智通财经记者 | 陈杨 智通财经编辑 | 谢欣 8月26日盘后，创新药明星公司康方生物发布2025年上半年业绩。当期，公司营收14.12亿元，同比增长 37.75%，其中商业销售收入14.02亿元，同比增长49.20%；亏损5.88亿元，较上年同期亏损2.49亿元有所 增加。 公司称，商业销售收入增长主要源于卡度尼利单抗（AK104，PD–1/CTLA–4双抗）、依沃西单抗 （AK112，PD–1/VEGF双抗）自今年1月起纳入国家医保后带来的销售量增长。 同期，公司亏损金额增长的原因则包括参股合作方美股上市公司Summit而计提的股权投资损失由去年 同期的3260万元增加至1.92亿元；研发投入由5.94亿元增至7.31亿元；以及计提股权激励费用由530万元 增长至2720万元。 8月27日开盘，康方生物股价一路走低，收盘价报159港元/股，跌5.92%，当下市值1427亿港元。 据智通财经梳理，目前，康方生物共计获批7款产品，除前述两款核心双抗，还包括派安普利单抗等三 款合作开发或授权出去的PD-(L)1单抗，以及分别在2024年9月、今年5月获批的伊努西单抗（PCSK9单 抗）、依若奇单抗（IL-12/ ...

Core Insights - AbbVie has a strong immunology franchise with blockbuster drugs and has also developed a substantial oncology franchise with key products like Imbruvica and Venclexta [1] Oncology Franchise Development - AbbVie and Genmab's Epkinly was approved for relapsed or refractory diffuse large B-cell lymphoma and follicular lymphoma, while Emrelis was approved for non-squamous non-small cell lung cancer [2] - The acquisition of Immunogen added Elahere to AbbVie's oncology portfolio, contributing to double-digit revenue growth for Elahere and Epkinly in the first half of 2025 [2] - AbbVie's oncology segment generated $3.3 billion in revenue in the first half of 2025, a 4.2% increase year over year, driven by Venclexta and new drugs [3] Innovation in Oncology - AbbVie is enhancing its oncology portfolio with antibody-drug conjugates (ADCs), which are seen as a disruptive innovation in cancer treatment [4] - The company has two ADCs in its commercial portfolio and two additional next-generation ADCs in late-stage development, along with others in early-stage development [4] Pipeline and Growth Potential - A key candidate in AbbVie's oncology pipeline is etentamig/ABBV-383, targeting relapsed/refractory multiple myeloma [5] - Despite competitive pressure on Imbruvica, AbbVie's oncology business is well-positioned for growth in the coming years [5] Competitive Landscape - Major competitors in the oncology space include AstraZeneca, Merck, Bristol-Myers, and Pfizer, with AstraZeneca's oncology sales comprising around 43% of total revenues and growing 16% in the first half of 2025 [6] - Merck's Keytruda accounts for about 50% of its pharmaceutical sales, with a 6.6% sales increase to $15.1 billion in the first half of 2025 [7] - Pfizer's oncology revenues grew 9% in the first half of 2025, driven by various drugs, while AbbVie's oncology revenues rose 4.2% to $3.3 billion [8] Financial Performance and Valuation - AbbVie's stock has increased by 21.2% this year, outperforming the industry [10] - The company's shares trade at a price/earnings ratio of 15.54, higher than the industry average of 14.64 [13] - The Zacks Consensus Estimate for 2025 earnings has slightly decreased to $12.02 per share, while the estimate for 2026 has increased to $14.31 per share [16]

Group 1: FDA Breakthrough Therapy Designation - Merck's B7-H3-directed ADC, ifinatamab deruxtecan (I-DXd), received FDA's Breakthrough Therapy designation for treating extensive-stage small cell lung cancer in adults whose disease progressed after platinum-based chemotherapy [1][8] - The Breakthrough Therapy designation accelerates the development and review of drugs for serious conditions when early clinical evidence indicates significant improvement over existing treatments [2] Group 2: Clinical Studies and Data - The FDA's decision was based on data from the phase II IDeate-Lung01 study, which evaluated the safety and efficacy of I-DXd, supported by the phase I/II IDeate-PanTumor01 study [3][8] Group 3: Stock Performance - Year to date, Merck's shares have decreased by 15.3%, while the industry has seen a decline of 2.8% [4] Group 4: Collaboration and Development - Merck acquired global co-development and co-commercialization rights to I-DXd and two other ADCs from Daiichi Sankyo for a potential total consideration of up to $22 billion, although Daiichi retains exclusive rights for development in Japan [6][9] - I-DXd is also being evaluated in phase III studies for esophageal and prostate cancers, and it has an orphan drug designation for small-cell lung cancer in multiple regions [5][8] Group 5: ADC Market Competition - ADCs are viewed as a disruptive innovation in the pharmaceutical industry, enhancing cancer treatment by targeting tumors with cytotoxic drugs [11] - Daiichi Sankyo has multiple ADCs in clinical development and markets Enhertu in partnership with AstraZeneca, which is approved for various cancer indications [12] - Pfizer entered the ADC market by acquiring Seagen for $43 billion, adding several ADCs to its portfolio that have contributed significantly to its revenues [13][14]

Core Insights - Pfizer is a leading player in the oncology sector with a strong portfolio of approved cancer medicines and a promising pipeline focusing on various modalities [1][5] - The acquisition of Seagen in 2023 has enhanced Pfizer's oncology position by adding four antibody-drug conjugates (ADCs) [2][6] - Oncology sales account for over 25% of Pfizer's total revenues, with a 9% growth in the first half of 2025, driven by key drugs [3][11] Revenue Performance - Key oncology drugs such as Xtandi, Lorbrena, Braftovi-Mektovi combination, and Padcev contributed to revenue growth, offsetting declines from Ibrance [3][4] - Xtandi generated alliance revenues of $566 million, up 14% year over year, while Lorbrena sales increased by 48% to $251 million [4] - Oncology biosimilars generated $353 million in revenue, reflecting a 27% year-over-year increase [5] Pipeline and Future Outlook - Pfizer is advancing its oncology pipeline with several late-stage candidates and expects to have eight or more blockbuster oncology medicines by 2030 [5][7] - A global licensing agreement with 3SBio for a dual PD-1 and VEGF inhibitor is expected to strengthen its oncology pipeline [6] Competitive Landscape - Other major players in oncology include AstraZeneca, Merck, and Bristol-Myers, with AstraZeneca's oncology sales comprising around 43% of total revenues [8][9] - Merck's Keytruda accounts for approximately 50% of its pharmaceutical sales, with a 6.6% increase in sales to $15.1 billion in the first half of 2025 [9] Valuation and Earnings Estimates - Pfizer's stock has seen a slight decline of 0.4% this year, compared to a 1.2% decrease in the industry [12] - The company's shares are trading at a price/earnings ratio of 8.08, lower than the industry average of 14.45 [13] - The Zacks Consensus Estimate for 2025 earnings has increased from $3.05 to $3.12 per share over the past 30 days [15]

Core Insights - Pfizer's COVID product sales have declined post-pandemic, but non-COVID operational revenues are improving due to key products and acquisitions [1][4] - 2023 was a record year for new drug approvals, with nine new medicines/vaccines contributing to revenue growth [2] - The acquisition of Seagen is expected to significantly enhance Pfizer's oncology portfolio and revenue potential [5] Group 1: Revenue and Product Performance - Pfizer's recently launched and acquired products generated $4.7 billion in revenues in the first half of 2025, reflecting a 15% operational increase year-over-year [3][9] - The company anticipates continued positive momentum in revenue for the second half of 2025 [3] - Pfizer expects a compound annual growth rate (CAGR) of approximately 6% in revenues from 2025 to 2030, despite challenges such as loss of exclusivity [4] Group 2: Competitive Landscape - Pfizer is a major player in the oncology market, competing with companies like AstraZeneca, Merck, and Bristol-Myers [6] - AstraZeneca's oncology sales rose 16% in the first half of 2025, driven by key products [6] - Merck's Keytruda, a leading oncology drug, saw sales increase by 6.6% to $15.1 billion in the first half of 2025 [7] Group 3: Stock Performance and Valuation - Pfizer's stock has declined 2.1% year-to-date, compared to a 6.4% decrease in the industry [8] - The company's shares are trading at a forward price/earnings ratio of 7.95, lower than the industry average of 13.73 and its own 5-year mean of 10.79 [11] - Earnings estimates for 2025 and 2026 have seen upward revisions, indicating positive market sentiment [12]

Core Viewpoint - The combination of Padcev and Keytruda significantly extends survival for patients with bladder cancer, demonstrating a notable improvement over standard surgical treatment alone [1][2]. Group 1: Drug Combination Efficacy - The combination of Padcev and Keytruda has shown to significantly slow cancer progression and improve overall survival rates in patients with muscle-invasive bladder cancer (MIBC) who are ineligible for or refuse cisplatin-based chemotherapy [1][2]. - This combination therapy provides the first systemic treatment option that shows survival benefits for patients lacking effective new adjunctive therapies [2]. Group 2: Market Potential and Strategic Moves - If approved by the FDA, the potential patient population for this treatment in the U.S. could increase by approximately 28,000, which is about three times the current market size [2]. - The acquisition of Seagen for up to $43 billion is part of the company's strategy to transform into a leader in oncology treatments [2][3]. Group 3: Future Developments and Challenges - The final data for the third group of patients receiving Keytruda alone in combination with surgery is not yet mature, indicating ongoing research and potential future updates [3]. - The company is facing challenges due to declining demand for COVID-19 vaccines and treatments, alongside a looming "patent cliff" that could expose around $15 billion in drug sales to generic competition by the end of the decade [3].

Drug Development & Clinical Trials - Padcev 联合默克公司的重磅免疫疗法 Keytruda 延长了难治性膀胱癌患者的生命 [1]

Core Insights - Pfizer (PFE) reported strong second-quarter 2025 results with adjusted earnings per share of 78 cents, exceeding the Zacks Consensus Estimate of 58 cents, and reflecting a 30% year-over-year increase [1] - Total revenues reached $14.65 billion, a 10% increase from the previous year, significantly surpassing the Zacks Consensus Estimate of $13.78 billion [1] Revenue Breakdown - Revenues from key products such as Vyndaqel, Padcev, Lorbrena, Paxlovid, and the BioNTech-partnered Comirnaty vaccine increased during the quarter, while U.S. revenues were impacted by higher manufacturer discounts due to the Inflation Reduction Act [2] - International revenues rose 6% operationally to $5.76 billion, while U.S. revenues increased 13% to $8.9 billion [2] Expense Management - Adjusted selling, informational, and administrative (SI&A) expenses decreased 8% operationally to $3.4 billion, and adjusted R&D expenses fell 9% to $2.44 billion [3] Segment Performance - Primary Care segment sales declined 12% operationally to $5.54 billion, while Specialty Care sales increased 7% to $4.38 billion, and Oncology sales rose 11% to $4.39 billion [4] - Eliquis sales rose 6% to $2.0 billion, Prevnar family revenues increased 2% to $1.38 billion, and Comirnaty sales surged 95% year over year to $381 million [5][6][7] Guidance and Future Outlook - Pfizer raised its 2025 adjusted EPS guidance to a range of $2.90 to $3.10, while maintaining total revenue guidance of $61 billion to $64 billion [11][17] - The company expects R&D expenses to be between $10.4 billion and $11.4 billion, and SI&A spending to range from $13.1 billion to $14.1 billion [20] Challenges and Strategic Initiatives - Pfizer faces challenges including declining sales of COVID-19 products, U.S. Medicare Part D headwinds, and potential patent expirations for key products between 2026 and 2030 [24] - The company anticipates cost cuts and internal restructuring to yield savings of $7.2 billion by the end of 2027, aiming to drive profit growth despite expected revenue volatility [26]

Core Viewpoint - Viatris (VTRS) is set to report its second-quarter 2025 results on August 7, 2025, with revenue estimates at $3.50 billion and earnings per share (EPS) at $0.56 [1][9] Summary by Segments Revenue Estimates - The Zacks Consensus Estimate for revenues from Developed Markets is $2.1 billion, driven by brands like Creon, Brufen, and the Thrombosis portfolio, which have likely offset declines in generics [2][3] - Revenues from Emerging Markets are estimated at $542 million, with growth in cardiovascular brands in Latin America and strengths in the Middle East and North America potentially offsetting pressures from the Indore facility [4] - For JANZ markets, the revenue estimate is $310 million, impacted by government price regulations and changes in Japan's reimbursement policies [5] - Greater China revenues are expected to be $546 million, benefiting from a diversified model across e-commerce, retail, and private hospitals [6] Product Category Performance - The brand business, which constitutes the majority of Viatris' portfolio, is likely to have benefited from the expansion of its cardiovascular portfolio in Latin America and strong growth in Europe and Greater China [6] Operating Expenses - Operating expenses may have increased due to investments in selling, general and administrative (SG&A) expenses for new product launches and advancements in key R&D programs [7] Share Price Performance - Viatris' shares have decreased by 29.3% over the past year, contrasting with an industry decline of 8.4% [8] Earnings Surprise History - The company has beaten earnings estimates in three of the last four quarters, with an average surprise of 2.14% [11]

Industry Overview - The second-quarter earnings season for the drug and biotech sector is in full swing, with major companies like Pfizer, Eli Lilly, Amgen, Gilead Sciences, and Novo Nordisk set to announce results [1] - The earnings season began mid-July with Johnson & Johnson reporting strong results, exceeding estimates for both earnings and sales [1] Company Performance Pfizer (PFE) - Pfizer has consistently exceeded earnings expectations in the last four quarters, with an average earnings surprise of 43.49% [6] - The Zacks Consensus Estimate for second-quarter sales and earnings is $13.78 billion and 58 cents per share, respectively [6] - Higher sales from products like Vyndaqel and Padcev are expected to offset weaker sales from Prevnar and Ibrance [8] Eli Lilly (LLY) - Eli Lilly's performance has been mixed, exceeding earnings expectations in two of the last four quarters, with an average earnings surprise of 6.69% [11] - The Zacks Consensus Estimate for second-quarter sales and earnings stands at $14.75 billion and $5.61 per share, respectively [11] - Strong demand for Mounjaro and Zepbound is anticipated to drive top-line growth [12] Amgen (AMGN) - Amgen has shown strong performance, beating earnings estimates in each of the last four quarters, with an average earnings surprise of 8.34% [14] - The Zacks Consensus Estimate for second-quarter sales and earnings is $8.86 billion and $5.26 per share, respectively [14] - Sales growth is expected to be driven by products like Evenity and Repatha, despite price declines due to higher rebates [15] Gilead Sciences (GILD) - Gilead's performance has been mixed, with earnings beating estimates in three of the last four quarters, averaging a surprise of 16.48% [17] - The Zacks Consensus Estimate for second-quarter sales and earnings is $6.95 billion and $1.95 per share, respectively [17] - Increased demand for HIV therapies like Biktarvy is expected to boost sales [18] Novo Nordisk (NVO) - Novo Nordisk's performance has been mixed, with earnings beating estimates in one of the last four quarters, delivering an average surprise of 0.02% [20] - The Zacks Consensus Estimate for second-quarter sales and earnings is $11.79 billion and 93 cents per share, respectively [20] - The company lowered its 2025 sales and operating profit growth outlook due to weaker momentum in key markets for its semaglutide-based drugs [21]