消息面上，2月26日，再鼎医药发布公告，2025年第四季度总收入为1.276亿美元，同比增长17%；2025 年全年总收入为4.602亿美元，同比增长15%。2025年第四季度净亏损为5040.9万美元，同比收窄 38.29%；2025年全年净亏损为约1.755亿美元，同比收窄31.73%。截至2025年12月31日，现金及现金等 价物、短期投资和流动受限制现金总计为7.896亿美元。 此外，卫伟迦和卫力迦：继续提高在全身型重症肌无力(gMG)和慢性炎性脱髓鞘性多发性神经根神经病 (CIDP)领域的患者使用和治疗持续时间。KarXT：计划于2026年上半年商业化上市，积极开展针对性商 业化策略、医生教育、真实世界证据生成，并为可能于2027年纳入NRDL做好准备。Povetacicept和 elegrobart：均预计在2026年获得关键性数据读出，有望于近期进一步驱动区域性收入的增长。 再鼎医药(09688)绩后高开近5%，截至发稿，涨4.9%，报15.19港元，成交额204.58万港元。 公告称，亏损净额减少主要是由于产品收入增长快于运营开支以及汇兑损失转为汇兑收益，但被利息收 益减少所抵销。 ...

公告称，亏损净额减少主要是由于产品收入增长快于运营开支以及汇兑损失转为汇兑收益，但被利息收 益减少所抵销。 此外，卫伟迦和卫力迦：继续提高在全身型重症肌无力(gMG)和慢性炎性脱髓鞘性多发性神经根神经病 (CIDP)领域的患者使用和治疗持续时间。 KarXT：计划于2026年上半年商业化上市，积极开展针对性 商业化策略、医生教育、真实世界证据生成，并为可能于2027年纳入NRDL做好准备。 Povetacicept和 elegrobart：均预计在2026年获得关键性数据读出，有望于近期进一步驱动区域性收入的增长。 消息面上，2月26日，再鼎医药发布公告，2025年第四季度总收入为1.276亿美元，同比增长17%；2025 年全年总收入为4.602亿美元，同比增长15%。2025年第四季度净亏损为5040.9万美元，同比收窄 38.29%；2025年全年净亏损为约1.755亿美元，同比收窄31.73%。截至2025年12月31日，现金及现金等 价物、短期投资和流动受限制现金总计为7.896亿美元。 智通财经APP获悉，再鼎医药(09688)绩后高开近5%，截至发稿，涨4.9%，报15.19港元，成交额204. ...

第四季度产品收入净额为1.271亿美元，2024年同期为1.085亿美元，同比增长17%，按固定汇率(CER)计 算增长16%;2025年全年产品收入净额为4.572亿美元，2024年同期为3.976亿美元，同比增长15%，按 CER计算同比增长16%。产品收入增长主要是由于鼎优乐和纽再乐的销量增长。 再鼎医药总裁兼首席运营官Josh Smiley表示："KarXT是再鼎重要的新增长引擎，近期其被纳入了国家 精神分裂症专家共识，凸显了其创新机制及为精神分裂症患者带来有意义影响的潜力，正不断获得更加 广泛的认可。我们正在通过扩大医院覆盖和支持更长的治疗周期，进一步巩固艾加莫德的市场地位。同 时，我们正积极准备TIVDAK的获批上市—这将进一步强化我们在妇瘤领域的管线布局，以及肿瘤电场 治疗用于胰腺癌的潜在获批。展望2026年及未来，新产品上市、潜在适应证拓展以及全球项目的推进， 将助力我们实现未来多年的增长和财务状况的持续改善。" 公告称，亏损净额减少主要是由于产品收入增长快于运营开支以及汇兑损失转为汇兑收益，但被利息收 益减少所抵销。 再鼎医药(09688)发布公告，2025年第四季度总收入为1.276亿美元 ...

FIRST QUARTER 2025 FINANCIAL RESULTS Fourth Quarter and Full Year 2025 Financial Results ©2026 Vertex Pharmaceuticals Incorporated ©2026 Vertex Pharmaceuticals Incorporated ©2025 Vertex Pharmaceuticals Incorporated Presentation intended for the investment community Agenda Introduction Susie Lisa, CFA, Senior Vice President, Investor Relations CEO Perspective and Pipeline Update February 12, 2026 Reshma Kewalramani, M.D., Chief Executive Officer and President Commercial Update Duncan McKechnie, Executive Vic ...

Vertex Pharmaceuticals FY Conference Summary Company Overview - **Company**: Vertex Pharmaceuticals (NasdaqGS: VRTX) - **Event**: FY Conference held on January 12, 2026 Key Industry Insights Corporate Strategy - Vertex focuses on scientific innovation to create transformative medicines for serious diseases in specialty markets, characterized by low SG&A spend, leading to strong operating margins and profitability [3][4] - The company targets diseases with high unmet needs and validated genetic or pharmacologic targets, ensuring efficient regulatory pathways [4] Product Portfolio - Vertex has seven marketed medicines in cystic fibrosis (CF) and other areas, including: - **CF Medicines**: Five approved medicines in CF, including Trikafta and Vanzacaftor - **Casgevy**: Approved for sickle cell disease and beta thalassemia - **Jurnavix**: Approved for moderate to severe acute pain [4][5] Emerging Renal Franchise - Vertex is developing a renal franchise with four programs in mid and late-stage development, including Povetacicept for IgA nephropathy (IgAN) and Inaxaplin for AMKD, both with breakthrough designation from the FDA [5][6] Financial Performance - Vertex's total revenue guidance for 2025 is between $11.9 billion and $12 billion, with expectations for significant growth contributions from areas outside of CF [24] - The company maintains a healthy balance sheet, allowing continued investment in innovation while targeting two-thirds of operating expenses towards R&D [24][25] Growth Drivers Cystic Fibrosis (CF) - Continued leadership in CF with a focus on the launch of Vanzacaftor and geographic expansion into markets like Brazil, Mexico, and Turkey [26][27] - 95% of CF patients are eligible for Vertex's CFTR modulators, with a significant increase in patient survival rates [9][11] Casgevy and Jurnavix - Casgevy is positioned as a potential blockbuster, with expectations for multi-billion-dollar revenue potential as it expands in the U.S., Europe, and the Middle East [12][41] - Jurnavix aims to triple prescriptions in 2026 compared to 2025, with access secured in major national PBMs and hospitals [13][15] Renal Programs - Povetacicept is expected to be a best-in-class treatment for IgAN, with a significant patient population and potential for accelerated approval based on strong clinical data [18][19] - The renal portfolio also includes programs targeting membranous nephropathy and other B-cell mediated diseases, with a focus on replicating CF success in this area [21][34] Market Potential - The market for IgAN is substantial, with approximately 160,000 patients in the U.S. and a total of over 1.5 million worldwide, indicating a multi-billion-dollar opportunity for Povetacicept [41][42] Conclusion - Vertex Pharmaceuticals is well-positioned for future growth with a robust pipeline and strategic focus on innovative treatments for serious diseases, particularly in CF, sickle cell disease, and renal conditions. The company aims to deliver significant value to patients and shareholders in the coming years [25][26]

Financial Performance & Growth - The company projects total revenue of $11.9-12 billion in 2026[37] - Approximately $1.9 billion was deployed through Q3 2025 for share repurchases, buying back around 4.5 million shares[37] - The company exceeded its goal with CASGEVY revenue reaching $100 million in FY 2025[18] Cystic Fibrosis (CF) Portfolio - The company's CF medicines have the potential to treat approximately 95% of people with CF[16] - CF population average annual growth rate is approximately 3% from 2020-2025[17] - The company's CF portfolio has patent protection through approximately 2040[13] Emerging Renal Franchise - The company completed engagement with over 60 payers representing approximately 190 million covered lives in 2025[30] - Povetacicept in IgAN targets a patient population of approximately 330,000 in the US and Europe, and over 1.5 million globally[31] - Inaxaplin targets approximately 250,000 patients with APOL1-mediated kidney disease (AMKD)[11] Pain Management - The company is targeting over 3x prescription growth for JOURNAVX compared to 2025[22] - JOURNAVX is part of multimodal therapy for acute pain following aesthetic and reconstructive procedures, 90.9% of patients were rescue opioid-free through end of treatment[24]

Core Viewpoint - The article suggests that investing in specific stocks can lead to positive returns in 2026, highlighting three companies as top picks for investors. Group 1: Alphabet - Alphabet is well-positioned to benefit from the growing demand for artificial intelligence (AI) products and services, with expectations of significant profits in 2026 [3][4] - Google Cloud is experiencing faster growth compared to competitors like Amazon's AWS and Microsoft's Azure, aided by the launch of the Google Gemini 3.0 large language model [3][4] - The integration of generative AI into Google Search is enhancing search traffic and advertising revenue, contrary to predictions of it being a "Google killer" [4] - The company has a market capitalization of $3.8 trillion, with a current stock price of $313.34 and a gross margin of 59.18% [4][5] Group 2: Vertex Pharmaceuticals - Vertex Pharmaceuticals is expected to see increased momentum for its new cystic fibrosis therapy, Alyftrek, which may cannibalize sales of existing products but is anticipated to boost overall profits [7][10] - The company’s non-opioid pain drug, Journavx, is projected to expand its market access in 2026, leading to higher sales [8] - Vertex is pursuing accelerated approval for Povetacicept as a treatment for IgA nephropathy, a chronic kidney disease affecting a larger patient population than cystic fibrosis [10] - Vertex has a market capitalization of $115 billion, with a current stock price of $453.36 and a gross margin of 86.29% [9][10] Group 3: Enbridge - Enbridge is characterized as a stable investment with a high forward dividend yield of 5.8%, having increased its dividend for 30 consecutive years [12][13] - The company has significant long-term growth prospects, estimating around $50 billion in growth opportunities, particularly in its gas transmission business [14] - Enbridge's operations provide steady cash flow, making it a reliable choice for investors, especially in uncertain economic conditions [15][16] - The company has a market capitalization of $104 billion, with a current stock price of $47.83 and a gross margin of 32.82% [13][14]

Kidney Program Updates at the American Society of Nephrology Kidney Week 2025 November 8, 2025 ©2025 Vertex Pharmaceuticals Incorporated ©2025 Vertex Pharmaceuticals Incorporated Presentation intended for the investment community Agenda Welcome Susie Lisa, CFA, Senior Vice President, Investor Relations, Vertex Pharmaceuticals Kidney portfolio Reshma Kewalramani, M.D., President and Chief Executive Officer, Vertex Pharmaceuticals RUBY-3 late breaking data recap James A. Tumlin, M.D., Professor of Medicine in ...

Pipeline Development - Zocilurtatug pelitecan (DLL3 ADC) shows promising data in a difficult-to-treat SCLC population, with an Objective Response Rate (ORR) of 68% at 1.6 mg/kg in 2L SCLC (n=19)[18] - Zai Lab is advancing Zoci into 1L SCLC, with Phase 3 initiated for 2L+ SCLC zoci monotherapy versus investigator's choice and Phase 1 dose escalation ongoing for 1L SCLC zoci + PD-L1 ±chemo[20] - ZL-1503 (IL13/IL31R) demonstrates potent and sustained reduction in IL-31-induced scratching and pSTAT6 in Non-Human Primates (NHP), with clinical data readout expected in 2026[28, 32] - ZL-6201 (LRRC15 ADC) is progressing with a U S IND submission planned by year end 2025 and global phase 1 initiation expected in 1H 2026[34, 39] - ZL-1222 (PD-1/IL-12) is advancing with potential preclinical data update in 2026 and completion of IND enabling studies expected in 2026[38, 40] Commercial Performance - Total revenues for 3Q'25 reached $116 1 million, a 14% year-over-year increase[71] - VYVGART/VYVGART Hytrulo sales were $27 7 million in 3Q'25, a 2% year-over-year increase, driven by an extension of Duration of Treatment (DoT) and increasing market penetration[71, 73] - NUZYRA experienced strong growth, with sales of $15 4 million in 3Q'25, a 54% year-over-year increase, supported by increased market coverage and penetration[71, 73] - Approximately 12% penetration in gMG prevalent patients, with ~21,000 patients treated by VYVGART as of September 30, 2025[63, 64] Financials and Operational Efficiency - Adjusted loss from operations improved from $(48 2) million in 3Q'24 to $(28 0) million in 3Q'25[79, 89] - R&D expenses decreased from 66% of total revenue in 3Q'24 to 41% in 3Q'25[76] - The company's cash position is $817 2 million as of September 30, 2025[85]

Financial Performance - Q3 2025 total revenues reached $3.08 billion, representing an 11% year-over-year growth[5,45] - TRIKAFTA/KAFTRIO contributed $2.65 billion in Q3 2025[45] - ALYFTREK generated $247 million in revenue during Q3 2025[45] - CASGEVY revenues were $17 million in Q3 2025 and are expected to exceed $100 million for the full year 2025[45,32] - JOURNAVX revenues were $20 million in Q3 2025[45] - Non-GAAP operating income was $1.38 billion with a 45% margin in Q3 2025[45] - Non-GAAP net income was $1.24 billion, or $4.80 per diluted share in Q3 2025[45] - The company refined its 2025 revenue guidance to $11.9-12.0 billion and non-GAAP OpEx to $5.0-5.1 billion, while lowering the tax rate guidance to 17%-18%[8] Pipeline and Approvals - ALYFTREK is now approved in the U S, U K, European Union, Canada, New Zealand, and Switzerland for patients aged 6 and older[9,26] - TRIKAFTA pivotal study in 12 to <24-month-old children completed, showing a mean sweat chloride reduction of more than 70 mmol/L from baseline through week 24[8]