礼来之后，谁是下一个万亿药企？

药渡12-01

转自：蒲公英Ouryao 综合：青于蓝截至2025年11月24日美股盘前，全球生物医药领域迎来里程碑时刻——15家企业市值突破千亿美元大关，其中，制药13家。这不仅彰显了医疗健康产业的蓬勃活力，更揭示了资本向创新研发与核心治疗领域深度聚焦的新趋势。而领跑者礼来就是以1万亿美元市值开创行业先河。千亿美元俱乐部全景扫描本次入围的13家药企凭借其卓越的研发实力、核心产品竞争力与稳健的财务表现，共同构建起...

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综合：青于蓝截至2025年11月24日美股盘前，全球生物医药领域迎来里程碑时刻——15家企业市值突破千亿美元大关，其中，制药13家。这不仅彰显了医疗健康产业的蓬勃活力，更揭示了资本向创新研发与核心治疗领域深度聚焦的新趋势。而领跑者礼来就是以1万亿美元市值开创行业先河。千亿美元俱乐部全景扫描本次入围的13家药企凭借其卓越的研发实力、核心产品竞争力与稳健的财务表现，共同构建起...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251201075228a71b799c&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU2746668461.USD","symbol_name":"MANULIFE DYNAMIC LEADERS \"AA\" (USD) ACC","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251201075228a71b799c&s=b","article_id":"2588719603","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251201075228a71b799c&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description 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company?","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"LLY":1.5,"NVO":0.9},"content_text":"转自：蒲公英Ouryao 综合：青于蓝截至2025年11月24日美股盘前，全球生物医药领域迎来里程碑时刻——15家企业市值突破千亿美元大关，其中，制药13家。这不仅彰显了医疗健康产业的蓬勃活力，更揭示了资本向创新研发与核心治疗领域深度聚焦的新趋势。而领跑者礼来就是以1万亿美元市值开创行业先河。千亿美元俱乐部全景扫描本次入围的13家药企凭借其卓越的研发实力、核心产品竞争力与稳健的财务表现，共同构建起全球医药健康产业的价值高地。领跑者礼来以1万亿美元市值开创行业先河，其54.41倍的市盈率充分反映了市场对公司在代谢疾病领域，特别是GLP-1受体激动剂赛道的高度认可。Trulicity、Mounjaro等明星产品支撑起公司年内38.29%的股价涨幅，而丰富的研发管线更让投资者对其未来增长充满期待。强生作为多元化医疗保健巨头，在完成消费者健康业务分拆后更加聚焦制药与医疗器械核心业务。公司4912.55亿美元市值背后是19.56倍的稳健市盈率和2.49%的股息回报，年内44.39%的股价涨幅印证了其战略调整的成功。值得注意的是，部分企业正经历重要的转型时刻。艾伯维以174.87倍的高市盈率凸显市场对其\"后Humira时代\"战略的高度关注，公司通过收购拓展神经科学和医美领域，试图在Humira专利到期后构建新的增长极。同样，默沙东在Keytruda专利到期压力下，正通过积极收购拓展管线，其3.36%的股息率成为当前平稳过渡期的重要价值支撑。细分领域的差异化表现在代谢疾病领域，诺和诺德与礼来共同引领GLP-1浪潮，然而前者年内股价下跌43.10%的表现，揭示了市场竞争的激烈程度和定价压力对企业的影响。这一反差凸显了在同一热门赛道中，企业个体战略执行与产品差异化能力的重要性。肿瘤领域继续成为创新焦点。阿斯利康凭借Tagrisso等核心产品实现41.85%的股价涨幅，公司在肿瘤领域的强大研发实力和新兴市场拓展策略获得市场认可。安进通过收购Horizon Therapeutics加强罕见病布局，展现了大药企通过外延扩张补充管线的战略思路。在抗病毒领域，吉利德科学以40.01%的年内涨幅证明其在HIV和肝炎领域的持续竞争力，同时通过并购扩展肿瘤学管线的战略正在收获成效。行业变革中的价值重构辉瑞的案例尤为值得关注。在后疫情时代面临收入回调的挑战下，公司通过收购Seagen等举措加强肿瘤管线，同时以6.87%的高股息率维持投资者信心，展现了传统药企在行业周期中的调整智慧。福泰制药在囊性纤维化治疗领域近乎垄断的地位，以及向基因编辑等前沿领域的拓展，代表了专注型生物技术公司的成功路径。其29.46倍的市盈率体现了市场对高度专业化研发型企业的估值逻辑。恒瑞医药跻身第22位值得注意的是，中国药企恒瑞医药以约567亿美元市值跻身第22位，成为本次TOP30榜单中唯一一家来自中国的企业，标志着中国创新药力量正在获得全球资本市场的系统性认可。这一突破性进展预示着全球医药格局可能迎来更深层次的重构。随着礼来叩开\"万亿市值时代\"的大门，全球医药行业正进入一个创新加速、价值重估的新阶段。未来，随着基因治疗、数字医疗等新技术的成熟，全球医药巨头的竞争格局还将继续演变，但创新与价值创造的核心逻辑将始终引领行业发展方向。图片来自药研网参考：医药财经药研网*声明：本文仅是介绍医药疾病领域研究进展或简述研究概况或分享医药相关讯息，并非也不会进行治疗或诊断方案推荐，也不对相关投资构成任何建议。内容如有疏漏，欢迎沟通指出！口服司美格鲁肽治疗AD“折戟”，III期研究未达主要终点双喜临门！诺华2款重磅新药获批上市每月一次！全球首创IgA肾病新药获FDA批准上市","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"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 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