扫描二维码 立即订阅 彭博生物制药双周报 本期主题： 制药业2026年展望：美国疫苗行业压力料将加剧、商保开辟药企进 本文来自彭博终端，终端用户可运行NSN T7DVACKGZAJI 阅读原文。非终端用户可点击文末 "阅读原文" 预约演示。 全球市场版图日新月异，彭博行业研究（Bloomberg Intelligence）为您的企业战略助力。在 制药与生物技术领域，无论是全球行业资讯与热点，还是制药管线里程碑及催化剂事件、财务 预测…… BI涵盖广泛且深度的关键信息，旨在为您的决策提供可靠且具有竞争力的洞见支撑。 入中国新路径 数据来源：公司文件、彭博行业研究 特朗普推动净价大幅下降 （彭博行业研究）——考虑到当前美国政府短期内将与更多药企达成协议，投资者对美国药 品定价的担忧已经缓解（尽管仍会关注该问题），而疫苗将面临更加严格的政策审查。预计 汇率将在年初对葛兰素史克、诺和诺德、罗氏和赛诺菲构成拖累。 美国药价改革担忧减弱 2 0 2 5年大部分时间里，与当前美国政府各种美国药品定价提议有关的不确定性持续拖累制药 行业。这些提议包括关税、最惠国待遇、直达消费者模式（包括Tr umpRx平台）以及根据 《降低 ...

Ah, the markets. A bastion of rationality, predictability, and calm, right? Not when Donald J. Trump is in the driver’s seat, or even just tweeting from the back. The year 2025 has proven to be yet another masterclass in market volatility, where a single pronouncement can send trillions soaring or plummeting, often with the same dizzying speed as a Truth Social post going viral. Investors, bless their hearts, have spent the better part of the year clutching their pearls and portfolios, trying to decipher wh ...

Core Points - President Trump and nine major pharmaceutical companies have reached agreements to reduce medication costs for cash payers and the Medicaid program, aligning U.S. prices with those of other wealthy nations [1][2] - Drugmakers will implement most-favored-nation pricing for Medicaid drugs, ensuring prices match the lowest available globally [2][4] - A new government website, TrumpRx.gov, will facilitate the purchase of discounted prescription drugs directly from manufacturers [3] Agreement Details - Companies involved include Bristol Myers Squibb, Gilead Sciences, Merck, Genentech, Novartis, Amgen, Boehringer Ingelheim, Sanofi, and GSK [2] - Drugmakers will list their products on TrumpRx.gov, which offers significant discounts for cash payers and mandates that new drugs be priced no higher than in other wealthy countries [3] - In exchange for these commitments, companies will receive three-year tariff exemptions previously imposed on foreign-made drugs [4] Specific Drug Pricing - Merck will sell its diabetes drugs, Januvia and Janumet, at a 70% discount to consumers, while Bristol Myers Squibb will provide its blood thinner, Eliquis, free to Medicaid starting January 1, 2026, and offer selected medicines at approximately 80% off list prices for cash-paying patients [5] Investment Commitments - The pharmaceutical companies have pledged over $150 billion in U.S. research and development and manufacturing investments, with Merck committing more than $70 billion to enhance domestic production and innovation [6] - Five companies have already established agreements with the administration, with three more expected to announce deals soon [6] Program Evaluation - Mark Cuban, a billionaire entrepreneur, rated TrumpRx.gov with a "B" grade, indicating potential but suggesting it needs to compel pharmacy benefit managers to alter their practices for a higher rating [7]

Core Insights - President Trump announced a set of drug-pricing agreements with nine major pharmaceutical companies, aiming to align U.S. medicine costs with those in Europe [1][2] - The initiative includes a new direct-to-consumer portal, TrumpRx.gov, allowing patients to purchase certain medicines directly from manufacturers [2][4] Group 1: Agreements and Participants - The agreements involve 14 out of 17 drugmakers that Trump previously urged to lower prices, including Amgen, GSK, and Merck [2][3] - Drug companies are motivated to negotiate to avoid potential regulatory measures that could impact their profits [3] Group 2: TrumpRx.gov Functionality - TrumpRx.gov will serve as a central directory for patients to access selected medicines directly from manufacturers' websites [4] - The portal is expected to be fully operational by January, following a promotional launch [4] Group 3: Pricing Details - Highlighted medicines include Amgen's Repatha at $239/month, GSK's Advair Diskus at $89/month, and Merck's Januvia at $100/month [6] - Gilead's Epclusa will be priced at $2,492/month, despite lower costs for insured patients [6] Group 4: Impact on Medicaid and Medicare - Companies committed to launching new medicines in the U.S. at prices comparable to those in other wealthy countries [8] - Medicaid programs are legally entitled to the lowest drug prices, with Bristol Myers Squibb offering Eliquis free to Medicaid [9] Group 5: Industry Response and Future Outlook - Health policy experts express skepticism about the agreements' impact on overall drug prices for most Americans [10] - The agreements do not impose mandatory price controls and leave many brand-name drug costs unchanged [15] - Ongoing discussions with additional manufacturers like AbbVie and Johnson & Johnson may lead to further agreements [14]

在此次协议中，最受市场关注的是施贵宝(BMY.US)的让利承诺。该公司表示，将把其畅销抗凝血药 Eliquis免费提供给美国医疗补助(Medicaid)患者。Eliquis是美国处方量最高的药物之一，此举被视为本 轮降价行动中力度最大的措施之一。 特朗普在周五的公开活动上表示，今年7月他致信要求降价的17家大型制药企业中，已有14家同意大幅 下调药价。"这代表着美国医疗体系历史上患者可负担性方面的最大胜利，每一位美国人都将从中受 益。"他同时指出，强生(JNJ.US)、艾伯维公司(ABBV.US)和再生元制药公司(REGN.US)尚未签署协议， 但强生预计"下周就会加入"。 美国总统特朗普推动将美国药价与海外低价市场挂钩之际，多家美国及欧洲大型制药企业近日与白宫达 成协议，同意自愿下调在美销售的药品价格，以换取关税豁免和政策支持。特朗普政府正重启"最惠国 药价"政策，试图通过行政手段压缩美国处方药的高企成本。 智通财经APP获悉，根据白宫披露，已签署协议的企业包括默沙东(MRK.US)、施贵宝(BMY.US)、安进 (AMGN.US)、吉利德科学(GILD.US)、葛兰素史克(GSK.US)、赛诺菲安万特(S ...

Core Insights - Donald Trump and nine major pharmaceutical companies have reached agreements to significantly reduce drug prices for the Medicaid program and cash payers, aiming to align US costs with those in other wealthy nations [1][2] Group 1: Price Reductions and Agreements - Drugmakers will cut prices on most drugs sold to Medicaid, promising "massive savings" on commonly used medicines, although specific figures were not disclosed [2] - The deals include agreements to lower cash-pay prices for select drugs, launch drugs in the US at prices equal to those in other wealthy nations, and increase manufacturing [3] - Merck plans to sell its diabetes drugs at approximately 70% off list prices directly to US consumers, with potential for its experimental cholesterol drug to be offered through direct channels [4] Group 2: Previous and Current Deals - Five companies had previously made agreements with the administration to control prices, while three companies have yet to announce deals [6] - Drugmakers committed to "most-favored-nation" pricing for all new US drug launches across various markets, including Medicare [7] Group 3: Financial Commitments and Investments - Companies pledged to invest over $150 billion in US research and development and manufacturing, with Merck contributing $70 billion of that total [8] - A portion of revenues from foreign sales will be remitted to the US to help offset costs [8] Group 4: Medicaid and Market Impact - Medicaid, which represents about 10% of US drug spending, already benefits from significant price discounts, sometimes exceeding 80% [9] - Pfizer indicated that Medicaid discounts would lead to price and margin compression in the upcoming year [9]

US President Donald Trump on Friday (December 19) announced agreements with nine major pharmaceutical companies to sharply cut the prices of medicines sold through the government’s Medicaid program and to cash-paying consumers, marking his latest push to bring US drug costs in line with those in other wealthy nations.The deals were unveiled at a White House press conference, where Trump appeared alongside senior executives from the participating drugmakers.“We were subsidizing the entire world. We’re not do ...

Core Thesis - Merck & Co., Inc. is at a critical juncture due to the impending patent expiration of Keytruda, which generated nearly $29.5 billion in 2024, accounting for about half of the company's total revenue [2][3] Revenue Challenges - Keytruda's primary patents are set to expire in 2028, leading to a potential significant decline in earnings [2] - Other key products like Lenvima (2025), Januvia (2026), Lynparza (2027), and Gardasil (2028) also face loss of exclusivity, compounding revenue pressures [3] - In Q3 2025, Keytruda's sales increased by 10% year-over-year to $8.1 billion, while Gardasil's revenue fell by 24% due to decreased demand in China [3] Strategic Response - To address the 2028 patent cliff, Merck is implementing a three-pronged strategy: launching Keytruda Qlex to retain patients, developing new growth pillars through drugs like Winrevair and Ohtuvayre, and pursuing Welireg for renal cell carcinoma [4] - The company is diversifying its portfolio with over 80 late-stage programs and next-generation antibody-drug conjugates [5] Financial Outlook - Merck is targeting $3 billion in cost savings by 2027 and plans to cut 6,000 jobs to streamline operations [5] - The stock is trading at approximately 11 times earnings, compared to the sector's average of 18 times, indicating that the market may be pricing in worst-case scenarios regarding Keytruda [5] - The company offers a 3.8% dividend yield, which may attract investors during the transition period [5] Historical Context - Previous bullish analyses highlighted Merck's strong revenue growth and disciplined execution, with the stock appreciating approximately 23.34% since April 2025 [6]

Core Insights - Merck & Co., Inc. (NYSE:MRK) is recognized as one of the 15 Best DRIP Stocks to Own Right Now [1] - Morgan Stanley has raised the price target for Merck from $98 to $100 while maintaining an Equal Weight rating, citing strong third-quarter results driven by one-time items and robust performance of Januvia, despite Keytruda and Winrevair sales falling short of expectations [2] - Merck's Q3 2025 results showed Keytruda sales increased by 10% to $8.1 billion, and Animal Health sales grew by 9% to $1.6 billion, contributing to an overall revenue of $17.28 billion, which is nearly a 4% increase from the previous year [3] Financial Performance - For 2025, Merck expects worldwide sales to be between $64.5 billion and $65.0 billion and has adjusted its non-GAAP EPS guidance to a range of $8.93 to $8.98 [3] - Analyst Flynn projects Merck's EPS for 2026 to be $9.44, anticipating solid top-line growth driven by new product launches, although operating expenses are expected to accelerate [2] Company Overview - Merck is a global healthcare company focused on delivering innovative medicines, vaccines, biologic therapies, and animal health products [4]

Core Viewpoint - Morgan Stanley analyst Terence Flynn raised the price target on Merck (MRK) to $100 from $98 while maintaining an Equal Weight rating on the shares, indicating a cautious outlook despite recent performance [1]. Financial Performance - Merck's Q3 results exceeded expectations, primarily driven by one-time events and the performance of Januvia, although Keytruda and Winrevair fell short of expectations [1]. - The analyst projects 2026 EPS to be $9.44, reflecting anticipated growth from new product launches [1]. Future Guidance - Merck has guided for "solid" top-line growth in 2026, attributed to new launches, but also noted an increase in operating expenses [1].