教科书级破局！艾伯维免疫业务狂飙16.6%，翻篇专利悬崖重塑增长逻辑

健识局2025-04-29

当K药与司美格鲁肽在“药王之争”中杀得难解难分时，曾霸榜全球药王11年的艾伯维，正以一场堪称“教科书”式的战略转型，悄然完成从“修美乐依赖”到“多引擎驱动”的蜕变。财报背后的“教科书式破局”4月25日披露的2025年艾伯维Q1财报显示：⦁ 公司净收入133.43亿美元，同比增长8.4%，超预期4.4亿美元；⦁ 免疫、神经科学、肿瘤、美学四大板块全面开花，收入分别达62.64亿、22.82亿、...

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AbbVie's immunization business soared 16.6%, turning over the patent cliff to reshape growth logic","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"ABBV":0.9},"content_text":"当K药与司美格鲁肽在“药王之争”中杀得难解难分时，曾霸榜全球药王11年的艾伯维，正以一场堪称“教科书”式的战略转型，悄然完成从“修美乐依赖”到“多引擎驱动”的蜕变。财报背后的“教科书式破局”4月25日披露的2025年艾伯维Q1财报显示：⦁  公司净收入133.43亿美元，同比增长8.4%，超预期4.4亿美元；⦁  免疫、神经科学、肿瘤、美学四大板块全面开花，收入分别达62.64亿、22.82亿、16.33亿、11.02亿美元，其中免疫板块以16.6%的双位数增速成为核心增长极。从财报看，免疫板块仍然是艾伯维的营收主要支柱，在修美乐业绩放缓的情况下，近年来艾伯维免疫业务的增长都在个位数徘徊，而Q1财报的增长曲线却陡然拔升，首次狂飙到了16.6%的双位数增长高度。这场增长背后，是艾伯维用“创新+布局”书写的“专利悬崖穿越指南”。免疫“双子星”：教科书级的“接力模型”在修美乐因生物类似药冲击收入同比下滑50.6%（仅11.21亿美元）时，喜开悦(利生奇珠单抗)与瑞福（乌帕替尼）组成的免疫“双子星”强势崛起，正以教科书级的姿态上演王者逆袭。靶向IL-23的利生奇珠单抗一季度销售额飙升至34.25亿美元，同比劲增70.5%；JAK1抑制剂乌帕替尼亦不甘示弱，斩获17.18亿美元营收，同比增长57.2%。这对“黄金搭档”的强势崛起，绝非偶然，而是艾伯维前瞻性战略布局的必然结果。早在2016年，当修美乐仍稳居全球药王宝座时，艾伯维便以科研企业特有的敏锐嗅觉，提前布局利生奇珠单抗作为接棒者之一，并于2019年成功推出自研的乌帕替尼，完成新旧产品的战略接力。凭借深厚的研发底蕴与精准的市场预判，“双子星”上市后便势如破竹。去年二者合计营收达176.89亿美元，而从当前的增长态势来看，2025年它们不仅极有可能突破200亿美元营收大关，更有望超越修美乐巅峰时期的210亿美元年营收，以一场完美的“逆袭战”，彻底改写行业对专利悬崖的认知，为全球药企提供破局增长的经典范本。产品力“教科书”：疗效、依从性、适应证的三维制胜法则在竞争白热化的免疫赛道，艾伯维凭借对疾病机制的深刻理解与临床需求的精准把控，以“双子星”构建起难以复制的竞争壁垒。其核心优势，集中体现在疗效、依从性、适应证三大维度的全方位突破。1.疗效为王：头对头较量定义治疗新标准利生奇珠单抗与乌帕替尼以“硬实力”征服市场：前者在克罗恩病3期临床中直接击败强生乌司奴单抗，在银屑病领域又完胜诺华司库奇尤单抗；后者则在与赛诺菲/再生元度普利尤单抗的正面交锋中脱颖而出，以显著的疗效优势重新划定免疫治疗的黄金标准。这种“敢于直面竞品”的临床策略，验证了产品硬实力。2.依从性革新：从“治疗负担”到“便捷体验”的跨越艾伯维深谙“患者体验即竞争力”，通过剂型与给药方式的创新大幅提升治疗便捷性：⦁  利生奇珠单抗以“一年4针”的方案，将传统频繁注射的负担压缩至最低，搭配国内首创的随身给药器，让患者居家即可完成治疗；⦁  乌帕替尼则实现了JAK1抑制剂从注射到口服的迭代升级，并于2024年在美国推出口服溶液剂型，进一步解决吞咽困难患者的用药痛点，真正将“便捷治疗”落到实处。3.适应证拓展：构建全领域覆盖的“护城河”“双子星”以“闪电战”式的适应证布局抢占市场高地：⦁  乌帕替尼上市5年迅速覆盖9大适应证，不仅承接修美乐核心治疗领域，更于2025年4月斩获欧盟巨细胞动脉炎（GCA）适应证，成为全球首个且唯一获批该适应证的口服JAK抑制剂；⦁  利生奇珠单抗则聚焦克罗恩病、银屑病等领域，形成“多病种突破”的双线攻势，为患者提供个性化治疗选择。在中国市场，二者更是火力全开：乌帕替尼7项适应证全部纳入医保，另有4-5项新适应证申报在即；利生奇珠单抗作为全球首个IL-23抑制剂，已获批克罗恩病适应证，溃疡性结肠炎适应证申请也进入冲刺阶段。随着更多临床研究结果将于年内揭晓，这对“黄金组合”有望持续领跑自免赛道，为中国免疫疾病患者带来更高效、更便捷的治疗方案，书写未来十年的行业新篇。下一个十年：从免疫王者到跨界破局者减重赛道：差异化破局的教科书级示范2025年3月，艾伯维以22亿美元重金押注丹麦Gubra公司的长效胰淀素类似物GUB014295全球权益，强势切入万亿减重市场。这一决策，精准踩中行业痛点：在GLP-1靶点竞争近乎白热化的当下，艾伯维另辟蹊径，直击现有药物“肌肉流失”的短板——胰淀素不仅能减少脂肪堆积，还可保留肌肉量，搭配长效设计提升患者依从性，直击减重药物停药率高的核心难题。高盛预测，2030年全球减肥药市场规模将达1300亿美元，而艾伯维凭借“靶点创新+技术差异化”的组合拳，已提前锁定赛道前排席位。全领域BD：构建永不落幕的创新引擎减重领域的突破，只是艾伯维多元化战略的冰山一角。2025年Q1，公司在免疫学、肿瘤学、神经科学等赛道同步加码BD布局：通过前瞻性的管线投资与技术合作，艾伯维打造出一套“新旧药物无缝接力”的增长模型——每一款明星产品步入成熟期前，新一代创新药已蓄势待发。这种“未雨绸缪”的战略定力，让艾伯维得以在医药行业的周期性浪潮中，始终保持稳健增长的主动权，成为全球药企跨越周期、持续创新的鲜活教科书。结语：从修美乐的“单药依赖”到免疫“双子星”的“双引擎驱动”，艾伯维用“提前布局、头对头临床验证、适应证快速拓展”的组合策略，完成了从“专利悬崖穿越者”到“行业规则制定者”的身份跃迁。其方法论——在核心赛道建立技术壁垒，用BD填补管线断层，以适应证拓展延长产品生命周期——正在成为全球药企的“破局教科书”。当免疫“双子星”的光芒照亮增长曲线，艾伯维证明：真正的行业标杆，从不止于守住王座，更在于定义下一代增长规则。撰稿｜方涛之编辑｜江芸 贾亭运营｜廿十三","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"2","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2531673903","isCrawlerRequest":true}