Nirmatrelvir/Ritonavir

基于各大药企2025年的营收情况，知名行业媒体Fierce Pharma近日发布了全球生物制药企业TOP20榜单。在全球医药行业迈入新一轮创新迭代周期的当下，这份榜单不仅直观呈现了头部企业的规模位次变化，更清晰勾勒出全球医药产业正在发生的深层结构性变革。 其中，以GLP-1为代表的代谢类药物成为改写行业格局的核心变量，礼来凭借45%的营收增长排名跃升6个位次，升至全球第三；强生继续稳居行业第一，并有望在2026年冲击千亿美元营收门槛；与此同时，多家老牌药企面临专利悬崖，营收增长承压，全球医药行业的马太效应与赛道分化进一步加剧。 2025年全球生物制药企业TOP20 （单位：亿美元，数据来源于Fierce Pharma） GLP-1药物引爆增长 TOP20榜单最核心的变量，无疑是GLP-1类药物的爆发。 礼来2025年全年营收达652亿美元，同比暴涨45%，增速在TOP20企业中一骑绝尘。这份亮眼的业绩几乎全部由其2款替尔泊肽产品贡献，糖尿病药物Mounjaro与减重药Zepbound全年合计销售365亿美元，较2024年的165亿美元实现翻倍增长，占礼来全年总营收的56%。 这2款产品不仅一举超越诺和诺德的司美格鲁肽组合（Ozempic、Wegovy）311 亿美元的年销售额，也使替尔泊肽成为2025年全球最畅销药物。凭借GLP-1产品的爆发式增长，礼来完成在榜单中排名的跨越式提升，从2020年的全球第15名，一路攀升至2025年的全球第3位，更在2025年11月成为全球首个市值突破万亿美元的药企。 相比之下，GLP-1赛道的先发者诺和诺德则明显放缓。诺和诺德2025年营收约467亿美元，同比增长6.4%，为本十年来首次未实现双位数增长，排名停留在第11位。同时预计2026年营收将下滑5%至13%，并将压力归因于定价收紧、竞争加剧及最惠国定价机制影响。 这也标志着GLP-1赛道从“一家独大”，进入以礼来为主导的新一轮双强竞争阶段。 头部格局稳固 除礼来的跃升外，榜单整体呈现出显著的稳定性。 强生以942亿美元营收继续位居第一。自2012年以来，除2022年被疫情产品推动的辉瑞短暂反超外，强生长期保持行业第一。2025年强生营收同比增长6.1%。在剥离消费者健康业务Kenvue之后，创新药与医疗科技双轮驱动的结构更加清晰。强生2026年营收预计将达到995亿至1010.8亿美元，有望成为继辉瑞之后第二家年营收突破千亿美元的药企。 罗氏以740亿美元营收稳居榜单第二位，尽管核心肿瘤管线增长放缓，但眼科药物 Vabysmo、多发性硬化症药物 Ocrevus 持续贡献稳定营收，同时公司也通过并购布局GLP-1赛道，试图抓住下一波行业红利。 整体来看，除礼来外，TOP20企业排名变动普遍在1–2位之间，甚至多数保持不变。这意味着，行业头部壁垒已逐渐稳固，常规产品迭代难以改变座次，真正能改写格局的，仍是少数颠覆性重磅产品。 专利悬崖成生死大考 与头部稳定形成对照的，是专利悬崖对部分药企的持续冲击。 2025年营收下滑的公司大多集中于这一因素：百时美施贵宝（BMS）2025年营收微降0.2%，位次下滑2位至第10名，核心原因是来那度胺等成熟药物销售额同比下滑16%；武田制药营收下降2.5%，排名降至第15位，主要受Vyvanse仿制药冲击；拜耳营收下降1%，核心产品Xarelto与Eylea专利到期后销售持续下滑，预计2026年仍将承压。 与之形成鲜明对比的是，多家药企通过业务分拆聚焦创新药主业，实现了业绩的逆势增长。强生、赛诺菲在剥离消费健康业务后，增长明显改善。赛诺菲2025年营收增长10.3%，排名回升至第9位，已走出分拆初期低谷。 与此同时，大额并购成为药企补全管线、应对专利到期的核心手段。默沙东为应对2028年K药专利到期的风险，近年来连续完成多笔大额并购，2024年以来先后收购Verona、Cidara Therapeutics；诺华斥资120亿美元收购RNA疗法企业Avidity Biosciences，创下近十年最大并购纪录；辉瑞则通过430亿美元收购Seagen，深度布局ADC赛道，试图找到第二增长曲线。 赛道分化持续加剧 从治疗领域来看，2025年的行业分化进一步加深。 代谢、自免与肿瘤，仍是驱动大药企增长的三大核心引擎。榜单中实现较快增长的公司，几乎均依赖于这三大领域的重磅产品。 礼来的代谢类GLP-1产品、艾伯维的自免双雄Skyrizi与Rinvoq、阿斯利康与第一三共合作的ADC肿瘤药物Enhertu，均成为企业业绩的核心支撑。其中艾伯维凭借Skyrizi与Rinvoq持续放量，推动营收同比增长8.3%，创历史新高。 与之相对的是，疫苗赛道迎来集体寒冬。默沙东HPV疫苗佳达修销售额从2024年的86亿美元降至52亿美元，同比下滑39%，主要受中国市场国产替代及日本需求回落影响；GSK带状疱疹疫苗Shingrix在美国市场销售下滑17%，RSV疫苗Arexvy也在美国出现回落。整体来看，疫苗企业正面临国产替代、接种率下降、增长动能明显弱于创新药核心赛道。 头部企业核心表现 强生：稳居第一，千亿门槛在望 强生2025年实现营收942亿美元，同比增长6.1%，继续位居全球第一。剥离消费健康业务后，公司以创新药与医疗科技为核心的双引擎更加清晰。 多发性骨髓瘤管线、抗抑郁药Spravato及抗凝药Xarelto等产品维持稳定贡献，同时通过收购Intra-Cellular Therapies补强中枢神经领域布局。公司预计2026年营收将达到995亿至1010.8亿美元，千亿美元规模已近在眼前。 礼来：最大增量来源，增长高度集中 礼来是本年度最具代表性的增长样本。45%的营收增速使其跃升至全球第三位。 替尔泊肽两款产品贡献365亿美元收入，占比超过一半，使公司增长高度集中于单一机制。与此同时，公司已在推进口服GLP-1产品布局。2026年，礼来预计营收将达800亿至830亿美元，但增速较2025年有所回落，定价压力与竞争加剧将逐步显现。 诺和诺德：增长放缓，进入调整阶段 诺和诺德2025年营收约467亿美元，同比增长6.4%，为本十年来首次未实现双位数增长。 尽管司美格鲁肽仍维持高销售规模，但已被礼来反超。公司预计2026年营收将出现5%至13%的下滑。在价格压力与竞争环境变化的双重影响下，诺和诺德正进入由高速扩张向结构调整过渡的阶段。 默沙东&辉瑞：红利出清后的再平衡 两家曾因新冠产品快速扩张的巨头，在2025年均进入调整期。 默沙东营收同比增长1%。核心产品Keytruda增速降至7%，显著低于此前18%–22%的水平；HPV疫苗佳达修销售额大幅下滑39%。在核心产品专利将于2028年到期的背景下，公司正通过连续并购补充管线。 辉瑞营收同比下降1.6%。新冠疫苗Comirnaty与口服药Paxlovid收入持续回落，其中Paxlovid降幅高达59%。公司预计2026年营收仍将小幅下滑，目前正依赖Seagen带来的ADC资产，重建肿瘤业务增长曲线。 关于VectorBuilder云舟生物 VectorBuilder云舟生物是世界知名分子生物学家蓝田博士创办的基因递送领军企业，在全球设有10余家子公司和办事处，2023年晋升为全球独角兽企业。 云舟生物独创“载体家”平台，开启了个性化基因载体的商品化时代；目前已赋能全球130多个国家和地区，为超过7000家顶尖科研院校和制药公司提供服务，在QS前100高校的客户覆盖率达到了90%，全球TOP30药企的客户覆盖率亦超过90%，产品成果的全球文献引用量逾7000篇。 云舟生物的基因药物CRO、CDMO项目遍布北美、欧洲、日本等多个国家和地区，已成功助力全球数十个项目成功开展IIT或IND研究，其中GMP级别的质粒和慢病毒载体已获得美国FDA的IND正式批准，用于在美国的多中心临床试验。 云舟生物致力于系统性攻克基因递送行业的关键技术瓶颈，为行业和世界创造不可取代的价值。

受 2025 年销售额增长 45% 的推动，礼来公司在年度全球生物制药企业营收 20 强榜单中跃升六位，成为该行业第三大公司。这家总部位于印第安纳波利斯的制药企业销售额从 2024 年的 450 亿美元增至去年的 652 亿美元，在排名中一举超越百时美施贵宝、诺华、阿斯利康、艾伯维、辉瑞和默沙东。 礼来 2025 年 202 亿美元的销售额增幅几乎全部来自其糖尿病与肥胖症药物替尔泊肽（Mounjaro）和泽帮德（Zepbound）。2025 年，这两款药物合计销售额达 365 亿美元，较 2024 年的 165 亿美元大幅增长。替尔泊肽类疗法在礼来 2025 年营收中占比 56%，高于 2024 年的 37%。 本世纪 20 年代以来，礼来已从 2020 年榜单第 15 位一路攀升至目前的第 3 位。 凭借自身糖尿病与肥胖症产品，诺和诺德在本世纪 20 年代初期也曾经历类似的上升轨迹，从 2020 年榜单第 17 位升至 2024 年第 11 位。在此期间，诺和诺德营收实现翻倍以上增长，但这家丹麦企业的增长势头已有所放缓，去年销售额仅增长 6%，排名仍停留在第 11 位。这是本世纪 20 年代以来，诺和诺德首次未实现销售额两位数增长。 诺和诺德 2026 年业绩或将迎来下滑，公司预计销售额降幅将在 5% 至 13% 之间。首席执行官迈克・杜斯塔将公司预期的销售额下滑归咎于 “前所未有的定价压力”，同时提及 “竞争加剧” 以及该公司去年秋季与特朗普政府达成的最惠国定价协议。 2025 年也标志着行业格局的象征性交接 —— 诺和诺德的司美格鲁肽系列药物诺和泰（Ozempic）与维格威（Wegovy）合计销售额达 310 亿美元，首次未能超越替尔泊肽两款药物的合计销售额。 2025 年榜单榜首再度由强生公司占据，其销售额达 942 亿美元。自 2012 年以来，强生除 2022 年外每年均稳居榜首；2022 年辉瑞跃居第一，成为史上首家营收突破千亿美元的制药企业。辉瑞当年的大幅跃升主要得益于其新冠疫苗复必泰（Comirnaty）与新冠口服药帕克洛维德（Paxlovid）合计 567 亿美元的销售额。 强生今年有望突破千亿美元营收大关，公司预计销售额将在 995 亿美元至 1010.8 亿美元之间。自 2023 年分拆消费者健康业务公司健适（Kenvue）以来，强生营收增速逐年提升，去年增幅达 6%。 除礼来排名大幅上升外，2025 年全球生物制药 20 强榜单整体变动不大。百时美施贵宝是 20 强中四家 2025 年营收出现下滑的企业之一，排名下降两位至第 10 位。该公司表示，其成熟药物销售额下滑 16%，其中包括治疗血癌的重磅药物来那度胺（Revlimid）与泊马度胺（Pomalyst）。 赛诺菲销售额增长 10%，排名上升一位至第 9 位，超越百时美施贵宝。这家法国企业在 2023 年位列第 6 位，后因出售消费者健康业务部门奥佩拉（Opella），2024 年排名跌至第 10 位。与强生类似，赛诺菲在完成资产剥离后实现了增长提速。 另一家 2025 年营收下滑且排名下降一位的企业是武田制药，其排名降至第 15 位。勃林格殷格翰销售额增长 4%，排名上升一位至第 14 位。 今年 20 强榜单中没有新入榜企业。在榜单末尾，2025 年营收 154 亿美元的 CSL 仍领先于再生元（143 亿美元）和晖致（143 亿美元），日本制药企业安斯泰来（138 亿美元）与第一三共（137 亿美元）紧随其后。 J&J projects its 2026 sales will come in between $99.5 billion and $101.08 billion. 强生公司预计其 2026 年销售额将在 995 亿美元至 1010.8 亿美元之间。 1.Johnson & Johnson 第 1 位 强生公司 2025 revenue: $94.2 billion 2025 年营收：942 亿美元 2024 revenue: $88.8 billion 2024 年营收：888 亿美元 Change: +6.1% 变动幅度：+6.1% Headquarters: New Brunswick, New Jersey 总部所在地：美国新泽西州新不伦瑞克 Johnson & Johnson has gotten comfortable holding down the top spot on this report over the years, with the exception of a COVID-related shakeup in 2022.But even J&J’s decision to spin off its consumer healthcare unit in recent years hasn't been enough to knock the pharma powerhouse off its familiar perch. 多年来，强生公司一直稳居本报告榜单首位，表现稳健，仅在 2022 年因新冠疫情相关市场变动出现过一次排名波动。即便近年来强生决定分拆其消费者医疗保健业务部门，也未能撼动这家制药巨头长期占据的榜首位置。 Johnson & Johnson’s pharma and medtech units delivered $94.2 billion in sales last year, an impressive 6.1% increase from $88.8 billion the prior year.The growth came from several key products, including J&J’s leading multiple myeloma offerings, its depression nasal spray Spravato, anticoagulant Xarelto and several other medicines. 强生旗下制药与医疗技术部门去年实现销售额 942 亿美元，较上一年的 888 亿美元实现了可观的 6.1% 增长。这一增长得益于多款核心产品，包括强生旗下主力多发性骨髓瘤药物、抑郁症鼻用喷雾剂斯普拉瓦托（Spravato）、抗凝剂拜瑞妥（Xarelto）以及其他多款药品。 Besides its own offerings, J&J has been relatively active on the M&A front in recent years.Last year, this materialized with the company’s acquisition of Intra-Cellular Therapies and its promising schizophrenia and bipolar treatment Caplyta.Shortly after the buyout, Caplyta scored a major label expansion as an add-on treatment for major depressive disorder.All told, the drug generated $700 million in revenue last year. 除自有产品业务外，强生近年来在并购领域也表现得较为活跃。去年，该公司完成了对细胞内疗法公司（Intra-Cellular Therapies）的收购，获得了其颇具潜力的精神分裂症与双相情感障碍治疗药物卡普丽塔（Caplyta）。此次收购完成后不久，卡普丽塔（Caplyta）获得了一项重要的适应症扩展批准，可作为重度抑郁症的附加治疗药物。该药品去年合计实现营收 7 亿美元。 Elsewhere, the company’s medtech unit remains a major contributor, with its sales reaching $16.4 billion last year. 此外，公司的医疗技术部门仍是重要营收来源，去年该部门销售额达 164 亿美元。 With J&J’s leadership position in these two markets firmly established, the company is still stepping on the gas. J&J projects its 2026 sales will come in between $99.5 billion and $101.08 billion, suggesting the $100 billion mark is comfortably within its sights. 凭借在这两大市场稳固的领先地位，强生仍在加速发展。公司预计 2026 年销售额将介于 995 亿美元至 1010.8 亿美元之间，这意味着千亿美元营收大关已近在咫尺。 The only other time a pharma company has surpassed that annual revenue threshold was in 2022, when Pfizer took the top spot in Fierce Pharma’s Top Pharma Companies special report, driven by the megablockbuster haul from its BioNTech-partnered COVID-19 vaccine, Comirnaty. 此前唯一一家年营收突破这一门槛的制药企业是在 2022 年，当时辉瑞凭借与百欧恩泰合作研发的新冠疫苗复必泰（Comirnaty）带来的巨额重磅收入，在《Fierce Pharma》顶尖制药企业专题报告中登顶榜首。 The upward revenue trajectory comes despite Johnson & Johnson spinning off its consumer health unit, Kenvue, in 2023. The strategic move, intended to sharpen J&J’s focus on innovative products, has hardly slowed the company’s momentum, as it has managed to post revenue growth of 4% or more in recent years. 尽管强生公司在 2023 年分拆了其消费者健康业务部门健适（Kenvue），但其营收仍保持上升态势。这一旨在让强生更专注于创新产品的战略举措，几乎没有放缓公司的发展势头，近年来其营收增速始终保持在 4% 及以上。 As for headwinds, J&J expects near-term generic and biosimilar erosion for pulmonary arterial hypertension drug Opsumit and immunology blockbuster Simponi. The drugs pulled down more than $2.8 billion in the U.S. in 2025, making them meaningful contributors but not completely calamitous when they tumble over the patent cliff. 在不利因素方面，强生预计其肺动脉高压药物傲朴舒（Opsumit）与免疫学重磅药物欣普尼（Simponi）短期内将面临仿制药和生物类似药的市场冲击。这两款药物 2025 年在美国市场实现营收超 28 亿美元，虽是重要营收来源，但即便遭遇专利悬崖，也不会给公司带来毁灭性影响。 2.Roche 2.罗氏 2025 revenue: 61.5 billion Swiss francs ($74 billion) 2025 年营收：615 亿瑞士法郎（740 亿美元） 2024 revenue: 60.5 billion Swiss francs ($68.7 billion) 2024 年营收：605 亿瑞士法郎（687 亿美元） Change: +1.7% 变动幅度：+1.7% Headquarters: Basel, Switzerland 总部所在地：瑞士巴塞尔 Once upon a time, the legendary oncology trio of Herceptin, Avastin and Rituxan was the anchor of Roche’s success. Today, none of the company’s top three best-sellers are for cancer, and the eye drug Vabysmo has taken a prominent spot in Roche’s commercial portfolio. 曾几何时，赫赛汀、安维汀和美罗华这三款传奇肿瘤药物是罗氏成功的核心支柱。如今，该公司前三款畅销药均非肿瘤药物，眼科药物法布西单抗（Vabysmo）已在罗氏的商业产品组合中占据重要地位。 First approved by the FDA in early 2022, the VEGF-AxAng-2 bispecific antibody already reached 4.1 billion Swiss francs ($5.2 billion) in sales in 2025. But signs of a slowdown showed in the fourth quarter, as Roche flagged a contraction in the overall branded intravitreal injection market. 这款 VEGF-A/Ang-2 双特异性抗体于 2022 年初获美国 FDA 首次批准，2025 年销售额已达 41 亿瑞士法郎（52 亿美元）。但随着罗氏指出品牌玻璃体内注射药物整体市场出现萎缩，该产品在第四季度显现出增长放缓迹象。 Roche’s top oncology product is currently Tecentriq, with 3.6 billion Swiss francs in 2025 sales, reflecting a modest 3% year-over-year increase at constant exchange rates. The company expects low single-digit growth for the PD-L1 inhibitor to continue in 2026. 罗氏目前的核心肿瘤产品为泰圣奇（Tecentriq），2025 年销售额达 36 亿瑞士法郎，按固定汇率计算同比小幅增长 3%。公司预计这款 PD-L1 抑制剂在 2026 年将继续保持个位数低速增长。 With the HER2 franchise expected to peak this year at about 9 billion Swiss francs, Roche has turned its focus in breast cancer to giredestrant, which the company previously projected could generate more than 3 billion Swiss francs in sales. 随着 HER2 产品线预计今年将以约 90 亿瑞士法郎的规模见顶，罗氏已将乳腺癌领域的研发重心转向吉瑞司坦（giredestrant），该公司此前预计这款药物销售额可突破 30 亿瑞士法郎。 However, in a second-line setting for HR-positive, HER2-negative breast cancer, the FDA is considering the oral SERD only for ESR1-mutated cases, the same small subgroup that other agents in the class are limited to. 然而，在激素受体阳性、人表皮生长因子受体 2 阴性乳腺癌的二线治疗领域，美国 FDA 仅考虑批准这款口服选择性雌激素受体降解剂（SERD）用于 ESR1 突变患者，这一狭窄适用人群与该类别其他药物的限制范围一致。 Last year, giredestrant posted a first-in-class win as an adjuvant treatment. But questions remain because the phase 3 trial didn’t include any use of CDK4/6 inhibitors, which have become a standard adjuvant treatment for some 早期乳腺癌患者. 去年，吉瑞司坦作为辅助治疗药物取得同类首创突破。但相关质疑依然存在，原因是其三期临床试验未纳入 CDK4/6 抑制剂，而该类药物已成为部分早期乳腺癌患者的标准辅助治疗方案。 Then, in March of 2026, a phase 3 flop in the all-important first-line setting seriously shook investors’ confidence in the drug’s multibillion-dollar outlook. 随后在 2026 年 3 月，该药物在至关重要的一线治疗领域的三期临床试验宣告失败，严重动摇了投资者对其数十亿美元市场前景的信心。 For years, Roche’s top-selling drug has been Ocrevus. The multiple sclerosis therapy generated more than 7 billion Swiss francs in sales in 2025, posting growth despite competition from Novartis’ also-soaring CD20 antibody Kesimpta. 多年来，奥瑞珠单抗（Ocrevus）一直是罗氏最畅销药物。这款多发性硬化症治疗药物 2025 年销售额超 70 亿瑞士法郎，即便面对诺和诺德同样快速增长的 CD20 抗体凯西普塔（Kesimpta）的竞争，仍实现了业绩增长。 To complement Ocrevus, Roche is developing the BTK inhibitor fenebrutinib. However, liver toxicity, which has cropped up in fenebrutinib’s clinical program and led to an FDA rejection of Sanofi’s rival tolebrutinib, remains a major concern heading into an expected phase 3 readout this year. 为补充奥瑞珠单抗的产品布局，罗氏正在研发布鲁顿酪氨酸激酶（BTK）抑制剂菲奈布替尼（fenebrutinib）。然而，肝毒性问题仍是该药物今年即将公布三期临床数据前的主要隐患 —— 这一不良反应在菲奈布替尼临床项目中已显现，且曾导致美国 FDA 拒绝批准赛诺菲的同类竞争药物托莱布替尼（tolebrutinib）。 Meanwhile, Roche, last year, unveiled a strategy to become a top-three obesity company. Its lead program, an injectable GLP-1/GIP receptor agonist known as CT-388, that Roche gained through its $2.7 billion acquisition of Carmot Therapeutics in 2023, is being pushed into phase 3 testing. 与此同时，罗氏在去年公布了跻身肥胖症领域前三企业的战略目标。其核心研发项目 CT-388 是一款注射用 GLP-1/GIP 受体激动剂，由罗氏 2023 年以 27 亿美元收购 Carmot Therapeutics 公司获得，目前已推进至三期临床试验阶段。 However, a recent mid-stage readout from a high-stakes, newly formed partnership with Zealand Pharma disappointed investors with weaker-than-expected weight loss by the long-acting 胰淀素类似物 petrelintide, even though the drug showed what Zealand called “placebo-like tolerability.” 然而，罗氏近期与 Zealand Pharma 新达成的重磅合作项目中，长效胰淀素类似物培瑞林肽（petrelintide）的中期临床数据令投资者失望 —— 尽管该药物展现出 Zealand 所称的 “与安慰剂相近的耐受性”，但其减重效果不及预期。 Overall, the fourth quarter of 2025 marked the eighth consecutive quarter of growth for Roche’s pharmaceutical unit. Even with upcoming exclusivity losses, Roche expects its momentum to continue as newer drugs offset generic erosion. 整体来看，2025 年第四季度是罗氏制药部门连续第八个季度实现增长。尽管部分产品即将面临专利保护到期，罗氏仍预计凭借新药上市抵消仿制药冲击，增长势头将得以延续。 For 2025, Roche’s pharma division grew sales by 3.2% to 47.7 billion Swiss francs, as the entire group's sales rose 1.7% to 61.5 billion Swiss francs. 2025 年，罗氏制药部门销售额增长 3.2%，达 477 亿瑞士法郎；集团整体销售额增长 1.7%，至 615 亿瑞士法郎。 3.Eli Lilly 3.礼来 2025 revenue: $65.2 billion 2025 年营收：652 亿美元 2024 revenue: $45 billion 2024 年营收：450 亿美元 Change: +45% 变动幅度：+45% Headquarters: Indianapolis 总部所在地：美国印第安纳波利斯 As the market for branded obesity medications has continued to flourish, Eli Lilly has steadily ramped up pressure on first-comer and chief competitor Novo Nordisk, with its 2025 performance reflecting Lilly’s strong position in current GLP-1 prescription trends, particularly in the U.S. 随着品牌肥胖症药物市场持续蓬勃发展，礼来不断向先行者兼主要竞争对手诺和诺德施压，其 2025 年业绩彰显了公司在当前 GLP-1 类药物处方趋势中的强势地位，尤其是在美国市场。 Now, Lilly is telegraphing a repeat performance from its dual GIP/GLP-1 blockbusters for diabetes and obesity, Mounjaro and Zepbound, and projecting even greater sales highs in 2026 on the back of a closely watched obesity pill launch. 如今，礼来旗下用于糖尿病与肥胖症治疗的两款 GIP/GLP-1 重磅药物替尔泊肽（Mounjaro）和泽帮德（Zepbound）有望延续亮眼表现，公司还预计，在备受关注的口服肥胖症药物上市推动下，2026 年销售额将再创新高。 Still, the halo around the Indianapolis drugmaker can’t last forever, and at least one analyst has pointed to the potential for cracks to start forming this year. Meanwhile, as both Lilly and Novo work to line up successors to their commercial incretin drug empires, a new front in the obesity contest is opening in 2026 with the launch of the companies’ respective oral GLP-1s, where Lilly’s dominance is less assured. 不过，这家印第安纳波利斯制药企业的光环不会永远持续，至少已有分析师指出，其业绩今年可能开始显现裂痕。与此同时，在礼来与诺和诺德纷纷为旗下肠促胰素药物商业帝国布局后续产品之际，2026 年双方各自的口服 GLP-1 药物上市，将开启肥胖症领域竞争的新战场，而礼来在这一赛道的领先优势并非稳如泰山。 Lilly’s full-year sales climbed an impressive 45% to more than $65 billion in 2025, with Mounjaro and Zepbound—plus the company’s breast cancer therapy Verzenio—doing the bulk of the heavy lifting. 2025 年礼来全年销售额大幅增长 45%，突破 650 亿美元，主要增长动力来自替尔泊肽（Mounjaro）、泽帮德（Zepbound）以及公司的乳腺癌药物玻玛西林（Verzenio）。 Together, Lilly’s pair of tirzepatide meds for diabetes and obesity ginned up $36.5 billion last year, accounting for an impressive 56% of the company’s total 2025 revenue—and outpacing the $33 billion in combined sales from Novo’s semaglutide-based counterparts Ozempic and Wegovy. 礼来这两款用于糖尿病与肥胖症的替尔泊肽药物去年合计销售额达 365 亿美元，占公司 2025 年总营收的 56%，这一占比十分可观，同时也超越了诺和诺德司美格鲁肽系列药物诺和泰（Ozempic）与维格威（Wegovy）合计 330 亿美元的销售额。 In fact, tirzepatide proved the world’s best-selling drug last year, with its sales also eclipsing those of Merck’s megablockbuster cancer med Keytruda in 2025. 事实上，替尔泊肽去年成为全球最畅销药物，销售额也超过了默沙东的重磅肿瘤药物可瑞达（Keytruda）2025 年的业绩。 4.Merck 4.默沙东 2025 revenue: $65 billion 2025 年营收：650 亿美元 2024 revenue: $64.2 billion 2024 年营收：642 亿美元 Change: +1% 变动幅度：+1% Headquarters: Rahway, New Jersey 总部所在地：美国新泽西州拉威 In the golden days of the world’s top-selling pharmaceutical product, Keytruda, it would stand to reason that Merck would be one of the faster-growing companies in the industry. But that was before the stunning implosion of Gardasil. 在全球最畅销药物可瑞达（Keytruda）的黄金时期，默沙东理应成为行业内增长最快的企业之一。但这一切都发生在佳达修（Gardasil）业绩意外暴跌之前。 The vaccine, which helps prevent diseases linked to the human papillomavirus (HPV), was on a juggernaut trajectory for its first decade on the market. But in 2024, sales suddenly stalled, largely attributed to a demand issue in China, with local companies bringing cheaper alternatives to the market. 这款用于预防人乳头瘤病毒（HPV）相关疾病的疫苗，在上市后的头十年里一路高歌猛进。但 2024 年其销售额突然停滞，主要原因是中国市场需求出现问题，本土企业推出了价格更低的替代产品。 Last year, the issue spread to Japan, the company said. After a 3% decline in Gardasil in 2024, the shortfall hit with full force in 2025, as Gardasil sales fell from $8.6 billion to $5.2 billion, for a 39% drop-off. 默沙东表示，去年这一问题蔓延至日本市场。继 2024 年佳达修销售额下滑 3% 后，2025 年业绩缺口全面爆发，销售额从 86 亿美元骤降至 52 亿美元，跌幅达 39%。 This year, a sales slide for Gardasil is likely in the U.S. as well, as the CDC has adjusted its recommendation for HPV shots from two or three doses for children ages 11-12 to a single dose. Jefferies analyst Akash Tewari said in January that the new directive could cost the company between $315 million and $630 million in sales in 2026. 今年佳达修在美国市场也可能出现销售额下滑，原因是美国疾控中心将 11 至 12 岁儿童 HPV 疫苗的接种建议从两剂或三剂调整为单剂。杰富瑞分析师阿卡什・特瓦里在 1 月表示，这一新指引可能导致默沙东 2026 年销售额减少 3.15 亿至 6.3 亿美元。 The Gardasil free fall accompanied a slowdown in growth for Keytruda, with sales increasing from $29.5 billion in 2024 to $31.7 billion. The 7% increase in 2025 came after growth of between 18% and 22% each of the previous four years. 佳达修业绩暴跌的同时，可瑞达的增长也有所放缓，销售额从 2024 年的 295 亿美元增至 317 亿美元。在 2025 年实现 7% 的增长之前，该药物此前四年的年增速均保持在 18% 至 22% 之间。 This year, with Gardasil’s decline expected to level off, the company is guiding to a revenue window of $65.5 billion to $67 billion. At the midpoint, it would be a 2% growth in revenue for 2026. 今年随着佳达修的下滑趋势预计趋于平稳，默沙东预计营收将在 655 亿至 670 亿美元之间。按区间中值计算，2026 年营收增速将为 2%。 Even with Keytruda accounting for 49% of Merck’s revenue in 2026—and the company expecting to lose its patent protection for the cancer powerhouse in December 2028—it still is projecting overall revenue will reach $70 billion by the middle of the next decade. 即便可瑞达在 2026 年仍将贡献默沙东 49% 的营收，且这款肿瘤重磅药物预计于 2028 年 12 月失去专利保护，公司仍预计到 2030 年代中期整体营收将达到 700 亿美元。 To accomplish this feat, Merck’s business development initiatives will have to pan out. One that has, so far, is its $11.5 billion buyout of Acceleron in 2021, which brought in the pulmonary arterial hypertension drug Winrevair, the company’s newest blockbuster, with sales reaching $1.4 billion in 2025. 要实现这一目标，默沙东的业务拓展举措必须取得成效。目前已有一项成功案例：公司 2021 年以 115 亿美元收购 Acceleron，获得了肺动脉高压药物温瑞伐（Winrevair），这款药物成为默沙东最新的重磅产品，2025 年销售额达 14 亿美元。 In 2024, Merck acquired Verona for $10 billion to gain the chronic obstructive pulmonary disease (COPD) blockbuster Ohtuvayre and spent $9.2 billion on Cidara Therapeutics, targeting its antiviral, non-vaccine alternative for protection against influenza. In March of this year, Merck ponied up $6.7 billion for Terns and its prized leukemia candidate TERN-701. 2024 年，默沙东以 100 亿美元收购维罗纳制药，获得慢性阻塞性肺疾病（COPD）重磅药物奥图韦尔（Ohtuvayre）；并以 92 亿美元收购西达拉治疗公司，布局其非疫苗类抗流感抗病毒药物。今年 3 月，默沙东斥资 67 亿美元收购特恩斯制药，拿下其核心白血病在研药物 TERN-701。 During Merck’s fourth quarter conference call, CEO Rob Davis took exception to a questioner who asked if it will be “a company that grows modestly in good times and significantly pressured in less good times.” 在默沙东第四季度财报电话会议上，有提问者问及公司是否会 “在行情好时温和增长，行情差时面临巨大压力”，首席执行官罗布・戴维斯对此表示不认同。 “I am not sure I agree with your characterization that we will be a modest growing company in every year or less, depending on what happens. That is, I think, taking one year out of context,” Davis said. “Our belief in our ability to have sustainable growth once we get past the LOE [of Keytruda] is as high as it has ever been.” “我不认同你所描述的，我们无论何种情况都只能实现温和增长。我认为这是孤立看待某一年的表现，” 戴维斯表示，“我们对可瑞达专利到期后实现持续增长的能力，信心一如既往地坚定。” 5.Pfizer 5.辉瑞 2025 revenue: $62.6 billion 2025 年营收：626 亿美元 2024 revenue: $63.6 billion 2024 年营收：636 亿美元 Change: -1.6% 变动幅度：-1.6% Headquarters: New York City 总部所在地：美国纽约市 As with most of the last half-decade, Pfizer’s sales total for 2025 largely represented underlying growth from its core franchises, minus uncertainty stemming from COVID-related product revenue fluctuations. 与过去五年多数年份一样，辉瑞 2025 年的整体销售额主要体现了其核心业务板块的内生增长，剔除了新冠相关产品营收波动带来的不确定性影响。 Pfizer generated $62.6 billion in revenue last year, a $1 billion drop from $63.6 billion in 2024. While its oncology sales grew 8% and its specialty care sales increased 5%, the company’s primary care division reported an 11% decrease. Within that unit, sales for COVID vaccine Comirnaty fell 18%, while revenues from COVID antiviral Paxlovid plummeted 59%. 辉瑞去年实现营收 626 亿美元，较 2024 年的 636 亿美元减少 10 亿美元。尽管其肿瘤业务销售额增长 8%，特种护理业务增长 5%，但基础护理部门营收下降 11%。该部门内，新冠疫苗复必泰（Comirnaty）销售额下降 18%，新冠抗病毒药物帕克洛维德（Paxlovid）营收暴跌 59%。 So with those factors considered, the company was quick to highlight 6% operational revenue growth for its non-COVID portfolio in its annual results announcement (PDF). 因此，在综合考量这些因素后，辉瑞在年度业绩公告中着重强调，其非新冠业务组合实现了 6% 的经营性营收增长。 In the non-COVID portfolio, several key products are worth watching. Among them are Bristol Myers Squibb-partnered anticoagulant Eliquis, which grew sales 8% to nearly $8 billion last year. Abyrsvo, Pfizer’s vaccine against respiratory syncytial virus, continues to climb the company’s sales charts, generating more than $1 billion last year. 在非新冠产品组合中，多款核心产品值得关注。其中包括与百时美施贵宝合作的抗凝药艾乐妥（Eliquis），其去年销售额增长 8%，接近 80 亿美元。辉瑞的呼吸道合胞病毒疫苗 Abyrsvo 在公司销售榜单中排名持续攀升，去年销售额突破 10 亿美元。 Within specialty care, the Vyndaqel franchise represents a major growth driver, pulling in nearly $6.4 billion, up 17% year-over-year. 在特种护理业务中，维达全（Vyndaqel）系列产品是主要增长引擎，实现销售额近 64 亿美元，同比增长 17%。 And the company is working to make the most of its $43 billion Seagen buyout, as the top antibody-drug conjugate (ADC) it inherited in that deal, Padcev, generated nearly $2 billion. Pfizer is early in exploring the full potential of the Seagen ADCs in the clinic, so it expects much more to come from its overall oncology portfolio. 辉瑞正全力挖掘以 430 亿美元收购的西雅图遗传学公司（Seagen）的价值，此次收购获得的核心抗体药物偶联物（ADC）Padcev 销售额已接近 20 亿美元。目前辉瑞仍处于临床阶段全面探索 Seagen 旗下 ADC 药物潜力的初期，因此预计其整体肿瘤产品组合将释放更大价值。 In 2026, the company expects an “important year rich in key catalysts,” Pfizer CEO Albert Bourla said in the company’s fourth-quarter earnings release, including 20 pivotal study starts and continued 研发投入 to drive toward “industry-leading growth at the end of the decade.” 辉瑞首席执行官艾伯乐（Albert Bourla）在公司第四季度财报中表示，2026 年将是 “充满关键催化因素的重要一年”，包括启动 20 项关键临床试验，并持续加大研发投入，以推动公司在本十年末实现 “行业领先的增长”。 While Pfizer works to amplify its innovative offerings and growth drivers, it’s still a company in transition. The company is expecting another sales decline in 2026, projecting a revenue midpoint of $61 billion. In issuing its guidance back in December, the company said it expects a $1.7 billion decline in sales of its COVID products this year. It’s also warning of a $1.5 billion hit from losses of exclusivity, and that the LOE pain will increase in future years. 在辉瑞着力扩充创新产品阵容、打造增长引擎的同时，公司仍处于转型阶段。辉瑞预计 2026 年销售额将再度下滑，营收预期中值为 610 亿美元。去年 12 月发布业绩指引时，公司就表示预计今年新冠产品销售额将减少 17 亿美元，同时警示专利到期将带来 15 亿美元的营收损失，且未来几年专利到期带来的冲击将进一步加剧。 This year, the company’s aging immunology medicine Xeljanz will tumble over the patent cliff, Pfizer has warned. The drug generated $525 million in the U.S. in 2025. 辉瑞已发出警示，今年公司旗下上市已久的免疫药物尚杰（Xeljanz）将迎来专利悬崖。该药物 2025 年在美国市场实现营收 5.25 亿美元。 In the future, Eliquis and several other medicines will face generics. By 2028, the company said it expects a $6 billion-plus cumulative revenue hit from LOEs over the next few years. 未来，艾乐妥（Eliquis）及其他多款药物将面临仿制药竞争。辉瑞表示，预计到 2028 年，未来几年专利到期将给公司带来累计超 60 亿美元的营收损失。 Amid this large-scale transition, the company has been rapidly overhauling its operational footprint. The company employed roughly 75,000 people worldwide at the end of last year, a decline from 81,000 at the end of 2024. The company has laid out a goal to save $7.7 billion in annual operating costs by the end of 2027. 在这场大规模转型进程中，辉瑞正快速调整全球业务布局。截至去年年末，公司全球员工约 7.5 万人，较 2024 年末的 8.1 万人有所减少。辉瑞已设定目标，到 2027 年末实现每年节约 77 亿美元运营成本。 6.AbbVie 6.艾伯维 2025 revenue: $61.2 billion 2025 年营收：612 亿美元 2024 revenue: $56.3 billion 2024 年营收：563 亿美元 Change: +8.3% 变动幅度：+8.3% Headquarters: North Chicago, Illinois 总部所在地：美国伊利诺伊州北芝加哥 AbbVie’s top-selling immunology drug Humira toppled over the patent cliff in 2023, leading the Illinois drugmaker to report its first annual sales decline in company history that year. But after climbing back to growth in 2024, AbbVie reached new revenue heights in 2025, earning a record-breaking $61.2 billion on the back of its newer immunology power duo, Skyrizi and Rinvoq. 艾伯维最畅销的免疫药物修美乐（Humira）于 2023 年遭遇专利悬崖，导致这家伊利诺伊州制药企业当年出现公司历史上首次年度销售额下滑。但在 2024 年重回增长轨道后，艾伯维 2025 年营收再创新高，凭借旗下新一代免疫领域重磅组合瑞莎珠单抗（Skyrizi）与乌帕替尼（Rinvoq）实现 612 亿美元的破纪录营收。 Together, Skyrizi and Rinvoq have more than made up for the $16 billion in Humira biosimilar erosion that the company has logged since 2023. Skyrizi alone collected more than that in 2025 with sales of $17.6 billion, while Rinvoq generated $8.3 billion last year. Humira, meanwhile, declined to $4.5 billion in 2025, contributing to AbbVie’s total immunology haul of $30.4 billion. 瑞莎珠单抗与乌帕替尼的合计营收，已完全弥补修美乐自 2023 年以来因生物类似药冲击造成的 160 亿美元损失。2025 年仅瑞莎珠单抗一款药物销售额就达 176 亿美元，超过上述损失金额，乌帕替尼同期销售额为 83 亿美元。与此同时，修美乐 2025 年销售额降至 45 亿美元，助力艾伯维免疫业务总营收达到 304 亿美元。 Together, the trio helped AbbVie soar past its initial 2025 guidance by more than $2 billion, CEO Robert Michael pointed out during the company’s fourth-quarter and full-year earnings call. 艾伯维首席执行官罗伯特・迈克尔在公司第四季度及全年财报电话会议上指出，这三款药物共同推动公司 2025 年实际营收超出最初预期逾 20 亿美元。 Skyrizi and Rinvoq both operate in the inflammatory bowel disease (IBD) space, where competition is mounting from Johnson & Johnson’s IL-23 inhibitor Tremfya and Takeda’s monoclonal antibody Entyvio, among others. AbbVie's meds are approved to treat both ulcerative colitis and Crohn’s disease, and, in the frontline IBD setting, Skyrizi maintains “strong and consistent” share performance despite rapid growth of the IL-23 drug class, chief commercial officer Jeffrey Stewart pointed out on AbbVie’s earnings call. 瑞莎珠单抗与乌帕替尼均布局炎症性肠病（IBD）领域，该领域正面临来自强生 IL-23 抑制剂特诺雅（Tremfya）、武田制药单克隆抗体维得利珠单抗（Entyvio）等产品的日益激烈竞争。艾伯维首席商务官杰弗里・斯图尔特在财报电话会议上表示，公司这两款药物均获批用于治疗溃疡性结肠炎与克罗恩病；尽管 IL-23 类药物市场快速扩张，瑞莎珠单抗在炎症性肠病一线治疗领域仍保持 “强劲且稳定” 的市场份额。 AbbVie isn’t shying away from the competition, with Skyrizi currently challenging Entyvio in an ongoing head-to-head ulcerative colitis trial that Michael pointed to as a “significant opportunity to continue the momentum” of the fast-growing drug. 艾伯维并未回避竞争，目前瑞莎珠单抗正在一项针对溃疡性结肠炎的头对头临床试验中挑战维得利珠单抗。迈克尔称，这一试验是这款快速增长药物 “延续发展势头的重要机遇”。 However, competition from UCB’s immunology powerhouse Bimzelx may come to bite more in 2026 after besting Skyrizi in a phase 3 head-to-head trial of its own in March, this time in psoriasis. 然而，优时比（UCB）旗下免疫领域重磅药物比美吉珠单抗（Bimzelx）在今年 3 月一项针对银屑病的三期头对头试验中击败瑞莎珠单抗，或将在 2026 年对其构成更大竞争冲击。 Even so, the rival psoriasis med hasn’t yet pulled down the same wide label as Skyrizi and isn’t a contender in the lucrative IBD market. Rinvoq, too, is linked to “some of the strongest response rates to date in IBD,” Michael noted. 尽管如此，这款竞争型银屑病药物尚未获得与瑞莎珠单抗同等广泛的适应症批准，也未参与利润丰厚的炎症性肠病市场竞争。迈克尔还指出，乌帕替尼同样拥有 “迄今炎症性肠病领域最高的应答率之一”。 Both drugs made their debut in 2019, long before cheaper copies of Humira swarmed the market. The duo’s rise during Humira’s fall was no coincidence, but instead a core strategy of AbbVie’s plan to weather the adalimumab biosimilar storm. 这两款药物均于 2019 年上市，远早于修美乐低价生物类似药涌入市场的时间。二者在修美乐业绩下滑时期实现增长并非偶然，而是艾伯维应对阿达木单抗生物类似药冲击核心战略的一部分。 Skyrizi and Rinvoq had previously been pegged to capture $31 billion in 2027 sales, but in a swift acceleration of that target, AbbVie now believes the meds can generate a collective $34.5 billion in 2026. 瑞莎珠单抗与乌帕替尼此前预计 2027 年合计销售额达 310 亿美元，而随着业绩快速增长，艾伯维如今预计这两款药物 2026 年即可实现合计 345 亿美元销售额。 Beyond its fast-growing immunology portfolio, a sizeable chunk of AbbVie’s revenue last year came from its portfolio of neuroscience drugs, which collectively earned $10.7 billion in 2025. Aside from its reliable franchise of therapeutic Botox injections and older. 除快速增长的免疫产品组合外，艾伯维去年很大一部分营收来自神经科学药物系列，2025 年合计实现 107 亿美元营收。除业绩稳定的治疗用保妥适（Botox）注射剂与老牌非典型抗精神病药物卡利拉嗪（Vraylar）外，公司正重点发力 2024 年获批的帕金森病治疗药物维雅莱夫（Vyalev）。 Vyalev, a prodrug combo of standard-of-care Parkinson’s treatments carbidopa and levodopa, is off to an “outstanding launch” with $482 million to show for it in 2025, Stewart said during AbbVie's earnings call. 斯图尔特在财报电话会议上表示，维雅莱夫作为帕金森病标准治疗药物卡比多巴与左旋多巴的前药组合，2025 年上市表现 “极为出色”，销售额达 4.82 亿美元。 AbbVie expects Vyalev to earn blockbuster status in 2026 through a “substantial sales ramp,” the company has said. 艾伯维表示，预计维雅莱夫将通过 “销售额大幅攀升” 在 2026 年跻身重磅药物行列。 Still, at least some storm clouds have gathered on the med's launch horizon: In March, the FDA added a new warning to the label of Vyalev and other Parkinson’s meds, warning of vitamin B6 deficiency-associated seizures tied to drugs containing carbidopa and levodopa. 尽管如此，该药物上市进程仍面临一定隐忧：今年 3 月，美国 FDA 在维雅莱夫及其他帕金森病药物的说明书中新增黑框警告，提示含卡比多巴与左旋多巴的药物可能引发因维生素 B6 缺乏导致的癫痫发作。 7.AstraZeneca 7.阿斯利康 2025 revenue: $58.7 billion 2025 年营收：587 亿美元 2024 revenue: $54.1 billion 2024 年营收：541 亿美元 Change: +8.6% 变动幅度：+8.6% Headquarters: Cambridge, U.K. 总部所在地：英国剑桥 AstraZeneca may not have repeated the 18% growth it delivered in 2024 this past year. But the company’s 8.6% increase in total revenue in 2025 was still among the best in Big Pharma. 尽管阿斯利康在过去一年未能重现 2024 年 18% 的增速，但其 2025 年总营收 8.6% 的增幅在大型制药企业中仍位居前列。 To hear management tell it, AZ is on track to achieve its $80 billion revenue goal by 2030. But a big part of that ambition, or more than $10 billion in combined risk-adjusted peak-year revenue opportunity, hangs on readouts expected in 2026. 据管理层表示，阿斯利康正按计划推进，有望在 2030 年实现 800 亿美元营收目标。但这一宏伟目标的很大一部分 —— 即经风险调整后合计超过 100 亿美元的峰值年度营收潜力 —— 取决于 2026 年即将公布的临床试验数据。 AZ believes the $80 billion target will be more attainable if it sees the same phase 3 success rate this year as it had last year. In 2025, AZ celebrated 16 positive phase 3 readouts and 43 approvals in major markets. 阿斯利康认为，如果今年三期临床试验成功率与去年持平，800 亿美元目标将更易实现。2025 年，公司共有 16 项三期临床取得积极结果，并在主要市场获得 43 项批准。 These include a positive phase 3 and a quick FDA go-ahead for Daiichi Sankyo-partnered antibody-drug conjugate Enhertu in first-line HER-2 positive breast cancer. In 2025, global sales of Enhertu recorded by the two companies were just shy of $5 billion, translating to nearly $2.8 billion in revenue for AZ. 这其中包括与第一三共合作的抗体药物偶联物恩赫图（Enhertu）在一线 HER-2 阳性乳腺癌治疗中取得三期临床积极结果，并迅速获得 FDA 批准。2025 年，两家公司合计公布的恩赫图全球销售额接近 50 亿美元，为阿斯利康带来近 28 亿美元营收。 AstraZeneca's other Daiichi-partnered ADC, Datroway, last year showed better phase 3 results in first-line triple-negative breast cancer than Gilead Sciences’ rival TROP2 ADC Trodelvy did in separate trials. But all eyes are on the upcoming Avanzar readout that combines Datroway and Imfinzi in first-line non-small cell lung cancer, which has been pushed back to the second half of 2026. 阿斯利康与第一三共合作的另一款抗体药物偶联物达曲韦（Datroway），去年在一线三阴性乳腺癌治疗中的三期临床结果优于吉利德科学的同类 TROP2 ADC 药物戈沙妥珠单抗（Trodelvy）在独立试验中的表现。但市场焦点集中在即将公布的 Avanzar 研究数据，该研究探索达曲韦联合英飞凡（Imfinzi）用于一线非小细胞肺癌治疗，结果公布时间已推迟至 2026 年下半年。 Meanwhile, camizestrant, an oral SERD contender, claimed a phase 3 success last June when used in a novel first-line-switch setting after patients develop ESR1 mutations while on their original first-line treatment. But the FDA will scrutinize that proposed indication in an upcoming advisory committee meeting. 与此同时，口服选择性雌激素受体降解剂卡米司坦（camizestrant）于去年 6 月在一项创新的一线转换治疗方案中取得三期临床成功，适用于患者在初始一线治疗后出现 ESR1 突变的情况。但 FDA 将在即将召开的咨询委员会会议上严格审查这一拟申报适应症。 Elsewhere, hypertension candidate baxdrostat reported two phase 3 wins last year. And Amgen-partnered Tezspire scored an FDA nod in chronic rhinosinusitis with nasal polyps after posting competitive results versus Sanofi’s Dupixent. 其他方面，高血压在研药物巴克斯洛司他（baxdrostat）去年两项三期临床均获成功。与安进合作的替兹匹（Tezspire）在与赛诺菲达必妥（Dupixent）的对比研究中展现出竞争力，随后获 FDA 批准用于伴鼻息肉的慢性鼻 - 鼻窦炎治疗。 On a less positive note, the FDA in late 2025 started investigating the safety of respiratory syncytial virus prevention therapies, including Sanofi and AZ’s Beyfortus. 负面消息方面，FDA 于 2025 年末启动对呼吸道合胞病毒预防类药物的安全性调查，涉及赛诺菲与阿斯利康联合开发的贝福托（Beyfortus）。 During AZ’s full-year earnings call in February, CEO Pascal Soriot highlighted a diversified portfolio, which provides some buffer against potential R&D and commercial setbacks. 在 2 月举行的全年财报电话会议上，首席执行官帕斯卡尔・索里奥特强调，公司多元化产品组合能为潜在研发与商业挫折提供一定缓冲。 While AZ’s $80 billion goal doesn't account for any M&A plays, the company remains active in business development. Deals signed last year included paying $100 million upfront for a pan-KRAS inhibitor from China’s Jacobio Pharma. As a longtime player in China, the British pharma also outlined a new global R&D center in Beijing last year before unveiling a $15 billion investment in the country at the beginning of 2026. 尽管 800 亿美元目标未纳入并购因素，阿斯利康仍在业务拓展领域保持活跃。去年签署的交易包括向中国加科思药业支付 1 亿美元首付款，获得一款泛 KRAS 抑制剂。作为深耕中国市场多年的药企，这家英国企业去年宣布在北京设立新的全球研发中心，并于 2026 年初公布在华 150 亿美元投资计划。 The China investments are being made in parallel with AZ’s $50 billion investment commitment to the U.S. and a “most favored nation” drug pricing deal with the Trump administration. 阿斯利康在推进在华投资的同时，还承诺在美国投资 500 亿美元，并与特朗普政府达成药品 “最惠国” 定价协议。 AZ also made an acquisition potentially worth $1 billion last year of in vivo cell therapy developer EsoBiotec. However, safety data from the deal’s lead candidate, a BCMA-directed CAR-T program, has recently drawn some concerns. 阿斯利康去年还收购了体内细胞疗法研发企业 EsoBiotec，交易潜在价值达 10 亿美元。不过，该交易核心产品 —— 一款靶向 BCMA 的 CAR-T 疗法的安全性数据近期引发部分担忧。 8.Novartis 8.诺华 2025 revenue: $56.7 billion 2025 年营收：567 亿美元 2024 revenue: $51.7 billion 2024 年营收：517 亿美元 Change: +9.6% 变动幅度：+9.6% Headquarters: Basel, Switzerland 总部所在地：瑞士巴塞尔 Novartis had spent years preparing for this moment—heart failure treatment Entresto, the company’s top-selling product with $7.8 billion in 2024 sales, lost U.S. market exclusivity in 2025. After generic launches in July, Entresto’s global sales shifted from a 24% year-on-year sales growth in the second quarter to a 20% sequential decline in the third quarter and then another 33% sequential decrease in Q4, which was partly fueled by a one-time revenue deduction adjustment. 诺华为此刻筹备多年：2024 年销售额达 78 亿美元的公司最畅销心衰药物诺欣妥（Entresto），于 2025 年在美国失去市场独占权。随着仿制药于 7 月上市，诺欣妥全球销售额从第二季度同比增长 24%，转为第三季度环比下滑 20%，第四季度再环比下降 33%，部分原因是一次性收入扣减调整。 Further declines are expected as the drug combo of sacubitril and valsartan is slated to lose European intellectual property protection in November 2026. 这款沙库巴曲缬沙坦复方制剂预计将于 2026 年 11 月在欧洲失去知识产权保护，销售额或将进一步下滑。 Simultaneously, Novartis began facing generic competitors to its leukemia drug Tasigna and platelet therapy Promacta in 2025. 与此同时，诺华的白血病药物达希纳（Tasigna）与血小板药物普拉妥珠单抗（Promacta）也于 2025 年开始面临仿制药竞争。 Together, the three meds form what CEO Vas Narasimhan recently called the “largest patent expiry” in Novartis’ history. 首席执行官瓦桑・纳拉西姆汉近期表示，这三款药物共同构成了诺华史上 “规模最大的专利到期潮”。 Novartis has been slimming down in the years leading up to the major patent cliff, including a 427-person layoff round tied to changes on its cardiovascular commercial team. 在此次重大专利悬崖到来前数年，诺华已开始精简架构，其中包括因心血管业务团队调整而裁员 427 人。 As the generic effects kicked in around last year's midpoint, Novartis still eked out 8% product sales growth to $54.5 billion for the full year, thanks to breast cancer drug Kisqali, multiple sclerosis injection Kesimpta, radioligand therapy Pluvicto and immunology blockbuster Cosentyx. Besides product sales, Novartis also recorded $2.1 billion in other revenues—a 52% jump—from milestones and royalty payments from partnerships. 尽管仿制药冲击自去年年中开始显现，诺华全年产品销售额仍实现 8% 增长，达到 545 亿美元，主要得益于乳腺癌药物凯丽隆（Kisqali）、多发性硬化症注射剂凯西普塔（Kesimpta）、放射性配体疗法普卢维妥（Pluvicto）以及免疫领域重磅药物可善挺（Cosentyx）。除产品销售外，诺华还从合作项目的里程碑付款与特许权使用费中获得 21 亿美元其他收入，同比大幅增长 52%。 With generic erosion in mind, Novartis expects a revenue dip in the first half of 2026 but is still projecting confidence in full-year growth. 考虑到仿制药冲击，诺华预计 2026 年上半年营收将有所下滑，但仍对全年增长抱有信心。 Among newer drugs, Novartis has been making progress with its expanding kidney disease portfolio. Last year, Vanrafia became Novartis’ second drug approved to treat immunoglobulin A nephropathy (IgAN) with a competitive label, and the company will eventually seek to convert that accelerated nod into a full approval following a phase 3 readout that narrowly missed its kidney function endpoint. That followed a phase 3 win for the company's first IgAN med, Fabhalta, which in March 2025 became the first drug approved for complement 3 glomerulopathy (C3G). 在新药方面，诺华持续拓展肾病产品组合并取得进展。去年，万拉菲（Vanrafia）凭借具有竞争力的适应症标签，成为诺华第二款获批用于 IgA 肾病（IgAN）的药物；尽管其三期临床结果以微弱差距未达肾功能终点，公司仍计划最终将该加速批准转为完全批准。在此之前，诺华首款 IgA 肾病药物法布哈塔（Fabhalta）已取得三期临床成功，并于 2025 年 3 月成为首款获批用于补体 3 肾小球病（C3G）的药物。 Other key expansions at Novartis last year included an FDA approval for Itvisma, a new version of its one-time gene therapy Zolgensma, which can be given to older patients with spinal muscular atrophy. And the BTK inhibitor Rhapsido began its immunology journey with an indication in chronic hives in September, followed by a positive phase 3 readout in chronic inducible urticaria this year. Both drugs bear multibillion-dollar peak sales outlooks by Novartis estimates. 诺华去年其他重要拓展还包括：一次性基因疗法佐尔根斯玛（Zolgensma）的新版本伊特维司玛（Itvisma）获 FDA 批准，可用于年龄较大的脊髓性肌萎缩症患者。BTK 抑制剂拉普西多（Rhapsido）于 9 月获批慢性荨麻疹适应症，正式进军免疫领域，今年又在慢性诱导性荨麻疹领域取得三期临床积极结果。据诺华预估，这两款药物峰值销售额均有望达到数十亿美元级别。 Novartis is also among several Big Pharma companies that have made eye-popping investment commitments to the U.S. and have signed “most favored nation” drug pricing deals with the Trump administration over the past year. 诺华也是过去一年里对美国做出巨额投资承诺、并与特朗普政府签署药品 “最惠国” 定价协议的大型制药企业之一。 By splashing $23 billion, Novartis will expand its footprint in the U.S. with a new R&D hub in San Diego, plus expansions or buildouts of nine manufacturing facilities. These include beefing up capacity for radioligand therapies as Novartis aims to make Pluvicto accessible to more patients. 诺华将投入 230 亿美元扩大在美国的布局，在圣地亚哥新建一座研发中心，并扩建或新建九座生产基地，其中包括提升放射性配体疗法产能，旨在让更多患者用上普卢维妥（Pluvicto）。 On the M&A front, Novartis in October struck a deal to acquire RNA therapeutics specialist Avidity Biosciences to further bolster its neuromuscular pipeline. The $12 billion price tag makes it Novartis’ largest acquisition in at least a decade, eclipsing the $9.7 billion the Swiss pharma paid for The Medicines Company in early 2020. 在并购领域，诺华于 10 月达成协议，收购 RNA 疗法专业公司 Avidity Biosciences，以进一步强化神经肌肉疾病管线。这笔 120 亿美元的交易成为诺华至少十年来规模最大的收购，超过其 2020 年初以 97 亿美元收购 The Medicines Company 的交易。 9.Sanofi 9.赛诺菲 2025 revenue: 46.2 billion euros ($52.2 billion) 2025 年营收：462 亿欧元（522 亿美元） 2024 revenue: 43.9 billion euros ($47.6 billion) 2024 年营收：439 亿欧元（476 亿美元） Change: +10.3% 变动幅度：+10.3% Headquarters: Paris, France 总部所在地：法国巴黎 Despite vaccine uncertainty threatening some of its core medicines in the U.S., Sanofi bolstered its revenue base in 2025 and, it hopes, for years to come with a midyear buyout of Massachusetts-based Blueprint Medicines. The deal, worth up to $9.5 billion, was the French pharma’s largest in seven years and brought with it an approved blockbuster hopeful in systemic mastocytosis (SM) pill Ayvakit. 尽管疫苗业务的不确定性在美国市场对其部分核心药物构成威胁，赛诺菲仍在 2025 年巩固了营收基础，并通过年中收购总部位于美国马萨诸塞州的蓝图医药公司，为未来数年的增长奠定了希望。这笔价值高达 95 亿美元的交易是这家法国药企七年来规模最大的收购，为其带来了已获批、有望成为重磅药物的系统性肥大细胞增多症（SM）口服药阿维普替尼（Ayvakit）。 Ayvakit has been tipped to reach $2 billion in peak sales, Blueprint has said, thanks to a more recent expansion into indolent SM. The med has so far garnered 168 million euros ($193 million) while under Sanofi’s wing, but full year pro-forma sales reached $725 million, the company pointed out in its full-year earnings release. 蓝图医药曾表示，凭借近期新增的惰性系统性肥大细胞增多症适应症，阿维普替尼峰值销售额有望达到 20 亿美元。赛诺菲在全年业绩公告中指出，该药并入旗下后迄今已实现 1.68 亿欧元（1.93 亿美元）收入，而全年备考销售额达到 7.25 亿美元。 If it were to reach blockbuster heights, Ayvakit would join Sanofi’s 2023-approved hemophilia A therapy Altuviiio as one of the company’s newest blockbusters. Altuviiio crossed the billion-dollar sales threshold in 2025, with full-year sales of 1.16 billion euros ($1.33 billion). Sanofi chalked up that growth to patient switches from older medicines, including its own Eloctate. 若阿维普替尼成功跻身重磅药物行列，将与赛诺菲 2023 年获批的 A 型血友病药物艾图维奥（Altuviiio）一同成为公司最新的重磅产品。艾图维奥 2025 年销售额突破 10 亿美元大关，全年实现 11.6 亿欧元（13.3 亿美元）收入。赛诺菲将这一增长归因于患者从包括自家产品易乐纯（Eloctate）在内的老旧药物转用新药。 Newer launches such as Altuviiio and products within Sanofi’s other therapeutic areas may have to help hold down the line as vaccine uncertainty threatens the company’s key vaccine portfolio. In 2025, Sanofi’s total vaccine sales dropped 1.2%, totaling 7.9 billion euros ($9.5 billion) for the year. 在疫苗业务不确定性冲击核心疫苗组合的背景下，艾图维奥等新上市产品及赛诺菲其他治疗领域的药品将需要扛起稳住业绩的重任。2025 年，赛诺菲疫苗总销售额下降 1.2%，全年共计 79 亿欧元（95 亿美元）。 The declines are expected to continue “slightly” in 2026, chief financial officer François Roger said on the company’s fourth quarter and full-year earnings conference call earlier this year. 公司首席财务官弗朗索瓦・罗热在今年早些时候的四季度及全年业绩电话会议上表示，预计 2026 年疫苗销售额将 “小幅” 继续下滑。 Still, certain products in Sanofi's immunization roster fared better than others, with AstraZeneca-partnered infant respiratory syncytial virus (RSV) antibody Beyfortus growing sales 9.5% over the full year to reach 1.78 billion euros ($2.1 billion). Sanofi is “very happy” with that performance, vaccines head Thomas Triomphe said on an analyst call in late January, pointing to the protective antibody's growing global footprint. Further geographical expansion may become more crucial as new policies come to the fore in the U.S., where RSV immunizations such as Beyfortus were removed from the list of universal pediatric vaccines recommended by the Centers for Disease Control and Prevention (CDC) at the start of 2026. 不过，赛诺菲疫苗产品线中部分产品表现优于其他，与阿斯利康合作的婴儿呼吸道合胞病毒（RSV）抗体贝福托（Beyfortus）全年销售额增长 9.5%，达到 17.8 亿欧元（21 亿美元）。疫苗业务负责人托马斯・特里安夫在 1 月末的分析师电话会议上表示，公司对这一表现 “非常满意”，并指出这款预防用抗体的全球覆盖范围持续扩大。随着美国新政策落地，进一步的地域拓展将变得更为关键 ——2026 年初，美国疾控中心（CDC）已将贝福托等 RSV 免疫制剂移出儿童通用推荐疫苗清单。 A recent court decision stayed those vaccine schedule changes, though the fact remains that immunization policy in the United States is currently in flux. 尽管近期法院裁决暂缓了上述疫苗接种计划的调整，但美国免疫政策目前仍处于变动之中已是不争的事实。 Either way, Sanofi’s revenue base can continue to count on Regeneron-partnered immunology superstar Dupixent, which added three new indications to its label in 2025 with nods for chronic obstructive pulmonary disease, bullous pemphigoid and chronic spontaneous urticaria. The new nods boosted Dupixent’s growth 45% over 2024, with sales for the full year coming out to 15.7 billion euros ($18.7 billion). Sanofi expects this growth to “normalize” in 2026, head of specialty care Brian Foard said in January, before hitting some 22 billion euros by 2030. 无论政策如何变化，赛诺菲的营收基本盘仍可依靠与再生元合作的免疫领域重磅药物达必妥（Dupixent）。该药 2025 年新增三项适应症，分别获批用于慢性阻塞性肺疾病、大疱性类天疱疮和慢性自发性荨麻疹。新适应症推动达必妥销售额较 2024 年增长 45%，全年达 157 亿欧元（187 亿美元）。特种护理业务负责人布莱恩・福德 1 月表示，赛诺菲预计其增速将在 2026 年 “回归常态”，并在 2030 年达到约 220 亿欧元规模。 Along with the 43.6 billion euros in sales Sanofi reported last year, the company secured 3.09 billion euros in “other revenues” tied largely to manufacturing services and Sanofi’s consumer health spinout Opella, which the pharma has retained a 48.2% stake in. 除去年公布的 436 亿欧元产品销售额外，赛诺菲还实现 30.9 亿欧元 “其他收入”，主要来自生产服务以及分拆的消费者健康业务公司奥佩拉（Opella）—— 赛诺菲仍持有该公司 48.2% 的股份。 As for 2026, Sanofi expects sales to grow by a “high single-digit percentage and business EPS to grow slightly faster than sales,” outgoing CEO Paul Hudson said in the company’s earnings press release. “We anticipate profitable growth to continue over at least five years.” 即将卸任的首席执行官保罗・哈德森在业绩新闻稿中表示，赛诺菲预计 2026 年销售额将实现 “高个位数增长，业务每股收益增速略高于销售额”，并预计盈利增长至少将持续五年。 In February, Sanofi made the surprise announcement that Hudson would leave the company at the end of April, following a string of R&D setbacks. The helmsman is being replaced by Belén Garijo, M.D., Ph.D., who herself is the outgoing CEO of Germany's Merck KGaA. 今年 2 月，赛诺菲意外宣布，在经历一系列研发挫折后，哈德森将于 4 月末离任。接任者为德国默克集团即将卸任的首席执行官、医学博士贝伦・加里霍。 10.Bristol Myers Squibb 10.百时美施贵宝 2025 revenue: $48.2 billion 2025 年营收：482 亿美元 2024 revenue: $48.3 billion 2024 年营收：483 亿美元 Change: -0.2% 变动幅度：-0.2% Headquarters: Princeton, New Jersey 总部所在地：美国新泽西州普林斯顿 Even as Bristol Myers Squibb’s present class of growth drivers fares relatively well—delivering a 17% sales increase in 2025—that pace was a bit too sluggish to outrun compounding patent loss pressures on the company’s legacy meds. 尽管百时美施贵宝当前的核心增长产品表现尚可，2025 年销售额增长 17%，但这一增速仍不足以抵消公司传统药物面临的叠加式专利到期压力。 Leading the vanguard at the New Jersey-headquartered drugmaker last year were newer products such as the lymphoma med Opdualag, CAR-T treatment Breyanzi and the cardio drug Camzyos. The meds, each with blockbuster sales of their own, delivered 30% or greater year-over-year sales increases, helping BMS’ growth portfolio category reach revenues of $26.4 billion. 去年，这家总部位于新泽西州的药企增长主力为多款新药，包括淋巴瘤药物奥普杜拉格（Opdualag）、CAR-T 疗法布雷扬齐（Breyanzi）以及心血管药物卡姆佐斯（Camzyos）。这些药物均已实现重磅级销售额，同比增幅均超 30%，推动百时美施贵宝增长型产品组合营收达到 264 亿美元。 Meanwhile, the company’s checkpoint inhibitor bell cow Opdivo—first approved in 2014—continued to lead the portfolio in overall sales, pulling down $10 billion. 与此同时，公司 2014 年首次获批的免疫检查点抑制剂核心产品欧狄沃（Opdivo）依旧领跑整体销售额，实现 100 亿美元收入。 Bristol’s growth product proceeds amounted to more than half of its overall $48.2 billion haul for the entire year, which marked a slight decline from $48.3 billion the year before. 百时美施贵宝全年总营收 482 亿美元，其中增长型产品收入占比过半，较上年 483 亿美元略有下滑。 A large source of pressure on BMS’ recent sales performance came down to multiple losses of patent protection on its older blockbuster medicines, with additional exclusivity pressures looming on the horizon. 百时美施贵宝近期销售额承压的主要原因，是多款老牌重磅药物相继失去专利保护，且更多产品的市场独占权即将到期。 In particular, the blood cancer treatments Revlimid and Sprycel have suffered from declining sales in recent periods, and another of the company’s oncology mainstays, Pomalyst, will face U.S. generics in 2026. 尤其是血液肿瘤药物瑞复美（Revlimid）和施达赛（Sprycel）近期销售额持续下滑，公司另一款肿瘤核心产品泊马度胺（Pomalyst）也将于 2026 年在美国面临仿制药竞争。 Meanwhile, Opdivo and blood thinner Eliquis are not far behind on the trek toward the patent cliff. 欧狄沃（Opdivo）与抗凝药艾乐妥（Eliquis）也即将步入专利悬崖周期。 Sales of BMS’ legacy drug portfolio, which includes Eliquis, Revlimid and Pomalyst, slipped 16% to $21.7 billion in 2025, with Eliquis the only member among that crew to record growth during the year. Bristol expects Eliquis sales to grow another 10% to 15% in 2026, but with a U.S. patent cliff approaching in 2028 and European protections slated to lapse next year, the company’s commercialization chief, Adam Lenkowsky, told analysts in February that he’s expecting “rapid and steep declines” for Eliquis beginning in 2027. 包含艾乐妥、瑞复美和泊马度胺在内的百时美施贵宝传统药物组合，2025 年销售额下滑 16% 至 217 亿美元，其中仅艾乐妥实现年度增长。公司预计艾乐妥 2026 年销售额将再增 10% 至 15%，但鉴于其 2028 年美国专利到期、欧洲专利明年失效，公司商业化负责人亚当・伦科夫斯基于 2 月向分析师表示，预计艾乐妥从 2027 年起将迎来 “快速且大幅的下滑”。 One newer drug that has so far failed to meet its lofty expectations—but for which Bristol still holds high hopes—is the schizophrenia medication Cobenfy. Approved in late 2024, the drug garnered more than 100,000 prescriptions in 2025, per Lenkowsky. 精神分裂症药物 Cobenfy 是一款迄今未能达到高预期、但公司仍寄予厚望的新药。伦科夫斯基表示，该药于 2024 年末获批，2025 年处方量超 10 万张。 The drug, which has been pegged as a potential multibillion-dollar product, delivered a largely so-so launch year, with sales reaching $155 million. 这款被视为有望实现数十亿美元销售额的药物，上市首年表现平平，销售额仅 1.55 亿美元。 “There’s clearly more work to do,” Lenkowsky said on an October conference call, admitting that the company still needed to “continue to increase both breadth and depth of prescribing” in the “highly entrenched market” for schizophrenia. 伦科夫斯基在 10 月的电话会议上表示：“显然还有更多工作要做。” 他承认，在竞争格局稳固的精神分裂症市场，公司仍需 “持续扩大处方覆盖广度与深度”。 To help weather the recent pressures on its business, BMS has engaged in a cost-savings initiative, which the company escalated last year, pinning $2 billion more on a previous $1.5 billion savings drive. As part of the belt-tightening exercise, Bristol noted that it would lay off more than 500 employees who report to the company in Lawrenceville, New Jersey. 为应对近期业务压力，百时美施贵宝启动成本节约计划，并于去年加大力度，在原 15 亿美元节约目标基础上再增 20 亿美元。作为紧缩措施的一部分，公司宣布将在新泽西州劳伦斯维尔园区裁员超 500 人。 The company telegraphed another 282 job cuts at its Princeton, New Jersey, HQ in September. 公司还于 9 月宣布，在新泽西州普林斯顿总部再裁员 282 人。 Looking out to the remainder of this year, BMS is forecasting 2026 sales between $46 billion and $47.5 billion, with both ends of the range falling below 2025’s total. 展望今年剩余时间，百时美施贵宝预计 2026 年销售额在 460 亿至 475 亿美元之间，区间上下限均低于 2025 年总营收。 11.Novo Nordisk 11.诺和诺德 2025 revenue: 309 billion Danish kroner ($46.7 billion) 2025 年营收：3090 亿丹麦克朗（467 亿美元） 2024 revenue: 290.4 billion Danish kroner ($42.1 billion) 2024 年营收：2904 亿丹麦克朗（421 亿美元） Change: +6.4% 变动幅度：+6.4% Headquarters: Bagsværd, Denmark 总部所在地：丹麦巴勒鲁普 The sales numbers at Novo Nordisk in 2025 were likely unsurprising for those who’ve been tracking the Danish obesity and diabetes giant, which, despite entering the market first with its GLP-1 blockbusters Wegovy and Ozempic, has subsequently ceded ground to Eli Lilly in the key U.S. market. 对于一直关注这家丹麦肥胖症与糖尿病巨头的人士而言，诺和诺德 2025 年的销售额数据或许在意料之中。尽管公司率先推出 GLP-1 重磅药物维格威（Wegovy）和诺和泰（Ozempic），却随后在关键的美国市场将份额让渡给了礼来。 Sales of Novo’s incretin drugs remained on a strong trajectory last year overall, but the biggest story at Novo was undoubtedly the continued decline of the company’s share price, which prompted a regime change and the launch of a deep savings drive under the company’s new CEO. Amid all that, the company made an unexpected offer for the obesity biotech Metsera, thrusting itself into a brief yet tense bidding war with the ultimately triumphant Pfizer. 去年诺和诺德肠促胰素类药物的整体销售仍保持强劲走势，但公司最大的焦点无疑是股价持续下跌，这直接引发了管理层更迭，并在新任 CEO 主导下启动了大规模成本节约计划。在此期间，公司意外出价收购肥胖症生物技术公司 Metsera，卷入了一场短暂却激烈的竞购战，最终辉瑞成功胜出。 Meanwhile, Novo and Lilly alike are looking to stage their next competitors in the ongoing obesity contest, pitting new GLP-1 pills against each other this year as they ready pipeline candidates to compete in an increasingly competitive development landscape around the next-generation of hormone-mimicking weight loss meds. 与此同时，诺和诺德与礼来均在筹备肥胖症领域的下一轮竞争，今年将推出新款口服 GLP-1 药物正面交锋，同时推进在研产品，在竞争日趋激烈的新一代激素模拟减重药物研发赛道中展开角逐。 On the numbers, Novo posted total sales of roughly 309 billion Danish kroner (around $46.7 billion) in 2025, good for a 6% increase over its 2024 tally when measured in the Danish currency. The semaglutide meds Ozempic, approved for Type 2 diabetes, and Wegovy, cleared for obesity, together generated 206 billion kroner ($31.1 billion) on the year. 数据方面，诺和诺德 2025 年总销售额约为 3090 亿丹麦克朗（约 467 亿美元），以丹麦克朗计算较 2024 年增长 6%。司美格鲁肽系列药物 —— 获批用于 2 型糖尿病的诺和泰（Ozempic）与用于肥胖症的维格威（Wegovy）—— 全年合计实现 2060 亿克朗（311 亿美元）收入。 Novo has adopted a markedly sober outlook for 2026, however, when it predicts earnings will fall between 5% and 13% thanks to an increasingly competitive U.S. market and lower prices across certain areas of its business, including from the “most favored nation” drug price deal the company struck with the U.S. government in November. 但诺和诺德对 2026 年的前景持极为谨慎的态度，预计盈利将下滑 5% 至 13%，原因包括美国市场竞争加剧、部分业务板块降价，以及公司 11 月与美国政府达成的药品 “最惠国” 定价协议带来的影响。 Referring to 2026 as a “year of unprecedented pricing pressure” on a February earnings call, Novo’s new CEO, Maziar Mike Doustdar, tried to assure analysts that Novo does not take the challenges lightly, stressing that “we will do what we can to pursue volume opportunities in obesity and diabetes.” 新任 CEO 马齐亚尔・迈克・杜斯达尔在 2 月的财报电话会议上将 2026 年称为 “定价压力前所未有的一年”，并向分析师保证诺和诺德并未轻视这些挑战，强调 “我们将尽一切努力在肥胖症和糖尿病领域争取销量机遇”。 Doustdar took the Novo reins from former helmsman Lars Fruergaard Jørgensen in August after the company’s board opted for a fresh perspective to navigate the increasingly competitive GLP-1 landscape. Around that time, even as Novo’s core drugs continued to eke out sales growth, their performance was beginning to represent a “sharp slowdown” from previous heights, ODDO BHF analysts said at the time. 在公司董事会决定更换新管理层以应对日趋激烈的 GLP-1 市场竞争后，杜斯达尔于 8 月从前任 CEO 拉斯・弗勒高・约恩森手中接任。彼时，ODDO BHF 分析师指出，尽管诺和诺德核心药物仍实现销售增长，但增速已较此前高位 “显著放缓”。 A little less than three months into his tenure, Doustdar explained that the current GLP-1 dynamics with Lilly were less about market share and more about “market access and expanding the market.” 上任不到三个月，杜斯达尔表示，当前与礼来在 GLP-1 领域的竞争，核心不在于市场份额，而在于 “市场准入与市场扩容”。 Now, as Novo and Lilly ready next-generation incretin medicines, the companies are wading into a new stage of the obesity market showdown with the launch of their respective oral options for obesity, the Wegovy pill and Foundayo, also known as orforglipron. 如今，随着诺和诺德与礼来筹备新一代肠促胰素药物，双方将推出各自的口服肥胖症药物 —— 维格威片剂与方达优（Foundayo，通用名奥福格隆），开启肥胖症市场竞争的新阶段。 Novo has so far benefited from a head start on the launch of its Wegovy pill, with some three months over which to build a solid prescriber base all its own. 截至目前，诺和诺德凭借维格威片剂率先上市抢占先机，已拥有约三个月时间独立搭建稳固的处方医生群体。 While the Wegovy pill will now face new pressure from Lilly’s Foundayo, approved on April 1, the drug has excelled in its first few months on the market, reaching more than 170,000 people in the first four weeks of its debut alone, Doustdar said earlier this year. 杜斯达尔今年早些时候表示，尽管维格威片剂如今将面临礼来 4 月 1 日获批的方达优带来的新竞争压力，但该药上市初期表现优异，仅上市前四周就惠及超 17 万名患者。 12.GSK 12.葛兰素史克（GSK） 2025 revenue: £32.7 billion ($43.1 billion) 2025 年营收：327 亿英镑（约合 431 亿美元） 2024 revenue: £31.4 billion ($40.1 billion) 2024 年营收：314 亿英镑（约合 401 亿美元） Change: +4.1% 变动幅度：增长 4.1% Headquarters: London, U.K. 总部：英国伦敦 In fall 2025, GSK made the shocking decision to replace Emma Walmsley with Luke Miels as the drugmaker's new CEO. After an eventful few years marked by initial activist investor pushback against her leadership, Walmsley stepped down on a high note. 2025 年秋季，葛兰素史克做出了令人震惊的决定，由卢克・米尔斯（Luke Miels）接替艾玛・沃姆斯利（Emma Walmsley）担任这家制药公司的新任首席执行官。在经历了几年风波迭起、初期曾遭遇激进投资者对其领导能力质疑的时期后，沃姆斯利以亮眼的成绩卸任。 GSK’s full-year turnover grew 7% at constant exchange rates to 32.7 billion pounds, and its fourth-quarter revenue came 2% above analysts’ expectations, shooting the company’s stock price up to a level that was last seen more than a decade ago. And Miels confirmed the company’s target of 40 billion pounds by 2031, which he helped devise as chief commercial officer. 葛兰素史克全年营业额按固定汇率计算增长 7%，达到 327 亿英镑；第四季度营收超出分析师预期 2%，推动公司股价飙升至十多年来未见的高位。米尔斯也确认了公司到 2031 年实现 400 亿英镑营收的目标，该目标正是他在担任首席商务官期间协助制定的。 The U.S. vaccine market has lately become a drag on GSK’s business, however. Shingrix sales grew 6% to nearly 3.6 billion pounds last year, but U.S. sales of the shingles vaccine dropped by 17%. 然而，美国疫苗市场近期成为拖累葛兰素史克业务的因素。去年，带状疱疹疫苗 Shingrix（欣安立适） 全球销售额增长 6%，达到近 36 亿英镑，但该疫苗在美国市场的销售额却下滑了 17%。 Respiratory syncytial virus vaccine Arexvy, with 593 million pounds of sales, also charted sales increases in European and international markets, but a decline in the U.S. 呼吸道合胞病毒疫苗Arexvy销售额达 5.93 亿英镑，在欧洲及其他国际市场实现增长，但在美国市场同样出现下滑。 In HIV, GSK started to face Gilead Sciences’ formidable twice-yearly PrEP drug Yeztugo last year. Still, GSK’s Cabenuva, as the only complete long-acting regimen for HIV treatment, saw sales jump 42% last year to 1.8 billion pounds in 2025. The British pharma is targeting a potential launch of an every-four-months HIV regimen in 2028 as it works toward the twice-yearly treatment goal. 在 HIV 领域，葛兰素史克去年开始面临吉利德科学（Gilead Sciences）旗下强效长效暴露前预防（PrEP）药物Yeztugo（每半年注射一次）的竞争。尽管如此，葛兰素史克的 **Cabenuva（卡博特韦 / 利匹韦林长效针剂）** 作为目前唯一完整的长效 HIV 治疗方案，2025 年销售额仍大幅增长 42%，达到 18 亿英镑。这家英国制药企业正致力于研发每四个月注射一次的 HIV 疗法，计划于 2028 年推出，逐步迈向每半年治疗一次的终极目标。 Last year, GSK secured five FDA approvals that are crucial to the company’s growth outlook. Those include Blenrep in multiple myeloma, Nucala for the treatment of chronic obstructive pulmonary disease (COPD), antibiotic Blujepa, five-in-one meningococcal vaccine Penmenvy and long-acting respiratory disease biologic Exdensur. 去年，葛兰素史克有 5 款药物获得美国 FDA 批准，这些获批产品对公司未来增长至关重要。包括：用于治疗多发性骨髓瘤的Blenrep、用于治疗慢性阻塞性肺疾病（COPD）的Nucala（美泊利珠单抗）、抗生素Blujepa、五价脑膜炎球菌疫苗Penmenvy，以及长效呼吸系统疾病生物制剂Exdensur。 Exdensur is one of GSK's most important launches, with company-projected peak annual sales of about 3 billion pounds. Although the FDA last year declined to approve the twice-yearly injection for chronic rhinosinusitis with nasal polyps, the drug’s biggest opportunity remains in COPD, where GSK is running three phase 3 trials. Exdensur是葛兰素史克最重要的上市新品之一，公司预计其年销售峰值可达约 30 亿英镑。尽管 FDA 去年拒绝批准这款每半年注射一次的药物用于治疗伴鼻息肉的慢性鼻 - 鼻窦炎，但该药最大的市场潜力仍在于慢性阻塞性肺疾病（COPD），目前葛兰素史克正对其开展三项 III 期临床试验。 COPD has become a big focus for GSK. Besides Nucala and Exdensur, GSK last year inked a landmark $12-billion biobucks, 12-program deal with China’s Hengrui Pharma, with a PDE3/4 inhibitor for COPD as the first subject. It also obtained an siRNA candidate in phase 1 development for COPD from Empirico. 慢性阻塞性肺疾病（COPD）已成为葛兰素史克的核心聚焦领域。除Nucala与Exdensur外，公司去年与中国恒瑞医药达成一项里程碑式的合作协议，涉及总金额高达 120 亿美元的里程碑付款、共 12 个研发项目，首个合作项目即为一款用于治疗 COPD 的 PDE3/4 抑制剂。此外，葛兰素史克还从 Empirico 公司获得一款处于 I 期临床阶段、用于治疗 COPD 的 siRNA 候选药物。 As for Blenrep, the BCMA antibody-drug conjugate returned at last to the U.S. market, albeit in a less ideal indication. Rather than the second-line setting where Blenrep was tested, the FDA only cleared the drug for third-line multiple myeloma. Nevertheless, GSK remains bullish on the drug given its off-the-shelf nature and a potential expansion into the first-line setting if an ongoing phase 3 trial pans out. 至于Blenrep这款靶向 BCMA 的抗体偶联药物（ADC），最终得以重返美国市场，尽管获批的适应症并非最理想。FDA 仅批准其用于多发性骨髓瘤的三线治疗，而非其临床试验所针对的二线治疗。尽管如此，鉴于该药为即用型药物，且若正在进行的 III 期临床试验成功，有望拓展至一线治疗，葛兰素史克仍对其前景持乐观态度。 In another oncology setback, GSK’s TIM-3 agent failed in non-small cell lung cancer last summer, dealing a repeat blow to the industry’s pursuit of the next big immune checkpoint inhibitor after the epic failure of TIGIT. 在肿瘤领域，葛兰素史克遭遇另一重挫折：其 TIM-3 抑制剂去年夏季在非小细胞肺癌临床试验中宣告失败。继 TIGIT 靶点药物全线溃败后，这一结果再次沉重打击了整个行业寻找下一代重磅免疫检查点抑制剂的努力。 At the corporate level, following industry trends, GSK committed to a five-year, $30 billion investment in U.S. R&D and manufacturing amid President Donald Trump’s threat of pharmaceutical tariffs, and the company also reached a “most favored nation” drug pricing deal with the administration. 在企业战略层面，顺应行业趋势，在美国前总统特朗普威胁征收制药业关税的背景下，葛兰素史克承诺未来五年在美国研发与生产领域投资 300 亿美元；同时，公司还与美国政府达成了药品定价 “最惠国” 协议。 13.Amgen 13.安进 2025 revenue: $36.8 billion 2025 年营收：368 亿美元 2024 revenue: $33.4 billion 2024 年营收：334 亿美元 Change: +10% 变动幅度：增长 10% Headquarters: Thousand Oaks, California 总部：美国加利福尼亚州千橡市 In 2024, Amgen realized a 19% increase in revenue, chalked up largely due to products the company acquired in its 2023 billion buyout of Horizon Therapeutics for $27.8 billion. In 2025, Amgen’s 10% revenue increase provided a truer measure of its growth trajectory. 2024 年，安进营收实现 19% 的增长，这主要得益于公司在 2023 年以 278 亿美元收购 Horizon Therapeutics 后获得的产品。2025 年安进 10% 的营收增幅，则更真实地反映了其自身增长轨迹。 The depth of Amgen’s portfolio—which was bolstered by the drugs it picked up from Horizon—was illustrated by its 14 products that generated blockbuster-level sales last year. 安进凭借从 Horizon 收购的药品进一步充实了产品管线，去年共有 14 款产品实现重磅级销售额，彰显了其产品组合的深厚实力。 This year, however, Amgen expects that its growth will be muted. The company has projected revenue in the range of $37 billion to $38.4 billion. The midpoint of the estimate would represent a 2% increase in sales. 然而，安进预计今年增长将有所放缓。公司预计营收区间为 370 亿美元至 384 亿美元，该预测区间的中值意味着销售额仅增长 2%。 Competition and pricing challenges have arrived for a battery of Amgen’s best-selling drugs. Osteoporosis treatment Prolia, which achieved an all-time sales mark of $4.4 billion in 2025, is facing biosimilar competition. The same is true for Prolia’s sister med Xgeva, which posted a 6% sales decline last year to $2.1 billion. Against this backdrop, Amgen has warned of the prospect of an “accelerated sales erosion” for Prolia this year, according to its year-end earnings release. 安进多款畅销药物正面临竞争与定价挑战。骨质疏松症治疗药物 Prolia 在 2025 年创下 44 亿美元的历史销售新高，如今却遭遇生物类似药竞争。Prolia 的姊妹产品 Xgeva 同样如此，该药去年销售额下滑 6% 至 21 亿美元。安进在年末财报中表示，在此背景下，Prolia 今年销售额可能出现 “加速下滑”。 Sales of anti-inflammatory treatment Enbrel were already tumbling in 2025, by 33% to $2.2 billion, and should take another hit this year with the introduction of Medicare price cuts mandated by the Inflation Reduction Act. 抗炎药物恩利（Enbrel）2025 年销售额已大幅下滑 33%，至 22 亿美元；而随着《通胀削减法案》强制要求联邦医疗保险降价，该药今年销售额将进一步承压。 Oral psoriasis blockbuster Otezla has also shown signs of slowing down amid competition from Bristol Myers Squibb’s Sotyktu and newer biologics. While the med achieved revenue of $2.3 billion in 2025, a 7% increase, sales were flat in Q4, showing its negative trend. 口服银屑病重磅药物欧泰乐（Otezla）在百时美施贵宝 Sotyktu 及新型生物制剂的竞争下，也显现增长放缓迹象。尽管该药 2025 年营收达 23 亿美元，同比增长 7%，但第四季度销售额持平，释放出增长乏力的信号。 Amgen, which was established by venture capitalists in 1980, became (PDF) a top-20 revenue company by 2005 and has remained there ever since. After seeing in revenue decline to $23.3 billion in 2019 and facing the patent cliff, which has now arrived, the company has increased sales each year, spurred by a series of acquisitions, including the Horizon deal. 安进于 1980 年由风险投资机构创立，2005 年跻身营收前 20 的药企行列，并自此稳居该梯队。2019 年公司营收下滑至 233 亿美元，同时面临专利悬崖（如今已正式到来），此后在包括收购 Horizon 在内的一系列并购交易推动下，销售额实现逐年增长。 There still are several growth drivers for Amgen, led by cholesterol drug Repatha, which was up 36% to $3 billion. Additionally, osteoporosis treatment Evenity posted a 34% sales increase to $2.1 billion, while asthma launch Tezspire showed out with a 52% sales jump to $1.6 billion. Another blockbuster showing came from blood cancer therapy Blincyto, which grew sales 26% to $1.6 billion. 安进仍拥有多个增长引擎，其中以降胆固醇药物瑞百安（Repatha）为首，该药销售额增长 36% 至 30 亿美元。此外，骨质疏松症治疗药物 Evenity 销售额增长 34% 至 21 亿美元，哮喘新药 Tezspire 销售额大涨 52% 至 16 亿美元。血液癌治疗药物博纳吐单抗（Blincyto）同样表现亮眼，销售额增长 26% 至 16 亿美元。 Another source of growth for the company is its biosimilar portfolio, which generated sales of $3 billion in 2025, up from $2.1 billion in 2024. The division was led by Pavblu, a knockoff of Regeneron and Bayer’s Eylea, which rang up sales of $700 million. 公司另一增长来源为生物类似药产品线，2025 年该板块销售额从 2024 年的 21 亿美元增至 30 亿美元。其中核心产品为 Pavblu，该药是再生元与拜耳旗下 Eylea 的仿制药，销售额达 7 亿美元。 Amgen is still working to gain momentum for a few of the key drugs it gained in the Horizon deal, including thyroid eye disease medicine Tepezza, which was up just 3% to $1.9 billion. 安进仍在推动收购自 Horizon 的几款核心药物实现增长，包括甲状腺眼病药物 Tepezza，该药仅增长 3%，销售额达 19 亿美元。 While Amgen faces a few years where growth will be tougher to accomplish, it is touting future candidates, including high-profile obesity prospect MariTide. 尽管安进未来数年将面临增长困境，但公司仍在大力推介在研产品，其中包括备受关注的肥胖症候选药物 MariTide。 “You can appreciate the depth of our business through the lens of our research and development activities,” CEO Robert Bradway said on the company’s February earnings call. “2026 will be a year of disciplined data generation. From a number of exciting phase II and phase III programs that will pave the way for long-term growth.” “透过研发活动，你能感受到我们业务的深厚底蕴。” 首席执行官罗伯特・布拉德韦在公司 2 月财报电话会议上表示，“2026 年将是严谨产出数据的一年，多个备受期待的 II 期和 III 期项目将为公司长期增长奠定基础。” 14.Boehringer Ingelheim 14.勃林格殷格翰 2025 revenue: 27.8 billion euros ($31.4 billion) 2025 年营收：278 亿欧元（约 314 亿美元） 2024 revenue: 26.8 billion euros ($29.0 billion) 2024 年营收：268 亿欧元（约 290 亿美元） Change: +4% 变动幅度：增长 4% Headquarters: Ingelheim am Rhein, Germany 总部：德国莱茵河畔英格尔海姆 It was 2014 when Boehringer’s revenue bottomed out at 13.3 billion euros ($14.7 billion), its second straight year with a decline. But there was reason for the company to be optimistic, as it had just launched two promising products—Type 2 diabetes drug Jardiance and idiopathic pulmonary fibrosis (IPF) treatment Ofev. 2014 年，勃林格殷格翰营收跌至 133 亿欧元（约 147 亿美元）的谷底，这已是该公司连续第二年业绩下滑。但公司仍有理由保持乐观，因为其刚刚推出两款极具潜力的产品 ——2 型糖尿病药物 Jardiance（欧唐静）与特发性肺纤维化（IPF）治疗药物 Ofev（维加特）。 Since then, thanks to the pair of meds—which became blockbusters in 2017 and 2018 respectively—Boehringer has increased its sales every year, except for one, and has more than doubled its 2014 revenue. In 2025, the company booked Jardiance sales of 8.8 billion euros ($9.9 billion), which were up 9% year over year. Meanwhile, Ofev generated sales of 3.8 billion euros ($4.3 billion), which were up by 5%. 此后，凭借这两款分别于 2017 年和 2018 年成为重磅炸弹药物的产品，勃林格殷格翰除一年外实现销售额逐年增长，营收较 2014 年已实现翻倍以上。2025 年，公司 Jardiance 销售额达 88 亿欧元（约 99 亿美元），同比增长 9%；与此同时，Ofev 销售额达 38 亿欧元（约 43 亿美元），同比增长 5%。 For Boehringer, which is the only private company on the top-20 revenue list, 2025 was similar to 2014 in that it launched two highly touted products in the second half of the year. One is Hernexeos, which was cleared for previously treated NSCLC patients who have the relatively rare HER2 activating mutations in the tyrosine kinase domain (TKD). 作为营收 20 强榜单中唯一一家私营企业，勃林格殷格翰 2025 年的境遇与 2014 年相似：公司在下半年推出两款备受瞩目的新产品。其中一款为 Hernexeos，获批用于既往接受过治疗、存在相对罕见的 HER2 酪氨酸激酶结构域（TKD）激活突变的非小细胞肺癌患者。 BI’s other new drug is Jascayd, a follow-on for Ofev, which is the first new treatment in more than a decade for IPF, a potentially fatal disorder that causes a buildup of scar tissue in the lungs and limits oxygen intake. As a selective phosphodiesterase-4B (PDE4B) inhibitor, Jascayd brings a new mechanism of action to the market, which is dominated by Ofev. 勃林格殷格翰另一款新药为 Jascayd，是 Ofev 的后续迭代产品，也是十余年来特发性肺纤维化领域首款全新疗法。特发性肺纤维化是一种致命性疾病，会导致肺部瘢痕组织堆积并限制氧气摄入。作为选择性磷酸二酯酶 4B（PDE4B）抑制剂，Jascayd 为长期由 Ofev 主导的该治疗领域带来了全新作用机制。 “We’re seeing very strong uptake in both brands,” Boehringer Chairman Shashank Deshpande said in March of the launches of Hernexeos and Jascayd in the U.S. “我们看到这两个品牌产品的市场接受度都非常高，” 勃林格殷格翰董事长沙尚克・德斯潘德在 3 月谈及 Hernexeos 与 Jascayd 在美国上市时表示。 While Boehringer is still awaiting approval for the new products in Europe, it has already gained label expansions for each in the U.S. 尽管勃林格殷格翰仍在等待这两款新产品在欧洲获批，但两款药物已在美国获得适应症拓展。 “We are, as far as Jascayd is concerned, tracking above the historic launch performance of Ofev and that’s always a marker for us to look at how Jascayd may perform,” Deshpande said, adding that the company is seeing combination use of Jascayd and Ofev. “就 Jascayd 而言，其上市初期表现已超越 Ofev 历史同期水平，这一向是我们判断 Jascayd 未来潜力的重要指标，” 德斯潘德表示，并补充称公司已观察到 Jascayd 与 Ofev 联合使用的情况。 “Having said that, of course, we do expect over the course of the next years, that Ofev sales will decline as Jascayd takes up in the market,” he said. “话虽如此，我们当然预计未来几年内，随着 Jascayd 在市场上逐步放量，Ofev 销售额将会出现下滑，” 他说道。 BI’s new treatments will help withstand declining sales of its other two blockbusters. Sales of Type 2 diabetes treatments Trajenta/Jentadueto were down by 9% in 2025 to $1.5 billion, while sales of COPD drug Spiriva also fell by 9% to $968 million. 勃林格殷格翰的这些新疗法将有助于抵消另外两款重磅药物销售额下滑带来的影响。2025 年，2 型糖尿病药物 Trajenta/Jentadueto 销售额下降 9%，至 15 亿美元；慢性阻塞性肺疾病药物思力华（Spiriva）销售额同样下降 9%，至 9.68 亿美元。 Heading into 2025, BI projected that its revenue would increase only “slightly,” but the company surprised itself with a 4% gain. 进入 2025 年时，勃林格殷格翰曾预计营收仅会 “小幅” 增长，但最终 4% 的增幅超出了公司自身预期。 In March, Boehringer was evasive about its prospects for 2026, saying the company “expects to build on the momentum of recent years with continued progress across the Animal Health and Human Pharma pipelines and critical inflection points particularly in [cardiovascular, renal, and metabolic], oncology and eye health.” 今年 3 月，勃林格殷格翰对 2026 年业绩前景并未给出明确预判，仅表示公司 “有望依托近年发展势头，在动物保健与人类药物管线持续推进，尤其在心血管、肾脏与代谢疾病、肿瘤及眼部健康领域迎来关键业绩拐点”。 15.Takeda 15.武田制药 2025 revenue: 4.46 trillion Japanese yen ($29.8 billion) 2025 年营收：4.46 万亿日元（约合 298 亿美元） 2024 revenue: 4.57 trillion Japanese yen ($30.2 billion) 2024 年营收：4.57 万亿日元（约合 302 亿美元） Change: -2.5% 变动幅度：下降 2.5% Headquarters: Tokyo 总部：日本东京 After a growth spurt in 2024, Takeda’s financial performance took a sharp turn in 2025, with generic erosion to attention-deficit/hyperactivity disorder (ADHD) Vyvanse casting a long shadow on the numbers. 在 2024 年实现快速增长后，武田制药 2025 年财务表现急转直下，注意力缺陷多动障碍（ADHD）药物 Vyvanse 遭遇仿制药冲击，给公司业绩数据蒙上了浓重阴影。 In its most recent earnings report, Takeda pointed a finger at its neuroscience portfolio in explaining its overall sales decline, specifically citing generic erosion to Vyvanse in the U.S. The report covered the nine-month period leading up to December 31, when Takeda’s revenue totaled 3.41 trillion Japanese yen. In the prior three months, the company pulled down 1.05 trillion yen, a separate report shows. 在最新财报中，武田将整体销售额下滑归咎于神经科学产品线，特别提到 Vyvanse 在美国市场受到仿制药挤压。该财报涵盖截至 12 月 31 日的九个月数据，期间武田总营收为 3.41 万亿日元。另一份报告显示，此前三个月公司营收为 1.05 万亿日元。 Takeda’s fiscal 2025 should be the last year of Vyvanse's genetic headwinds, Takeda said in July, after quarterly revenues from April to June took a big hit based on “very significant” generic impacts, chief financial officer Milano Furuta said at the time. 武田在 7 月表示，2025 财年将是 Vyvanse 受仿制药不利影响的最后一年。当时公司首席财务官古田米兰诺称，受 “极为严重” 的仿制药冲击，4 至 6 月季度营收大幅下滑。 On the positive side, Takeda reported revenue increases across its gastroenterology, plasma-derived therapy, oncology and vaccines units, while rare disease sales were only slightly down. Of its various therapeutic areas, gastroenterology is Takeda’s biggest by sales, thanks in large part to inflammatory bowel disease (IBD) med Entyvio. 积极的一面是，武田的胃肠病学、血浆疗法、肿瘤学和疫苗业务板块营收均实现增长，罕见病药物销售额仅小幅下滑。在各治疗领域中，胃肠病学是武田销售额最高的板块，这在很大程度上得益于炎症性肠病（IBD）药物 Entyvio。 Approved for ulcerative colitis and Crohn’s disease, Entyvio brought in 744.5 billion yen ($4.9 billion) in the nine-month period, good for 7.4% year-over-year growth. While Entyvio and its newer subcutaneous pen formulation are formidable players in the crowded IBD field, the med may be up for potential erosion of its own in the next few years, as biosimilar partners Samsung Bioepis and Sandoz are already working on their own cheaper version of the blockbuster drug. Entyvio 获批用于治疗溃疡性结肠炎和克罗恩病，在上述九个月内实现销售额 7445 亿日元（约合 49 亿美元），同比增长 7.4%。尽管 Entyvio 及其新型皮下笔制剂在竞争激烈的炎症性肠病市场中表现强劲，但未来几年该药也可能面临市场份额被侵蚀的风险，因为生物类似药合作方三星生物和山德士已在研发这款重磅药物的低价版本。 Takeda’s Entyvio patents extend to 2032, although some U.S. regulatory protection is set to expire in May 2026, the company has said. Another near-term hit to Entyvio sales could come from Medicare drug price changes under the Inflation Reduction Act in 2028. 武田表示，Entyvio 的专利保护期可延续至 2032 年，但其部分美国监管保护将于 2026 年 5 月到期。另一项短期内可能冲击 Entyvio 销售额的因素，是 2028 年《通胀削减法案》框架下联邦医疗保险药品价格调整。 The drug fits within Takeda’s collection of growth and launch products, which has a collective growth rate that’s “improving quarter-on-quarter,” the company pointed out in its January third-quarter earnings presentation (PDF). 武田在 1 月发布的第三季度财报演示文稿中指出，Entyvio 属于公司增长及新上市产品矩阵，该矩阵整体增长率 “逐季度提升”。 Spread across the company’s six core therapeutic areas, Takeda’s growth sector includes more than ten products, such as colorectal cancer treatment Fruzaqla, post-transplant rare disease med Livtencity and eosinophilic esophagitis (EoE) corticosteroid Eohila. 武田的增长型产品覆盖六大核心治疗领域，包含十余款产品，例如结直肠癌治疗药物 Fruzaqla、移植后罕见病药物 Livtencity，以及治疗嗜酸性粒细胞性食管炎（EoE）的皮质类固醇药物 Eohila。 Aside from its efforts to build up its growth products in the face of Vyvanse’s continued declines, the company has been shedding organizational layers and laying off thousands in the process under a series of restructuring initiatives in recent years. At the same time, the company is undergoing a CEO transition, with Julie Kim set to take the reins in July. 在 Vyvanse 销售额持续下滑的背景下，武田除大力培育增长型产品外，近年来还通过一系列重组计划精简组织架构，期间裁员数千人。与此同时，公司正进行首席执行官换届，朱莉・金将于 7 月接任。 Kim, who came to Takeda in 2019 with its $62 billion Shire acquisition, is replacing 11-year CEO Christophe Weber. Under Weber’s direction, the company nearly doubled its revenue and transformed into a “competitive, global R&D-driven biopharmaceutical company,” chairman Masami Iijima commented in January. 朱莉・金于 2019 年随武田以 620 亿美元收购夏尔公司加入团队，将接替任职 11 年的首席执行官魏巴赫。武田董事长饭冢正巳在 1 月评价称，在魏巴赫的领导下，公司营收近乎翻倍，转型为一家 “具有竞争力的全球化研发驱动型生物制药企业”。 In 2026, the company looks to further arm its growth portfolio with new potential approvals for narcolepsy treatment oveporexton and polycthemia vera med rusfertide, both of which are expected to launch during the second half of the year. 2026 年，武田计划通过发作性睡病治疗药物 oveporexton 与真性红细胞增多症药物 rusfertide 的潜在获批，进一步充实增长产品矩阵，两款药物均预计于下半年上市。 16.Gilead 16.吉利德科学 2025 revenue: $29.4 billion 2025 年营收：294 亿美元 2024 revenue: $28.8 billion 2024 年营收：288 亿美元 Change: +2.4% 变动幅度：增长 2.4% Headquarters: Foster City, California 总部：美国加利福尼亚州福斯特城 Gilead Sciences’ spot among the top pharma revenue earners has been built on the long history of its leading HIV drug portfolio. After introducing the world’s first pre-exposure prophylaxis (PrEP) option in 2012 with once-daily Truvada, the company reinvented the wheel once again in 2025 with the long-awaited launch of its twice-yearly injectable PrEP Yeztugo (lenacapivir). 吉利德科学之所以能跻身全球制药企业营收前列，依托的是其长期以来领先的 HIV 药物组合。2012 年，该公司推出全球首款每日一次的暴露前预防（PrEP）药物舒发泰（Truvada）；2025 年，公司再度实现重大突破，推出备受期待的每半年注射一次的长效暴露前预防药物 Yeztugo（来那卡帕韦）。 Yeztugo, which hit the market in June, is so far performing “strongly” across key 上市指标，chief commercial officer Johanna Mercier explained on the company’s fourth-quarter and full-year earnings call in February. As of the end of 2025, the drug has picked up $150 million in sales since its mid-year launch, with the majority earned during the fourth quarter. Eventually, this will turn into a “durable, sustainable and long-term” growth within Gilead’s HIV portfolio, CEO Daniel O’Day said on the call. 吉利德首席商务官约翰娜・梅西耶在 2 月公司第四季度及全年财报电话会议上表示，Yeztugo 于 6 月上市，截至目前各项关键上市指标均表现 “强劲”。自年中上市至 2025 年底，该药已实现 1.5 亿美元销售额，其中大部分收入来自第四季度。首席执行官丹尼尔・奥戴在会议上称，该药最终将推动吉利德 HIV 业务组合实现 “持久、稳健且长期” 的增长。 As Yeztugo’s launch continues to unfurl, the company’s efforts to build out the U.S. PrEP market ahead of the long-acting med’s market entry have so far proved fruitful for its other products. Oral Descovy saw a 31% sales surge over 2025 to $2.5 billion, with much of its earnings coming from its PrEP indication as opposed to HIV treatment. Eventually, Yeztugo is expected to bite off its older predecessor’s sales and solidify its spot as the “market leader in HIV prevention,” Mercier noted. 随着 Yeztugo 持续推进市场推广，公司在这款长效药物上市前大力拓展美国 PrEP 市场的举措，目前已为旗下其他产品带来显著成效。口服药物达可辉（Descovy）2025 年销售额激增 31%，达到 25 亿美元，其收入主要来自 PrEP 适应症，而非 HIV 治疗。梅西耶指出，Yeztugo 最终有望抢占这款前代药物的市场份额，巩固其 “HIV 预防领域市场领导者” 的地位。 Meanwhile, dominant HIV treatment Biktarvy again retained its position as the most prescribed treatment regimen for both treatment-naïve and treatment-switching patients across most major markets, Gilead said. Biktarvy alone contributed $14.3 billion of Gilead’s yearly sales, while the company’s wider HIV portfolio delivered $20.8 billion. 吉利德表示，与此同时，主力 HIV 治疗药物必妥维（Biktarvy）在全球多数主要市场中，依旧保持初治患者与换药患者处方量第一的治疗方案地位。仅必妥维一款药物就为吉利德贡献了 143 亿美元的年度销售额，公司整体 HIV 药物组合收入达 208 亿美元。 In 2026, Yeztugo is expected to reach $800 million in sales, adding to the 8% growth the company forecasts for its overall HIV business. Gilead also expects its total revenue to hit between $29.6 billion and $30 billion with the help of new potential products, such as a bictegravir/lenacapavir combo. 2026 年，Yeztugo 预计销售额将达 8 亿美元，助力公司 HIV 整体业务实现 8% 的预期增长。依托比克替拉韦 / 来那卡帕韦复方制剂等潜在新品，吉利德预计总营收将达到 296 亿至 300 亿美元。 Outside of HIV, the dark spot on Gilead’s revenue sheet in 2025 was cell therapies Yescarta and Tecartus, which continued a lasting sales slide to $1.8 billion. Despite a goal to have cancer drugs drive a third of total revenue by 2030, the $3.2 billion in oncology sales currently only matches the output of the company’s growing liver disease business. 在 HIV 业务之外，2025 年吉利德营收报表中的短板是细胞疗法 Yescarta 和 Tecartus，两款药物销售额持续下滑，仅录得 18 亿美元。尽管公司目标是到 2030 年让肿瘤药物贡献三分之一的总营收，但目前 32 亿美元的肿瘤业务销售额，仅与增长势头良好的肝病业务规模相当。 Gilead’s liver disease growth is hallmarked by “rapid adoption” of its newly launched primary biliary cholangitis (PBC) treatment Livdelzi, O’Day said. Approved in mid-2024, the drug has benefited from the market exit of a major competitor, Intercept’s Ocaliva. While Livdelzi and Ipsen’s rivaling PBC med Iqirvo have both experienced high demand as a result, a new player could soon shake things up in Alfasigma’s Lynavoy, a former GSK prospect that won approval in March. 奥戴表示，吉利德肝病业务的增长亮点是新上市的原发性胆汁性胆管炎（PBC）治疗药物 Livdelzi 的 “快速市场渗透”。该药于 2024 年年中获批，主要竞争对手截制药的 Ocaliva 退出市场为其创造了有利条件。受益于此，Livdelzi 与益普生旗下竞品 PBC 药物 Iqirvo 均需求旺盛，但 Alfasigma 公司的 Lynavoy 或将很快打破现有格局 —— 这款曾隶属于葛兰素史克的候选药物已于 3 月获批上市。 17.Bayer 17.拜耳 2025 revenue: 23.6 billion euros ($26.7 billion) 2025 年营收：236 亿欧元（267 亿美元） 2024 revenue: 24.0 billion euros ($26.0 billion) 2024 年营收：240 亿欧元（260 亿美元） Change: -1% 变动幅度：下降 1% Headquarters: Leverkusen, Germany 总部：德国勒沃库森 Since 2017, when Bayer placed No. 8 on Fierce’s biopharma revenue rankings, it has fallen nine notches. Bayer’s pharma and consumer health divisions have yet to reach their combined sales from 2017 of 25.4 billion euros ($28.7 billion) as the company is still digging out from its disastrous $63 billion acquisition of Monsanto in 2018. 自 2017 年拜耳在 Fierce 生物制药企业营收榜单中位列第 8 位以来，其排名已下滑 9 位。拜耳的制药与消费者健康部门合计销售额至今仍未恢复至 2017 年的 254 亿欧元（287 亿美元）水平，原因是公司仍在努力摆脱 2018 年以 630 亿美元收购孟山都带来的灾难性后果。 While the buyout was meant to fortify Bayer’s crop science sector, its subsequent avalanche of personal injury lawsuits against weedkiller Roundup negatively impacted the company’s other businesses. After a series of divestitures, Bayer’s pharma and consumer healthcare divisions saw a significant drop in revenue to 22.6 billion euros ($25.71 billion) in 2020. 尽管这笔收购本意是强化拜耳的作物科学业务，但随后引发的大量关于除草剂农达（Roundup）的人身伤害诉讼，对公司其他业务造成了负面影响。在一系列资产剥离后，拜耳制药与消费者健康部门营收在 2020 年大幅下滑至 226 亿欧元（257.1 亿美元）。 After some growth early in the decade, Bayer’s pharma sector was again hit hard. This time, it was the loss of patent protection for its two best-selling products—Johnson & Johnson-partnered blood thinner Xarelto and Regeneron-partnered eye disease drug Eylea. Bayer is still feeling the effects of these LOEs as the company remains in its “resilience phase,” pharma president Stefan Oelrich said in March during the company’s quarterly conference call. 在本世纪初经历一段增长后，拜耳制药业务再度遭受重创。此次原因是旗下两大畅销产品专利到期：与强生合作的抗凝药拜瑞妥（Xarelto），以及与再生元合作的眼科药物艾力亚（Eylea）。拜耳制药总裁斯特凡・奥尔德里奇在 3 月公司季度电话会议上表示，公司仍处于 “韧性调整阶段”，专利到期带来的影响仍在持续。 For 2026, Bayer expects its pharma revenue to decline by between 0% and 3%. While Xarelto and Eylea were already in decline last year, the effect will be more pronounced in 2026, the company warned. 拜耳预计 2026 年制药部门营收将下滑 0% 至 3%。公司警示称，尽管拜瑞妥与艾力亚去年销售额已开始下滑，但相关影响在 2026 年将更为显著。 Xarelto sales were down 33% in 2025 to 2.3 billion euros ($2.6 billion), with the company anticipating a 35% to 40% decline this year. Meanwhile, Eylea sales are expected to tumble by 20% to 25% after falling by 6% in last year to 3.1 billion euros ($3.5 billion). 2025 年拜瑞妥销售额下滑 33%，至 23 亿欧元（26 亿美元），公司预计今年降幅将达 35% 至 40%。与此同时，艾力亚去年销售额下滑 6% 至 31 亿欧元（35 亿美元），预计今年将暴跌 20% 至 25%。 “Biosimilar entry is not so much a volume erosion for us as it is much more a price erosion, and that’s really hard to beat,” Oelrich said of Eylea’s declining sales. “生物类似药入市对我们而言，更多造成的是价格冲击而非销量下滑，而价格冲击很难抵御，” 奥尔德里奇在谈及艾力亚销售额下滑时表示。 The good news is that Bayer, after taking the big hit in 2026, is projecting its pharma division to return to growth in 2027 thanks to prostate cancer drug Nubeqa and kidney disease treatment Kerendia. Both are tracking ahead of the company’s expectations, with Nubeqa sales up 57% in 2025 to 2.34 billion euros ($2.6 billion), and Kerendia achieving sales of 829 million euros ($936 million) in 2025, for an increase of 79%. 好消息是，在经历 2026 年的重大冲击后，拜耳预计制药部门将于 2027 年重回增长轨道，这得益于前列腺癌药物诺倍戈（Nubeqa）与肾病治疗药物肯瑞达（Kerendia）。两款药物表现均超出公司预期：2025 年诺倍戈销售额增长 57%，至 23.4 亿欧元（26 亿美元）；肯瑞达销售额达 8.29 亿欧元（9.36 亿美元），同比增长 79%。 “We’re well set for our next wave of growth, right into the next decade, driven by significant, sustained Nubeqa and Kerendia sales,” Oelrich said, also citing the launches of BridgeBio-partnered cardiomyopathy treatment Beyonttra and recently approved menopause drug Lynkuet, as well as the potential of investigational stroke medicine asundexian. “依托诺倍戈与肯瑞达的持续大额销售，我们已为下一轮增长浪潮做好充分准备，增长势头将延续至下一个十年，” 奥尔德里奇表示。他同时提及与 BridgeBio 合作的心肌病治疗药物 Beyonttra 的上市、近期获批的更年期药物 Lynkuet，以及在研卒中药物阿孙德西泮（asundexian）的潜在价值。 The fortunes of Bayer’s pharma business are mirroring those of the company overall. As Bayer absorbs massive litigation charges related to the Monsanto buyout and eyes a potential $7.25 billion settlement of Roundup lawsuits, a rebound is finally in sight. 拜耳制药业务的境遇与公司整体状况如出一辙。在承担与孟山都收购相关的巨额诉讼费用、并拟以 72.5 亿美元和解农达相关诉讼后，公司终于迎来复苏曙光。 “We expect litigation costs to burden our cash flow this year but see improvement thereafter,” CEO Bill Anderson said in March of 2026 as the company presented its financials. “That outlook is an honest picture of where we stand—comprehensive progress, more to do to deliver our mission.” “我们预计今年诉讼费用仍将对现金流造成压力，但此后情况会有所改善，” 首席执行官比尔・安德森在 2026 年 3 月公司财报发布会上表示。“这一前景如实反映了我们的现状 —— 已取得全面进展，但要实现目标仍有诸多工作要做。” Merck KGaA 默克集团（德国默克） 2025 revenue: 17.6 billion euros ($19.8 billion) 2025 年营收：176 亿欧元（198 亿美元） 2024 revenue: 17.4 billion euros ($18.8 billion) 2024 年营收：174 亿欧元（188 亿美元） Change: +1.3% 变动幅度：增长 1.3% Headquarters: Darmstadt, Germany 总部：德国达姆施塔特 Change is afoot at Germany’s Merck KGaA, which powered through a turbulent 2025 to meet its guidance for the year—though not before telegraphing a leadership transition midway through as geopolitical tensions pressure both the company’s pharmaceutical and semiconductor businesses. 德国默克集团正迎来变革。公司在动荡的 2025 年顶住压力达成年度业绩指引，而在地缘政治紧张局势对其制药和半导体业务均构成压力的背景下，集团于年中宣布了管理层换届计划。 For all of 2025, Merck KGaA’s revenue—excluding sales from its electronics division, which Fierce did not focus on for this report—climbed around 1.3% to 17.59 billion euros ($19.8 billion), which the company credited in large part to process solutions momentum in its CDMO and service provider arm, plus commercial wins from its cardiovascular, metabolism and endocrinology portfolio and a new rare disease tailwind under its innovative medicines business. 2025 年全年，剔除本报告未纳入统计的电子部门销售额后，德国默克营收增长约 1.3%，达到 175.9 亿欧元（198 亿美元）。公司表示，增长主要得益于旗下 CDMO 与服务业务板块工艺解决方案的强劲势头，以及心血管、代谢与内分泌产品组合的市场突破，同时创新药业务新增的罕见病板块也带来了增长动力。 As has been the case in multiple previous quarters, Merck KGaA executives earlier this year cited significant geopolitical snags and strong currency headwinds during 2025 as they attempted to contextualize the commercial environment in which it’s operating. In the company’s fourth-quarter and full-year earnings report, Merck KGaA specifically flagged a negative 3.7% impact from foreign exchange rates tied to the U.S. dollar and “various Asian currencies” on the group’s revenue. 与此前多个季度一样，德国默克高管在今年年初谈及公司经营的商业环境时，提及 2025 年面临显著的地缘政治阻碍与强烈的汇率逆风。在公司第四季度及全年财报中，默克特别指出，美元及 “多种亚洲货币” 相关汇率波动对集团营收造成了 3.7% 的负面影响。 Within the German firm’s life sciences division, Merck KGaA’s process solutions business was a standout last year, delivering what the company framed as “four consecutive quarters of around 10%” in sales growth. Life sciences sales overall hit 9 billion euros (roughly $10.4 billion) in 2025, growing 4% despite exchange rate headwinds. 在这家德国企业的生命科学部门中，工艺解决方案业务去年表现突出，实现了公司所称的 “连续四个季度约 10%” 的销售额增长。尽管存在汇率压力，2025 年生命科学部门整体销售额仍达 90 亿欧元（约 104 亿美元），同比增长 4%。 Merck KGaA credited that process solutions momentum to increased demand for bioprocessing services and the advent of newer modalities like antibody-drug conjugates. 德国默克将工艺解决方案业务的增长势头归因于生物工艺服务需求上升，以及抗体偶联药物等新型治疗模式的兴起。 Over on the healthcare end of things, which is how Merck KGaA frames its pharmaceuticals business, sales from the company’s newly established rare diseases franchise helped drive 3.7% growth to 8.6 billion euros ($9.9 billion), Merck reported in early March. 德国默克在 3 月初公布，其医药保健业务（即公司定义的制药业务）中，新成立的罕见病产品板块销售额推动整体业务增长 3.7%，达到 86 亿欧元（99 亿美元）。 In particular, Merck KGaA benefited from demand for the progressing desmoid tumor drug Ogsiveo and Gomekli, cleared in plexiform neurofibromas associated with neurofibromatosis type 1. Merck KGaA got its hands on both drugs through its $3.9 billion buyout of SpringWorks Therapeutics—itself a spinout of Pfizer—late last April. 公司尤其受益于侵袭性纤维瘤药物 Ogsiveo 与用于治疗 1 型神经纤维瘤病相关丛状神经纤维瘤的 Gomekli 的市场需求。这两款药物均是默克在去年 4 月末以 39 亿美元收购辉瑞分拆公司 SpringWorks Therapeutics 后获得的。 More broadly, Merck KGaA charted modest gains with its franchises in cardiovascular, metabolism and endocrinology, plus neurology and immunology, as well as oncology, which posted descending sales growth rates of 7.3%, 1.9% and 0.3% in 2025, respectively. 从整体来看，德国默克的心血管、代谢与内分泌、神经与免疫以及肿瘤等产品板块均实现小幅增长，2025 年销售额增速分别为 7.3%、1.9% 和 0.3%，呈逐步放缓态势。 Looking ahead, Merck KGaA anticipates 2026 sales between 20 billion euros and 21.1 billion euros, including electronics. The high end of that range matches the firm’s total revenue in 2025 when accounting for electronics sales, too. 展望未来，德国默克预计 2026 年含电子部门在内的销售额将达到 200 亿至 211 亿欧元。该区间上限与公司 2025 年含电子部门的总营收持平。 One key challenge the German Merck must face in 2026 is generic competitors to its long-reliable multiple sclerosis blockbuster Mavenclad, for which the company is assuming no U.S. sales this year. 德国默克在 2026 年必须面对的一项重大挑战，是其长期表现稳健的多发性硬化重磅药物 Mavenclad 面临仿制药竞争，公司已预计该药今年在美国市场将无销售收入。 Merck KGaA is largely admitting defeat on further efforts to stave off U.S. Mavenclad generics after a U.S. appeals court in October affirmed an earlier decision invalidating two patents on the med’s dosing regimen. 在美国上诉法院于 10 月维持原判，宣告 Mavenclad 给药方案相关两项专利无效后，德国默克基本承认已无力阻止该药在美国市场的仿制药上市。 “Regarding Mavenclad, we will not speculate on the timing of potential entries of generics, nor their market behavior, and frankly, we believe there’s very little to gain on this speculation,” Kai Beckmann, the deputy chair of Merck KGaA’s executive board, told analysts earlier this year. “Hence, we have opted for a more conservative approach concerning this item by clearly outlining our assumptions.” “关于 Mavenclad，我们不会猜测仿制药可能上市的时间及其市场表现，坦率地说，我们认为此类猜测毫无意义，” 德国默克执行董事会副主席凯・贝克曼今年年初对分析师表示。“因此，我们针对该项目采取更为保守的策略，明确披露相关假设。” In another major shift coming up for the company this year, CEO Belén Garijo is slated to step down on May 1, to be replaced by Beckmann as the group’s new leader. In a curious development, Garijo is now headed to serve as CEO of French drugmaker Sanofi. 公司今年还将迎来另一项重大人事变动：首席执行官贝伦・加里霍定于 5 月 1 日卸任，由贝克曼接任集团新掌门人。颇为意外的是，加里霍将出任法国制药企业赛诺菲的首席执行官。 19.Teva 19.梯瓦制药 2025 revenue: $17.3 billion 2025 年营收：173 亿美元 2024 revenue: $16.5 billion 2024 年营收：165 亿美元 Change: +4.4% 变动幅度：增长 4.4% Headquarters: Tel Aviv, Israel 总部：以色列特拉维夫 Teva Pharmaceutical has been on a hot streak for three straight years now under CEO Richard Francis and his “Pivot to Growth” strategy. With a basket of innovative drugs driving growth, what was once a firmly generic drugmaker has quickly skyrocketed out of the $14.9 billion annual revenue slump it pulled in 2022 before Francis took over. 在首席执行官理查德・弗朗西斯及其 “转向增长” 战略的引领下，梯瓦制药已连续三年实现业绩高速增长。凭借多款创新药驱动增长，这家曾以仿制药为主的企业，迅速摆脱了弗朗西斯上任前 2022 年全年 149 亿美元营收的低迷局面。 In 2025, Teva cruised past the $16.8 billion to $17 billion range it had previously forecast for its revenues, pulling in $17.3 billion over the full year. The Israel-based drugmaker largely has its tardive dyskinesia treatment Austedo, migraine med Ajovy and long-acting schizophrenia med Uzedy to thank for that, with the trio collectively marking a “true engine of sustainable growth,” Francis said in Teva’s full-year earnings release. In the fourth quarter, the three meds collectively pulled $1 billion in revenues for the first time, the CEO noted. 2025 年，梯瓦全年营收达 173 亿美元，轻松超越此前 168 亿至 170 亿美元的预期区间。弗朗西斯在梯瓦全年财报中表示，这家以色列制药企业的增长主要归功于迟发性运动障碍药物 Austedo、偏头痛药物 Ajovy 和长效精神分裂症药物 Uzedy，这三款产品共同构成了 “可持续增长的真正引擎”。他还提到，这三款药物在第四季度首次实现合计 10 亿美元营收。 Although Austedo has been marketed since 2017, the drug’s launch trajectory ramped up with the FDA approval of an extended-release version, Austedo XR, in 2023. Francis has long backed the treatment’s market potential, plotting a map for the drug to reach $2.5 billion in 2027 sales back when he first took the helm. Given that the med wasn’t yet a blockbuster despite its ample time to penetrate the market, the plan had seemed far-fetched at the time. 尽管 Austedo 自 2017 年便已上市，但随着 2023 年缓释剂型 Austedo XR 获美国 FDA 批准，该药的市场推广进程显著提速。弗朗西斯上任之初便长期看好这款药物的市场潜力，规划其 2027 年销售额达到 25 亿美元。由于该药上市多年却仍未成为重磅产品，这一目标在当时看来颇为不切实际。 Now, with Austedo skyrocketing its sales up 34% compared to 2024, Evercore ISI analyst Umer Raffat recently called Austedo’s launch trajectory a “huge feat” despite his initial skepticism, according to a note to clients. In 2025, the drug generated $2.26 billion and is now on track to reach its $2.5 billion goal a year ahead of time, as Teva expects 2026 Austedo sales to fall within the $2.4 billion to $2.5 billion range. 如今 Austedo 销售额较 2024 年大涨 34%，投资机构 Evercore ISI 分析师乌默・拉法特在致客户报告中表示，尽管他最初持怀疑态度，但 Austedo 的市场表现堪称 “巨大成就”。2025 年该药销售额达 22.6 亿美元，目前有望提前一年实现 25 亿美元目标，梯瓦预计 2026 年其销售额将在 24 亿至 25 亿美元区间。 Future opportunities for the med could come from the 85% of eligible patients who are not currently on treatment for their tardive dyskinesia, Francis said. 弗朗西斯表示，该药未来的增长空间来自 85% 尚未接受迟发性运动障碍治疗的适宜患者群体。 Meanwhile, Uzedy is looking at a 2026 revenue range of $250 million to $280 million, Teva said. The drug is the “fastest growing” long-acting injectable for schizophrenia, according to the company. Uzedy’s $191 million in 2025 marked a 63% year-over-year growth from 2024 and comes after a new expansion in October to patients with bipolar 1 disorder. Ajovy, for its part, could see 2026 revenues of $750 million to $790 million, which would be up from 2025’s $673 million. 梯瓦表示，Uzedy 预计 2026 年营收将达 2.5 亿至 2.8 亿美元，并称该药是 “增速最快” 的长效精神分裂症注射剂。2025 年 Uzedy 销售额达 1.91 亿美元，同比增长 63%，这得益于其 10 月新增双相情感障碍 I 型适应症。Ajovy 方面，2026 年营收有望从 2025 年的 6.73 亿美元提升至 7.5 亿至 7.9 亿美元。 Outside of its innovative drug portfolio, Teva still looks to grow its collection of biosimilars and has been looking to double its sales in the area to $800 million from 2024 to 2027. Although 2026 is expected to be a “milestone-rich year” on both the biosimilar and novel drug sides, it may spell the end of Teva’s three-year growth streak. The company is signaling a downturn in 2026 that would send its annual revenue back down to a range of $16.4 billion to $16.8 billion. 除创新药产品线外，梯瓦仍在发力拓展生物类似药业务，计划 2024 至 2027 年将该板块销售额翻倍至 8 亿美元。尽管 2026 年对生物类似药和创新药业务而言均是 “充满里程碑的一年”，但梯瓦连续三年的增长势头或将就此终结。公司预计 2026 年业绩下滑，全年营收回落至 164 亿至 168 亿美元区间。 20.CSL 20.CSL 有限公司 2025 revenue: $15.4 billion 2025 年营收：154 亿美元 2024 revenue: $14.8 billion 2024 年营收：148 亿美元 Change: +5.1% 变动幅度：增长 5.1% Headquarters: Melbourne, Australia 总部：澳大利亚墨尔本 Despite making it into the last spot on Fierce’s rankings of the top drugmakers by 2025 revenue, Australia’s CSL has a challenging 2026 ahead and, as with several other entrants on this list, is undergoing a key leadership transition as the company attempts to correct course in an uncertain business environment. 尽管澳大利亚 CSL 公司跻身 Fierce 2025 年全球制药企业营收排行榜的最后一位，但公司 2026 年仍面临严峻挑战。与榜单上其他多家企业一样，CSL 正经历关键的管理层换届，试图在充满不确定性的商业环境中调整发展方向。 In February, vaccine and plasma therapy specialist CSL made the surprise announcement that Paul McKenzie, Ph.D., the firm’s CEO and managing director for the past three years, would retire immediately, to be replaced on an interim basis by company veteran Gordon Naylor. 今年 2 月，专注于疫苗与血浆疗法的 CSL 公司意外宣布，任职三年的首席执行官兼董事总经理保罗・麦肯齐博士即刻退休，由公司资深高管戈登・内勒暂代职务。 The news followed a steep drop in the company’s share price since the preceding August, when CSL had originally unveiled plans to slim down its R&D workforce and spin out its vaccines unit, CSL Seqirus—a plan that the company ultimately delayed in October, citing an increasingly uncertain immunization landscape in the key U.S. market. 该消息发布前，公司股价自去年 8 月起已大幅下跌。彼时 CSL 最初公布了缩减研发人员规模、分拆疫苗子公司 CSL Seqirus 的计划，但最终因美国核心市场免疫环境不确定性持续加剧，于 10 月宣布推迟该计划。 Shortly after the news of McKenzie’s exit, CSL laid out its performance through the second half of 2025, with the bleak figures providing some much-needed context to the abrupt leadership transition. 在麦肯齐离任消息公布后不久，CSL 发布了 2025 年下半年业绩报告，惨淡的数据为此次突然的管理层换届提供了必要的背景解释。 CSL reported a net profit fall from $2 billion in the second half of 2024 to just $384 million from July to December of 2025, the company noted in its half-year report in February. CSL’s 2026 fiscal calendar ends in June. CSL 在 2 月发布的半年报中显示，公司净利润从 2024 年下半年的 20 亿美元骤降至 2025 年 7 至 12 月的仅 3.84 亿美元。CSL 的 2026 财年将于 6 月结束。 Over that same period, the company tallied a 4% sales decline to $8.3 billion. 同期公司销售额下降 4%，至 83 亿美元。 For the purposes of ranking CSL with other companies who report with the calendar year, we added the drugmaker’s first-half fiscal 2026 performance to the second half of the firm’s 2025 fiscal year, which ended last June. 为便于与采用自然年报的其他企业一同排名，本次统计将 CSL 2026 财年上半年业绩与截至去年 6 月的 2025 财年下半年业绩合并计算。 In contextualizing the somber first-half 2026 performance, CSL in February cited “one-off” restructuring costs of $715 million and asset impairments reaching $1.1 billion, with the company’s CFO admitting, “We are clearly not satisfied with our performance and have implemented a number of initiatives to drive stronger growth going forward.” 在解释 2026 年上半年惨淡业绩时，CSL 于 2 月提及 7.15 亿美元的一次性重组成本与 11 亿美元的资产减值。公司首席财务官坦言：“我们显然对当前业绩不满意，已推出多项举措以推动未来实现更强劲增长。” Meanwhile, on a call with analysts around the same time, CSL’s chairman, Brian McNamee, did not mince words about the rationale behind McKenzie’s exit. 与此同时，在同期召开的分析师电话会议上，CSL 董事长布莱恩・麦克纳米直言不讳地说明了麦肯齐离任的原因。 “When the board sat down recently and looked at our business and thought about where we need to go in the future, we recognized he didn’t have the skills that we wanted for the future,” he said. 他表示：“董事会近期复盘公司业务并规划未来发展方向时意识到，他并不具备我们对未来领导者所要求的能力。” Last summer, aware of recent challenges at the company, CSL telegraphed a 15% workforce reduction in a bid to curb R&D costs and chart a spinoff of its Seqirus vaccine unit. At the time, the company said it would channel those savings toward “priority programs and developing new disease targets from both internal and external sources.” 去年夏天，鉴于公司面临的诸多挑战，CSL 曾宣布裁员 15%，以控制研发成本并推进 Seqirus 疫苗部门分拆。公司当时表示，节省的资金将投向 “重点项目，并通过内部与外部渠道开发新的疾病靶点”。 But just a few months later, CSL said it was pressing pause on the spinoff plans amid sudden, unpredictable shifts to U.S. immunization policy under an HHS now spearheaded by noted vaccine 质疑者 Robert F. Kennedy Jr. 但仅数月后，因美国卫生与公众服务部在知名疫苗质疑人士小罗伯特・F・肯尼迪主导下，免疫政策出现突发且难以预测的变动，CSL 宣布暂停分拆计划。 In prepared remarks to investors, McNamee said that “heightened volatility in the current US influenza vaccine market” has caused the company to conclude its “previously proposed demerger timing will not fully capture Seqirus’ value potential.” The company predicted that this flu season’s vaccination rates would plunge by 12% overall and 14% among people ages 65 and over in the U.S., compared the prior season. 麦克纳米在致投资者的书面声明中表示，“当前美国流感疫苗市场波动性显著加剧”，使公司认定 “此前提议的分拆时机无法充分实现 Seqirus 的价值潜力”。公司预计，美国本流感季整体疫苗接种率将较上一季下降 12%，65 岁及以上人群接种率将下降 14%。