证券研究报告 | 2026年2月26日 海外制药企业2025Q4&全年业绩回顾 ——2026会是下一个BD大年吗？ 行业研究 · 行业专题 医药生物 投资评级：优于大市（维持评级） 证券分析师：马千里 010-88005445 maqianli@guosen.com.cn S0980521070001 证券分析师：陈曦炳 0755-81982939 chenxibing@guosen.com.cn S0980521120001 证券分析师：彭思宇 0755-81982723 pengsiyu@guosen.com.cn S0980521060003 请务必阅读正文之后的免责声明及其项下所有内容 摘要 请务必阅读正文之后的免责声明及其项下所有内容 2 ◼ 2026会是下一个BD大年吗？ • 2025年跨国制药企业创新药资产交易创新高：2025年创新药交易案例数达到142个，其中并购/合作开发分别36/106个，均创2015年至今新高；交易总金额达到2645亿美元，其中并购/合作 开发分别1060/1584亿美元，交易总额及合作开发金额均为2015年至今新高，并购金额仅次于2019及2023年。 • 剔除大额并购 ...

Core Insights - Johnson & Johnson (JNJ) is a leading player in the oncology segment, particularly in blood cancers and solid tumors, with its drug Darzalex being a foundational treatment [1][11] - JNJ's oncology sales are projected to reach $50 billion by 2030, supported by strong growth in existing products and new drug launches [4][11] Company Performance - JNJ's oncology segment accounts for approximately 27% of total revenues and 42% of its Innovative Medicine segment sales [2] - Oncology sales increased by 20.9% operationally in 2025, driven by Darzalex and Erleada, despite a decline in Imbruvica sales [2][11] - Darzalex generated over $14 billion in sales in 2025, marking a 22% year-over-year increase [1][11] - New cancer drugs Carvykti, Tecvayli, and Talvey contributed $3 billion in sales in 2025 [3][11] Future Outlook - JNJ is optimistic about its oncology pipeline, with expectations of continued momentum and new product launches [4][6] - The company has introduced innovative treatments like Inlexzoh and a subcutaneous formulation of Rybrevant plus Lazcluze, which are expected to enhance sales [5][6] Competitive Landscape - Other major players in the oncology market include Pfizer, AstraZeneca, Merck, and Bristol-Myers, each with significant oncology sales and robust pipelines [7][8][9][10][12] - JNJ's oncology sales growth outpaced competitors, with Pfizer's oncology revenues growing by 8% and AstraZeneca's by 14% in 2025 [8][9] Valuation and Market Performance - JNJ's stock has outperformed the industry, rising 51% over the past year compared to a 12.7% increase in the industry [13] - The company's shares are currently trading at a price/earnings ratio of 21.11, higher than the industry average of 18.69 [14]

Core Insights - Johnson & Johnson (JNJ) and AbbVie (ABBV) are prominent pharmaceutical companies with strong positions in immunology, oncology, and neuroscience, alongside J&J's extensive medical devices business [1] - Both companies are facing patent challenges, necessitating effective pipeline execution and business development for sustained growth [2] Company Overview Johnson & Johnson (JNJ) - JNJ's diversified business model includes pharmaceuticals and medical devices, with over 275 subsidiaries and 28 products generating over $1 billion in annual sales [4] - The Innovative Medicine unit showed a 4.1% organic sales growth in 2025, driven by key drugs like Darzalex and new products [5] - JNJ's MedTech business saw a 4.3% organic sales increase in 2025, supported by acquisitions and improvements in various segments [6] - Significant R&D investments exceeding $32 billion in 2025, with new product approvals expected to drive future growth [7] - JNJ anticipates that 10 new products could achieve peak sales of $5 billion each [8] AbbVie (ABBV) - AbbVie successfully transitioned from the loss of exclusivity (LOE) of Humira by launching new immunology drugs, Skyrizi and Rinvoq, which contributed to a combined sales growth of over 40% in 2025 [9][10] - The neuroscience portfolio also saw a nearly 20% sales increase, driven by products like Botox and Vraylar [12] - AbbVie has invested over $5 billion in acquisitions to enhance its early-stage pipeline, particularly in immunology [13] - The aesthetics segment faced challenges, with global sales declining by 5.9% in 2025 [14] Financial Performance - JNJ's stock rose 48% in the past year, while AbbVie's stock increased by 10.2%, both outperforming the industry average of 12.1% [20] - The Zacks Consensus Estimate for JNJ's 2026 sales and EPS indicates a year-over-year increase of 6.5% and 7.0%, respectively [15] - AbbVie's 2026 sales and EPS estimates imply a year-over-year increase of 9.4% and 8.74%, respectively [17] Valuation and Yield - AbbVie appears more attractive from a valuation perspective, trading at a forward P/E ratio of 15.25 compared to JNJ's 20.79 [20] - AbbVie offers a higher dividend yield of approximately 3.1%, compared to JNJ's 2.1% [23] Future Outlook - AbbVie expects high single-digit revenue growth through 2029, driven by Skyrizi and Rinvoq, with no significant LOE events anticipated [27] - JNJ aims for approximately $100 billion in revenues in 2026, with expectations of sales growth across both segments [28] - Both companies are positioned for continued growth, with JNJ showing a slight edge in stock performance and analyst estimates [29]

A month has gone by since the last earnings report for Johnson & Johnson (JNJ) . Shares have added about 13% in that time frame, outperforming the S&P 500.But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Johnson & Johnson due for a pullback? Well, first let's take a quick look at the most recent earnings report in order to get a better handle on the recent catalysts for Johnson & Johnson before we dive into how investors and analysts ...

Genmab (NASDAQ:GMAB) is one of the best NASDAQ growth stocks to buy for the next 2 years. On February 17, Genmab reported that its total revenue grew by 19% in 2025 to a total $3.7 billion. This growth was fueled by a 54% surge in sales of its proprietary medicines, most notably Abkinley, which generated $468 million, which was a 67% year-over-year increase. The company also benefited from the continued success of its royalty portfolio, particularly Darzalex, which is projected to reach net sales of up to ...

Core Insights - Pfizer is a leading player in the oncology market with a diverse portfolio of approved cancer medicines and a strong pipeline focused on various modalities [1][9] Oncology Sales Performance - Oncology sales account for approximately 27% of Pfizer's total revenues, with an 8% growth in 2025 driven by key drugs such as Xtandi, Lorbrena, Braftovi-Mektovi combination, and Padcev [2][11] - Xtandi generated alliance revenues of $2.19 billion in 2025, up 8% year over year, while Lorbrena sales increased by 40% to $1.02 billion [3] - Padcev sales rose 22% to $1.94 billion, supported by strong demand trends, while Ibrance revenues declined by 6% to $4.1 billion [4][11] Pipeline and Future Growth - Pfizer is investing in Padcev, which has received FDA approval for a combination treatment with Merck's Keytruda for muscle-invasive bladder cancer, potentially expanding its patient population [5][9] - The oncology biosimilars segment contributed $1.3 billion in sales, reflecting a 26% year-over-year increase [6] - Pfizer's late-stage pipeline includes candidates like atirmociclib and sigvotatug vedotin, with expectations of having eight or more blockbuster oncology medicines by 2030 [7][11] Competitive Landscape - Pfizer competes with major players in the oncology space, including AstraZeneca, Merck, Johnson & Johnson, and Bristol-Myers [10] - AstraZeneca's oncology sales rose 14% in 2025, while Merck's Keytruda accounted for over 50% of its pharmaceutical sales, reaching $31.7 billion [12][13] Stock Performance and Valuation - Pfizer's stock has increased by 5.7% over the past year, compared to a 17.3% rise in the industry [18] - The company's shares are trading at a forward price/earnings ratio of 9.28, lower than the industry average of 18.86 and its own 5-year mean of 10.22 [20]

Verizon vs Johnson & Johnson: Which Dividend Hike Winner Is the Better Buy? - 24/7 Wall St.[S&P 5006,863.00 +0.16%][Dow Jones49,611.00 +0.09%][Nasdaq 10024,778.20 +0.23%][Russell 20002,649.42 +0.06%][FTSE 10010,678.40 +0.99%][Nikkei 22557,198.00 +0.25%][Investing]# Verizon vs Johnson & Johnson: Which Dividend Hike Winner Is the Better Buy?### Quick ReadVerizon (VZ) offers a 5.8% yield but carries $158B in debt. Johnson & Johnson (JNJ) provides a 2.1% yield with stronger growth.Verizon's dividend grew 2.04% ...

Core Insights - Pfizer's COVID product sales have significantly declined from their peak, with projections of around $11 billion in 2024 and $6.7 billion in 2025, down from $56.7 billion in 2022. The company also faces challenges from U.S. Medicare Part D and upcoming patent expirations for key products between 2026 and 2030 [1][12] Non-COVID Revenue Growth - Non-COVID revenues for Pfizer are improving, driven by key products like Vyndaqel, Padcev, and Eliquis, as well as new launches and acquisitions. In 2023, Pfizer achieved a record number of FDA approvals, with nine new medicines and vaccines contributing to revenue growth [2][3] - Revenues from non-COVID products rose 6% operationally in 2025, with recently launched and acquired products generating $10.2 billion, reflecting a 14% operational growth year over year. Continued double-digit growth is expected for these products in 2026 [3] Strategic Acquisitions and Pipeline Development - Pfizer is focusing on rebuilding its pipeline through strategic acquisitions, investing approximately $9 billion in M&A deals in 2025, including the acquisition of Metsera and a licensing deal with 3SBio. The company plans to initiate 20 pivotal studies in 2026, targeting obesity and oncology [4][5] Competitive Landscape in Oncology - Pfizer is a major player in the oncology market, competing with companies like AstraZeneca, Merck, Johnson & Johnson, and Bristol-Myers. Each of these companies has seen significant growth in their oncology segments, with AstraZeneca's oncology sales rising 14% in 2025, Merck's Keytruda generating $31.7 billion in sales, and J&J's oncology sales increasing by 20.9% [6][8][9][10] Financial Performance and Valuation - Pfizer's stock has increased by 8.4% over the past year, compared to a 17.3% increase in the industry. The company's shares are trading at a forward price/earnings ratio of 9.33, which is lower than the industry average of 18.65 and its own 5-year mean of 10.23 [13][15] - The Zacks Consensus Estimate for Pfizer's 2026 earnings has slightly decreased from $2.99 to $2.98 per share, while the estimate for 2027 remains stable at $2.83 per share [17]

Core Insights - Johnson & Johnson (JNJ) has a diverse revenue stream in its Innovative Medicine division, with sales reaching $60.4 billion in 2025, reflecting a 5.3% operational growth and a 4.1% organic growth despite the loss of exclusivity for Stelara [1][10] Group 1: Sales Performance - The Innovative Medicine segment achieved over $15 billion in sales for three consecutive quarters in 2025, marking the first time it surpassed $60 billion in full-year sales [2] - Key products such as Darzalex, Tremfya, and Erleada contributed significantly to growth, with Darzalex sales increasing by 23.0% to $14.35 billion, Erleada by 19.2% to $3.57 billion, and Tremfya by 40.5% to $5.2 billion [6][9] - The decline in Stelara sales by 41.3% to $6.08 billion in 2025 due to its loss of exclusivity negatively impacted the segment's growth by 1110 basis points [4][5] Group 2: Future Outlook - J&J anticipates accelerated growth in the Innovative Medicine segment in 2026, driven by key products and new launches, with expected growth of 5% to 7% from 2025 to 2030 [7][9] - The company expects a more pronounced impact from new products in 2026, including Rybrevant and Caplyta, following approvals in 2025 [7] - However, the impact of generic competition is expected to intensify in 2026, particularly for Stelara, Simponi, and Opsumit as they lose patent protection [8] Group 3: Competitive Landscape - J&J operates in key areas of immunology and oncology, facing competition from major drugmakers such as Novartis, AstraZeneca, AbbVie, and Amgen [10][11] Group 4: Stock Performance and Valuation - J&J's stock has outperformed the industry, rising 55.6% over the past year compared to an 18.0% increase in the industry [12] - The company's shares are currently trading at a price/earnings ratio of 20.63, higher than the industry average of 18.76 and above its five-year mean of 15.65 [14] - The Zacks Consensus Estimate for 2026 earnings has increased from $11.48 to $11.54, indicating positive sentiment [16]

Core Insights - Baron Health Care Fund reported a 13.10% gain in Q4, outperforming the Russell 3000 Health Care Index's 11.92% and the Russell 3000 Index's 2.40% [1] - For the full year, the Fund returned 10.28%, while the benchmarks gained 14.56% and 17.15% respectively [1] - Strong stock selection in biotechnology was a key contributor to the Fund's relative performance in the quarter [1] - The Fund focuses on businesses with secular growth opportunities, sustainable competitive advantages, and strong management [1] - The healthcare sector is viewed as a strong investment opportunity in the U.S. economy, with positive momentum expected through 2026 [1] Company-Specific Insights - Arcellx, Inc. (NASDAQ:ACLX) was identified as a performance detractor in the Fund's Q4 2025 letter [2] - Arcellx develops immunotherapies for cancer and other incurable diseases, with a market capitalization of $3.87 billion as of February 5, 2026 [2] - The stock had a one-month return of 1.01% and a 52-week gain of 0.04% [2] - Arcellx is developing cell therapies for multiple myeloma, including the lead candidate anito-cel in partnership with Gilead [3] - Anito-cel is a BCMA-targeted CAR-T therapy, showing comparable efficacy to competitors but with a more favorable side-effect profile [3] - Despite positive clinical results, Arcellx's performance was impacted by competition from Johnson & Johnson's Tecvayli plus Darzalex combination [3] - Industry experts believe BCMA CAR-T will remain the preferred treatment for many patients in the second-line setting [3] - The company expects Arcellx's drug to be meaningfully differentiated on safety and anticipates share appreciation ahead of a potential 2026 launch [3]