10700日元，这是中外制药在2月25日创下的股价新高，相较于1990年至2013年长期徘徊的600日元区间，十几年间涨 幅高达16倍。 这一数字背后，是日本乃至亚洲制药行业首个千亿美元市值企业的诞生。截至25日，中外制药市值高达1087 亿美元， 不仅将将拥有240余年历史的武田制药、以及近年来在ADC领域风头无两的第一三共远远甩在身后，更跻身全球药企 前16名，与赛诺菲、再生元等站在同一水平线。 要知道，市值"千亿美元俱乐部"的成员均为欧美跨国巨头，这一顶级阵营中，一直没有亚洲药企的身影。而长久以 来，中外制药的标签也始终是"罗氏子公司"，如今却为我们带来另一重震撼： 日本是全球最早经历深度老龄化与持续医保控费的国家，其国内医药市场规模在长达20年的时间里近乎停滞。正是在 这样的"逆风局"中，中外制药却完成了从罗氏本土代理商到全球创新引擎的转变，其营业利润率更是维持在近50%的 高位。 当中外制药的千亿美元市值里程碑与日本的老龄化剧本、中国的医药产业现状叠加在一起时，一个核心命题浮出水 面：在支付端压力日益增大、创新成本飙升的全球背景下，药企的成长逻辑究竟发生了什么根本性变化？中外制药的 路径，又能为同样 ...

每经AI快讯，有投资者在投资者互动平台提问：请问董秘，贝伐珠欧美销售何时可以开始，有时间表 吗？另外托珠和乌司奴的欧洲销售进程如何？ （记者 张明双） 百奥泰（688177.SH）2月26日在投资者互动平台表示，贝伐珠单抗的欧美销售由合作伙伴主导推进； 托珠单抗与乌司奴单抗在欧洲的商业化工作也在积极筹备中。公司将持续与合作伙伴紧密协作，加速推 进海外市场布局。 ...

经济观察网 天演药业公布了2026年的业务进展及年度目标，包括多项临床数据公布与研发计划。 截至2025年12月31日，公司现金及现金等价物为7,450万美元（未经审计），预计可支持运营至2027年 底，为上述计划提供资金保障。 以上事件均基于公司公开披露的计划，具体时间及结果需以实际公告为准。 产品研发进展 患者入组完成：预计完成muzastotug随机2期剂量优化研究的患者入组，该研究旨在为3期临床试验确定 最优给药方案。 业务拓展：公司表示将持续推进合作与授权协议，包括与赛诺菲、Third Arc Bio等合作伙伴的项目进 展。 财务状况 近期事件 2026年第一季度：计划公布muzastotug（ADG126）联合帕博利珠单抗治疗三线及以上微卫星稳定型结 直肠癌（MSS CRC）患者的1b/2期更新研究数据，包括10 mg/kg剂量组（41例患者）和20 mg/kg剂量组 （26例患者）的结果。 同期：将分享与罗氏合作的临床研究结果，评估muzastotug联合阿替利珠单抗及贝伐珠单抗用于肝细胞 癌（HCC）一线治疗的疗效与安全性。 新增数据披露：公布muzastotug联合帕博利珠单抗及标准治疗（呋 ...

撰文丨王聪 编辑丨王多鱼 排版丨水成文 Clinical Medicine Insights: Oncology 是 Sage 出版社旗下的一本国际化、同行评议的 开放获取期刊 （ Open Access Journal ） 。 该期刊发表有关癌症研究和治疗所有方面的文章，包括但不限于分子生物学、遗传学、病理生理学、流行病学、临床干预、对照试验、癌症患者的诊断和治疗、 治疗学、药理学和药物递送，以及癌症手术技术等主题。该期刊欢迎多种类型的稿件，包括 original research、review、systematic review、meta-analysis、 study protocols 以及 Letters to the Editor， original research 稿件可涵盖实验室、动物或人类/临床研究的各个阶段。 该期刊目前 影响因子 （IF） 为 1.9 ，根据实时影响因子预测， 该期刊将在今年 6 月份更新的影响因子中达到 2.5 分 。 该期刊现在中国 诚邀投稿 ，出版社官方特别推出 投稿福利：如您近期有适合的稿件投稿，欢迎 扫描下方二维码 填写信息 ，申请获取 APC 9 折优惠码 ...

该研究表明， 活化的 ATF6α 是一种肝肿瘤驱动因子，可限制免疫监视，其可作为免疫检查点阻断 （ICB） 疗法响应的潜在分层标志物，也是肝细胞癌的治疗新 靶点。 撰文丨王聪 编辑丨王多鱼 排版丨水成文 肝细胞癌 （HCC）， 主要源自慢性肝炎中恶性转化的肝细胞，其 占原发性肝癌的 80% - 85%。尽管免疫疗法的进步提高了肝细胞癌患者的生存率，但复杂的 遗传、代谢和炎症相互作用仍是有效治疗的障碍。 肝细胞癌浸润淋巴细胞表达耗竭标志物 （例如 PD-1、CTLA-4） ，导致预后不良。免疫检查点阻断 （阿特珠单抗） 和血管内皮生长因子 （VEGF） 阻断 （贝 伐珠单抗） 以改善 T 细胞介导的肿瘤监视是不可切除肝细胞癌的标准治疗方法。然而，肝细胞癌中的代谢重编程 （包括葡萄糖剥夺和肿瘤内缺氧环境） ，会降 低抗肿瘤治疗效果并增强恶性程度。因此，需要新的策略来克服与代谢相关的肿瘤逃逸和免疫抑制。 2026 年 2 月 4 日， 德国癌症研究中心 Li Xin 作为第一作者，在国际顶尖学术期刊 Nature 上发表了题为： Activated ATF6α is a hepatic tumour driver ...

Investment Rating - The report does not explicitly state an investment rating for the biopharmaceutical industry or Fitinib Core Insights - The report focuses on the market dynamics of Fitinib in China, including sales volume and revenue changes, as well as the impact of various factors such as market competition and healthcare policies [4][6][14] Summary by Sections Market Dynamics - In August 2025, the National Healthcare Security Administration released a preliminary review of the new medical insurance drug list, which included several innovative cancer drugs, raising concerns about changes in the healthcare payment structure [6] - The sales volume of Fitinib has shown significant fluctuations since 2025, influenced by market promotion, competition, and healthcare policies [7][9] - The sales volume for Fitinib in January 2025 was 15,265 boxes for the 1mg specification, which saw a decline of 22.0% in February, followed by a recovery in subsequent months [8][9] - The 5mg specification experienced more volatility, with sales dropping to a low of 4,015 boxes in March 2025 before rebounding [9] Sales Revenue - The sales revenue for Fitinib also exhibited notable fluctuations, with the 1mg specification reaching 3,863.0 million yuan in August 2025 after a decline in July [15][16] - The 5mg specification's revenue followed a similar pattern, indicating a competitive market landscape and the impact of healthcare policy adjustments on patient medication choices [16] - From August 2020 to August 2025, the sales revenue for the 1mg specification grew significantly in earlier years but saw a decline of 16.1% in August 2025, ending a five-year growth trend [21] Research and Development Progress - Fitinib has shown preliminary efficacy when combined with other treatments for locally advanced rectal cancer, with a complete resection rate of 100% among patients receiving the treatment [26][28] - The safety profile of Fitinib in combination therapies has been manageable, with most adverse events being of grade 1 or 2, indicating a favorable safety margin [27][28] - Ongoing studies are expected to provide further insights into the drug's efficacy and safety in various treatment regimens [28][32] Competitive Landscape - The report highlights the increasing competition in the pharmaceutical market, with multinational companies accelerating their investments and collaborations in China [6][22] - The emergence of new treatment modalities, such as antibody-targeted conjugates (ATTC), is reshaping the competitive landscape, offering potential advantages over traditional therapies [22]

Core Viewpoint - Raludotatug Deruxtecan (R-DXd, DS-6000a) has received Breakthrough Therapy Designation (BTD) from the China National Medical Products Administration (NMPA) for the treatment of adult patients with platinum-resistant epithelial ovarian cancer, primary peritoneal cancer, or fallopian tube cancer who have previously been treated with Bevacizumab and express CDH6 [1] Group 1 - Raludotatug Deruxtecan is developed by Daiichi Sankyo and co-developed with Merck [1] - The drug is a CDH6-targeted antibody-drug conjugate (ADC) [1]

Core Viewpoint - Corning Jereh Pharmaceutical-B (09966) saw a significant increase of over 6%, currently trading at 10.89 HKD with a transaction volume of 10.4175 million HKD, following the announcement of a new drug clinical trial application for JSKN033, a combination therapy for advanced cervical cancer [1] Group 1: Clinical Trial Announcement - Corning Jereh Pharmaceutical-B announced that the clinical trial application for JSKN033, a high-concentration subcutaneous compound formulation consisting of a bispecific antibody-drug conjugate targeting HER2 and a PD-L1 immune checkpoint inhibitor, has been officially accepted by the National Medical Products Administration (NMPA) [1] - The JSKN033-202 trial is an open-label, multicenter, Phase II clinical trial aimed at evaluating the safety, efficacy, and pharmacokinetic/pharmacodynamic characteristics of JSKN033 in combination with platinum-based chemotherapy, with or without Bevacizumab, for patients with advanced cervical cancer [1] - All patients in the trial will receive treatment with JSKN033 in combination with either Cisplatin or Carboplatin, and the choice of platinum drug and whether to combine with Bevacizumab will be determined by the researchers based on the specific conditions of the patients [1]

Core Viewpoint - Corning Jereh Pharmaceutical-B (09966) saw a significant increase of over 6%, currently trading at 10.89 HKD with a transaction volume of 10.4175 million HKD, following the announcement of a new drug clinical trial application for JSKN033 [1] Group 1: Clinical Trial Announcement - Corning Jereh Pharmaceutical-B announced that the clinical trial application for JSKN033, a high-concentration subcutaneous compound formulation combining a HER2 bispecific antibody-drug conjugate (ADC) and a PD-L1 immune checkpoint inhibitor, has been officially accepted by the National Medical Products Administration (NMPA) [1] - The JSKN033-202 trial is an open-label, multicenter, Phase II clinical trial aimed at evaluating the safety, efficacy, and pharmacokinetic/pharmacodynamic characteristics of JSKN033 in combination with platinum-based chemotherapy, with or without Bevacizumab, for first-line treatment of advanced cervical cancer [1] - All patients in the trial will receive treatment with JSKN033 in combination with either Cisplatin or Carboplatin, with the choice of platinum drug and the decision to use Bevacizumab being determined by the researchers based on individual patient circumstances [1]

Core Viewpoint - Corning Jereh Pharmaceutical-B (09966) has announced the acceptance of its new drug clinical trial application for JSKN033, a combination therapy for advanced cervical cancer, by the National Medical Products Administration (NMPA) [1] Group 1: Clinical Trial Details - JSKN033 is a high-concentration subcutaneous compound formulation consisting of a bispecific antibody-drug conjugate (ADC) targeting human epidermal growth factor receptor 2 (HER2) and a programmed death ligand 1 (PDL1) immune checkpoint inhibitor [1] - The clinical trial, identified as JSKN033-202, is an open-label, multicenter, Phase II study aimed at evaluating the safety, efficacy, and pharmacokinetic/pharmacodynamic characteristics of JSKN033 in combination with platinum-based chemotherapy, with or without bevacizumab, for patients with advanced cervical cancer [1] - All participants will receive treatment with JSKN033 in combination with either cisplatin or carboplatin, and the choice of platinum drug and the inclusion of bevacizumab will be determined by the researchers based on individual patient circumstances [1]