证券研究报告 海外MNC动态跟踪系列（十六） 阿斯利康发布2025Q3财报：持续深耕肺癌及乳腺癌领域 医药 强于大市（维持） 平安证券研究所 医药团队 分析师： 叶寅 投资咨询资格编号:S1060514100001 邮箱：YEYIN757@PINGAN.COM.CN 韩盟盟 投资咨询资格编号:S1060519060002 邮箱：HANMENGMENG005@PINGAN.COM.CN 张梦鸽 投资咨询资格编号:S1060525070003 邮箱：ZHANGMENGGE752@PINGAN.COM.CN 2025年11月19日 请务必阅读正文后免责条款 行业观点 2026 年，阿斯利康管线将迎来多项关键催化，涵盖肿瘤、呼吸、罕见病等领域。 2 事件：阿斯利康公布2025年三季度业绩，前九个月总营收432.36亿美元（同比增加11%，以下均为同比增加），其中产品收入431.43亿美元（+11%）；研发 投入103.70亿美元，同比增长16%。从地区分布来看，2025年前九个月美国市场收入185.17亿美元（+11%），新兴市场收入116.57亿美元（+13%），其中中 国区收入52.79亿美元（+5%），占据阿斯 ...

Core Viewpoint - Chronic Obstructive Pulmonary Disease (COPD) has a high prevalence and mortality rate, indicating a significant unmet medical need for new treatment options [1] Group 1: Unmet Medical Needs in COPD - COPD is a leading cause of disability and death globally, with approximately 300 million cases worldwide and 100 million in China [1] - Current standard treatments (LAMA/LABA/ICS) have been in use for 40 years and carry risks of pneumonia, cardiovascular issues, and urinary tract infections, highlighting the urgent need for new therapies [1] Group 2: PDE3/4 Inhibitors and Market Activity - Merck acquired Verona for $10 billion to obtain Ensifentrine, while GSK spent approximately $12.5 billion to acquire HRS-9821 from Hansoh Pharma, reflecting the importance of the respiratory market and PDE3/4 targeted drugs [2] - PDE3 and PDE4 inhibitors have synergistic effects, potentially improving airway smooth muscle contraction and controlling inflammation, thus showing significant application potential [2] - Ensifentrine received FDA approval in June 2024, with sales reaching $217 million by Q2 2025, representing a 44% quarter-over-quarter growth, indicating substantial market potential [2] Group 3: Targeted Therapies for Eosinophilic Phenotype - Dupilumab (IL-4R) and mepolizumab (IL-5) have been successfully approved for COPD, focusing on high eosinophil count populations [3] - Dupilumab, the first targeted therapy for COPD, was approved by the FDA in 2024, with sales exceeding $14 billion in 2024 [3] - Mepolizumab showed positive results in trials with eosinophilic phenotype patients, demonstrating a correlation between eosinophil count and reduced acute exacerbation rates [3] Group 4: Emerging Targets and Domestic Innovations - TSLP and ST2/IL33 targets currently lack approved drugs, but domestic companies are innovating [4] - Amgen/AZ's tezepelumab is the only TSLP monoclonal antibody on the market, while domestic firms like Zhengda Tianqing and Kangnuo are developing differentiated therapies with promising efficacy [4] - The ST2/IL33 target, which is upstream of IL-4/IL-13, is being explored by domestic companies, with no approved drugs globally yet [4]