域。 在贸易局势紧张之际，默沙东的三大优势尤为突出：抗跌性强（贝塔系数仅0.36）、回报率高 （股息率3.48%）、盈利能力出色（ROE达4 ...