| 排名 | 通用名 | 企业名称 | 2025年上半年销售额 | | --- | --- | --- | --- | | | | | (单位: 亿美元) | | 1 | 司美格鲁肽 | 诺和诺德 | 166. 83 | | 2 | 帕博利珠单抗 | 默沙东 | 151. 61 | | 3 | 替尔泊肽 | 礼来 | 147. 34 | | 4 | 阿哌沙班 | BMS/辉瑞 | 111. 71 | | 5 | 度普利尤单抗 | 赛诺菲/再生元 | 80. 15 | | 6 | 利生奇珠单抗 | 艾伯维 | 78. 48 | | 7 | 达雷妥尤单抗 | 張生 | 67. 76 | | 8 | 比克替拉韦+恩曲他演+ 富马酸丙酚替诺福韦 | 吉利德 | 66. 79 | | 9 | 恩格列净 | 勃林格殷格翰/礼来 | 64. 36 | | 10 | 艾乐卡夫特+替沙卡夫特+ 伊伐卡夫特 | 福泰制药 | 50. 87 | 随着跨国药企相继披露2025年半年报，今年上半年的全球畅销药TOP10也随之出炉。诺和诺德旗下黑马 司美格鲁肽继今年一季度反超"K药"（默沙东的帕博利珠单抗）后，今年上半年以1127.56 ...

随着跨国药企相继披露2025年半年报，今年上半年的全球畅销药TOP10也随之出炉。诺和诺德旗下黑马 司美格鲁肽继今年一季度反超"K药"（默沙东的帕博利珠单抗）后，今年上半年以1127.56亿丹麦克朗 （按1丹麦克朗=0.14796美元计算，下同，合约166.83亿美元）的销售额，继续稳坐"药王"宝座。礼来的 替尔泊肽作为"后起之秀"，已经追至第3位，上述三款创新药今年上半年销售额均破140亿美元。 替尔泊肽为全球首个且目前唯一获批用于2型糖尿病的每周一次葡萄糖依赖性促胰岛素多肽（GIP）/胰 高糖素样肽-1（GLP-1）受体激动剂。作为双靶点GLP-1激动剂，替尔泊肽成为司美格鲁肽强劲的竞争 对手。 近年来，全球"药王"之争备受关注，"后起之秀"增势迅猛，"药王"更替加速。2023年以前，艾伯维的阿 达木单抗修美乐曾长期霸榜，11年蝉联"药王"宝座。 作为近几年全球最畅销的PD-1单抗，K药获批适应症超30项，不仅是获批适应症覆盖瘤种最多的PD-1单 抗，也是肺癌适应症布局最全的免疫检查点抑制剂。2022年，K药以209.37亿美元的销售额惜败给修美 乐（212.37亿美元）之后，在2023年以250.11亿 ...

中国银河（601881）证券发布研报称，血液肿瘤分类复杂，多种细分亚型治疗领域仍存在较多投资机 会。近年来在靶向、免疫以及细胞治疗等新兴治疗手段的推广应用下，血液瘤治疗已呈现与高血压、糖 尿病类似的慢病管理趋势。血液瘤的长生存周期带来大量存量患者，且药物治疗费用高，导致重磅产品 频出，潜在市场机会巨大。建议关注百济神州(06160)、诺诚健华(09969)、亚盛医药-B(06855)、迪哲医 药-U(688192.SH)。 AML、ALL等急性白血病目前主要采用化疗或靶向联合化疗模式，并通过靶向治疗和多药联合提升生 存率。在慢性白血病治疗中，CML主要采用BCR-ABLTKI治疗，尝试通过技术迭代及新靶点克服耐 药;CLL治疗包括BTK、BCL-2、CD20等药物，正探索BTK+BCL-2固定疗程给药及开发非共价BTK、双 靶BTK、BTKPROTAC等布局BTK耐药后市场。淋巴瘤亚型较多，大多数采用利妥昔联合化疗，而多发 性骨髓瘤仍以CD38单抗治疗为核心;淋巴瘤中侵袭性较强的DLBCL和多发性骨髓瘤均面临复发概率高且 复发后难治的问题，目前CAR-T疗法缓解率较高，为后线患者提供更多治疗选择。 靶向药竞争 ...

中国银河8月21日发布研报，给予医药行业推荐评级。 创新疗法推动血液瘤市场持续扩容，重磅产品诞生集中地。近年来，血液肿瘤在精准诊断、预后分层、 免疫和靶向治疗等方面取得快速进展，CAR-T、TCE等前沿技术显现出优异疗效，在多种新兴治疗手段 的推广应用下，血液瘤患者生存期和生存质量均得到大幅提升。生存周期延长促使存量患者增加，据 WHO统计，2022年全球血液肿瘤五年及以上存量患者数量约400万，是新发患者数量的三倍。存量患者 用药周期长，外加创新药定价较高，促使血液瘤领域频繁出现重磅产品；2024年达雷妥尤单抗全球销售 超过百亿美元，伊布替尼、来那度胺全球销售均超过50亿美元，另有泽布替尼、维奈克拉等多款产品进 入全球畅销药物榜单TOP100，市场潜力巨大。 提高疗效、减少复发、优化给药是血液瘤治疗未来发展方向。AML、ALL等急性白血病目前主要采用 化疗或靶向联合化疗模式，并通过靶向治疗和多药联合提升生存率。在慢性白血病治疗中，CML主要 采用BCR-ABL TKI治疗，尝试通过技术迭代及新靶点克服耐药；CLL治疗包括BTK、BCL-2、CD20等 药物，正探索BTK+BCL-2固定疗程给药及开发非共价B ...

Investment Rating - The report maintains a "Buy" rating for the blood cancer drug industry [3][6]. Core Insights - The blood cancer market is expanding due to innovative therapies, with significant advancements in precision diagnosis, prognosis stratification, and targeted therapies such as CAR-T and TCE, leading to improved patient survival and quality of life [5][8]. - The number of patients with blood cancer who have survived for five years or more is approximately 4 million globally, which is three times the number of new patients, indicating a growing market for long-term treatments [5][13]. - The high cost of blood cancer drugs and the emergence of blockbuster products are driving market growth, with several drugs expected to exceed $10 billion in sales by 2024 [5][17]. Summary by Sections 1. Blood Cancer Market Expansion - The proportion of new blood cancer patients is less than 10% of all new cancer cases, with a steady increase in incidence rates [8]. - Blood cancer patients have a long survival period, resulting in a large population of existing patients [13]. - The high cost of blood cancer treatments contributes to the frequent emergence of blockbuster drugs [17]. 2. Clinical Diagnosis and Treatment of Blood Cancer - Blood cancers are classified based on cell origin, differentiation, and affected sites, including leukemia, lymphoma, and multiple myeloma [19][20]. - Treatment for acute leukemia primarily involves chemotherapy or targeted combination therapies to improve survival rates [24]. - Lymphoma treatment varies by subtype, with Rituximab being a cornerstone therapy [23]. - Multiple myeloma treatment focuses on CD38 monoclonal antibodies, with ongoing exploration of solutions for relapsed and refractory cases [23]. 3. Analysis of Popular Targets and Therapies - The BTK field is seeing intense competition, with new products emerging to address resistance issues [5]. - The BCL-2 area is advancing with differentiated designs and optimized dosing strategies [5]. - The BCR-ABL TKI domain is witnessing the introduction of third-generation inhibitors that show superior efficacy [5]. 4. Company Profiles - BeiGene is focusing on a comprehensive product matrix to cover CLL/SLL indications [5]. - Innovent Biologics is building a diversified product portfolio centered around Oubreti [5]. - Ascentage Pharma is developing third-generation BCR-ABL inhibitors and BCL-2 inhibitors to create competitive advantages [5]. - Diligent Pharma is innovating with a globally first high-selectivity JAK1 inhibitor and a dual-target LYN/BTK inhibitor [5]. 5. Investment Recommendations - The blood cancer sector presents numerous investment opportunities due to its complexity and the variety of treatment subfields [5]. - The long survival cycle of blood cancer patients and the high costs of drug treatments indicate a significant market potential [5].

Group 1: Industry Overview - Major multinational pharmaceutical companies (MNCs) have reported their performance for the first half of 2025, with Johnson & Johnson leading with revenues of $45.636 billion, followed by Roche and Merck [1][2] - Nearly 200 drugs are expected to lose patent protection in the coming years, including at least 69 blockbuster drugs with annual sales exceeding $1 billion, leading to an estimated cumulative sales loss of over $300 billion for MNCs [2][3] - The competitive landscape among the top ten pharmaceutical companies remains intense, with close revenue figures among companies ranked fourth to eighth [2] Group 2: Company Performances - Johnson & Johnson reported a revenue of $45.636 billion for the first half of 2025, a year-on-year increase of 4.1%, driven by its innovative pharmaceuticals and medical technology segments [3] - Merck's total revenue was $31.335 billion, a decline of 2% year-on-year, with significant drops in its China revenue, which fell by 70% to $1.075 billion [4] - Eli Lilly achieved a remarkable revenue growth of 41%, reaching $28.286 billion, with its weight loss drug Mounjaro seeing an 85% increase in sales [5][6] - AstraZeneca reported a revenue of $28.045 billion, an 11% increase, with its China revenue growing by 5% to $3.515 billion, making it the top performer in the Chinese market [7] Group 3: Market Dynamics - The competition for the title of "King of Drugs" is intensifying, with Eli Lilly's two weight loss drugs nearing the sales figures of Novo Nordisk's semaglutide [6] - MNCs are increasingly focusing on the Chinese market, with a notable increase in collaborations with domestic innovative pharmaceutical companies, resulting in 52 outbound deals in the first half of 2025 [7][8] - The growth rates of MNCs in China are shifting, with some companies like Merck experiencing significant declines in sales, while others like AstraZeneca and Eli Lilly are capitalizing on the market opportunities [8]

受试验结果影响，阿斯利康股价在盘前交易阶段下跌0.61%，报收69.89美元，总市值2180亿美元。尽管 主结果未达预期，但药物在部分患者中的有效性及作用机制突破性仍被视为积极信号。医学专家指出， 安塞拉米单抗的局部成功为后续精准治疗提供了方向，尤其是针对现有疗法响应不佳的晚期患者群体。 阿斯利康表示，将持续推进安塞拉米单抗的数据分析，并探索其在更精准患者群体中的适用性。随着对 疾病机制的深入理解，原纤维耗竭剂有望与现有疗法形成协同效应，进一步改善患者预后。 智通财经APP获悉，阿斯利康(AZN.US)在研药物安塞拉米单抗针对AL淀粉样变性的Ⅲ期临床试验未能 达到延长患者生存期或减少心脏相关住院次数的主要终点，这一结果与此前业界对重症患者可能获益的 期待形成落差。 根据美国国立卫生研究院(NIH)数据，AL淀粉样变性在美国的发病率约为12例/百万人年，中国肾活检 资料显示其占继发性肾脏病患者的4%，患者确诊时平均年龄63岁，男性占比略高。 尽管整体试验数据未达预期，阿斯利康旗下罕见病部门Alexion首席执行官马克·杜诺耶(Marc Dunoyer)仍 强调，部分患者群体显示出积极治疗反应。公司正深入分析试验 ...