具体来看，9月下旬辉瑞承诺通过特朗普推出的"最惠国待遇"定价平台TrumpRx，以最高85%的折扣主 动提供四种处方药(包括关节炎药物托法替尼)，并承诺在美国投资700亿美元用于药品生产和研发，以 此换取三年关税豁免。 即将公布的财报还有望揭示辉瑞在肿瘤治疗领域的进展及关税政策对盈利的实质影响。此外，备受关注 的Metsera(MTSR.US)收购案进展也将成为焦点——此前诺和诺德加价至 90 亿美元(折合每股 77.75 美 元)，压倒辉瑞 49 亿美元报价。 近期分析师对辉瑞的预期趋于谨慎——过去三个月内，其每股收益预期被下调15次，营收预期被下调10 次。这种调整反映了市场对辉瑞应对后疫情时代需求正常化的担忧。 今年以来，辉瑞股价已累计下跌超7%，明显跑输大盘16%的涨幅。不过，Beyond the Wall Investing投资 集团负责人奥科夫投资指出，受近期公司利好及特朗普政府药品进口关税三年暂缓政策推动，辉瑞股价 有望迎来反弹。 智通财经APP获悉，辉瑞(PFE.US)将于11月4日(周二)美股盘前公布第三季度财报。市场预期其每股收益 将达0.64美元，同比下降39.6%;营收预计为165.2 ...

辉瑞(PFE.US)将于11月4日(周二)美股盘前公布第三季度财报。市场预期其每股收益将达0.64美元，同比 下降39.6%;营收预计为165.2亿美元，同比下降6.7%。值得注意的是，这家制药巨头已连续八个季度实 现每股收益超预期，但营收仅在63%的季度里超过市场预期。 近期分析师对辉瑞的预期趋于谨慎——过去三个月内，其每股收益预期被下调15次，营收预期被下调10 次。这种调整反映了市场对辉瑞应对后疫情时代需求正常化的担忧。 今年以来，辉瑞股价已累计下跌超7%，明显跑输大盘16%的涨幅。不过，Beyond the Wall Investing投资 集团负责人奥科夫投资指出，受近期公司利好及特朗普政府药品进口关税三年暂缓政策推动，辉瑞股价 有望迎来反弹。 具体来看，9月下旬辉瑞承诺通过特朗普推出的"最惠国待遇"定价平台TrumpRx，以最高85%的折扣主 动提供四种处方药(包括关节炎药物托法替尼)，并承诺在美国投资700亿美元用于药品生产和研发，以 此换取三年关税豁免。 即将公布的财报还有望揭示辉瑞在肿瘤治疗领域的进展及关税政策对盈利的实质影响。此外，备受关注 的Metsera(MTSR.US)收购案进展也将 ...

Core Viewpoint - Pfizer is at a critical juncture as it approaches its Q2 earnings release on August 5, 2025, with a complex performance landscape characterized by resilience and challenges, as analysts project an EPS of $0.58 and revenue of $13.78 billion, reflecting a 3.3% decline in profit year-over-year and a 3.7% increase in revenue [1] Financial Performance - Over the past four quarters, Pfizer's average earnings have exceeded expectations by 43.49%, with the most recent quarter showing a 43.75% surprise, driven by cost control measures and strong demand for niche products like Vyndaqel and Padcev [1] - Analysts have slightly lowered EPS expectations by $0.23, indicating concerns over pricing pressures from the Inflation Reduction Act (IRA) and weakened competitiveness of core products like Ibrance and Xeljanz [1] Revenue Structure - The oncology segment has emerged as a growth engine, with Padcev and Lorbrena performing well, and the acquisition of Seagen continuing to yield synergistic benefits; Padcev's consensus forecast aligns closely with model predictions at approximately $494 million [4] - Vyndaqel is expected to exceed $1.6 billion in sales, while primary care is facing headwinds, with Prevnar sales projected to decline to $1.36 billion and Eliquis experiencing revenue pressure due to IRA pricing restrictions [4] Valuation and Dividend Concerns - Pfizer's current P/E ratio of 17.49 is at a 12% discount to its ten-year average of 19.82, appearing attractive; however, compared to the pharmaceutical industry average P/E of 25.27, Pfizer's valuation advantage is not significant [4] - A five-year EBITDA growth rate of -2.60% raises concerns about growth sustainability, and a high dividend yield of 7.32% coupled with a 123.62% payout ratio suggests that dividend payments exceed earnings, casting doubt on long-term sustainability [5] Short-term and Long-term Outlook - Short-term strategies are supported by Zacks' ranking of 3 (hold), a +1.43% probability of earnings surprises, and historical surprise performance exceeding 43%, indicating potential for positioning before the earnings report [5] - Long-term value realization depends on breakthroughs in the innovation pipeline and improvements in profit margins, with caution advised due to concerns over EBITDA decline and dividend sustainability [5]

Core Viewpoint - The rising public awareness of autoimmune diseases, particularly ankylosing spondylitis, has led to increased interest in the pharmaceutical company Ganzhou Hemei Pharmaceutical Co., Ltd. as it seeks to go public with its core drug Mufemilast targeting psoriasis and ankylosing spondylitis [1][6]. Company Overview - Ganzhou Hemei Pharmaceutical is preparing for an IPO under the Hong Kong Stock Exchange's 18A biotechnology rules, focusing on high investment and potential returns typical of biopharmaceutical companies [2]. - The company has not yet generated revenue and relies heavily on government subsidies and continuous financing to sustain operations [2][11]. Product Pipeline - The company has seven clinical-stage small molecule candidates aimed at addressing unmet medical needs in autoimmune diseases and oncology [2]. - Mufemilast is a dual-action PDE4 inhibitor that has entered the NDA priority review process, targeting multiple indications including psoriasis and ankylosing spondylitis [2][3]. Market Potential - The market for psoriasis drugs in China has seen rapid growth, with a compound annual growth rate (CAGR) of 30.4% from 2019 to 2023, reaching a market size of 13.9 billion yuan in 2023, projected to soar to 89.4 billion yuan by 2032 [3]. - The autoimmune disease drug market in China has expanded from $2.5 billion in 2019 to $4 billion in 2023, with expectations to reach $26.3 billion by 2032, reflecting a CAGR of 23.3% [6]. Competitive Landscape - The competitive environment for Mufemilast is intense, with existing competitors having undergone significant price reductions due to national procurement policies, with price drops exceeding 93% for some products [5]. - There are currently five approved small molecule targeted therapies for psoriasis in China, with 37 more in clinical development, indicating a crowded market for Mufemilast [5][8]. Financial Status - The company reported significant losses of 156 million yuan in 2023 and 123 million yuan in 2024, with minimal other income [11]. - The company has undergone multiple rounds of financing since 2021, raising over 500 million yuan to support its operations, with a post-investment valuation of 3.9 billion yuan [11]. Leadership - The founder and chairman, Zhang Hesheng, has over 20 years of experience in biopharmaceuticals and holds a significant voting power in the company [12].