医药行业 “砍单潮” 来袭，研发管线迎大调整

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11月医药行业 “砍单潮” 打破了研发领域的平静。辉瑞在 2025Q3 业绩会上披露终止 11 个研发项目，涵盖 mRNA 疫苗、ADC、双抗等前沿领域，其中不乏 430 亿美元收购 Seagen、54 亿美元收购 GBT 所得的核心资产。阿斯利康也宣布终止AZD0022、AZD9829、AZD2693、MEDI1341、Fasenra(贝那利珠单抗)等多个管线，涉及肿瘤、代谢病等关键赛道。两大...

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inclacumab，在三期试验中未能显示出优于安慰剂的镇痛效果，其另一项三期试验此前已因招募缓慢终止，最终让这款收购而来的核心资产黯然退场。阿斯利康的 MASH 药物 AZD2693 则在 2b 期试验中因 “疗效不佳” 被叫停，成为该领域研发折戟的又一案例。此外，肿瘤领域的分化更为显著。阿斯利康终止的 AZD9829 是 CD123 ADC 药物，而辉瑞放弃的两款 Seagen 管线均处于 I 期，反映出 ADC 赛道从 “野蛮生长” 向 “精准筛选” 的转变。尤其在双抗领域，辉瑞 PF-07826390(LILRB1×LILRB2)的终止，与罗氏 TIGIT 抗体折戟形成呼应，印证了新型抗体药物开发中靶点验证的高难度。若将视线从单个项目拉向企业战略，管线调整实则是资源优化的主动选择。辉瑞此次终止项目是其 77 亿美元成本重组计划的关键一步，节省的资金将投向肥胖症等更具潜力的领域，其近期收购 Metsera 公司、与 3SBio 达成 12.5 亿美元合作均印证了这一转向。阿斯利康的调整同样遵循 “优先级法则”，终止 KRAS G12D 抑制剂 AZD0022 等项目，正是为了聚焦自主研发的下一代 ADC 等核心管线。这种战略聚焦在行业内已成潮流。正如诺和诺德终止细胞疗法转向代谢病、武田退出细胞疗法聚焦小分子药物，辉瑞与阿斯利康的 “断舍离”，本质是对 “研发成本 - 回报比” 的重新审视。头部的管线调整，标志着全球创新药研发从 “野蛮生长” 进入 “精耕细作” 阶段。首先，技术路线迭代加速，体外 CAR-T 因成本高昂遇冷，而阿斯利康等企业转而布局体内 CAR-T，显示技术升级正在重塑赛道格局。其次，监管适配能力成核心竞争力，企业需提前与监管机构协同，应对创新疗法的 “多维审评” 挑战。最后，收购资产整合难度凸显，辉瑞终止多款收购所得管线，警示企业并购需更精准的价值评估。值得注意的是，收缩并非放弃创新。辉瑞仍保有 101 个在研项目，阿斯利康在 ADC 领域的自主研发持续加码。这场管线 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