证券研究报告 海外MNC动态跟踪系列（十七） 辉瑞发布2025Q3财报：Nectin-4 ADC表现亮眼 医药 强于大市（维持） 平安证券研究所 医药团队 分析师： 叶寅 投资咨询资格编号:S1060514100001 邮箱：YEYIN757@PINGAN.COM.CN 韩盟盟 投资咨询资格编号:S1060519060002 邮箱：HANMENGMENG005@PINGAN.COM.CN 张梦鸽 投资咨询资格编号:S1060525070003 邮箱：ZHANGMENGGE752@PINGAN.COM.CN 2025年11月20日 请务必阅读正文后免责条款 行业观点 2 事件：辉瑞公布2025Q3业绩，Q3营收由去年同期的177亿美元降至166.5亿美元，同比下降7%（全文均以Oper增速为口径，剔除汇 率影响），主要受新冠产品（Paxlovid和Comirnaty）需求下滑拖累。尽管如此，公司上调了其全年盈利预测，因其非新冠业务增长 抵消整体营收滑坡。2025年前三季度总营收450.22亿美元，同比下降2%。 核心产品销售分析：肿瘤板块是三个板块增速最快板块，成为辉瑞业绩增长引擎。扛起肿瘤业务大旗的还是乳腺癌 ...

Core Viewpoint - Pfizer's Q3 revenue decreased by 6% year-over-year to $16.65 billion, primarily due to a decline in demand for COVID-19 products, but the company raised its full-year earnings guidance due to growth in non-COVID business segments [1][3][5]. Financial Performance - Q3 revenue was $16.65 billion, down from $17.7 billion in the same quarter last year, with an operational decline of 7% [5][6]. - Net income for Q3 was $3.54 billion, a 21% decrease year-over-year, while adjusted net income was $4.95 billion, down 18% [5][6]. - Adjusted diluted EPS was $0.87, an 18% increase compared to the previous year, exceeding market expectations [5][6]. Business Segmentation - Global Biopharmaceuticals (Biopharma) revenue for Q3 was $16.31 billion, a 6% decline year-over-year [7]. - Pfizer CentreOne (PC1) revenue grew by 21% to $344 million [7]. - Pfizer Ignite revenue nearly vanished, dropping 99% year-over-year [7]. Guidance and Cost Management - The company maintained its full-year revenue guidance at $61 billion to $64 billion, while raising the adjusted diluted EPS forecast to $3.00-$3.15 from $2.90-$3.10 [8]. - Pfizer aims to achieve approximately $7.2 billion in net cost savings by the end of 2027 through previously announced cost improvement plans [9]. Market Dynamics - The decline in performance was mainly attributed to a significant drop in sales of COVID-related products, with Paxlovid's revenue down 55% and Comirnaty's down 20% [11]. - Non-COVID product revenue showed resilience, with a 4% operational growth driven by key products [12]. Strategic Developments - Pfizer announced a historic agreement with the Trump administration to ensure U.S. patients receive drug prices comparable to other developed countries, in exchange for tariff exemptions [12]. - The company faces challenges in the lucrative weight-loss drug market, having filed lawsuits against competitors regarding a key acquisition [12]. Product Performance - Sales of the anticoagulant drug Eliquis grew by 22% due to increased global demand and net pricing advantages in the U.S. [13]. - Rare disease drug Vyndaqel series saw a 7% operational growth, benefiting from ongoing promotion in the U.S. and other developed markets [13]. - Migraine medication Nurtec ODT/Vydura experienced a 22% operational growth, driven by strong demand in the U.S. and recent international market entries [13].