值得一提的是，这是白宫为降低美国民众医疗成本而与制药企业达成的第二项重大协议。美国制药商辉 瑞(PFE.US)上周与特朗普政府也达成了类似的协议，将采取多项措施降低美国药品价格，并获得了三年 的药品关税豁免——前提是该公司需进一步加大在美国本土的生产投资。据悉，辉瑞计划投资700亿美 元，用于回流美国本土的药品生产及研发设施建设。 与特朗普政府同辉瑞达成的协议类似，阿斯利康将大幅下调药品价格，以换取制药业关税的三年豁免 期。该公司在美国推出的所有新药价格将与可比国家中的最低水平保持一致。此外，该公司还将以大幅 折扣价格向针对低收入及残障人士的Medicaid医保项目供应药品。这家英国制药商还将扩大其直销网 站"AstraZeneca Direct"销售的产品，以特朗普口中"大幅降低"的价格进行销售，并将在TrumpRx网站上 提供这些药品。 阿斯利康首席执行官Pascal Soriot表示，作为协议的一部分，该公司将免于制药行业的关税。阿斯利康 今年7月曾表示，到2030年将在美国投资500亿美元。 目前该协议的财务影响尚不明确。由于阿斯利康在美国销售的药品大多在当地生产，因此其受到的关税 威胁相对有限。今年 ...

Core Points - The Trump administration has reached a deal with AstraZeneca to reduce drug prices for Americans in exchange for tariff relief, marking a significant move to lower healthcare costs [1][3] - AstraZeneca will offer major discounts on its prescription drugs and launch new medicines in the US at the lowest prices available globally [2][3] - The deal follows a similar agreement with Pfizer and is part of a broader strategy to encourage pharmaceutical companies to lower prices and increase domestic production [5][10] Company-Specific Summary - AstraZeneca will provide steep discounts on its medicines, including popular drugs like Farxiga and Airsupra, which could see price reductions of up to 70% [8][9] - The company is expanding its direct-to-consumer sales platform, AstraZeneca Direct, to offer discounted prices directly to patients [4][8] - AstraZeneca's best-selling drug, Farxiga, generated $7.7 billion in sales last year, and its pricing is already set to decrease due to upcoming Medicare negotiations [9] Industry Context - The deal is part of the Trump administration's efforts to implement most-favored nation pricing, which would require US drug prices to be equivalent or lower than those in other countries [13] - Historically, Americans have paid the highest drug prices globally, which has positioned the US as a key market for pharmaceutical innovation [12] - The financial implications of these deals are still uncertain, but initial investor fears regarding the impact of tariffs and pricing rules have lessened as commitments from drugmakers have been perceived as manageable [14]

Core Insights - Pfizer (PFE) and AstraZeneca (AZN) are leading players in the oncology sector, with significant revenue contributions from this area [1][2] - Pfizer's oncology sales account for over 25% of total revenues, growing by 9% in H1 2025, while AstraZeneca's oncology sales represent around 43% of total revenues, increasing by 16% in the same period [1][2][11] - Both companies have robust R&D pipelines that are expected to drive future growth [3] Pfizer Overview - Pfizer's acquisition of Seagen in 2023 has bolstered its oncology position [4] - Non-COVID operational revenues are improving, with key products generating $4.7 billion in H1 2025, a 15% operational increase year-over-year [5] - Pfizer anticipates $7.7 billion in cost savings by the end of 2027 and projects a revenue CAGR of approximately 6% from 2025 to 2030 [6] - Challenges include potential declines in COVID-related sales and significant patent expirations expected between 2026 and 2030, impacting key products [7][8] AstraZeneca Overview - AstraZeneca's portfolio includes several blockbuster drugs, with sales exceeding $1 billion, contributing to strong revenue growth [9] - The company plans to launch 20 new medicines by 2030, targeting $80 billion in total revenues [12] - AstraZeneca's newer drugs are contributing positively to top-line growth in 2025 [10] - Challenges include the impact of Medicare Part D redesign on key drug sales and competition from generics and biosimilars [13][14] Financial Estimates and Performance - Pfizer's 2025 sales and EPS estimates indicate modest growth of 0.3% and 1.0%, respectively, with EPS estimates rising from $3.05 to $3.14 [15] - AstraZeneca's 2025 sales and EPS estimates suggest stronger growth of 8.4% and 11.4%, with EPS estimates increasing from $4.50 to $4.58 [16] - Year-to-date stock performance shows Pfizer declining by 9.0%, while AstraZeneca has increased by 17.6% [18] Valuation and Dividend Yield - AstraZeneca's shares trade at a forward P/E ratio of 15.44, while Pfizer's are at 7.79, indicating a more attractive valuation for Pfizer [19] - Pfizer offers a higher dividend yield of 7.1% compared to AstraZeneca's 2.4% [22] - AstraZeneca has a higher return on equity at 32.8% versus Pfizer's 21.4% [22] Investment Outlook - Both companies are rated with a Zacks Rank 3 (Hold), making it challenging to determine a clear investment preference [23] - AstraZeneca is viewed as a safer investment due to its efficient profitability and clearer growth targets, despite Pfizer's attractive valuation and dividend yield [25]