以下文章来源于和谐汇一资产管理 ，作者和谐汇一 和谐汇一资产管理 . 和谐汇一是一家专注于权益类二级市场投资的私募基金管理公司，由林鹏先生发起创立。旨在为投资者、为所投资 公司及社会发展发现持久价值，做中国最优秀企业的长期陪伴者。 创新药，可以是资本市场一时的热点，但资本市场的聚光灯总是追逐着最耀眼的那一刻，而往往会忽视了那些 引发股价飙升的"热点时刻"，其实是漫长创新征途中最后结出的果实。在每一款划时代新药背后，是数十年冷 板凳上的靶点探索，也是临床研究中的折戟与不折不挠的反复迭代。 所以，研究与跟踪新药研发，需要非常前置的研究投入。 今年初，和谐汇一的医药研究员陈倩慧就把她的目光放到了高血压领域。作为全球最常见的疾病之一，高血压 影响着约10亿人的生活，核心治疗靶点的创新已经沉寂了40多年。尽管现有的降压药物在许多情况下有效，但 仍有部分患者（尤其是顽固性高血压患者）难以有效控制血压，或因药物副作用（如高钾血症或低血压）而无 法耐受。 随着3月10日，Mineralys宣布Advance-HTN和Launch-HTN III期成功，降压药领域似乎迎来了新的可能。这 背后究竟会带来什么样的变化？我们又该如何 ...

Core Viewpoint - Goldman Sachs provided key insights on AstraZeneca at its 46th Global Healthcare Conference, highlighting the company's management's reaffirmation of limited impact from potential drug tariffs and a clearer path to achieving $80 billion in revenue by 2030, alongside a target operating profit margin of around 35% [1] Group 1: Financial Outlook - AstraZeneca aims for an operating profit margin of approximately 35% while acknowledging uncertainties such as the inclusion of Farxiga in China's volume-based procurement in late 2025 and potential price reductions in the U.S. due to the Inflation Reduction Act (IRA) [2] - The company expects revenue growth and cost control to jointly drive profit margin improvements, with a projected impact of a few percentage points on total revenue from the redesign of the Medicare Part D program in 2025 [2] - Goldman Sachs maintains a "Buy" rating on AstraZeneca with a 12-month price target of $97, indicating nearly a 33% upside from the stock's closing price on June 9 [1] Group 2: Drug Development and Pipeline - AstraZeneca is optimistic about the Phase 3 trial of baxdrostat, learning from previous Phase 2 trials, and expects peak sales of $5 billion, with half from monotherapy and half from combination therapy with dapagliflozin [3] - The company emphasizes the importance of initiating cardiovascular, renal, and metabolic disease (CVRM) drug trials early to gather sufficient data for reimbursement purposes, despite these trials not being required for regulatory approval [3] - AstraZeneca is confident in the prospects of Enhertu for first-line treatment in HER2-positive breast cancer, reporting about a 50% complete response rate in metastatic patients [4] Group 3: Regulatory and Market Considerations - AstraZeneca's management noted uncertainties regarding the implementation of Most Favored Nation clauses and the IRA's role in lowering drug prices, while supporting increased healthcare budgets in European countries to foster innovation [2] - The company is increasing its investment in biologics while continuing to invest in small molecule drugs, such as oral GLP-1 and PCSK9 inhibitors [2] - AstraZeneca does not foresee ESR1 mutation testing as a barrier to the promotion of camizestrant, citing several operational advantages and prior experience with BRCA testing [3]