行业研究 药明系业绩强劲，CXO 板块后续发展动能充足 ——医药生物行业跨市场周报（20260125） 要点 行情回顾：上周医药生物指数下跌 0.39%，跑赢沪深 300 指数 0.23pp，跑输创 业板综指 1.50pp，在 31 个子行业中排名第 27。港股恒生医疗健康指数收跌 2.75%，跑输恒生国企指数 2.1pp。 研发进展：上周，映恩生物的 BNT324、复宏汉霖的 HCB101 临床申请新进承 办。荃信生物的 QX004N 正在进行 I 期临床；信达生物的 IBI3002 正在进行 II 期临床；恒瑞医药的 HRS-8080 正在进行 III 期临床。 本周观点：药明系业绩强劲，CXO 板块后续发展动能充足。 近期，药明系公司公布了良好的业绩预期，彰显 CXO 板块后续强劲增长动能。 药明康德 25 年预计实现营收 454.56 亿元（同比+15.84%），其中 TIDES 业务 收入同比增长预计超 90%。药明生物 25 年新增 209 个综合项目，其中 2/3 为双 多抗及 ADC 药物，III 期及商业化项目合计达 99 个。药明合联 25 年营收及经调 整净利润同比均增长超 45%，全球 ...

BioNTech Conference Call Summary Company Overview - **Company**: BioNTech - **Industry**: Biotechnology, specifically focusing on mRNA technology and oncology treatments Key Points and Arguments Company Growth and Achievements - BioNTech, in partnership with Pfizer, has delivered **5 billion doses** of vaccines globally, maintaining leadership in the COVID vaccine market [2][3] - The company has pivoted back to oncology with **25 clinical trials** ongoing and **16 clinical programs** [2][3] - BioNTech's financial position is strong, ending the year with over **$17 billion** in cash and cash equivalents [3] Clinical Trials and Pipeline - BioNTech has **25 late-stage programs** running, with over **4,000 patients** enrolled in clinical trials [5] - The company expects **15 phase 3 readouts** in 2026 and 2027, indicating a robust pipeline [5][21] - Key oncology assets include: - **Prometimic**: A PD-L1 VEGF bispecific antibody showing an **85% objective response rate** in small cell lung cancer and **70% in triple-negative breast cancer** [9] - **Gutysava**: An antibody targeting regulatory T cells, showing a **54% reduction in the risk of death** compared to chemotherapy in squamous non-small cell lung cancer [12] - **B7-H3 ADC**: Targeting multiple solid tumors with a favorable safety profile [14] Strategic Partnerships and Acquisitions - BioNTech has executed strategic deals, including a partnership with BMS to strengthen execution and de-risk programs [3] - The acquisition of BioPhios and CureVac has enhanced BioNTech's position in the mRNA field [3] Future Objectives and Strategies - In 2026, BioNTech aims to: - Accelerate late-stage development of oncology assets - Engage in multiple combination strategies - Shift from a platform-centric to a tumor-centric clinical development approach [6] - The company is focusing on a **synergy-driven development strategy** across next-generation immunomodulators, targeted therapies, and mRNA cancer immunotherapies [7] Combination Therapy Approach - BioNTech is pursuing a combination therapy strategy, integrating ADCs with immunotherapies and mRNA vaccines to enhance treatment efficacy [17][18] - The company believes that combination therapies will provide durable control in patients and open clinical benefits for those not responding to checkpoint blockade [30] Financial Management and Future Plans - BioNTech plans to use its cash reserves primarily for developing its internal pipeline and may consider inorganic acquisitions or collaborations in the future [39] Additional Important Information - The company has a strong focus on high-incidence cancers such as lung cancer and breast cancer, with strategies tailored to address various lines of treatment [18] - BioNTech anticipates a steady news flow from multiple late-stage trial readouts throughout 2026, supporting rapid decision-making and value creation [21] This summary encapsulates the key points discussed during the BioNTech conference call, highlighting the company's strategic direction, clinical advancements, and financial outlook.