以默克为例，公司的明星抗癌药物Keytruda去年销售额达295亿美元，但其专利将于2028年到期。受此担忧影响，默克股价在过去12个月中下跌 35%。 全球制药巨头正面临十年来最严峻的"专利悬崖"，价值约1800亿美元年收入的药物将在2027年和2028年专利到期，占全球市场近12%的份额。这 一轮专利到期潮将对百时美施贵宝、辉瑞和默克等行业领军企业造成重大冲击。 制药行业的专利悬崖现象反映了药物创新资金模式的内在矛盾——创新成本高昂但复制成本低廉。各国政府通过授予约20年的专利保护期来激励 私营部门承担这一风险投资，但当专利到期时，仿制药竞争者可能瞬间抹去原研药企业数十亿美元的收入。 史上最严重的专利悬崖来袭 分析机构Leerink的分析师Daina Graybosch表示，默克面临"巨大的收入缺口"需要填补，"他们无法用一种药物来填补这个缺口"。这一挑战迫使制 药企业加速寻找新的增长点，通过并购和创新来维持收入增长。 默克不是孤例。据研究机构Evaluate Pharma数据，2027年和2028年将有价值约1800亿美元年收入的药物专利到期，这一规模创下历史新高。除了 默克的Keytruda，百时美施 ...

Key Takeaways ABBV is counting on Skyrizi and Rinvoq to drive growth post-Humira as Q2 results near. Skyrizi and Rinvoq saw broad uptake across IBD and new indications like GCA and atopic dermatitis. ABBV expects combined Q2 sales of $6 billion from Skyrizi and Rinvoq to support 2025 growth.AbbVie (ABBV) has successfully navigated the loss of exclusivity (LOE) for its flagship drug, Humira, by launching two newer immunology medicines, Skyrizi and Rinvoq. Investors will be most keen to know the sales numbe ...

CANADA - 2025/04/03: In this photo illustration, the AbbVie logo is seen displayed on a smartphone ... More screen. (Photo Illustration by Thomas Fuller/SOPA Images/LightRocket via Getty Images)SOPA Images/LightRocket via Getty ImagesAbbVie (NASDAQ:ABBV) has distinguished itself as one of the top performers in the healthcare sector this year, with its stock rising by 6% while the broader S&P 500 healthcare index fell by 1%. This outperformance is indicative of investor confidence in the pharmaceutical giant ...

Key Takeaways CVS adds Wegovy to Caremark formularies while removing Zepbound to balance costs and access. The move supports CVS' Weight Management program, pairing GLP-1 with lifestyle coaching. CVS shares are up 48.8% YTD, trading at a forward P/S of 0.21X versus the industry average of 0.40X.For CVS Health (CVS) , the key to building customer trust is to enhance access to life-changing medications and also make them affordable. Beginning July 1, the company’s Pharmacy Benefit Manager (“PBM”), CVS Carem ...

Core Viewpoint - The healthcare sector is positioned as a strong long-term investment opportunity, with a focus on companies that have shown adaptability and are well-prepared for future challenges [2]. Group 1: Abbott Laboratories - Abbott Laboratories, founded in 1888, has a market capitalization of $240 billion and offers diverse healthcare products across multiple sectors [4]. - The company is a leader in medical devices, diagnostics, nutritional products, and established pharmaceuticals, with notable products like the MitraClip and FreeStyle Libre [5][6]. - Abbott anticipates an 8% year-over-year revenue growth in 2025 and continues to innovate, recently receiving the European CE Mark for the Volt PFA System [7][8]. - Abbott has a strong dividend history, having increased its dividend for 53 consecutive years [8]. Group 2: AbbVie - AbbVie, spun off from Abbott in 2013, has a market capitalization of approximately $328 billion and generated $56.3 billion in sales last year [9][10]. - The company has successfully navigated the loss of U.S. exclusivity for its top product, Humira, by investing in R&D and acquisitions, leading to a robust product pipeline [11]. - AbbVie’s successors to Humira, Rinvoq and Skyrizi, are projected to generate combined sales of $31 billion by 2027, surpassing Humira's peak sales [12]. - AbbVie has increased its dividend by a cumulative 310% since its spin-off, with a forward dividend yield of 3.51% [12]. - The stock is considered relatively inexpensive, trading at 15.2 times forward earnings, with growth potential from new products [13].

Key Takeaways ABBV stock rose 8% in six months, gaining over $24B in market cap as investors respond to post-Humira growth. Skyrizi and Rinvoq brought in $5.1B in Q1 2025 sales, up 65%, with $31B projected by 2027. ABBV pipeline gains from 20 recent deals and a push into oncology, neuroscience and obesity therapies.AbbVie (ABBV) stock has risen 8.0% in six months, adding more than $24 billion to its market value.AbbVie has successfully navigated the loss of exclusivity (“LOE”) of its blockbuster drug, Hum ...

Key Takeaways LLY's Mounjaro and Zepbound now generate 50% of revenues and drive strong growth despite recent headwinds. ABBV expects $24.7B in 2025 sales from Skyrizi and Rinvoq, helping offset Humira's post-LOE revenue decline. LLY expects 32% sales growth in 2025, but ABBV boasts rising estimates and a lower valuation.Eli Lilly (LLY) and AbbVie (ABBV) are U.S.-based pharmaceutical powerhouses with blockbuster drug portfolios, robust pipelines, strong market capitalization and global footprint. Both com ...

Key Takeaways Healthcare conglomerate CVS Health (CVS) formed its Health Services segment through a realignment tied to a new operating model adopted in early 2023. In its last reported quarter, the segment contributed more than $43 billion in revenues — up 8% year over year — driven by growth in specialty pharmacy, higher pricing of branded medications and pharmacy drug mix. However, these gains were partially offset by ongoing price improvements extended to pharmacy clients. The segment includes CVS Carem ...

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Industry Overview - The Zacks Large Cap Pharmaceuticals industry includes major global companies developing multi-million-dollar drugs across various therapeutic areas such as neuroscience, cardiovascular, metabolism, rare diseases, immunology, and oncology [4] - Continuous innovation and significant investment in R&D are defining characteristics of these companies, with regular mergers and acquisitions being common [4][5] Current Market Conditions - The industry has shown resilience amid broader macroeconomic uncertainties, with a year-to-date performance increase of 3.9%, outperforming the Zacks Medical Sector's decline of 1.5% and the S&P 500's rise of 1.7% [14] - The current forward 12-month price-to-earnings (P/E) ratio for the industry is 15.65X, lower than the S&P 500's 21.89X and the Zacks Medical Sector's 19.31X, indicating potential value [17] Key Players and Performance - **Bayer**: Key drugs like Nubeqa and Kerendia are driving growth, with plans for new drug launches in 2025. The stock has risen 61.9% year-to-date, with 2025 EPS estimates increasing from $1.19 to $1.25 [20][22] - **Pfizer**: Strengthened its oncology position with the acquisition of Seagen. Despite challenges from declining COVID-19 product sales and patent expirations, non-COVID operational revenues are improving. The stock has lost 4.2% year-to-date, but 2025 EPS estimates have risen from $2.98 to $3.06 [25][26][28] - **Novartis**: Following the separation of Sandoz, it has a strong portfolio with drugs like Kisqali and Leqvio. The stock has risen 25.6% year-to-date, with 2025 EPS estimates increasing from $8.46 to $8.74 [31][32] - **AbbVie**: Successfully transitioned from the loss of exclusivity of Humira with new drugs like Skyrizi and Rinvoq. The stock has risen 9.5% year-to-date, with stable 2025 EPS estimates at $12.28 [35][37] - **Sanofi**: Dupixent is a key growth driver, supported by a strong vaccine portfolio. The stock has risen 6.3% year-to-date, with 2025 EPS estimates increasing from $4.43 to $4.56 [40][42] M&A and Innovation Trends - The industry is characterized by aggressive M&A activity, with large pharmaceutical companies acquiring innovative small and mid-cap biotech firms to enhance their pipelines [6][7] - Recent notable M&A activity includes Sanofi's offer to acquire Blueprint Medicines for approximately $9.5 billion, indicating continued robust M&A activity expected throughout the year [8]