专题：聚焦2025年第三季度美股财报 核心要点 2025 年 10 月 16 日，美国加利福尼亚州南旧金山市，一栋玻璃幕墙办公大楼外墙上的辉瑞标识，与天空倒影相映 成景。 辉瑞于本周二发布 2026 年业绩指引，整体基调趋于保守。面对新冠相关产品销售额下滑及老药收入缩 水的双重压力，公司计划通过对管线资产进行长期投资来扭转局面。 对于辉瑞而言，上述挑战既非突发状况，也算不上新问题。疫情期间，辉瑞凭借新冠疫苗与抗病毒药物 斩获创纪录营收，但此后相关产品销售额便大幅下滑。为打造新的收入来源，辉瑞近年来频频出手，达 成多笔规模不一的并购交易，例如近期刚刚完成的、以 100 亿美元收购肥胖症生物科技公司梅瑟拉的交 易，以及 2023 年斥资 430 亿美元收购抗癌药企西格玛的重磅并购案。 然而，本次业绩指引清晰地表明，这些投资项目距离产生回报仍有较长的路要走。以梅瑟拉为例，其旗 下管线药物目前仍处于早期研发阶段。 在周二交易中，辉瑞股价基本持平。该公司股价今年以来整体也未出现明显波动。 辉瑞预计，2026 年调整后每股收益区间为 2.80-3.00 美元。根据路孚特的数据，这一数值略低于分析师 普遍预期的 3.05 ...

Core Viewpoint - The article discusses the significant price reduction of weight loss drugs in the U.S. following negotiations led by former President Trump, highlighting the impact on pharmaceutical companies and the healthcare system [5][8][20]. Group 1: Price Reduction Announcement - Trump announced a drastic price cut for weight loss drugs Wegovy and Zepbound, from $1,350 and $1,086 per month to $350, with plans to further reduce it to $245 over two years [8][20]. - The price reduction will be available through Medicare and a new platform called TrumpRx.gov, aimed at providing direct access to lower drug prices [20][21]. Group 2: Context of Drug Pricing in the U.S. - The U.S. spends over $12,000 per person annually on healthcare, significantly higher than other developed countries, yet has a lower life expectancy [14][16]. - According to a 2024 report, the average price of drugs in the U.S. is 2.8 times higher than in 33 other OECD countries, with innovative drugs being even more expensive [16][18]. Group 3: Pharmaceutical Companies' Response - Pfizer has committed to offering discounts of 50% to 85% on many of its primary care drugs, affecting over 100 million patients in the U.S. [19]. - The negotiations with Novo Nordisk and Eli Lilly focused on existing weight loss drugs, with the aim of including them in Medicare and expediting the approval of future oral versions [20][30]. Group 4: Market Dynamics and Future Implications - The article notes that the GLP-1 class of weight loss drugs is gaining popularity due to their effectiveness, but their high prices have limited access [27][28]. - With the expiration of patents for these drugs in countries like China and India by 2026, there is potential for increased competition and lower prices in the U.S. market [28][30]. Group 5: Political and Economic Considerations - Trump's approach contrasts with previous administrations, focusing on aggressive negotiations and potential tariffs on non-compliant pharmaceutical companies [33][39]. - The article suggests that the high drug prices in the U.S. are a result of a complex system involving pharmaceutical companies, insurance providers, and intermediaries, which has led to rising costs for consumers [35][36].

Core Insights - Pfizer reported strong Q2 earnings driven by high demand for heart drug Vyndaqel and anticoagulant Eliquis, exceeding analyst expectations for both revenue and profit [1][2] - The company raised its full-year earnings forecast, reflecting a positive outlook for adjusted EPS and revenue [1] Financial Performance - Q2 EPS was $0.78, significantly above the consensus estimate of $0.57 [1] - Revenue increased by 10% to $14.7 billion, surpassing the expected $13.47 billion [1] - Adjusted EPS forecast for 2025 is now projected to be between $2.90 and $3.10, up from the previous range of $2.80 to $3.00 [1][2] Strategic Outlook - The revised earnings outlook incorporates strong first-half performance, improved cost efficiency, lower tax rates, and favorable currency effects [2] - A one-time R&D expense of $1.35 billion related to a licensing deal with 3SBio is expected to reduce Q3 EPS by approximately $0.20 [2] Industry Context - The pharmaceutical industry faces pressures from ongoing drug pricing policies under the Trump administration and potential tariffs on EU imports [2] - Pfizer has sufficient production capacity in its 10 U.S. facilities to mitigate tariff impacts and is willing to shift some production to these existing sites [2] - Investor concerns are heightened regarding potential policy changes from U.S. Health Secretary Robert F. Kennedy Jr., which could affect Pfizer's vaccine product line, accounting for about 20% of total revenue [2]