11 月第一周将迎来涵盖多领域的重磅财报季，涉及半导体、云软件、人工智能、消费零售、 医疗健康、大麻、能源、媒体及加密货币关联板块，为市场提供本季度企业景气度最具多样性 的参考图景。 半导体与人工智能基础设施板块将成为焦点 ，超威半导体（AMD）、高通（QCOM）、超级 微计算机（SMCI）、安森美半导体（ON）、Arista Networks（ANET）及思佳讯 （SWKS）均将发布财报。这些业绩将影响市场对人工智能服务器需求、边缘计算及智能手机 复苏周期的预期。 云、软件与人工智能平台板块 ，包括 Palantir（PLTR）、The Trade Desk（TTD）、 Unity 软件（U）、Datadog（DDOG）、AppLovin（APP）、Upstart（UPST）、Fastly （FSLY）、IonQ（IONQ）及 Lemonade（LMND），其财报将反映人工智能应用进度、企 业预算走向及应用层变现情况。 消费与服务领域，麦当劳（MCD）、爱彼迎（ABNB）、优步（UBER）、 Shopify （SHOP）、DraftKings（DKNG）、Peloton（PTON）、Pinterest（PI ...

Core Insights - Merck and Daiichi Sankyo received FDA Breakthrough Therapy Designation for R-DXd, aimed at treating platinum-resistant epithelial ovarian, primary peritoneal, or fallopian tube cancers expressing CDH6 in patients previously treated with Avastin [1][7][10] Group 1: FDA Breakthrough Therapy Designation - The FDA's Breakthrough Therapy Designation for R-DXd accelerates the development and review process for drugs addressing serious conditions, indicating potential significant improvement over existing treatments [2] - The designation was based on data from the ongoing phase II/III REJOICE-Ovarian01 study and a phase I study, with results expected to be presented at an upcoming medical conference [3][7] Group 2: Merck's Investment and Collaboration - Merck acquired global co-development and co-commercialization rights to R-DXd and two other ADCs from Daiichi Sankyo for a total potential consideration of up to $22 billion, while Daiichi Sankyo retains exclusive rights for development in Japan [5][8] - The collaboration has expanded to include MK-6070, a T-cell engager targeting DLL3, obtained from Harpoon Therapeutics [8] Group 3: ADC Market and Competition - ADCs are viewed as a disruptive innovation in the pharmaceutical industry, enhancing cancer treatment by delivering cytotoxic drugs directly to tumors [11] - Daiichi Sankyo is developing several ADCs across various cancers, including Enhertu, which is approved for multiple indications [12] - Pfizer has entered the ADC market through the acquisition of Seagen for $43 billion, adding four ADCs to its portfolio, which have significantly contributed to its revenues [13][14]

Group 1: Study Initiation and Objectives - Merck and Daiichi Sankyo have initiated the phase III HERTHENA-Breast04 study to evaluate the investigational HER3-directed ADC, patritumab deruxtecan (HER3-DXd), for treating specific breast cancer patients [1][2] - The study will compare HER3-DXd against an investigator's choice of treatment in patients with unresectable locally advanced or metastatic hormone receptor positive, HER2 negative breast cancer who have progressed after endocrine and CDK4/6 inhibitor therapy [2] - The primary endpoints of the study include progression-free survival and overall survival, while secondary endpoints encompass objective response rate, duration of response, and safety [3] Group 2: Clinical Development and Collaboration - The HERTHENA-Breast04 study is based on promising data from previous studies, including ICARUS-Breast01, where HER3-DXd showed positive responses in metastatic breast cancer patients [3] - Merck has acquired global co-development and co-commercialization rights to two additional ADCs from Daiichi Sankyo for a total potential consideration of up to $22 billion, although Daiichi retains exclusive rights for development in Japan [10] - Merck has also expanded its collaboration with Daiichi to co-develop MK-6070, an investigational T-cell engager targeting DLL3, obtained from Harpoon Therapeutics [11] Group 3: ADC Market and Competition - ADCs are viewed as a disruptive innovation in the pharmaceutical industry, enhancing cancer treatment by using antibodies to deliver cytotoxic drugs directly to tumors [13] - Daiichi Sankyo is actively developing several ADCs across various cancer types, including Enhertu, which is marketed in partnership with AstraZeneca and approved for multiple indications [14] - Pfizer has entered the ADC market through the acquisition of Seagen for $43 billion, adding three ADCs to its portfolio that have significantly contributed to its revenues [15][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 has strengthened its position in the oncology space with the acquisition of Seagen in 2023, adding four antibody-drug conjugates (ADC) to its portfolio [1] - The oncology segment contributed over 25% to Pfizer's total revenues in Q1 2025, with a year-over-year growth of 7% [1] - The overall oncology sales for Q2 2025 are estimated at $4.0 billion, reflecting a 2% increase year over year [3] Oncology Segment Performance - Sales of Xtandi, Lorbrena, and Braftovi/Mektovi are expected to have increased, while Ibrance's sales are likely to have declined due to competitive pressures and the impact of the Inflation Reduction Act [2] - ADC products show mixed trends, with Padcev benefiting from strong demand, while Adcetris faced competitive pressure in the U.S. [7] Competitive Landscape - AstraZeneca's oncology sales accounted for nearly 41% of its total revenues, with a 13% increase in Q1 2025 driven by products like Tagrisso and Lynparza [4] - Merck's Keytruda accounted for over 46% of its total revenues in Q1 2025, highlighting its significance in the oncology market [5] Valuation and Estimates - Pfizer's shares are currently trading at a price/earnings ratio of 8.25, which is lower than the industry average of 15.12 and its own 5-year mean of 10.86, indicating attractive valuation [8] - The bottom-line estimate for 2025 has slightly decreased from $3.08 to $3.05, while the estimate for 2026 has increased from $3.08 to $3.09 [9]