“K药”与新药驱动默沙东(MRK.US)Q4业绩超预期但HPV疫苗困局拖累增长前景

智通财经02-03

智通财经APP获悉，2月3日美股盘前，美国医药巨头默沙东(MRK.US)公布最新季度业绩数据报告与未来业绩展望，默沙东因佳达修(Gardasil)困境而给出不及市场预期的展望。该公司管理层最新预测的2026年销售额和利润低于华尔街分析师平均预期，因为其重磅HPV疫苗佳达修(Gardasil)持续面临挑战——该疫苗产品今年可能仍将在中国市场无法实现强劲出货与销售额增长，从而掩盖了默沙东“K药”以及...

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Kennedy Jr.)重塑美国国内的疫苗监管框架，一些大型医药公司仍面临压力。除佳达修外，默沙东还生产ProQuad，这是一种广泛使用的联合疫苗，可预防麻疹、腮腺炎、风疹和水痘。去年12月，默沙东与竞争对手们一道与特朗普政府达成协议：以降低部分美国人的药品价格为交换，获得为期三年的且免受被威胁征收任何关税影响的宽限期。该公司也在为其最畅销产品——即重磅抗癌药Keytruda在面临降价与仿制药竞争的局面做准备。这迫使戴维斯承受压力，需要通过交易引入有前景的新药管线。今年1月，在市场猜测默沙东有意收购Revolution Medicines Inc.之际，戴维斯对投资者们表示，他认为当前的医药并购领域存在价值数百亿美元的重大并购机会。然而，此后不久，由于双方未能就收购价格达成一致，默沙东已停止收购生物技术公司Revolution Medicines的收购谈判。“我们并不受资产负债表限制——更多在于我们在哪里看到战略收购机遇。”默沙东首席执行官戴维斯当时在旧金山举行的摩根大通医疗健康大会上表示，并且强调看到了“数笔数百亿美元”级别的重大收购机遇。Keytruda的专利预计将从2028年开始到期。去年9月，默沙东获得美国监管机构批准一种更快、更易给药的剂型。该药名为Keytruda Qlex，可在数分钟内以皮下注射方式给药。它是这家制药商继续获取Keytruda相关联强劲收益的战略关键组成部分。该公司表示，第四季度Keytruda Qlex在美国市场的整体销售额为3500万美元，而Keytruda总销售额约为84亿美元——超过分析师平均预估数据，实现同比增长7%。默沙东另一款新产品Ohtuvayre的销售额也超出预期，这对该肺病治疗药物而言是一个积极趋势;该药物来自默沙东公司去年以100亿美元收购Verona Pharma的重磅交易。默沙东曾表示，Ohtuvayre具有“数十亿美元级”的重大商业化潜力，并称第四季度将显示并购效益开始逐渐显现。“药王”Keytruda 2028年到期，哪些创新药势力将获得手持数百亿美元巨头的默沙东青睐?对于默沙东销售额与利润前景而言，Keytruda 2028年专利压力可谓是“时间表驱动”的补缺口需求。默沙东业绩数据高度依赖 Keytruda，而管理层和媒体报道都将其后续专利到期视为需要提前布局的核心变量;在这种背景下，做“数百亿美元级”交易本质上是在为 2028 年后的增长曲线买时间、买确定性。默沙东管理层已经明确把“超大额并购”作为可选工具，并且正在积极评估具体标的。Keytruda(可瑞达，也被称作“K药”)是默沙东的抗 PD-1 免疫检查点抑制剂，通用名帕博利珠单抗(pembrolizumab)，属于单克隆抗体药物，通过阻断 PD-1 通路，帮助T细胞更有效地识别并攻击肿瘤细胞。该抗癌药物的适应症覆盖极广，官方信息显示其获批复盖18类癌种、42 项适应症，患者可及人群非常大，以及进入多癌种关键治疗线别并可联合用药(比如一线、辅助/新辅助以及与化疗/靶向等联合)，在临床路径中使用频次高，因此K药也有着全球“药王”称号。毋庸置疑的是， 肿瘤(Oncology)治疗类创新药企业仍是默沙东的第一优先级，默沙东管理层曾透露未来战略将从“Keytruda 单核”走向“多引擎”抗癌产品线。其次则是ADC(抗体偶联药物)与“下一代肿瘤载荷平台”，默沙东与第一三共就三款 DXd ADC达成全球开发与商业化合作(总潜在对价可非常可观)，反映其在“后 Keytruda 时代”对ADC作为肿瘤增长引擎的系统性押注。T-cell engager 等免疫治疗新形态也非常有可能成为默沙东青睐的赛道，默沙东完成对 Harpoon Therapeutics 的收购，明确是为了扩展肿瘤管线、获得T细胞衔接器(T-cell engager)等新机制资产。在心代谢与呼吸赛道，默沙东更有可能的收购方向是COPD/哮喘等慢病的差异化小分子或生物制剂(可快速进入指南与长期用药)，或者是心代谢(例如肥胖/代谢综合征相关并发症)中具备明确的临床终点且能在2028–2032年形成规模销售额的中后期资产。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","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/2608879008","isCrawlerRequest":true}

“K药”与新药驱动默沙东(MRK.US)Q4业绩超预期 但HPV疫苗困局拖累增长前景

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“K药”与新药驱动默沙东(MRK.US)Q4业绩超预期但HPV疫苗困局拖累增长前景