默沙东2025：K药316亿美元创新高，多元管线撑起下一个周期_老虎社区_美港股上老虎

默沙东2025：K药316亿美元创新高，多元管线撑起下一个周期

医药魔方Info02-03

2月3日，默沙东发布2025年财报，全年总收入达650.11亿美元，同比增长1%。制药业务全年收入581.42亿美元（+1%），研发总投入为157.89亿美元（-12%）。中国市场收入为18.16亿美元（-66%），这主要受到了GARDASIL（HPV疫苗）市场需求下降的影响。Keytruda（帕博利珠单抗）作为默沙东的王牌产品，在2025年继续展现出强大的市场统治力，全年销售额达到316.80...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

暂无评论

热议股票

7x24

全部

{"i18n":{"language":"zh_CN"},"data":{"share":"https://www.laohu8.com/m/news/2608803586?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2026-02-03 23:50","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2608803586","market":"us","top_or_hot":-1,"title":"默沙东2025：K药316亿美元创新高，多元管线撑起下一个周期","media":"医药魔方Info","content":"<div>\n<p>2月3日，默沙东发布2025年财报，全年总收入达650.11亿美元，同比增长1%。制药业务全年收入581.42亿美元（+1%），研发总投入为157.89亿美元（-12%）。中国市场收入为18.16亿美元（-66%），这主要受到了GARDASIL（HPV疫苗）市场需求下降的影响。Keytruda（帕博利珠单抗）作为默沙东的王牌产品，在2025年继续展现出强大的市场统治力，全年销售额达到316.80...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260203235551953fa8cb&s=b\">网页链接</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>默沙东2025：K药316亿美元创新高，多元管线撑起下一个周期</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n默沙东2025：K药316亿美元创新高，多元管线撑起下一个周期\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-02-03 23:50 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260203235551953fa8cb&s=b><strong>医药魔方Info</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>2月3日，默沙东发布2025年财报，全年总收入达650.11亿美元，同比增长1%。制药业务全年收入581.42亿美元（+1%），研发总投入为157.89亿美元（-12%）。中国市场收入为18.16亿美元（-66%），这主要受到了GARDASIL（HPV疫苗）市场需求下降的影响。Keytruda（帕博利珠单抗）作为默沙东的王牌产品，在2025年继续展现出强大的市场统治力，全年销售额达到316.80...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260203235551953fa8cb&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":"LU1291159041.SGD","symbol_name":"CPR Invest - Global Silver Age A2 Acc SGD-H","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260203235551953fa8cb&s=b","article_id":"2608803586","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260203235551953fa8cb&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2608803586","pubTimestamp":1770133835,"columns":[],"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"2月3日，默沙东发布2025年财报，全年总收入达650.11亿美元，同比增长1%。Keytruda作为默沙东的王牌产品，在2025年继续展现出强大的市场统治力，全年销售额达到316.80亿美元，同比增长7%。在管线研发方面，2025年默沙东先后宣布了18项III期临床试验的积极结果。展望2026年，默沙东预计全年总销售额将稳步增长至655亿至670亿美元之间。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"LU1291159041.SGD":"CPR Invest - Global Silver Age A2 Acc SGD-H","IE0009355771.USD":"骏利亨德森环球生命科技A Acc","LU0320765489.SGD":"FTIF - Franklin Mutual US Value A Acc SGD","LU0266013472.USD":"AXA WF - Framlington Longevity Economy A Cap USD","LU1066051225.USD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AC\" (USD) ACC","LU1430594728.SGD":"Eastspring Investments - Global Low Volatility Equity AS SGD","LU1069347547.HKD":"AB SICAV I - GLOBAL VALUE PORTFOLIO \"AD\" (HKD) INC","IE00B2B36J28.USD":"JANUS HENDERSON GLOBAL LIFE SCIENCES \"I1\" (USD) INC","IE00BLSP4452.SGD":"Legg Mason ClearBridge - Tactical Dividend Income A Mdis SGD-H Plus","LU1917777945.USD":"安联专题基金Cl AT Acc","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","SG9999002232.USD":"Allianz Global High Payout USD","LU1699723380.USD":"ALLSPRING GLOBAL LONG/SHORT EQUITY \"AP\" (USD) ACC","SG9999002224.SGD":"Allianz Global High Payout SGD","SG9999015341.SGD":"United Income Focus Trust Acc SGD-H","LU0265550946.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A5\" (USD) INC","BK4585":"ETF&股票定投概念","LU1934455863.HKD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"A\" (HKD) ACC","LU2361044949.HKD":"WELLINGTON US QUALITY GROWTH \"A\" (HKD) ACC","LU1023059063.AUD":"BGF WORLD HEALTHSCIENCE \"A2\" (AUDHDG) ACC","LU2360032135.SGD":"ALLSPRING GLOBAL EQUITY ENHANCED INCOME \"A\" (SGDHDG) INC","LU1066051811.HKD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM2\" (HKD) INC","LU0122379950.USD":"贝莱德世界健康科学A2","SG9999014542.SGD":"United Income Focus Trust Acc SGD","LU2361044865.SGD":"WELLINGTON US QUALITY GROWTH \"A\" (SGDHDG) ACC","LU1201861249.SGD":"Natixis Harris Associates US Equity PA SGD-H","LU0070302665.USD":"FRANKLIN MUTUAL U.S. VALUE \"A\" (USD) ACC","LU0980610538.SGD":"Natixis Harris Associates US Equity RA SGD-H","LU1929549753.HKD":"FRANKLIN INCOME \"A\" (HKD) INC","LU1974910355.USD":"Allianz Thematica Cl AMg DIS USD","LU0648001328.SGD":"Natixis Harris Associates US Equity RA SGD","LU2361045086.USD":"WELLINGTON US QUALITY GROWTH \"A\" (USD) ACC","LU1989771016.USD":"东方汇理环球老龄化投资基金 A2 Acc","BK4559":"巴菲特持仓","LU2125154935.USD":"ALLSPRING (LUX) WF GLOBAL EQUITY ENHANCED INCOME \"I\" (USD) INC","BK4588":"碎股","LU0058720904.USD":"联博国际健康护理基金A","BK4550":"红杉资本持仓","SG9999001440.SGD":"United Global Dividend Equity Fund A SGD Dist","LU2468319806.SGD":"MANULIFE GF HEALTHCARE \"AA\" (SGDHDG) ACC","LU1989772840.SGD":"CPR Invest - Climate Action A2 Acc SGD-H","LU1093756325.SGD":"FTIF - Franklin K2 Alt Strat Fd A (acc) SGD-H1","LU1037948897.HKD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (HKD) INC","LU0289739699.SGD":"AB INTERNATIONAL HEALTH CARE PORTFOLIO \"A\" (SGD) ACC","LU1066051498.USD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM2\" (USD) INC","LU1989772923.USD":"CPR Invest - Climate Action A2 Acc USD-H","LU1093756168.USD":"FRANKLIN K2 ALTERNATIVE STRATEGIES \"A\" (USD) ACC","LU1066053197.SGD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM3\" (SGDHDG) INC","LU0965508806.USD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (USD) INC","IE00BJT1NW94.SGD":"JANUS HENDERSON GLOBAL LIFE SCIENCES \"A2\" (SGDHDG) ACC","LU2023250504.SGD":"Allianz Thematica Cl AMg DIS H2-SGD","LU0265550359.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A2\" (USD) ACC","LU1934455277.USD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"AD\" (USD) INC","LU1037948541.HKD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"A\" (HKD) ACC","SG9999014575.USD":"UOB UNITED INCOME FOCUS TRUST FUND (USDHDG) INC","LU2089984988.USD":"MANULIFE GF HEALTHCARE \"AA\" (USD) ACC","LU1941712264.USD":"ALLIANZ PET AND ANIMAL WELLBEING \"A\" (USD) INC","LU0238689110.USD":"贝莱德环球动力股票基金","LU0985320562.USD":"NORDEA 1 GLOBAL STARS EQUITY \"BP\" (USD) ACC","LU1934455194.USD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"A\" (USD) ACC","LU1116320737.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A6\" (USD) INC","IE00BJJMRZ35.SGD":"JANUS HENDERSON GLOBAL LIFE SCIENCES \"I2\" (SGDHDG) ACC","LU2461242641.AUD":"WELLINGTON US QUALITY GROWTH \"A\" (AUDHDG) ACC","LU1162221912.USD":"FRANKLIN INCOME \"A\" (USD) ACC","IE00B4R5TH58.HKD":"JANUS HENDERSON GLOBAL LIFE SCIENCES \"A2\" (HKD) ACC","IE00B1BXHZ80.USD":"Legg Mason ClearBridge - US Appreciation A Acc USD","LU1116320901.HKD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A6\" (HKD) INC","LU0203347892.USD":"SCHRODER ISF QEP GLOBAL ACTIVE VALLUE \"A\" (USD)  INC AV","SG9999014559.SGD":"United Income Focus Trust Dis SGD","LU2324357040.USD":"HSBC GIF GLOBAL EQUITY SUSTAINABLE HEALTHCARE \"AC\" (USD) ACC","LU1035773651.USD":"AB SICAV I - GLOBAL VALUE PORTFOLIO \"AD\" (USD) INC","LU0098860793.USD":"FRANKLIN INCOME \"A\" INC","LU0203345920.USD":"SCHRODER ISF QEP GLB ACT. VL \"A\" (USD) ACC","LU1585245621.USD":"EASTSPRING INV GLOBAL LOW VOLATILITY EQUITY FUND \"A\" (USD) ACC B","BK4007":"制药","LU1941712348.USD":"ALLIANZ PET AND ANIMAL WELLBEING \"AT\" (USD) ACC","MRK":"默沙东","LU0211331839.USD":"FRANKLIN MUTUAL GLB DISCOVERY \"A\" (USD) ACC","SG9999014567.USD":"UOB UNITED INCOME FOCUS TRUST FUND (USD) ACC","LU2023250843.SGD":"Allianz Thematica Cl AT Acc H2-SGD","SG9999015358.SGD":"United Income Focus Trust Dis SGD-H","LU0432979614.USD":"JPM GLOBAL HEALTHCARE \"A\" ACC","LU0320765646.SGD":"FTIF - Franklin Income A MDIS SGD-H1","LU2112291526.USD":"BGF WORLD HEALTHSCIENCE \"A4\" (USD) INC","IE00BFTCPJ56.SGD":"Janus Henderson Global Life Sciences A Acc SGD","LU0208291251.USD":"FRANKLIN MUTUAL U.S. VALUE \"A\" (USD) INC","LU0130102774.USD":"Natixis Harris Associates US Equity RA USD","LU0130517989.USD":"HARRIS ASSOCIATES US VALUE EQUITY \"R\" INC","LU2125154778.USD":"ALLSPRING GLOBAL EQUITY ENHANCED INCOME \"A\" (USD) INC","LU0861579265.USD":"联博低波幅策略股票基金A","IE000M9KFDE8.USD":"NEUBERGER BERMAN US LARGE CAP VALUE \"A\" (USD) ACC","SGXZ57979304.SGD":"United Global Healthcare A Acc SGD-H","LU0234572021.USD":"高盛美国核心股票组合Acc","LU0477156953.USD":"HARRIS ASSOCIATES US VALUE EQUITY \"RE\" (USD) ACC","LU0965509010.AUD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (AUDHDG) INC","LU0006306889.USD":"SCHRODER ISF US LARGE CAP \"A\" (USD) INC AV","SG9999001176.USD":"United Global Healthcare Acc USD","LU1057294990.SGD":"Blackrock World Healthscience A2 SGD-H","LU1571399168.USD":"ALLSPRING GLOBAL LONG/SHORT EQUITY \"IP\" (USD) ACC","IE00BLSP4239.USD":"Legg Mason ClearBridge - Tactical Dividend Income A Mdis USD Plus","LU0965509283.SGD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (SGDHDG) INC","IE0002141913.USD":"JANUS HENDERSON GLOBAL LIFE SCIENCES \"I2\" (USD) ACC","BK4534":"瑞士信贷持仓","LU1061106388.HKD":"BGF WORLD HEALTHSCIENCE \"A2\" (HKDHDG) ACC","LU2106854487.HKD":"ALLIANZ THEMATICA \"AMG\" (HKD) INC","IE00BN8TJ469.HKD":"FTGF CLEARBRIDGE TACTICAL DIVIDEND INCOME \"A\" (HKD) INC","BK4533":"AQR资本管理(全球第二大对冲基金)","LU1983299246.USD":"SCHRODER ISF HEALTHCARE INNOVATION \"A\" (USD) ACC","LU0965509101.SGD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"A\" (SGDHDG) ACC","LU0106261372.USD":"SCHRODER ISF US LARGE CAP \"A\" ACC","BK4516":"特朗普概念","SG9999013999.USD":"UOB UNITED GLOBAL HEALTHCARE FUND (USDHDG) INC","IE00BBT3K403.USD":"LEGG MASON CLEARBRIDGE TACTICAL DIVIDEND INCOME \"A(USD) ACC","SG9999001176.SGD":"UOB UNITED GLOBAL HEALTHCARE \"SGD\" (ACC)"},"translate_title":"Merck 2025: K drugs hit a new high of US $31.6 billion, and diversified pipelines support the next cycle","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"MRK":1.98},"content_text":"2月3日，默沙东发布2025年财报，全年总收入达650.11亿美元，同比增长1%。制药业务全年收入581.42亿美元（+1%），研发总投入为157.89亿美元（-12%）。中国市场收入为18.16亿美元（-66%），这主要受到了GARDASIL（HPV疫苗）市场需求下降的影响。Keytruda（帕博利珠单抗）作为默沙东的王牌产品，在2025年继续展现出强大的市场统治力，全年销售额达到316.80亿美元，同比增长7%。2025年，其肿瘤领域整体也呈现出稳健的增长势头，除Keytruda外，两款超10亿美金的合作产品表现稳健，Lynparza（奥拉帕利）和Lenvima（仑伐替尼）分别收入14.5亿美元（+11%），10.53亿美元（+4%）。Welireg（贝组替凡，+41%）和Reblozyl（罗特西普，+41%）等新锐产品也增速迅猛。GARDASIL/GARDASIL 9（HPV疫苗）全年销售额为52.33亿美元，同比下降39%，面临区域性挑战。业绩缩水的主要原因集中在亚洲市场：一方面，中国市场需求下降，另一方面，日本的国家补种计划结束，也导致了销售额回落。心血管领域，肺动脉高压（PAH）新药Winrevair（索特西普）作为默沙东新一代的重磅药物，全年表现亮眼，实现14.43亿美元的销售收入。由于该产品处于上市初期的爆发增长阶段，其在美国市场的快速普及反映了临床医生和患者对其治疗价值的高度认可。随着国际市场的逐步推广，以及未来可能基于新适应症的拓展（如HYPERION研究），该药被视为默沙东未来几年的关键增长点。糖尿病领域的老牌产品JANUVIA/JANUMET（西格列汀+二甲双胍）系列在2025年实现了25.44亿美元的销售收入，同比增长12%。Ohtuvayre（恩司芬群）作为默沙东100亿美元收购Verona Pharma后获得的核心产品，Q4贡献了1.78亿美元收入。在管线研发方面，2025年默沙东先后宣布了18项III期临床试验的积极结果。目前，仍有约80项III期研究正在紧锣密鼓地进行中，这为未来的产品更迭筑牢了基础。在关键监管审批上，核心产品Keytruda（帕博利珠单抗）再次取得里程碑式进展，不仅在美获批联合Padcev用于特定的膀胱癌患者，其皮下注射剂型在欧盟的获批也极大提升了临床使用的便利性。进入2026年，市场将迎来多个关键里程碑，包括备受瞩目的HIV产品（ISL/LEN）以及免疫领域潜力药物tulisokibart的III期临床结果公布。此外，FDA预计将对重磅新药Winrevair（索特西普）的新适应症审评做出决定，这有望进一步拓宽其在心血管领域的应用。为了加速拓展疾病版图，默沙东在2025年完成了对Verona Pharma和Cidara Therapeutics的收购，成功将Ohtuvayre（恩司芬群）等重要资产纳入麾下，强化了在呼吸道和传染病领域的竞争力。同时，通过与恒瑞医药等全球优秀企业的许可合作，默沙东正持续构建一个更多元、抗风险能力更强的研发体系。展望2026年，默沙东预计全年总销售额将稳步增长至655亿至670亿美元之间。从长远来看，默沙东预计由肿瘤、心血管代谢、呼吸道及免疫领域构成的“新一代增长引擎”，届时将带来超过700亿美元的潜在商业机会。Copyright © 2026 PHARMCUBE. All Rights Reserved.免责申明：本微信文章中的信息仅供一般参考之用，不可直接作为决策内容，医药魔方不对任何主体因使用本文内容而导致的任何损失承担责任。","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":[],"hasMoreComments":false,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"isCrawlerRequest":true}