Defining Antibiotic Levels in Intensive care patients (DALI-2) protocol - A multi-national pharmacokinetic/pharmacodynamic cohort study to determine whether contemporary antibiotic dosing for critically ill patients achieves therapeutic exposures.

开始日期2025-12-01

申办/合作机构

Centre Hospitalier Universitaire de Nimes

CTIS2025-520940-14-00

/ Not yet recruiting临床4期IIT

TIME-TO-LIA : Optimal Duration of Antibiotic Therapy in Drained Pyogenic Liver Abscess: 3 weeks versus 6 weeks, a non-inferiority trial

开始日期2025-09-01

申办/合作机构

Assistance Publique Hopitaux De Paris

NCT06637332

/ Recruiting临床4期IIT

DAPTO-SNAP: Daptomycin vs. Vancomycin for the Treatment of Methicillin Resistant S. Aureus Bacteremia

This is an open label randomized controlled trial for patients with methicillin resistant S. aureus (MRSA) bloodstream infection which will directly compare the two most commonly used therapies, vancomycin and daptomycin.
This study is an approved sub-study of The Staphylococcus aureus Network Adaptive Platform (SNAP) trial (NCT05137119)

开始日期2024-11-14

申办/合作机构

University of Melbourne

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100 项与达托霉素相关的临床结果

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100 项与达托霉素相关的转化医学

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100 项与达托霉素相关的专利（医药）

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4,047

项与达托霉素相关的文献（医药）

2026-04-01·CURRENT MICROBIOLOGY

A Daptomycin Resistance-Conferring cls1 I269T Mutation in Enterococcus faecium and its Global Prevalence

Article

作者: Zhang, Mengge ; Shi, Lulu ; Xu, Hai ; Li, Weiwei ; Wang, Wenjia ; Sun, Yuqing ; Li, Ling ; Hu, Jiamin ; Wang, Mingyu

2026-04-01·JOURNAL OF MICROBIOLOGY IMMUNOLOGY AND INFECTION

High-dose daptomycin versus linezolid for the treatment of vancomycin-resistant Enterococcus faecium bloodstream infections: Role of pharmacodynamic target attainment

Article

作者: Yang, Jia-Ling ; Chang, Shan-Chwen ; Chuang, Yu-Chung ; Wang, Jann-Tay ; Lin, Chi-Ying ; Huang, Sung-Hsi ; Hwang, Liang-En ; Chen, Yee-Chun

BACKGROUND:

Although high-dose daptomycin (≥8 mg/kg) and linezolid are recommended treatments for vancomycin-resistant Enterococci (VRE) bloodstream infection (BSI), direct comparisons and the impact of achieving prespecified pharmacokinetic/pharmacodynamic (PK/PD) target on outcomes remain unclear.

METHODS:

We conducted a retrospective observational study in a single health system (January 2010-December 2021). Patients receiving daptomycin ≥8 mg/kg or linezolid for VRE BSI were included. The primary outcome was in-hospital mortality. The free area under the concentration-time curve to minimum inhibitory concentration ratio (fAUC/MIC) was estimated to assess its association with outcomes.

RESULTS:

Overall, 795 patients met the inclusion criteria. The overall mortality was 59.2 %. The linezolid group (n = 170) had a mortality of 44 %, and the daptomycin group (n = 625) mortality was 63 % (P < 0.001). Among daptomycin-treated patients, 528 had fAUC/MIC data and 114 achieved the PK/PD target. Mortality was 66 % for fAUC/MIC ≤75.07 (P < 0.001) and 49 % for fAUC/MIC >75.07 (P = 0.41), compared with linezolid group. In multivariable analysis, daptomycin was associated with higher mortality than linezolid (adjusted odds ratio [aOR], 2.00; P < 0.001). However, failing to achieve PK/PD target conferred significantly higher mortality than linezolid (aOR, 2.51; P < 0.001), whereas achieving the PK/PD target showed no difference (aOR, 0.97; P = 0.91).

CONCLUSIONS:

Even at doses ≥8 mg/kg, the efficacy for daptomycin is comparable to linezolid only when the PK/PD target is reached. Failing to achieve PK/PD target leads to worse outcomes, underscoring the importance of dose optimization and therapeutic drug monitoring.

2026-03-04·ANTIMICROBIAL AGENTS AND CHEMOTHERAPY

Population pharmacokinetic model and dosing nomogram for daptomycin in adult patients with serious Gram-positive infections: emphasizing the role of loading doses and renal function-based adjustment

Article

作者: Šíma, Martin ; Paterová, Pavla ; Halvová, Petra ; Malý, Josef ; Slanař, Ondřej ; Šubrtová, Petra ; Ryšková, Lenka ; Rozsívalová, Petra ; Michálek, Pavel ; Maláková, Jana

ABSTRACT:

Current recommendations for daptomycin dosing are based on body weight. However, it can be hypothesized that dosing based on renal function may improve the attainment of recommended pharmacokinetic (PK)/pharmacodynamic (PD) targets. The aim of this study was to develop a population pharmacokinetic model of daptomycin and propose an individualized dosing strategy to optimize target attainment. Therapeutic drug monitoring data from adult patients treated with daptomycin at a single center between 2022 and 2025 were analyzed using a nonlinear mixed-effects modeling. Monte Carlo simulations were then employed to identify the optimal dosing strategy that maximizes the probability of attaining the PK/PD target. A total of 143 daptomycin serum concentrations from 31 patients were included in the analysis. Estimated glomerular filtration rate (eGFR) was identified as the most predictive covariate for daptomycin pharmacokinetics. In a patient with an eGFR of 90 mL/min, the estimated volume of distribution and clearance of daptomycin were 11.47 L and 0.69 L/h, respectively. An eGFR-guided dosing nomogram was proposed, and simulation results demonstrated that this approach outperformed conventional weight-based dosing in achieving the PK/PD target. These findings support the use of an initial loading dose and individualized maintenance dosing based on eGFR to improve the efficacy and safety of daptomycin therapy.

217

项与达托霉素相关的新闻（医药）

2026-03-18

·简明invest

QX030N BD交易分析评估-IL-23p19×TL1A双抗全球独家授权

01 核心结论交易情况：临床前FIC双抗的NewCo模式出海，首付款偏低但股权对价提供长期价值分享机制。资产质量：IL-23p19×TL1A双抗赛道热度高，全球仅6家在研，QX030N为首批进入I期的资产之一。条款评价：首付款1,000万美元低于可比交易，但24.88%股权对价具有独特价值，总金额5.55亿美元中等偏低。管线估值：QX030N 授权管线当前价值1.5-2.5亿美元（保守-基准），占公司市值的25%-45% 。未来估值向上弹性取决于临床进展，核心风险在于II期POC失败。催化因素：I期数据（2026H2）、Caldera后续融资/IPO、II期POC验证（ 2028~2029年）。 02 交易概览 1.1 交易要素要素内容要点授权方荃信生物-B（2509.HK）港股18A创新药企被授权方 Caldera Therapeutics（美国）顶级VC支持的NewCo 授权资产 QX030N（IL-23p19 × TL1A双抗）用于IBD及自免疾病授权范围全球独家权益研发、生产、注册、商业化交易模式 NewCo License-out 首付款+股权+里程碑+分成签约时间 2025年4月23日 1.2 交易条款结构条款金额占比/说明预付款 1,000万美元一次性、不可退还股权对价 Caldera约24.88%股权於2025年4月，Caldera Therapeutics從Atlas Venture、LAV及venBio獲得75百萬美元的A輪融資里程碑最高5.45亿美元临床+监管+商业里程碑销售分成分级特许权使用费预计10%-15% 交易总额约5.55亿美元首付款+里程碑交易结构特点：低首付款+高股权对价+高里程碑依赖 NewCo模式出海交易——授权方以较低现金首付款换取NewCo股权，分享资产长期价值。对荃信而言，1000万美元首付款虽低于可比交易，但24.88%股权对价提供了额外价值来源。 1.3 交易对手方：Caldera Therapeutics Caldera是由顶级生物医药VC专门为QX030N设立的NewCo 。股东阵容豪华（表明QX030N获得了一级市场的认可），融资能力优异，核心管理层为连续创业者， Praveen Tipirneni博士具有从公司创立到被跨国药企收购的完整经验。共同提升了后续里程碑兑现的概率。股东阵容：投资机构类型代表案例/背景 Atlas Venture 顶级生物医药VC Moderna（市值超千亿美元）、Alexion（被AZ收购，价值390亿美元） Lilly Asia Ventures（LAV）礼来旗下亚洲风投礼来制药产业资源背景，深度参与亚太生物医药投资 venBio Partners 生命科学专业VC 深厚制药产业背景，专注生物医药创新 Omega Funds 生命科学VC（A-1轮领投）专注生物医药早期投资，A-1轮领投 Wellington Management 全球资管巨头 AUM超1万亿美元，为资产提供长期资本支持 Janus Henderson 全球资管公司 AUM超3,000亿美元融资历程：融资轮次时间金额估值含义 A轮 2025年4月 7,500万美元资产获得资本市场认可，首次定价 A-1轮 2026年1月 3,750万美元 I期启动后持续获得资金支持，估值提升累计 - 1.125亿美元资金充裕，可支持完成I/II期临床于2025年4月，Caldera Therapeutics从Atlas Venture、LAV及venBio获得75百万美元的A轮融资，2026年1月完成由Omega Funds领投的37.5百万美元A-1轮融资，参与的新投资者包括Wellington Management及Janus Henderson Investors。核心管理团队——CEO Praveen Tipirneni博士： Praveen Tipirneni博士是生物医药行业的资深高管，具有从公司创立到被跨国药企收购的完整经验： Morphic Therapeutics（2015-2024）：作为创始CEO，带领公司从创立发展至被礼来（Eli Lilly）以32亿美元收购。Morphic专注于开发口服整合素疗法，核心产品MORF-057是一款口服小分子α4β7整合素抑制剂，用于治疗炎症性肠病（IBD），正处于II期临床阶段。 Cubist Pharmaceuticals（2006-2015）：担任企业发展与全球战略高级副总裁。期间参与了Cubicin（达托霉素，抗生素）的NDA和sNDA申报工作，该药物峰值销售达12亿美元。Cubist于2015年被默沙东以约90亿美元收购。核心能力：Tipirneni博士具备带领Biotech从早期研发到商业化，最终实现被MNC收购退出的完整经验，是重要的执行力保障。对手方评价：顶级VC背书+充裕资金（1.125亿美元）+成功退出经验CEO，里程碑兑现能力较强 1.4 交易进展时间线时间里程碑意义 2025年4月签订授权协议收到1,000万美元首付款 2025年12月获澳洲I期伦理许可触发开发里程碑 2026年1月 I期首批受试者给药临床推进顺利，执行力验证 2026年H2（预计） I期完成下一个价值拐点【执行效率】从签约（2025年4月）到I期首批给药（2026年1月）仅8个月，显著快于行业平均周期。验证了Caldera团队的执行能力，提升了后续里程碑按期兑现的概率。 03 资产价值分析 2.1 产品定位维度内容分子类型双特异性抗体（Bispecific Antibody）靶点组合 IL-23p19 × TL1A（两个已验证靶点的创新组合）核心适应症炎症性肠病（IBD）——溃疡性结肠炎（UC）、克罗恩病（CD）拓展适应症其他免疫性及炎症性疾病研发阶段 I期临床（2026年1月首批给药）差异化定位同时阻断IL-23和TL1A两条关键炎症通路，理论疗效优于单抗 2.2 靶点价值验证两个靶点均已获得充分临床验证，双抗组合具有协同增效潜力 IL-23p19靶点——已验证的 IBD 靶点：机制：IL-23是一种促炎细胞因子，在IBD的炎症级联反应中起关键作用，驱动Th17细胞分化和肠道炎症。已获批药物：Skyrizi/利生奇珠单抗（艾伯维，2019年4月、2022年1月、2024 年 6 月陆续获FDA批批准用于治疗斑块状银屑病、银屑病关节炎、克罗恩病和溃疡性结肠炎）、Omvoh/米吉珠单抗（礼来）均已获批IBD适应症。商业验证：Skyrizi 2024年全球销售收入约117亿元，同比增长50.9% （含银屑病），IBD适应症正在快速放量。安全性：多年临床使用积累了大量安全性数据，总体安全性良好。 TL1A靶点——热门IBD新靶点：机制：TL1A（TNF-like ligand 1A）是TNF超家族成员，在IBD患者肠道组织中高表达，驱动纤维化和炎症。价值验证：2023年默沙东以108亿美元收购Prometheus Biosciences，获得TL1A 单抗 Tulisokibart，为靶点价值定价。临床表现：II期数据显示临床缓解率（安慰剂调整后）达20-27%，优于现有二线疗法（10-20%）。 MNC布局：默沙东（Tulisokibart，108亿收购）、罗氏/辉瑞（Afimkibart，70亿收购Telavant）、赛诺菲（Duvakitug，5亿首付款）双抗协同逻辑： IL-23和TL1A在炎症级联反应中处于不同但相互关联的通路：IL-23驱动Th17细胞分化，TL1A促进效应T细胞活化和纤维化。双抗可同时阻断两条关键信号通路，理论上疗效优于单靶点药物。临床前研究（参考先声SIM0709数据）显示双抗疗效可能优于单抗联用，支持"1+1>2"的协同逻辑。补充： Tulisokibart 临床数据在一项涉及55名CD受试者的 IIa 期非安慰剂对照研究中（NCT05013905），患者在第1天静脉注射1000 mg药物，随后在第2、6和10周注射500 mg。Tulisokibart治疗后，26%的患者达到内镜应答，49%达到临床缓解。无严重不良事件（SAE）被认为与治疗相关。（ IIa期试验：主要终点：安全性和内镜反应（SES-CD减少≥50%（内镜检查评估肠道炎症病变程度，SES-CD评分范围是0-56分，分值越低代表肠道炎症越轻、黏膜恢复越好））在第12周的变化。患者的平均疾病持续时间为10.3年，其中71%的患者曾接受过生物制剂治疗，35%的患者曾接受过三种以上的生物制剂治疗）在一项针对135名UC患者的 II 期研究中（NCT04996797），第1天静脉注射1000 mg tulisokibart，随后在第2、6和10周注射500 mg。第12周时，药物治疗组分别以26.5%和32%的比例高于安慰剂组的1%和11%，达到了临床缓解和内镜改善。药物治疗和安慰剂治疗的治疗期出现的不良事件发生率相当，表明该药耐受性良好。一项涉及1020名UC受试者的III期研究已经公布（NCT06052059）：两项CD患者的3期研究（NCT06651281，NCT06430801）也在进行中。 RA患者的2期研究也在探索中。发表于2024年9月26日《新英格兰医学杂志》（NEJM）的2期临床试验，旨在评估抗TL1A单克隆抗体Tulisokibart治疗中重度活动性溃疡性结肠炎的疗效与安全性。 Tulisokibart治疗溃疡性结肠炎2期临床试验：项目内容研究目的评估药物疗效与安全性，并探索基于遗传学的“应答可能性”诊断检测的预测价值。研究设计随机、双盲、安慰剂对照、多中心、2期临床试验，在14个国家开展。研究人群患有中重度活动性UC，患有糖皮质激素依赖或溃疡性结肠炎常规或晚期治疗失败的患者。• 队列1 (Cohort 1, 主要分析人群)：共135人，无论“应答可能性”检测结果，均随机入组。 • 队列2 (Cohort 2)：共43人，仅“应答可能性”检测为阳性的患者随机入组。治疗方案试验组：静脉注射Tulisokibart (第1天1000 mg，第2、6、10周各500 mg) 对照组：安慰剂主要终点第12周时的临床缓解主要疗效结果队列1 (全体患者)：Tulisokibart组临床缓解率为 26%，显著高于安慰剂组的 1% (差异25%，P<0.001)。 “应答可能性”检测阳性患者 (队列1+2合并，n=75)：Tulisokibart组缓解率为 32%，高于安慰剂组的 11% (差异21%，P=0.02)。安全性结果 • 总体不良事件发生率：Tulisokibart组与安慰剂组相似（46% vs. 43%）；大多数不良事件为轻度至中度。 • 严重不良事件：Tulisokibart组发生率较低（1% vs. 8%）。 • 无死亡病例报告。研究局限性为期12周的2期研究，样本量有限，无法充分评估药物的疗效与安全性。需要更长时间、更大规模的3期试验来进一步验证。研究结论在这项短期试验中，Tulisokibart在诱导中重度活动性溃疡性结肠炎患者临床缓解方面优于安慰剂，且显示出可接受的安全性特征。 2.3 IBD治疗格局与未满足需求现有疗法存在明显天花板，为创新疗法留出空间 IBD疾病背景：炎症性肠病（IBD）包括溃疡性结肠炎（UC）和克罗恩病（CD），是一类慢性、复发性的肠道炎症疾病。全球患者约600-800万人，中国患者约91万人（2024年）并快速增长至150万人（2030年）。IBD目前无法根治，患者需长期用药控制症状和炎症。现有标准疗法及痛点：治疗线疗法代表药物临床缓解率核心痛点一线 5-ASA类（5-氨基水杨酸类药物）美沙拉嗪 30-40% 仅适用于轻症，中重度无效一线 TNF-α单抗英夫利昔单抗、阿达木单抗 30-40% 30%原发无应答，40-50%继发耐药一线整合素单抗维得利珠单抗（α4β7整合素单抗） 25-30% 起效慢（8-14周），部分患者疗效不足二线 JAK抑制剂乌帕替尼、托法替布 25-30% FDA黑框警告（心血管、肿瘤、感染风险）二线 IL-23p19单抗米吉珠单抗、利生奇珠单抗 10-20% 单靶点临床缓解率存在天花板新一代 TL1A单抗 Tulisokibart（III期） 20-27% 尚未获批，单靶点疗效仍有提升空间【现有疗法痛点】现有单靶点生物制剂的二线疗法临床缓解率（安慰剂调整后）普遍在10-27%之间，意味着超过70%的患者无法通过单一疗法达到临床缓解。TL1A单抗II期数据（20-27%）已展现突破，但仍有约73-80%的患者未获缓解。双抗通过同时阻断两条通路，有望提升临床缓解率。 2.4 竞争格局 2.4.1 TL1A单抗：验证靶点价值的参照系 TL1A单抗的临床数据是评估双抗疗效潜力的重要参照：药物公司诱导期缓解率（总/安慰剂调整）内镜改善率当前所处临床阶段峰值预期 Tulisokibart 默沙东 26% vs 1%（调整后25%） 31% III期 30-50亿美元 Afimkibart 罗氏/辉瑞 23% vs 3%（调整后20%） ~20% III期未披露 Duvakitug 赛诺菲/Teva 48% vs 21%（调整后27%） 27% III期未披露【峰值销售预期说明】 Tulisokibart 30-50亿美元峰值销售预期来源于：(1) 默沙东2023年以108亿美元收购Prometheus时的估值隐含假设；(2) 与同类重磅IBD药物（如Entyvio （整合素α4β7 单抗，维得利珠单抗，安吉优，武田）2024年销售额达58.41亿美元，同比增长9.60% 、Skyrizi IBD适应症预计20-30亿美元）的类比。双抗峰值保守假设为TL1A单抗的30%份额（即15亿美元），基于双抗作为后发资产可能面临的竞争和市场分割。 2.4.2 TL1A×IL-23双抗：QX030N的直接竞争者全球目前仅有6家公司在研发TL1A×IL-23双抗，竞争格局相对友好：公司资产阶段合作方交易金额特点荃信/Caldera QX030N/CLD-423 I期 Caldera（NewCo） 5.55亿美元首批进入I期的双抗之一华深智药 HXN-1003 I期赛诺菲 17.2亿美元（2资产）含HXN-1002（α4β7/TL1A）先声药业 SIM0709 临床前勃林格殷格翰 12.5亿美元临床前数据优异辉瑞/罗氏 PF-07261271 II期内部 - MNC内部开发 Xencor XmAb412 临床前 - - XmAb平台技术 Novamab LQ080 IND/I期 - - 国内Biotech 竞争格局评价：全球仅6家在研，QX030N为首批进入I期的资产之一，具有先发优势核心竞争变量：临床疗效数据、安全性、开发速度。华深HXN-1003已获赛诺菲17.2亿美元合作（含另一资产），验证了双抗赛道的高估值逻辑。辉瑞/罗氏PF-07261271已进入II期，是最直接的竞争者。 2.5 市场空间指标数据全球IBD患者 600-800万人中国IBD患者约91万人（2024）→150万人（2030）全球IBD药物市场 207亿美元（2023）→278亿美元（2030） TL1A单抗峰值预期 30-50亿美元（Tulisokibart）双抗市场份额假设 TL1A单抗的30%（保守估计） QX030N峰值销售假设：15亿美元（参考TL1A单抗30-50亿峰值的30%份额）【峰值销售假设】 15亿美元峰值销售假设基于以下逻辑：(1) TL1A单抗Tulisokibart峰值预期30-50亿美元，取中值40亿美元；(2) 双抗作为后发资产，假设可获取30-40%的市场份额；(3) 40亿×37.5%≈15亿美元。这是相对保守的估计，若双抗疗效显著优于单抗，份额可能更高。 04 条款评价 3.1 可比交易对标公司资产合作方首付款总金额首付/总额阶段荃信生物 QX030N Caldera 1,000万+股权 5.55亿 1.8% 临床前先声药业 SIM0709 勃林格殷格翰 ~5,000万 12.5亿 ~4% 临床前华深智药 HXN-1002/1003 赛诺菲 1.25亿（2资产） 17.2亿 7.3% 临床前 3.2 条款评价条款 QX030N 对比评价首付款 1,000万美元临床前500万-2,000万偏低首付/总额 1.8% 行业2%-7% 偏低总金额 5.55亿美元同类5-15亿美元中等股权对价 24.88% NewCo模式特有额外价值合作方质量顶级VC NewCo MNC实力更为雄厚，但NewCo新设公司专注开发QX030N管线，资源精力更为集中较优条款综合评价：首付款偏低，但股权对价弥补现金不足；合作方为顶级 VC支持的NewCo而非MNC，里程碑金额兑现存在不确定性，但NewCo新设公司专注开发QX030N管线，资源精力更为集中，预计将加速QX030N管线的推进。首付款偏低的原因：签约时间早（2025年4月），为行业首批TL1A双抗出海交易，定价参考有限临床前阶段资产风险高，现金首付通常占比较低 NewCo模式以股权替代部分现金对价，属于交易结构设计的一部分股权潜在价值： Caldera A轮+A-1轮累计融资1.125亿美元。荃信持有24.88%股权若Caldera未来IPO或被MNC收购，股权变现空间可观参考Morphic被礼来以32亿美元收购（ 2024年），若Caldera达到类似估值，荃信股权价值可达8亿美元 05 QX030N管线对公司估值贡献 4.1 估值方法：rNPV（风险调整净现值）管线估值方法采用rNPV ，将未来不确定的现金流按成功概率和时间价值折算为当前价值。基本公式： `rNPV = Σ[CFt × P(success) / (1+r)^t]` 其中：CFt = 第t年预期现金流；P(success) = 累计成功概率；r = 折现率；t = 年数核心概念：成功概率（PoS）：新药从临床前到上市的累计成功率约10-12% 。阶段性成功概率：I期→II期约60-70%，II期→III期约30-50%，III期→上市约60-70%，各阶段概率相乘得到累计概率。折现率（WACC）：通常使用12-15%的折现率，反映资金的时间价值和创新药行业风险溢价峰值销售：新药上市后销售额通常先增长后下降，峰值通常出现在上市后5-8年 4.2 QX030N估值假设核心参数假设：参数假设值假设依据峰值销售 15亿美元 TL1A单抗预期峰值30-50亿的30%份额荃信分成比例 10%-15% 临床前授权的行业常见区间累计成功概率 10%-12% 临床前→上市的历史成功率折现率（WACC） 12% 商业化时间预计为2032年商业化时间假设：新药从I期临床到上市通常需要6-8年，具体时间取决于适应症、临床设计和监管路径。QX030N的预期时间线：阶段起始时间预计持续时间预计完成时间说明 I期临床 2026年1月 12-18个月 2027年H1 安全性和PK/PD，已首批给药 II期临床 2027年H1 18-24个月 2029年H1 POC验证，关键疗效数据 III期临床 2029年H1 24-36个月 2031年H2 确证性研究，大规模验证上市申请 2031年H2 12-18个月 2032年H2 NDA/BLA提交和审评商业化 2032年H2 - - 首个适应症上市 4.3 里程碑付款风险调整计算里程碑付款需要按各阶段累计成功概率进行风险调整：里程碑类型预计金额（美元）触发条件累计成功概率风险调整后价值开发里程碑1 500万 I期启动 100%(已触发) 500万开发里程碑2 1,500万 I期完成 80% 1,200万开发里程碑3 3,000万 II期完成 50% 1,500万开发里程碑4 5,000万 III期启动 35% 1,750万开发里程碑5 8,000万 III期完成 25% 2,000万监管里程碑1 1亿美国获批 20% 2,000万监管里程碑2 5,000万欧盟获批 18% 900万商业里程碑 2.5亿销售达标 15% 3,750万合计 5.45亿 - - ~1.4亿【成功概率假设依据】阶段成功概率基于生物医药行业历史数据：(1) 临床前→I期完成约80%；(2) I期→II期完成约62%（累计50%）；(3) II期→III期启动约70%（累计35%）；(4) III期→获批约60-70%（累计20-25%）。 4.4 销售分成估算销售分成是BD交易的长期价值来源，需要进行成功概率调整和时间价值折现：销售曲线假设：新药上市后的销售通常呈现S型曲线——初期快速增长，达到峰值后因专利到期和竞争逐渐下降。假设QX030N于2032年上市：年份上市后年数预计全球销售销售增长逻辑 2032 第1年 3亿美元新药上市首年，市场导入期 2033 第2年 7亿美元快速放量，医生接受度提升 2034 第3年 12亿美元持续增长，进入更多市场 2035 第4年 15亿美元达到峰值销售 2036 第5年 15亿美元峰值维持 2037 第6年 12亿美元竞争加剧，开始下降 2038 第7年 10亿美元生命周期后期分成收入计算（假设12%分成比例）：年份全球销售（美元）分成收入(12%) 成功概率(12%) 风险调整后折现后价值 2032 3亿 3,600万 12% 432万 219万 2033 7亿 8,400万 12% 1,008万 456万 2034 12亿 14,400万 12% 1,728万 698万 2035 15亿 18,000万 12% 2,160万 780万 2036 15亿 18,000万 12% 2,160万 696万 2037 12亿 14,400万 12% 1,728万 496万 2038 10亿 12,000万 12% 1,440万 370万合计 74亿 8.88亿 - - ~3,700万 4.5 QX030N 管线当前价值汇总价值来源金额说明已收款 1,500万美元预付款1,000万+已触发开发里程碑500万股权价值 ~1.1亿美元 24.88%×Caldera估值4.5亿（按最新融资）剩余里程碑（风险调整） ~1.4亿美元按阶段累计概率折算销售分成（风险调整+折现） ~3,700万美元 12%成功率+12%折现率合计当前价值 1.5-2.5亿美元保守-基准情景估值贡献：QX030N当前价值1.5-2.5亿美元，占荃信市值（约42亿港元/5.4亿美元）的25%-45% 4.6 估值增长催化剂价值随临床推进的变化路径：随着临床推进，成功概率提升，估值乘数扩张，资产价值将显著增长：阶段预计时间成功概率变化估值乘数假设荃信权益价值 vs当前增幅当前（I期中） 2026年基准（50%） 1.0x ~2.5亿美元基准 I期完成 2027年H1 →60% 1.2x ~3亿美元 +20% II期完成（POC） 2029年H1 →70% 1.5x ~4亿美元 +60% III期启动 2029年H1 →80% 1.8x ~5.5亿美元 +120% 获批上市 2032年 →100% 2.5x ~8-10亿美元 +220-300% 核心催化剂路径：I期数据（2026H2）→ II期启动（2027）→ Caldera后续融资/IPO → II期POC数据（2029） 06 风险评估风险类型具体风险影响程度发生概率应对/对冲临床失败 I期/II期未达终点高中高两个靶点已验证，机制风险可控，需关注双抗安全性风险竞争风险华深/先声/辉瑞数据更优或进度领先中中关注竞品数据，调整预期合作方风险 Caldera资金不足或战略调整高低已融资1.125亿，顶级VC背书股权变现 Caldera IPO或被收购不确定中中股权价值实现需耐心等待协议终止合作方提前终止协议高低资产回收后可重新BD 核心风险：临床失败风险。双抗疗效假设需II期POC验证，这是决定管线价值的关键拐点。风险对冲因素：靶点验证充分：IL-23p19和TL1A两个靶点均有获批或晚期临床数据支持，双抗的创新主要在组合而非机制资金充裕：Caldera已融资1.125亿美元，足以支持到II期POC完成顶级VC背书：Atlas、LAV、Wellington等顶级投资机构参与，降低合作方风险股权保护：荃信持有24.88%股权，即使里程碑延迟仍有价值底线协议条款：若Caldera终止开发，资产权益可能回收至荃信 07 结论与跟踪要点 6.1 交易评价总结维度说明资产质量 FIC双抗，靶点热度高，竞争格局好，赛道仅6家在研，资产质量较好，但临床早期整体风险较高条款合理性首付款偏低（1,000万），但股权对价（1.1亿）弥补合作方质量顶级VC背书，CEO具备成功推进产品上市/公司转让退出经验，执行力已验证战略价值首个双抗出海，验证平台BD能力估值贡献占市值25%-45%，未来随着临床推进管线价值抬升的弹性较大，核心看II期POC 6.2 跟踪要点时间事件关注点预期影响 2026年H2 I期数据安全性、PK/PD、初步疗效信号若积极，估值+20% 持续 Caldera融资/估值后续融资估值、IPO进展股权价值重估 2027年 II期启动适应症选择、试验设计、入组速度验证执行力 2028-2029年 II期POC数据疗效vs TL1A单抗，安全性核心价值拐点，若成功估值翻倍+ 持续竞品进度华深HXN-1003、先声SIM0709、辉瑞PF-07261271 竞争格局变化 6.3 公司价值验证 QX030N BD交易是荃信生物双抗平台价值验证的里程碑事件。短期（2026年）：首付款现金流贡献有限（1,000万美元），但持股24.88% 股权，和I期启动是积极信号。中期（2027-2029年）：核心看I期数据和II期POC，这是管线估值跃升的关键，成功概率提升将带动管线估值提升长期（2030年+）：若临床成功并获批上市，QX030N海外权益价值可达8-10亿美元，对公司市值形成显著贡献风险收益比：未来估值向上弹性取决于临床进展，核心风险在于II期POC失败。免责声明文中提及标的、案例为讨论需要，不构成投资建议，本微信公众号保留最终解释权。文章所载观点、结论和建议仅供参考，在任何时候均不构成任何担保或对私人的投资建议，对依据或者使用本文所造成的一切后果，本微信公众号及作者均不承担任何法律责任。若涉及版权问题，或需文章图表数据，请通过微信后台联系文章作者。

并购引进/卖出临床1期临床2期IPO

2026-03-06

·北京医学感染与传染研究

抗菌化疗杂志81卷 1-3期

Journal of Antimicrobial Chemotherapy Volume 81, Issue 1抗菌化疗杂志81卷 1期 https://academic.oup.com/jac/issue 50th Anniversary Collection 50周年纪念合集 Review（综述） 1 Artificial intelligence for improving decision-making in bacterial infection management: a narrative review 人工智能在改善细菌感染治疗决策中的应用：一项叙述性综述 Anisia Talianu and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 1, January 2026, dkaf470, https://doi.org/10.1093/jac/dkaf470 Reviews（综述） 2 Evolving landscape of methicillin-resistant Staphylococcus pseudintermedius: the emergence of new epidemic waves across Europe, Asia and North America 耐甲氧西林中间型葡萄球菌的演变格局：欧洲、亚洲和北美洲新流行浪潮的出现 Lillian Rose Giarratana and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 1, January 2026, dkaf340, https://doi.org/10.1093/jac/dkaf340 3 Azithromycin resistance in non-typhoidal Salmonella: a review 非伤寒沙门氏菌对阿奇霉素的耐药性：综述 Zhe Zhu and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 1, January 2026, dkaf341, https://doi.org/10.1093/jac/dkaf341 4 Antibiotic pharmacodynamics: from MIC to advanced metrics and their applications 抗生素药效动力学：从最低抑菌浓度到高级指标及其应用 Malin Andersson and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 1, January 2026, dkaf374, https://doi.org/10.1093/jac/dkaf374 5 Progress in the study of drug resistance mechanism of Bacillus cereus 蜡样芽孢杆菌耐药机制研究进展 Yuhang Zhang and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 1, January 2026, dkaf399, https://doi.org/10.1093/jac/dkaf399 6 The curious constraints on clofazimine 氯法齐明的奇特限制 Maple Goh and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 1, January 2026, dkaf430, https://doi.org/10.1093/jac/dkaf430 7 Antiplasmid systems: a novel strategy to combat antibiotic resistance 抗质粒系统：对抗抗生素耐药性的新策略 Mohd Asim and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 1, January 2026, dkaf472, https://doi.org/10.1093/jac/dkaf472 Systematic Review（系统综述） 8 Coccidioidomycosis in Europe: a systematic literature review of epidemiology, treatment and outcomes 欧洲球孢子菌病：流行病学、治疗和预后的系统文献综述 Priya Shastri and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 1, January 2026, dkaf407, https://doi.org/10.1093/jac/dkaf407 9 Systematic review of antimicrobial pharmacokinetic/pharmacodynamic indices in murine thigh and hollow fibre dose fractionation studies analysed with a standard method 用标准方法分析小鼠大腿和空心纤维剂量分次研究中的抗菌药物药代动力学/药效动力学指数的系统综述 Najla Alabdulkarim and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 1, January 2026, dkaf446, https://doi.org/10.1093/jac/dkaf446 Virtual Roundtable（虚拟圆桌会议） 10 Procalcitonin in the management of lower respiratory tract infection and sepsis 降钙素原在下呼吸道感染和败血症治疗中的应用 Ramy H Elshaboury and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 1, January 2026, dkaf298, https://doi.org/10.1093/jac/dkaf298 Original Research（论著） 11 Model-based assessment of letermovir pharmacokinetics in allogeneic haematopoietic stem cell transplant recipients 来特莫韦在异基因造血干细胞移植受者中药代动力学的基于模型的评估 Chrisoula Tahtsidou and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 1, January 2026, dkaf427, https://doi.org/10.1093/jac/dkaf427 12 In vitro exebacase (CF-301) activity against methicillin-susceptible or methicillin-resistant Staphylococcus aureus and coagulase-negative staphylococci strains isolated from patients with infective endocarditis 体外试验评估依拉环素（CF-301）对甲氧西林敏感或甲氧西林耐药金黄色葡萄球菌及凝固酶阴性葡萄球菌（从感染性心内膜炎患者中分离）的活性 María-Alexandra Cañas and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 1, January 2026, dkaf435, https://doi.org/10.1093/jac/dkaf435 13 Evaluation of subcutaneous amoxicillin/clavulanic acid pharmacokinetics as an alternative to the intravenous route in older patients—the PhASAge Study 评估皮下注射阿莫西林/克拉维酸药代动力学作为老年患者静脉给药替代方案——PhASAge研究 Nicolas Grégoire and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 1, January 2026, dkaf381, https://doi.org/10.1093/jac/dkaf381 14 Real-life use of isavuconazole in Spanish children and adolescents 西班牙儿童和青少年中艾沙康唑的实际使用情况 Natalia Mendoza-Palomar and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 1, January 2026, dkaf394, https://doi.org/10.1093/jac/dkaf394 15 No pharmacovigilance signal of intracranial hypertension associated with glycylcyclines: a FAERS-based disproportionality analysis 基于FAERS数据库的不成比例性分析：未发现甘氨酰环素类与颅内高压相关的药物警戒信号 Slobodan M Jankovic and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 1, January 2026, dkaf395, https://doi.org/10.1093/jac/dkaf395 16 Posaconazole enteral tube administration in adults: pharmacokinetic target attainment of oral suspension compared with crushed delayed-release tablet 成人经肠内营养管给予泊沙康唑：口服混悬液与碾碎的缓释片的药代动力学目标达成情况比较 Nirjan Bhattarai and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 1, January 2026, dkaf396, https://doi.org/10.1093/jac/dkaf396 17 Characterizing CYP3A4-mediated drug interactions: a fixed-sequence pharmacokinetic Chinese study of posaconazole and ruxolitinib in haematological malignancies CYP3A4介导的药物相互作用特征：一项关于泊沙康唑和鲁索替尼在血液系统恶性肿瘤中的固定序列药代动力学中国研究 Beibei Liang and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 1, January 2026, dkaf398, https://doi.org/10.1093/jac/dkaf398 18 Differences in prescription for impetigo and cellulitis across years in three European countries 三个欧洲国家不同年份脓疱病和蜂窝织炎的处方差异 Thomas Bettuzzi and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 1, January 2026, dkaf400, https://doi.org/10.1093/jac/dkaf400 19 β-Lactam concentrations monitored in the early phase of community-acquired sepsis in the intensive care unit 重症监护室社区获得性脓毒症早期阶段监测的β-内酰胺浓度 Karolina Liljedahl Prytz and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 1, January 2026, dkaf401, https://doi.org/10.1093/jac/dkaf401 20 Enhanced antimycobacterial efficacy of simulated inhaled clofazimine versus oral clofazimine in combination with azithromycin and ethambutol in a hollow-fiber system 在空心纤维系统中，模拟吸入氯法齐明与口服氯法齐明联合阿奇霉素和乙胺丁醇的抗结核分枝杆菌疗效增强比较 Jelmer Raaijmakers and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 1, January 2026, dkaf402, https://doi.org/10.1093/jac/dkaf402 21 Identification of antimicrobial resistance genes in Escherichia coli through network diffusion 通过网络扩散法鉴定大肠杆菌中的抗生素耐药基因 Anis Mansouri and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 1, January 2026, dkaf404, https://doi.org/10.1093/jac/dkaf404 22 Preclinical evaluation of epetraborole in the hollow fibre system model of Mycobacterium abscessus lung disease 依培硼罗在脓肿分枝杆菌肺病空心纤维系统模型中的临床前评估 Sanjay Singh and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 1, January 2026, dkaf405, https://doi.org/10.1093/jac/dkaf405 23 The β-lactamase inhibitor concentration-dependent minimum inhibitory concentration (MICcBLI) as methodology to assess the pharmacokinetic/pharmacodynamic relationship of piperacillin/tazobactam for dosing optimization β-内酰胺酶抑制剂浓度依赖性最低抑菌浓度（MICcBLI）作为评估哌拉西林/他唑巴坦药代动力学/药效动力学关系以优化给药的方法 Malin Andersson and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 1, January 2026, dkaf406, https://doi.org/10.1093/jac/dkaf406 24 Unravelling the triad of penicillin-binding proteins, β-lactamase activity, and mRNA dynamics in Pseudomonas aeruginosa AmpC induction 解析铜绿假单胞菌AmpC诱导过程中青霉素结合蛋白、β-内酰胺酶活性和mRNA动态的三元关系 Maria Montaner and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 1, January 2026, dkaf408, https://doi.org/10.1093/jac/dkaf408 25 Unnoticed spread of linear VanA-plasmids in vancomycin-variable Enterococcus faecium strains across different regions: a diagnostics challenge 不同地区万古霉素可变型粪肠球菌菌株中线性VanA质粒的未被察觉的传播：一项诊断挑战 Ana C Almeida-Santos and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 1, January 2026, dkaf409, https://doi.org/10.1093/jac/dkaf409 26 Switching from etravirine to doravirine in virologically suppressed people with HIV: results from the French multicentre SWEED observational study 在病毒学抑制的HIV感染者中从依曲韦林切换至多拉韦林：法国多中心SWEED观察性研究的结果 Romain Palich and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 1, January 2026, dkaf410, https://doi.org/10.1093/jac/dkaf410 27 HIV-1 drug resistance among pregnant and breastfeeding mothers and its association with paediatric HIV infections in the Dolutegravir era in Uganda 乌干达多替拉韦时代孕产妇及哺乳期母亲中HIV-1耐药情况及其与儿童HIV感染的关联 Anne Kapaata and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 1, January 2026, dkaf411, https://doi.org/10.1093/jac/dkaf411 28 Outpatient antibiotic prescribing for medically attended respiratory syncytial virus, influenza, or human metapneumovirus illness among high-risk adults in rural Wisconsin, United States 美国威斯康星州农村地区高风险成人因呼吸道合胞病毒、流感或人偏肺病毒感染就诊时的门诊抗生素处方情况 Sarah C J Jorgensen and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 1, January 2026, dkaf412, https://doi.org/10.1093/jac/dkaf412 29 Omadacycline as a drug candidate for Mycobacterium avium infections: in vitro insights on single and combination therapies 奥马环素作为鸟分枝杆菌感染候选药物：单药及联合治疗的体外研究 Saskia E Mudde and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 1, January 2026, dkaf413, https://doi.org/10.1093/jac/dkaf413 30 Post-pandemic trends in Streptococcus pneumoniae serotype epidemiology and antibiotic susceptibility in adults with invasive and non-invasive pneumococcal disease in the USA (2022–2023) 后疫情时代美国成人侵袭性与非侵袭性肺炎链球菌病血清型流行病学及抗生素敏感性趋势（2022-2023） Mekki F Bensaci and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 1, January 2026, dkaf414, https://doi.org/10.1093/jac/dkaf414 31 Benznidazole pharmacokinetics in patients with chronic Chagas disease: association with demographic factors and adverse drug reactions 慢性恰加斯病患者苯芴醇药代动力学：与人口统计学因素及药物不良反应的关联 Gabriel P E Silveira and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 1, January 2026, dkaf416, https://doi.org/10.1093/jac/dkaf416 32 Acquired antimicrobial resistance genes in Bordetella Species: a global genomic analysis 博德特氏菌属中获得的抗菌药物耐药基因：全球基因组分析 Biao Tang and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 1, January 2026, dkaf418, https://doi.org/10.1093/jac/dkaf418 33 Machine learning for personalized antimicrobial susceptibility breakpoints: (Adaptive clinical breakpoint interpretation) 基于机器学习的个性化抗菌药物敏感性折点制定（自适应临床折点解释） Yinzheng Zhong and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 1, January 2026, dkaf419, https://doi.org/10.1093/jac/dkaf419 34 Multicentre investigation of Wickerhamomyces anomalus fungemia in India: emerging resistance and mechanistic insights 印度异常威克汉姆酵母菌血症的多中心研究：新发耐药性及机制洞察 Shristi Verma and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 1, January 2026, dkaf420, https://doi.org/10.1093/jac/dkaf420 35 Reducing aztreonam/avibactam waste: insights from Monte Carlo simulations 减少氨曲南/阿维巴坦浪费：蒙特卡洛模拟的启示 Yeleen Fromage and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 1, January 2026, dkaf421, https://doi.org/10.1093/jac/dkaf421 36 Nanoparticle-based co-delivery of ciprofloxacin and meropenem enhances synergistic activity against multidrug-resistant hypervirulent Klebsiella pneumoniae clinical isolates 基于纳米颗粒的环丙沙星与美罗培南共递送可增强对多重耐药高毒力肺炎克雷伯菌临床分离株的协同活性 Reham Mostafa and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 1, January 2026, dkaf422, https://doi.org/10.1093/jac/dkaf422 37 Development of population pharmacokinetic models of total and free piperacillin in critically ill children and young adults for Monte Carlo simulations and model-informed precision dosing 危重症儿童及青年总游离哌拉西林群体药代动力学模型开发：用于蒙特卡洛模拟及模型引导的精准给药 Sonya Tang Girdwood and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 1, January 2026, dkaf423, https://doi.org/10.1093/jac/dkaf423 38 Reaching the target: time and dose required to achieve target vancomycin plasma concentrations in admitted patients 达标分析：住院患者达到目标万古霉素血浆浓度所需的时间与剂量 W Töpfer and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 1, January 2026, dkaf424, https://doi.org/10.1093/jac/dkaf424 39 Notable transmitted HIV drug resistance among people who inject drugs in Pakistan 巴基斯坦注射毒品人群中显著传播的HIV耐药性 Stephanie Melnychuk and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 1, January 2026, dkaf425, https://doi.org/10.1093/jac/dkaf425 40 Synergistic but clinically unattainable: amoxicillin/ceftriaxone combination against ampicillin-susceptible Enterococcus faecium 协同但临床难以实现：阿莫西林/头孢曲松联合对氨苄西林敏感粪肠球菌的体外活性 Ahmed Ashrin and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 1, January 2026, dkaf426, https://doi.org/10.1093/jac/dkaf426 41 Pharmacodynamic studies of taniborbactam (VNRX-5133) combined with cefepime against β-lactamase–producing Gram-negative bacteria in a neutropenic murine thigh infection model 中性粒细胞减少小鼠大腿感染模型中他尼硼巴坦（VNRX-5133）联合头孢吡肟对产β-内酰胺酶革兰氏阴性菌的药效动力学研究 Panagiota-Christina Georgiou and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 1, January 2026, dkaf431, https://doi.org/10.1093/jac/dkaf431 42 Epidemiology and treatment of endocarditis secondary to Enterobacterales other than Serratia spp. 非塞拉蒂亚属肠杆菌目细菌所致心内膜炎的流行病学及治疗 Clayton F Hausberger and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 1, January 2026, dkaf432, https://doi.org/10.1093/jac/dkaf432 43 Enhanced activity of apramycin and apramycin-based combinations against Mycobacteroides abscessus 阿普拉霉素及其组合对脓肿分枝杆菌的增强活性 Yanqin Huang and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 1, January 2026, dkaf433, https://doi.org/10.1093/jac/dkaf433 44 Efflux-mediated multidrug resistance mechanism in Trichophyton indotineae and Trichophyton rubrum; role of ABC transporters and MFS gene 印度毛癣菌与红色毛癣菌中由ABC转运蛋白和MFS基因介导的流出泵型多重耐药机制 Dipika Shaw and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 1, January 2026, dkaf434, https://doi.org/10.1093/jac/dkaf434 45 Sphingobacterium spp. as intrinsic producers of SPI Ambler class B metallo-β-lactamases 鞘氨醇杆菌属作为SPI Ambler B类金属β-内酰胺酶的固有产生者 Delphine Girlich and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 1, January 2026, dkaf436, https://doi.org/10.1093/jac/dkaf436 46 Global phylogeography and genomic characterization of blaNDM-1-positive carbapenem-resistant Acinetobacter soli blaNDM-1阳性碳青霉烯耐药溶胶阿卡净菌的全球系统发育地理学及基因组特征 Pengpeng Min and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 1, January 2026, dkaf437, https://doi.org/10.1093/jac/dkaf437 47 Pharmacokinetics and tolerability of one-month daily rifapentine for latent tuberculosis treatment in haemodialysis patients 血液透析患者潜伏性结核治疗中每月一次每日利福喷丁的药代动力学及耐受性 Thornthun Ueaphongsukkit and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 1, January 2026, dkaf439, https://doi.org/10.1093/jac/dkaf439 48 In vitro susceptibility of cefepime-enmetazobactam, cefepime-taniborbactam and cefepime-zidebactam towards carbapenemase-producing Enterobacterales 头孢吡肟-恩美他唑巴坦、头孢吡肟-他尼硼巴坦及头孢吡肟-齐德巴坦对产碳青霉烯酶肠杆菌目的体外敏感性 Marion Dutkiewicz and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 1, January 2026, dkaf440, https://doi.org/10.1093/jac/dkaf440 49 In vitro efficacy of sulbactam/durlobactam combined with β-lactam antibiotics in Australian Mycobacterium abscessus isolates 舒巴坦/杜洛巴坦联合β-内酰胺类抗生素对澳大利亚脓肿分枝杆菌分离株的体外疗效 Kirby Patterson-Fahy and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 1, January 2026, dkaf441, https://doi.org/10.1093/jac/dkaf441 50 Harnessing CRISPR–Cas9 and CRISPRi systems to reverse antibiotic resistance in a clinical multidrug-resistant Escherichia coli isolate 利用CRISPR-Cas9及CRISPRi系统逆转临床多重耐药大肠杆菌分离株的抗生素耐药性 Ruonan Zhao and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 1, January 2026, dkaf442, https://doi.org/10.1093/jac/dkaf442 51 Cotrimoxazole in the intensive care unit: an impossible task for the fixed association in real life? 重症监护室中复方磺胺甲噁唑的应用：固定组合在现实中的不可行性？ Manon Launay and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 1, January 2026, dkaf443, https://doi.org/10.1093/jac/dkaf443 52 National representative survey of pretreatment HIV drug resistance in Colombia: analysis of antiretroviral resistance-associated mutations using next-generation sequencing 哥伦比亚全国代表性调查：基于下一代测序的抗逆转录病毒耐药相关突变分析 Ernesto Martínez-Buitrago and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 1, January 2026, dkaf444, https://doi.org/10.1093/jac/dkaf444 53 A model-based comparison of dose reduction strategies for fixed-dose dolutegravir-containing regimens 基于模型的含固定剂量多替拉韦方案减量策略比较 Laura Dickinson and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 1, January 2026, dkaf445, https://doi.org/10.1093/jac/dkaf445 54 Therapeutic drug monitoring and target attainment of unbound flucloxacillin in hospitalized patients with measured MICs (FLUTE) 住院患者中游离氟氯西林的治疗药物监测及目标达成情况（基于实测最低抑菌浓度的FLUTE研究） Pjotr P Temme and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 1, January 2026, dkaf447, https://doi.org/10.1093/jac/dkaf447 55 Nirmatrelvir-ritonavir addition to acute care formulary: a retrospective, multi-centre evaluation of quantitative economic and qualitative clinical outcomes 奈玛特韦/利托那韦纳入急症治疗目录：一项多中心回顾性评估定量经济与定性临床结果的研究 Jose Valdes Ledesma and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 1, January 2026, dkaf448, https://doi.org/10.1093/jac/dkaf448 56 Local antibiotic resistance surveillance in nursing homes using lot quality assurance sampling: a feasibility study 采用批量质量保证抽样法对养老院进行本地抗生素耐药性监测的可行性研究 Sacha Kuil and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 1, January 2026, dkaf451, https://doi.org/10.1093/jac/dkaf451 57 High in vitro activity of the novel antimicrobial gepotidacin against Neisseria gonorrhoeae isolates in eight WHO Enhanced Gonococcal Antimicrobial Surveillance Programme countries in three WHO regions, 2021–24 2021-2024年，在世卫组织三个区域的八个世卫组织增强淋球菌抗菌药物监测计划国家中，新型抗菌药物吉皮达星对淋病奈瑟菌分离株的体外活性较高 Josefine Ahlstrand and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 1, January 2026, dkaf452, https://doi.org/10.1093/jac/dkaf452 58 Despite increasing use of integrase inhibitors to treat HIV infection, resistance to this class remains stable 尽管整合酶抑制剂用于治疗HIV感染的使用量不断增加，但此类药物的耐药性仍保持稳定 Cathia Soulie and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 1, January 2026, dkaf454, https://doi.org/10.1093/jac/dkaf454 59 Fine-needle aspiration in infected necrotizing pancreatitis in the delayed intervention era: a post hoc analysis of safety, microbiological yield and therapeutic implications 延迟干预时代感染性坏死性胰腺炎的细针穿刺抽吸术：安全性、微生物学检出率及治疗意义的事后分析 Hannah S Pauw and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 1, January 2026, dkaf455, https://doi.org/10.1093/jac/dkaf455 60 β-Lactam dosing in critically ill children: predictors for target non-attainment 危重症儿童β-内酰胺类药物给药：未达目标浓度的预测因素 Stef Schouwenburg and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 1, January 2026, dkaf457, https://doi.org/10.1093/jac/dkaf457 61 Co-administration of triazoles with calcineurin or mammalian target of rapamycin inhibitors in solid organ transplant patients hospitalized with invasive aspergillosis 实体器官移植患者合并侵袭性曲霉病住院时三唑类药物与钙调磷酸酶抑制剂或哺乳动物雷帕霉素靶蛋白抑制剂的联合用药情况 Barbara Alexander and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 1, January 2026, dkaf461, https://doi.org/10.1093/jac/dkaf461 62 In vitro selection of cefiderocol-resistant mutants in Acinetobacter baumannii harbouring the most common carbapenemase genes 携带最常见碳青霉烯酶基因的鲍曼不动杆菌中头孢地尔耐药突变体的体外筛选 Otávio Hallal Ferreira Raro and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 1, January 2026, dkaf462, https://doi.org/10.1093/jac/dkaf462 63 Preventing resistance development in infections by OXA β-lactamase-producing Pseudomonas aeruginosa: correlating clinical outcomes with hollow-fibre model input 预防产OXA β-内酰胺酶铜绿假单胞菌感染耐药性的产生：将临床结局与中空纤维模型输入相关联 María M Montero and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 1, January 2026, dkaf464, https://doi.org/10.1093/jac/dkaf464 64 A national pilot community pharmacy–led urinary tract infection service: clinical and patient-reported outcomes from 9077 consultations 全国社区药房主导的尿路感染服务试点项目：9077次咨询的临床结局和患者报告结局 Efi Mantzourani and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 1, January 2026, dkaf466, https://doi.org/10.1093/jac/dkaf466 65 Towards enhanced translational value: preclinical drug activity testing against actively multiplying, nutrient-starved and pellicle biofilm-embedded Mycobacterium abscessus 提高转化价值：针对活跃增殖、营养匮乏和生物膜包裹的脓肿分枝杆菌进行临床前药物活性测试 Henriëtte M Meliefste and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 1, January 2026, dkaf468, https://doi.org/10.1093/jac/dkaf468 Research Letters（研究快报） 66 Novel multiresistance transposon Tn7731 in bovine Pasteurella multocida from Germany 德国牛源多杀性巴氏杆菌中新型多重耐药转座子Tn7731 Henrike Krüger-Haker and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 1, January 2026, dkaf336, https://doi.org/10.1093/jac/dkaf336 67 Efficacy of eravacycline in difficult-to-treat (DTR) Acinetobacter baumannii bacteraemia in ICU: a case report 厄他培南治疗重症监护病房难治性鲍曼不动杆菌菌血症的疗效：一例病例报告 Monica Melchio and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 1, January 2026, dkaf347, https://doi.org/10.1093/jac/dkaf347 68 Possible increased risk of Epstein–Barr virus (EBV) infection and post-transplant lymphoproliferative disease (PTLD) in letermovir-exposed haematopoietic cell transplantation recipients 来特莫韦暴露的造血细胞移植受者中EB病毒感染和移植后淋巴增殖性疾病风险可能增加 Jose F Camargo and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 1, January 2026, dkaf348, https://doi.org/10.1093/jac/dkaf348 69 Dalbavancin dosing in a severely underweight woman with prosthetic valve endocarditis: the critical role of proactive therapeutic drug monitoring 达巴万星在严重体重不足人工瓣膜心内膜炎女性患者中的给药：主动治疗药物监测的关键作用 Ambra Barco and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 1, January 2026, dkaf365, https://doi.org/10.1093/jac/dkaf365 70 Cefazolin-induced seizures in a haemodialysis patient with elevated serum and cerebrospinal fluid concentrations: a case report 血液透析患者头孢唑林血清和脑脊液浓度升高诱发癫痫：一例病例报告 Kohei Hasegawa and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 1, January 2026, dkaf373, https://doi.org/10.1093/jac/dkaf373 71 Retrospective analysis of pharmacological therapeutic monitoring of caspofungin in patients undergoing continuous renal replacement therapy using polyacrylonitrile membranes 使用聚丙烯腈膜进行连续性肾脏替代治疗的患者中卡泊芬净药代动力学治疗监测的回顾性分析 Antoine Hérault and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 1, January 2026, dkaf390, https://doi.org/10.1093/jac/dkaf390 72 Diffusion of OXA-48- and NDM-5-producing Klebsiella pneumoniae ST383 clone in Central Italy 产OXA-48和NDM-5的肺炎克雷伯菌ST383克隆在意大利中部的传播 Gloria D’Achille and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 1, January 2026, dkaf397, https://doi.org/10.1093/jac/dkaf397 73 Durability of lenacapavir in viremic heavily treatment-experienced people with HIV: real-world data from the PRESTIGIO Registry 来那卡帕韦在病毒载量阳性且接受过大量抗逆转录病毒治疗的HIV感染者中的持久性：来自PRESTIGIO登记处的现实数据 Tommaso Clemente and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 1, January 2026, dkaf415, https://doi.org/10.1093/jac/dkaf415 74 Co-carriage of the oxazolidinone resistance genes cfr and optrA in a linezolid-resistant Staphylococcus rostri isolate from a pig-farm worker 猪场工人利奈唑胺耐药猪鼻支原体分离株中噁唑烷酮类耐药基因cfr和optrA的共携带情况 Gi Yong Lee and Soo-Jin Yang Journal of Antimicrobial Chemotherapy, Volume 81, Issue 1, January 2026, dkaf428, https://doi.org/10.1093/jac/dkaf428 75 Importance of reviewing the package insert from gradient strip manufacturers 梯度扩散法药敏纸片生产商说明书审阅的重要性 Mandy Wootton and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 1, January 2026, dkaf429, https://doi.org/10.1093/jac/dkaf429 76 One resistance gene, many transposons: repeated formation of compound and pseudo-compound transposons carrying the aphA1 kanamycin and neomycin resistance gene 一个耐药基因，多个转座子：携带aphA1卡那霉素和新霉素耐药基因的复合及假复合转座子的重复形成 Christopher J Harmer and Ruth M Hall Journal of Antimicrobial Chemotherapy, Volume 81, Issue 1, January 2026, dkaf450, https://doi.org/10.1093/jac/dkaf450 77 Absence of lymphogranuloma venereum among men who have sex with men on PrEP receiving doxycycline postexposure prophylaxis 接受暴露后多西环素预防性治疗的暴露前预防用药男男性行为者中未发现性病淋巴肉芽肿 Cristina Gómez-Ayerbe and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 1, January 2026, dkaf456, https://doi.org/10.1093/jac/dkaf456 78 In vitro activity of gepotidacin against Chlamydia trachomatis 吉皮达星对沙眼衣原体的体外活性 Arabella Touati and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 1, January 2026, dkaf460, https://doi.org/10.1093/jac/dkaf460 Journal of Antimicrobial Chemotherapy Volume 81, Issue 2抗菌化疗杂志 81卷 2期 https://academic.oup.com/jac/issue Viewpoints（观点） 1 Long-acting glycopeptides: what are the barriers to access in patients who need them most, and how can they be overcome? 长效糖肽类：最需要它们的患者获取药物的障碍有哪些，如何克服？ Aleece MacPhail and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 2, February 2026, dkaf471, https://doi.org/10.1093/jac/dkaf471 2 Redefining antifungal prophylaxis in acute leukaemia in the era of targeted therapies 靶向治疗时代急性白血病抗真菌预防的重新定义 Marcio Nucci and Johan Maertens Journal of Antimicrobial Chemotherapy, Volume 81, Issue 2, February 2026, dkag010, https://doi.org/10.1093/jac/dkag010 Reviews（综述） 3 Research progress on resistance mechanisms and clinical efficacy of tigecycline against Klebsiella pneumoniae 替加环素对肺炎克雷伯菌的耐药机制及临床疗效研究进展 Meilin Wu and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 2, February 2026, dkaf504, https://doi.org/10.1093/jac/dkaf504 4 Liposomal amphotericin B and renal safety: review of the evidence and clinical considerations 两性霉素B脂质体与肾脏安全性：证据回顾及临床考量 Johan Maertens and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 2, February 2026, dkaf473, https://doi.org/10.1093/jac/dkaf473 5 Strategies for mitigating severe COVID-19 in patients with haematological malignancy during the omicron era 奥密克戎时代减轻血液系统恶性肿瘤患者严重新冠肺炎的策略 Keiji Okinaka and Joshua T Schiffer Journal of Antimicrobial Chemotherapy, Volume 81, Issue 2, February 2026, dkaf489, https://doi.org/10.1093/jac/dkaf489 Systematic Reviews（系统综述） 6 Safety and efficacy of gepotidacin in urinary tract infection: a GRADE-assessed systematic review and meta-analysis 吉泊替达辛治疗尿路感染的安全性和有效性：一项基于GRADE评估的系统综述和荟萃分析 Taha Ibrahim and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 2, February 2026, dkaf469, https://doi.org/10.1093/jac/dkaf469 7 The emerging clinical relevance and antimicrobial resistance of Pluralibacter gergoviae: a systematic review 产吲哚金黄杆菌日益凸显的临床相关性和抗菌药物耐药性：一项系统综述 Bruna Abdul Ahad Saad and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 2, February 2026, dkaf476, https://doi.org/10.1093/jac/dkaf476 8 A comprehensive analysis of the mutational landscape determining polymyxin resistance in Klebsiella pneumoniae 决定肺炎克雷伯菌多粘菌素耐药性的突变谱综合分析 Sambit Kumar Dwibedy and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 2, February 2026, dkaf503, https://doi.org/10.1093/jac/dkaf503 9 Factors promoting or hindering self-administered outpatient parenteral antimicrobial therapy: a systematic literature review 促进或阻碍自我给药门诊静脉注射抗菌药物治疗的因素：一项系统文献综述 Hester H Stoorvogel and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 2, February 2026, dkaf490, https://doi.org/10.1093/jac/dkaf490 Original Research（论著） 10 Cefepime/enmetazobactam for Gram-negative periprosthetic joint infections? A randomized porcine study on target tissue pharmacokinetics 头孢吡肟/恩美唑巴坦治疗革兰氏阴性假体周围关节感染？一项关于猪的靶组织药代动力学的随机研究 M B D Nielsen and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 2, February 2026, dkaf487, https://doi.org/10.1093/jac/dkaf487 11 Impact of extracorporeal membrane oxygenation modes on voriconazole exposure in critically ill patients 体外膜肺氧合模式对危重患者伏立康唑暴露的影响 Xinrui Wang and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 2, February 2026, dkaf501, https://doi.org/10.1093/jac/dkaf501 12 Model-based assessment of VRC07-523LS dosing in infants through population pharmacokinetic -pharmacodynamic modelling in adults and infants 基于模型通过成人和婴儿群体药代动力学-药效学模型评估VRC07-523LS在婴儿中的给药方案 Dustin Huynh and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 2, February 2026, dkaf449, https://doi.org/10.1093/jac/dkaf449 13 Antibiotic resistance of Pseudomonas aeruginosa strains—intracellular metabolomics analysis 铜绿假单胞菌菌株的抗生素耐药性——细胞内代谢组学分析 Karolina Anna Mielko-Niziałek and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 2, February 2026, dkaf453, https://doi.org/10.1093/jac/dkaf453 14 In vitro activity of cefepime/zidebactam against sulbactam/durlobactam-susceptible and -resistant Acinetobacter baumannii clinical isolates 头孢吡肟/齐多巴坦对舒巴坦/杜洛巴坦敏感和耐药鲍曼不动杆菌临床分离株的体外活性 Carlo Tascini and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 2, February 2026, dkaf467, https://doi.org/10.1093/jac/dkaf467 15 Prevalence of macrolide resistance in Mycoplasma pneumoniae in The Netherlands 荷兰肺炎支原体大环内酯类抗生素耐药性的流行情况 Patrick D J Sturm and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 2, February 2026, dkaf475, https://doi.org/10.1093/jac/dkaf475 16 Simulated lung exposure in pneumonia patients to evaluate the antibacterial capacity and resistance suppression of clinical tigecycline regimens against carbapenem-resistant Acinetobacter baumannii 模拟肺炎患者肺部暴露情况以评估临床替加环素方案对碳青霉烯类耐药鲍曼不动杆菌的抗菌能力和耐药抑制作用 Xiaonan Zhang and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 2, February 2026, dkaf477, https://doi.org/10.1093/jac/dkaf477 17 Enterococcus faecium harbouring vanA, optrA and cfr(D) on a linear plasmid in Canada: a CANWARD surveillance case 加拿大发现携带vanA、optrA和cfr(D)的粪肠球菌线性质粒：一项CANWARD监测病例 Melissa McCracken and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 2, February 2026, dkaf478, https://doi.org/10.1093/jac/dkaf478 18 The effect of intrauterine exposure to aminoglycosides on neonatal hearing 宫内暴露于氨基糖苷类抗生素对新生儿听力的影响 Daniel Leshin-Carmel and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 2, February 2026, dkaf483, https://doi.org/10.1093/jac/dkaf483 19 Ceftazidime/avibactam: a potent arsenal against multidrug-resistant Pseudomonas aeruginosa-unveiling in vitro and in vivo strategies 头孢他啶/阿维巴坦：对抗多重耐药铜绿假单胞菌的有力武器——揭示体内外策略 Jiaju Zhuo and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 2, February 2026, dkaf495, https://doi.org/10.1093/jac/dkaf495 20 Comparison of disk diffusion, MIC test strip and broth microdilution for eravacycline susceptibility testing of 422 Staphylococcus aureus isolates using ChinaCAST breakpoints 采用中国CAST折点，比较422株金黄色葡萄球菌对依拉环素的纸片扩散法、最低抑菌浓度测试条法和肉汤微量稀释法的敏感性测试结果 Xinying Wang and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 2, February 2026, dkaf502, https://doi.org/10.1093/jac/dkaf502 21 Penetration of daptomycin in cerebrospinal fluid during pneumococcal meningitis 肺炎链球菌性脑膜炎期间达托霉素在脑脊液中的渗透情况 Pascal Chavanet and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 2, February 2026, dkaf474, https://doi.org/10.1093/jac/dkaf474 22 Rapid molecular diagnostics for detection of extensively drug-resistant Salmonella Typhi 用于检测广泛耐药伤寒沙门菌的快速分子诊断技术 Emma L Sweeney and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 2, February 2026, dkaf481, https://doi.org/10.1093/jac/dkaf481 23 Gender inequality and antibiotic consumption: analysis of pharmaceutical sales data from 70 countries, 2000–22 性别不平等与抗生素消费：基于2000 - 2022年70个国家药品销售数据的分析 Deepshikha Batheja and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 2, February 2026, dkag002, https://doi.org/10.1093/jac/dkag002 24 Real-world evaluation of isavuconazole in children with cancer 伊沙康唑在儿童癌症患者中的现实应用评估 Janine Nijhuis and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 2, February 2026, dkaf485, https://doi.org/10.1093/jac/dkaf485 25 Assessing antimicrobial susceptibility testing guideline adherence by laboratories providing bacteriology services in Ghana: a pilot study 加纳提供细菌学服务的实验室对抗菌药物敏感性试验指南依从性的评估：一项试点研究 Joseph Elikem Efui Acolatse and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 2, February 2026, dkag003, https://doi.org/10.1093/jac/dkag003 26 Resistance to second-generation integrase inhibitors in people with HIV following treatment failure on dolutegravir- or bictegravir-based ART in Taiwan 台湾地区基于多替拉韦或比克替拉韦的抗逆转录病毒治疗失败后，HIV感染者对第二代整合酶抑制剂的耐药性 Guan-Jhou Chen and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 2, February 2026, dkaf488, https://doi.org/10.1093/jac/dkaf488 27 In vitro activity of gepotidacin against a challenging panel of multidrug-resistant Neisseria gonorrhoeae isolates 吉泊西汀对一组具有挑战性的多重耐药淋病奈瑟菌分离株的体外活性 Michelle Jayne Cole and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 2, February 2026, dkag001, https://doi.org/10.1093/jac/dkag001 28 A disproportionality analysis of adverse events associated with omadacycline based on the FDA adverse event reporting system database 基于美国食品药品监督管理局（FDA）不良事件报告系统数据库的奥马环素相关不良事件比例失衡分析 Ye-Lei Zhao and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 2, February 2026, dkag006, https://doi.org/10.1093/jac/dkag006 29 Weight-band-based simplification of oral allometric miltefosine dosing in paediatric patients with visceral leishmaniasis 基于体重范围的口服异速缩放米替福新给药方案在儿童内脏利什曼病患者中的简化应用 Andres Mazariegos Herrera and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 2, February 2026, dkag014, https://doi.org/10.1093/jac/dkag014 30 evelopment of a capability framework for antimicrobial stewardship specialist health professionals working in the NHS in England: utilizing Delphi methodology 运用德尔菲法为在英国国家医疗服务体系（NHS）中工作的抗菌药物管理专业人员制定能力框架 Ryan A Hamilton and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 2, February 2026, dkaf438, https://doi.org/10.1093/jac/dkaf438 31 First characterization of insertions in the HIV-1 integrase-coding region from people with HIV 首次对来自艾滋病病毒感染者的HIV-1整合酶编码区插入情况进行特征分析 Nhat Quang Tu and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 2, February 2026, dkaf491, https://doi.org/10.1093/jac/dkaf491 32 Development of an impedance-based fast antimicrobial susceptibility test for Neisseria gonorrhoeae 开发一种基于阻抗的淋病奈瑟菌快速抗菌药物敏感性检测方法 Caitlin N Daniels and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 2, February 2026, dkaf493, https://doi.org/10.1093/jac/dkaf493 33 Juvenile toxicity and developmental safety of Zintrodiazine, a novel antimalarial candidate, in Wistar rats 新型抗疟候选药物Zintrodiazine在Wistar大鼠中的幼年毒性和发育安全性研究 Hitesh A Kadu and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 2, February 2026, dkag008, https://doi.org/10.1093/jac/dkag008 34 Do the redefined EUCAST susceptibility categories warrant adjustment of paediatric antibiotic dosages? Pragmatic physiologically based pharmacokinetic modelling of four commonly used agents 欧洲抗微生物药物敏感性试验委员会（EUCAST）重新定义的敏感性分类是否需要调整儿童抗生素剂量？——对四种常用药物的实用生理药代动力学建模研究 Marika A de Hoop-Sommen and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 2, February 2026, dkaf463, https://doi.org/10.1093/jac/dkaf463 35 Exploring the opportunity for therapeutic drug monitoring (TDM) and precision dose antimicrobials in an outpatient antimicrobial therapy (OPAT) service: a prospective observational study 门诊抗菌治疗（OPAT）服务中开展治疗药物监测（TDM）和精准剂量抗菌治疗的机遇：一项前瞻性观察研究 R C Wilson and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 2, February 2026, dkaf484, https://doi.org/10.1093/jac/dkaf484 36 Impact of sex, age and body composition on rilpivirine and cabotegravir trough concentrations in people with HIV receiving long-acting injectable antiretroviral therapy 性别、年龄和身体成分对接受长效注射用抗逆转录病毒治疗的HIV感染者利匹韦林和卡博特韦谷浓度的影响 Maria Vittoria Cossu and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 2, February 2026, dkag024, https://doi.org/10.1093/jac/dkag024 37 Pharmacokinetics of cefiderocol during prolonged intermittent kidney replacement therapy in two patients with septic shock 头孢地尔在两例感染性休克患者长时间间歇性肾脏替代治疗期间的药代动力学 Julius J Schmidt and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 2, February 2026, dkaf496, https://doi.org/10.1093/jac/dkaf496 38 Understanding mechanisms of reduced cefiderocol susceptibility in pvdS and fecI mutants of Pseudomonas aeruginosa 了解铜绿假单胞菌pvdS和fecI突变体对头孢地尔敏感性降低的机制 Yoshinori Yamano and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 2, February 2026, dkag004, https://doi.org/10.1093/jac/dkag004 39 Biomarker-informed PBPK modelling of meropenem in paediatric severe pneumonia: implications for target-site PK/PD 基于生物标志物的美罗培南在儿童重症肺炎中的生理药动学模型构建：对靶部位药代动力学/药效学的影响 Yao Liu and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 2, February 2026, dkaf500, https://doi.org/10.1093/jac/dkaf500 40 Evaluating hypoalbuminaemia thresholds associated with delayed blood sterilization among patients receiving cefazolin or antistaphylococcal penicillins for MSSA bacteraemia 评估接受头孢唑林或抗葡萄球菌青霉素治疗甲氧西林敏感金黄色葡萄球菌（MSSA）菌血症患者中，与血液延迟灭菌相关的低白蛋白血症阈值 Sunish Shah and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 2, February 2026, dkaf498, https://doi.org/10.1093/jac/dkaf498 Research Letters（研究快讯） 41 False-negative result in fourth-generation HIV screening tests after weak detection of p24 antigen in the context of inappropriate post-exposure prophylaxis use: a case report 不当使用暴露后预防用药导致第四代HIV筛查试验p24抗原弱检出后出现假阴性结果：一例病例报告 J Kimmerlin and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 2, February 2026, dkaf459, https://doi.org/10.1093/jac/dkaf459 42 Proposal for the nomenclature of tmexCD-toprJ-like gene clusters 关于tmexCD-toprJ样基因簇命名的建议 Chengzhen Wang and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 2, February 2026, dkaf482, https://doi.org/10.1093/jac/dkaf482 43 IS26-mediated chromosomal integration of virulence plasmid fragments in ST2237 carbapenem-resistant Klebsiella pneumoniae IS26介导的毒力质粒片段在ST2237型碳青霉烯耐药肺炎克雷伯菌染色体中的整合 Yan Li and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 2, February 2026, dkag018, https://doi.org/10.1093/jac/dkag018 Letter to the Editor（致编辑的信） 44 Comment on: Retrospective analysis of pharmacological therapeutic monitoring of caspofungin in patients undergoing continuous renal replacement therapy using polyacrylonitrile membranes 对“采用聚丙烯腈膜对接受连续性肾脏替代治疗的患者进行卡泊芬净药代动力学监测的回顾性分析”的评论 Gwénola Marais and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 2, February 2026, dkaf465, https://doi.org/10.1093/jac/dkaf465 45 Antimicrobial use for the treatment of bacterial sexually transmitted infections among doxycycline post-exposure prophylaxis (DoxyPEP) users in Milan, Italy-right-to-reply 意大利米兰地区使用多西环素暴露后预防（DoxyPEP）人群中，用于治疗细菌性传播感染的抗菌药物使用情况——回应说明 Angelo Roberto Raccagni and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 2, February 2026, dkag027, https://doi.org/10.1093/jac/dkag027 ACKNOWLEDGEMENT OF REFEREES（鸣谢审稿专家） 46 Acknowledgement of Referees 鸣谢审稿专家 Journal of Antimicrobial Chemotherapy, Volume 81, Issue 2, February 2026, dkaf417, https://doi.org/10.1093/jac/dkaf417 CORRECTION（更正） 47 Correction to: Comment on: Antiviral effect of Evusheld in COVID-19 hospitalized patients infected with pre-Omicron or Omicron variants: a modelling analysis of the randomized DisCoVeRy trial 更正：关于Evusheld在感染奥密克戎变异株前或奥密克戎变异株的新冠住院患者中的抗病毒效果：对随机DisCoVeRy试验的建模分析的评论 Journal of Antimicrobial Chemotherapy, Volume 81, Issue 2, February 2026, dkaf492, https://doi.org/10.1093/jac/dkaf492 Journal of Antimicrobial Chemotherapy Volume 81, Issue 3抗菌化疗杂志 81卷 3期 https://academic.oup.com/jac/issue REVIEW（综述） 1 Closing the PrEP access gap in Europe: a strategic framework for equity and innovation among difficult-to-reach populations 缩小欧洲暴露前预防获取差距：面向难以触及（PrEP）人群的公平与创新战略框架 Josep M Llibre and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 3, March 2026, dkag052, https://doi.org/10.1093/jac/dkag052 2 Precision dosing of systemic antifungals in adults: therapeutic drug monitoring, empiric dose optimization and barriers to implementation 成人全身性抗真菌药物的精准给药：治疗药物监测、经验性剂量优化及实施障碍 Daniel B Chastain and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 3, March 2026, dkag055, https://doi.org/10.1093/jac/dkag055 3 Bacterial DNA topoisomerase IV and DNA gyrase inhibitors: history of the quinolones, their clinical usage and potential alternatives for the future 细菌DNA拓扑异构酶IV和DNA旋转酶抑制剂：喹诺酮类药物的历史、临床应用及未来潜在替代方案 Daisuke Fukuda and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 3, March 2026, dkag054, https://doi.org/10.1093/jac/dkag054 4 Combating multidrug-resistant Klebsiella pneumoniae: current therapeutic regimens and future directions 应对多重耐药肺炎克雷伯菌：当前治疗方案与未来方向 Robiul Islam and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 3, March 2026, dkag064, https://doi.org/10.1093/jac/dkag064 SYSTEMATIC REVIEW（系统综述） 5 Global and regional prevalence of metallo-β-lactamases in carbapenem-resistant Acinetobacter baumannii: a systematic review and meta-analysis 耐碳青霉烯类鲍曼不动杆菌中金属β-内酰胺酶的全球和区域流行情况：一项系统综述和荟萃分析 Stamatis Karakonstantis and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 3, March 2026, dkag037, https://doi.org/10.1093/jac/dkag037 Original Research（论著） 6 The effect of oral ciprofloxacin at conventional doses on the QT interval in a tertiary outpatient setting 三级门诊常规剂量口服环丙沙星对患者QT间期的影响 Weber Liu and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 3, March 2026, dkag020, https://doi.org/10.1093/jac/dkag020 7 Bictegravir concentrations in breastmilk of healthy, lactating women without HIV 未感染人类免疫缺陷病毒（HIV）的健康哺乳期女性乳汁中的比克替拉韦浓度 L C van der Wekken-Pas and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 3, March 2026, dkag022, https://doi.org/10.1093/jac/dkag022 8 Management and outcomes of Stenotrophomonas maltophilia recovered from deep-site clinical specimens: a bicentric retrospective cohort study 从深部部位临床标本中分离出的嗜麦芽窄食单胞菌的治疗及转归：一项双中心回顾性队列研究 Anastasia Saade and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 3, March 2026, dkag021, https://doi.org/10.1093/jac/dkag021 9 Development of a risk prediction model for vancomycin-associated acute kidney injury: a multicentre retrospective study 万古霉素相关急性肾损伤风险预测模型的建立：一项多中心回顾性研究 Tomoyuki Ishigo and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 3, March 2026, dkag012, https://doi.org/10.1093/jac/dkag012 10 Cooperation between HIV-1 integrase natural polymorphism K156N and 3′PPT mutations in dolutegravir monotherapy failure HIV-1 整合酶天然多态性 K156N 与 3′PPT 突变在多替拉韦单药治疗失败中的协同作用 Jolieke A T van Osch and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 3, March 2026, dkag033, https://doi.org/10.1093/jac/dkag033 11 Impact of body mass index and serum albumin levels on isavuconazole plasma concentrations in patients with haematological malignancies 体重指数和血清白蛋白水平对血液系统恶性肿瘤患者艾沙康唑血浆浓度的影响 Jie Gao and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 3, March 2026, dkag032, https://doi.org/10.1093/jac/dkag032 12 Pharmacokinetics of cefotaxime and its metabolite desacetyl-cefotaxime to optimize dosing in critically ill children and children with sickle cell disease 用以优化危重症儿童和镰状细胞病儿童给药剂量的头孢噻肟及其代谢产物去乙酰头孢噻肟的药代动力学研究 Seef Abdalla and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 3, March 2026, dkag019, https://doi.org/10.1093/jac/dkag019 13 Summary of ceftriaxone-resistant Neisseria gonorrhoeae in Canada, 2017–24 2017 - 2024年加拿大头孢曲松耐药淋病奈瑟菌情况汇总 Robyn Thorington and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 3, March 2026, dkag007, https://doi.org/10.1093/jac/dkag007 14 Improving perioperative prophylactic antibiotic prescribing using a novel decision-support tool 使用新型决策支持工具改进围手术期预防性抗生素处方 Mark Mcintyre and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 3, March 2026, dkag015, https://doi.org/10.1093/jac/dkag015 15 Comparative activity of established versus new-generation β-lactams against AmpC-hyperproducing clinical isolates of Enterobacter cloacae complex and Klebsiella aerogenes: a multicentre study 针对产超广谱AmpC酶的阴沟肠杆菌复合群和产气克雷伯菌临床分离株，比较已上市与新一代β-内酰胺类抗生素的抗菌活性：一项多中心研究 Ángel Rodríguez-Villodres and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 3, March 2026, dkag034, https://doi.org/10.1093/jac/dkag034 16 Impact of eravacycline on fibrinogen 依拉环素对纤维蛋白原的影响 Emily Stevenson and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 3, March 2026, dkag030, https://doi.org/10.1093/jac/dkag030 17 Biliary pharmacokinetic/pharmacodynamic analysis of continuous infusion ceftazidime–avibactam in a case series of orthotopic liver transplant recipients 原位肝移植受者连续输注头孢他啶-阿维巴坦的药代动力学/药效学胆系分析：一项病例系列研究 Milo Gatti and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 3, March 2026, dkag009, https://doi.org/10.1093/jac/dkag009 18 Autoaggregation-associated carbapenem tolerance mediated by mrkH inactivation identified from a cohort of Klebsiella pneumoniae species complex clinical isolates 从肺炎克雷伯菌复合群临床分离株队列中鉴定出由mrkH失活介导的与自动聚集相关的碳青霉烯耐受性 Natsuki Yamanaka and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 3, March 2026, dkag017, https://doi.org/10.1093/jac/dkag017 19 In vitro activity of double and triple antimicrobial combinations against carbapenem-resistant Pseudomonas aeruginosa biofilm 双联和三联抗菌药物组合对碳青霉烯耐药铜绿假单胞菌生物膜的体外活性研究 Si-Ho Kim and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 3, March 2026, dkag031, https://doi.org/10.1093/jac/dkag031 20 LYSC98 as a novel vancomycin-derived agent effective against antibiotic-resistant pathogens in tolerant state LYSC98作为一种新型万古霉素衍生物，对耐受状态下的耐药病原体有效 Xing Xia and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 3, March 2026, dkag036, https://doi.org/10.1093/jac/dkag036 21 HBV status modulates transaminase decrease after switching from tenofovir disoproxil fumarate to tenofovir alafenamide in people with HIV HIV感染者从富马酸替诺福韦二吡呋酯切换为丙酚替诺福韦后，HBV状态对转氨酶下降的调节作用 Giuseppe Lapadula and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 3, March 2026, dkag045, https://doi.org/10.1093/jac/dkag045 22 Pharmacokinetics of colistin in adult critically ill patients in South Africa 南非成人危重症患者中多黏菌素的药代动力学研究 Veshni Pillay-Fuentes Lorente and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 3, March 2026, dkag011, https://doi.org/10.1093/jac/dkag011 23 Antifungal susceptibility surveillance of clinical moulds to olorofim, manogepix, amphotericin B, triazoles and echinocandins at 10 tertiary hospitals in China (2019–24) 2019 - 2024年中国10家三级医院临床霉菌对奥罗芬净、马诺盖匹克斯、两性霉素B、三唑类和棘白菌素类抗真菌药的敏感性监测 Su Chen and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 3, March 2026, dkag016, https://doi.org/10.1093/jac/dkag016 24 Short-cycle three-day-per-week efavirenz/emtricitabine/tenofovir disoproxil fumarate therapy: a seven-year extension study 短周期每周三日依非韦伦/恩曲他滨/富马酸替诺福韦二吡呋酯疗法：一项为期七年的延长研究 Beatriz Borjabad and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 3, March 2026, dkag040, https://doi.org/10.1093/jac/dkag040 25 Risk of hypertension in people with HIV in the USA initiating modern antiretroviral regimens: pooled analysis of blood pressure data from five clinical trials 美国感染HIV者启动现代抗逆转录病毒治疗方案后患高血压的风险：五项临床试验血压数据汇总分析 Priscilla Y Hsue and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 3, March 2026, dkag005, https://doi.org/10.1093/jac/dkag005 26 Real-world drug monitoring of dalbavancin using a three-dose regimen of 1500mg at days 1, 15 and 43 in bone and joint or cardiovascular infection 采用第1、15和43天各1500毫克的三剂量方案对达巴万星（Dalbavancin）在骨关节或心血管感染治疗中的实际药物监测研究 Thomas Lin and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 3, March 2026, dkag039, https://doi.org/10.1093/jac/dkag039 27 Nationwide patterns of HIV drug resistance and high viral load in Sub-Saharan African countries 撒哈拉以南非洲国家全国范围内的HIV耐药及高病毒载量模式 Abubaker Ibrahim Elbur and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 3, March 2026, dkaf497, https://doi.org/10.1093/jac/dkaf497 28 Risk factors for suboptimal target attainment of commonly used ß-lactam antibiotics in older adults: a prospective cohort study 老年人常用β-内酰胺类抗生素未达最佳治疗目标的风险因素：一项前瞻性队列研究 Arnaud De Clercq and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 3, March 2026, dkag048, https://doi.org/10.1093/jac/dkag048 29 Physiologically based pharmacokinetic modelling to optimize dosing regimen of biapenem in renal impairment and elderly populations 基于生理的药代动力学模型优化肾功能不全及老年人群比阿培南给药方案 Wenyan Li and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 3, March 2026, dkaf499, https://doi.org/10.1093/jac/dkaf499 30 Early targeted therapy guided by rapid phenotypic antimicrobial susceptibility testing in critically ill patients with Gram-negative bacterial bloodstream infections: a retrospective cohort study 快速表型抗菌药物敏感性试验指导下的早期目标性治疗对革兰氏阴性菌血流感染危重患者的效果：一项回顾性队列研究 Salvatore Rotundo and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 3, March 2026, dkag056, https://doi.org/10.1093/jac/dkag056 31 Impact of COVID-19-related healthcare changes on antibiotic resistance in clinical Escherichia coli isolates: interrupted time series analyses in Scotland, UK 与新冠肺炎相关的医疗变化对英国苏格兰地区临床大肠杆菌分离株抗生素耐药性的影响：中断时间序列分析 Laura Ciaccio and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 3, March 2026, dkag049, https://doi.org/10.1093/jac/dkag049 32 Multicentre evaluation of teicoplanin prescribing and monitoring in the UK and Ireland: the TUcK–SHOP study 英国和爱尔兰替考拉宁处方与监测的多中心评估：TUcK–SHOP研究 Stephen Hughes and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 3, March 2026, dkag038, https://doi.org/10.1093/jac/dkag038 33 Diabetes and risk of significant fibrosis in adults with HIV and metabolic dysfunction-associated steatotic liver disease: a prospective cohort study 糖尿病与HIV合并代谢功能障碍相关脂肪性肝病成人患者发生显著肝纤维化的风险：一项前瞻性队列研究 Win Min Han and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 3, March 2026, dkag053, https://doi.org/10.1093/jac/dkag053 34 A pharmacovigilance analysis of carbapenem-related utilizing the FDA adverse event reporting system (FAERS) database from 2013 to 2025 基于美国食品药品监督管理局不良事件报告系统（FAERS）数据库2013 - 2025年数据的碳青霉烯类相关药物警戒分析 Connor Frey and Parham Elmi Journal of Antimicrobial Chemotherapy, Volume 81, Issue 3, March 2026, dkag060, https://doi.org/10.1093/jac/dkag060 35 Effects of extracorporeal membrane oxygenation on the pharmacokinetics and tissue penetration rates of vancomycin and linezolid: data from Landrace pigs 体外膜肺氧合对万古霉素和利奈唑胺药代动力学及组织穿透率的影响：来自长白猪的数据 Huifang Zhang and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 3, March 2026, dkag063, https://doi.org/10.1093/jac/dkag063 36 Switching to bictegravir/emtricitabine/tenofovir alafenamide in people with HIV and prior resistance mutations. Data from the Italian ARCA cohort: the BIC-BARRIER study. B/F/TAF switch: mutations and outcomes 在既往存在耐药突变的人类免疫缺陷病毒（HIV）感染者中换用比克替拉韦/恩曲他滨/丙酚替诺福韦治疗。来自意大利ARCA队列的数据：BIC-BARRIER研究。比克替拉韦/恩曲他滨/丙酚替诺福韦（B/F/TAF）换药方案：耐药突变与治疗结果 Laura Pezzati and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 3, March 2026, dkag035, https://doi.org/10.1093/jac/dkag035 37 A two-stage diagnostic model for discriminating and assessing risk of meropenem heteroresistance in Pseudomonas aeruginosa 用于鉴别和评估铜绿假单胞菌对美罗培南异质性耐药风险的二阶段诊断模型 Yali Fan and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 3, March 2026, dkag061, https://doi.org/10.1093/jac/dkag061 38 Microdialysis assessment of gentamicin for second-line antimicrobial prophylaxis in abdominal surgery 微透析评估庆大霉素在腹部手术中作为二线抗菌预防药物的效果 Quentin Saint-Genis and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 3, March 2026, dkag071, https://doi.org/10.1093/jac/dkag071 39 Genetic and clinical predictors of voriconazole pharmacokinetics and hepatotoxicity: focused on CYP2C19 normal and intermediate metabolizers 伏立康唑药代动力学及肝毒性的遗传和临床预测因素：聚焦于CYP2C19正常代谢型和中间代谢型 Hui Li and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 3, March 2026, dkag065, https://doi.org/10.1093/jac/dkag065 40 Stakeholder perspectives on the offer and acceptance of self-administration of outpatient parenteral antimicrobial therapy: a qualitative study 利益相关者对提供和接受门诊患者自行注射抗菌药物治疗的看法：一项定性研究 Hester H Stoorvogel and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 3, March 2026, dkag068, https://doi.org/10.1093/jac/dkag068 41 Is current guidance for cloxacillin prophylaxis dosages in hip and knee arthroplasty adequate? Evidence from a prospective Swedish cohort 当前髋关节和膝关节置换术中氯唑西林预防性用药剂量指南是否充分？来自一项前瞻性瑞典队列研究的证据 Katja Wallander and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 3, March 2026, dkag067, https://doi.org/10.1093/jac/dkag067 42 Effect of pretreatment HIV drug resistance on mortality, attrition and viral suppression in patients initiating antiretroviral therapy and genetic transmission network: an observational cohort study in Southwest China 治疗前HIV药物耐药性对开始接受抗逆转录病毒治疗患者的死亡率、失访率和病毒抑制率的影响以及遗传传播网络：中国西南地区一项观察性队列研究 Litai Qin and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 3, March 2026, dkag073, https://doi.org/10.1093/jac/dkag073 RESEARCH LETTER（研究快讯） 43 Varicella and varicella zoster virus meningoencephalitis in a diffuse large B-cell lymphoma patient after chimeric antigen receptor-T-cell therapy 嵌合抗原受体T细胞疗法后，弥漫性大B细胞淋巴瘤患者发生水痘及水痘-带状疱疹病毒脑膜脑炎 Yan Feng and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 3, March 2026, dkag041, https://doi.org/10.1093/jac/dkag041 44 The ‘double hit’ on dalbavancin pharmacokinetics: hypertriglyceridaemia and augmented renal clearance in a child with glycogen storage disease type Ib 糖原累积病Ib型患儿中，高甘油三酯血症和肾清除率增加对达巴万星药代动力学的“双重打击” Bianca Monti and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 3, March 2026, dkag028, https://doi.org/10.1093/jac/dkag028 45 Tn7860, a novel chromosomal pseudo-compound transposon carrying the OptrA gene in Enterococcus faecalis Tn7860，粪肠球菌中携带OptrA基因的一种新型染色体假复合转座子 Francesca Romana Massacci and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 3, March 2026, dkag046, https://doi.org/10.1093/jac/dkag046 46 HBV reactivation after switching to cabotegravir plus rilpivirine therapy among people living with HIV: do not forget the reservoir HIV感染者换用卡博特韦（cabotegravir）联合利匹韦林（rilpivirine）治疗后乙肝病毒再激活：切勿忽视病毒储存库 Rémi Rouget and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 3, March 2026, dkag050, https://doi.org/10.1093/jac/dkag050 47 An inoperable mediastinal infection involving vascular graft treated with weekly oritavancin as chronic suppressive therapy. A case report with pharmacokinetic data 一例涉及血管移植物的无法手术的纵隔感染，采用每周一次的奥利万星作为慢性抑制疗法。附药代动力学数据的病例报告 Pierangelo Chinello and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 3, March 2026, dkag013, https://doi.org/10.1093/jac/dkag013 48 Evaluation of the Carbapenemase Detection Kit (Colloidal Gold; Macro & Micro Test): a new immunochromatographic assay for rapid detection of carbapenemases in Enterobacterales 碳青霉烯酶检测试剂盒（胶体金法；宏基因与微基因检测法）评估：一种用于快速检测肠杆菌目细菌中碳青霉烯酶的新型免疫层析法 Hippolyte De Swardt and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 3, March 2026, dkag066, https://doi.org/10.1093/jac/dkag066 49 Cefalexin use in UK acute pyelonephritis practice: unaddressed challenges in dosing, breakpoints and clinical evidence 头孢氨苄在英国急性肾盂肾炎治疗中的应用：给药、断点和临床证据方面尚未解决的挑战 Stephen Hughes and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 3, March 2026, dkag051, https://doi.org/10.1093/jac/dkag051 LETTERS TO THE EDITOR（致编辑的信） 50 Comment on: Antimicrobial use for the treatment of bacterial sexually transmitted infections among doxycycline post-exposure prophylaxis (DoxyPEP) users in Milan, Italy 评论：意大利米兰多西环素暴露后预防（DoxyPEP）使用者中用于治疗细菌性性传播感染的抗菌药物使用情况 Chris Kenyon Journal of Antimicrobial Chemotherapy, Volume 81, Issue 3, March 2026, dkag025, https://doi.org/10.1093/jac/dkag025 51 Possible increased risk of Epstein–Barr virus (EBV) infection and post-transplant lymphoproliferative disease (PTLD) in letermovir-exposed haematopoietic cell transplantation recipients: right-to-reply 来特莫韦暴露的造血细胞移植受者发生EB病毒（EBV）感染和移植后淋巴增殖性疾病（PTLD）的风险可能增加：答复权 Jose F Camargo and Anthony D Anderson Journal of Antimicrobial Chemotherapy, Volume 81, Issue 3, March 2026, dkag043, https://doi.org/10.1093/jac/dkag043 52 Antimicrobial use for the treatment of bacterial sexually transmitted infections among doxycycline post-exposure prophylaxis (DoxyPEP) users in Milan, Italy—right-to-reply 意大利米兰市使用多西环素暴露后预防（DoxyPEP）人群中，用于治疗细菌性性传播感染的抗菌药物使用情况——答复权声明 Angelo Roberto Raccagni and others Journal of Antimicrobial Chemotherapy, Volume 81, Issue 3, March 2026, dkag026, https://doi.org/10.1093/jac/dkag026 53 Comment on: Artificial intelligence for improving decision-making in bacterial infection management 述评：人工智能在细菌感染管理决策中的优化作用 Daniele Roberto Giacobbe Journal of Antimicrobial Chemotherapy, Volume 81, Issue 3, March 2026, dkag078, https://doi.org/10.1093/jac/dkag078 CORRECTION（更正） 54 Correction to: Bayesian estimation of the prevalence of antimicrobial resistance: a mathematical modelling study 更正：抗菌药物耐药性流行率的贝叶斯估计：一项数学建模研究 Journal of Antimicrobial Chemotherapy, Volume 81, Issue 3, March 2026, dkaf494, https://doi.org/10.1093/jac/dkaf494 55 Correction to: National representative survey of pretreatment HIV drug resistance in Colombia: analysis of antiretroviral resistance-associated mutations using next-generation sequencing 更正：哥伦比亚具有全国代表性的治疗前HIV耐药性调查：使用下一代测序技术分析抗逆转录病毒耐药相关突变 Journal of Antimicrobial Chemotherapy, Volume 81, Issue 3, March 2026, dkag057, https://doi.org/10.1093/jac/dkag057

2026-03-05

·雪球

浙江医药（600216.SH）存在极度的错杀与低估，其具备宽广得令人难以置信的安全边际

一、市场与舆情洞察：周期偏见与创新期权的认知错配在对浙江医药（600216.SH）进行深度基本面剖析与量化估值之前，有必要首先对其在二级市场的定价微观结构与资金博弈情绪进行全方位的信息检索与提取。作为一名信奉AswathDamodaran估值哲学的分析师，我们深知市场价格（Price）往往是资金情绪、宏观流动性与基本面预期的复杂混合体，而内在价值（Value）则是基于资产未来产生自由现金流的绝对折现。当前，浙江医药正处于这两种力量剧烈碰撞的十字路口。1.投资者情绪的割裂与二级市场博弈特征通过对雪球、淘股吧、同花顺及东方财富等主流投资社区的自然语言处理与情绪提取，散户与游资群体对浙江医药的讨论呈现出一种极度割裂的“冰火两重天”特征。一方面，基于其长期以来的主业标签（维生素与抗生素），大量传统周期股投资者表现出明显的“周期疲劳”情绪。在过去数年中，全球维生素E和维生素A的价格经历了漫长的去库存与恶性价格战，导致部分散户对管理层的资本开支节奏及战略前瞻性存在微词。市场普遍认为公司在市值管理层面（如股份回购与特别分红力度）相较于同行业头部企业略显保守，这种刻板印象压制了公司的估值中枢。另一方面，随着公司控股子公司新码生物的核心产品——抗HER2抗体偶联药物（ADC）ARX788的临床三期试验（ACE-Breast-02）因疗效优异被独立数据监测委员会（IDMC）建议提前终止并提交上市申请，创新药赛道的专业投资者情绪出现了剧烈的脉冲式反转。这部分资金敏锐地捕捉到，浙江医药的底层估值逻辑正在发生质的跃迁，即从单一的“化工周期股”向“创新药/ADC赛道股”切换。整体而言，当前市场情绪正处于“传统业务周期修复预期”与“创新药高弹性期权兑现”的交汇点，这种巨大的预期分歧恰恰为坚守绝对估值的投资者提供了罕见的错误定价套利窗口。2.监管动态、公司治理与机构共识的演变查阅上海证券交易所及公司最新公告，浙江医药在信息披露与合规治理层面保持着极高的规范性。2026年初，公司公告了关于2025年限制性股票激励计划的授予结果，这一举措不仅深度绑定了核心管理层与技术骨干的利益，也向市场传递了强烈的内部增长信心。在监管互动层面，公司董事会秘书在投资者关系管理上表现出较高的透明度，及时回应了关于维生素E市场价格波动对盈利实质性影响的问询，明确表示公司会根据生产条件与市场需求动态调整生产计划，以平抑周期波动带来的冲击。更为关键的监管背书来自于海外。公司下属核心生产企业新昌制药厂近期顺利通过了美国FDA关于盐酸米诺环素及达托霉素原料药的现场检查。在当前逆全球化与地缘政治摩擦加剧的宏观背景下，能够持续通过全球最严格的cGMP现场检查，不仅印证了浙江医药在全球高端医药供应链中坚如磐石的质量体系，也反映出国际监管层对其底层制造能力的认可。在机构资金动向方面，卖方研报共识正在迅速凝聚。中金公司、光大证券、国金证券等头部机构在近期的深度追踪报告中，高度一致地提炼出两大核心看点：第一，“维生素价格强劲回升，盈利进入陡峭的上升通道”；第二，“万古霉素等抗生素爬坡放量，ADC药物ARX788获批在望”。这种基本面的双重反转已经引起了买方机构的实质性动作。2024年末至2025年，以银华中证创新药产业ETF为代表的机构资金集中进驻前十大流通股东名单，表明主流资金已开始抢跑其基本面与估值的“戴维斯双击”。3.权威媒体视角的深度穿透权威财经媒体（如财新网、21世纪经济报道）的最新深度文章聚焦于全球靶向药物及减重市场的格局重塑。虽然媒体大幅报道了美国FDA对廉价复方仿制药的严厉打压，但这从侧面深刻凸显了具备底层核心技术（如核心递送技术、稳定偶联技术）的真正创新药企的极度稀缺性。媒体深度拆解了新码生物ARX788的临床数据。该药物通过引入非天然氨基酸定点偶联技术，在应对拉帕替尼联合卡培他滨的对照组中，展现出压倒性的无进展生存期（PFS）优势，并具有极高的统计学差异。媒体分析普遍认为，尽管第一三共的Enhertu（DS-8201）在全球市场占据了先发优势，但ARX788凭借其差异化的分子结构设计，在安全性（尤其是极低的脱落率带来的低系统性毒性）与有效性上具备强劲的后发竞争力。其不仅有望成为国产ADC出海与国产替代的标杆性重磅炸弹，更为浙江医药构建了抵御传统化工周期波动的最强护城河。二、宏观与基本面评估：重塑资产久期与竞争壁垒在Damodaran的估值框架中，宏观经济变量（尤其是无风险利率与通胀预期）构成了所有资产定价的引力中心，而微观基本面则决定了企业能否在漫长的生命周期中持续创造超出资本成本的超额收益。1.宏观数据映射与贴现率的系统性重估国家统计局2025年初发布的宏观数据显示，全国规模以上工业企业利润结构正在经历深刻的“新旧动能转换”。虽然全国规上工业企业利润总额仅微增0.6%，但医药制造业利润总额达到3490亿元，同比增长2.7%，而高技术制造业利润更是大幅增长13.3%。这表明中国医药行业正在经历残酷的供给侧出清，低端仿制药在集采常态化下利润持续承压，而具备高技术壁垒（如基因工程药物、生物抗体制造）的细分领域正在攫取产业链中绝大部分的超额利润。浙江医药恰恰处于这一结构性红利的中心地带。更具决定性意义的宏观变量来自于利率环境。截至2026年3月5日，中国人民银行及债券市场数据显示，中国10年期国债收益率已下行至1.78%的历史绝对低位区间。在绝对估值模型中，无风险利率（Risk-freeRate）的系统性下移，将从底层重塑所有长久期资产的内在价值。对于浙江医药这类正处于研发投入兑现期、未来预期自由现金流（FCFF）丰厚的企业而言，贴现率的大幅下降将导致其终端价值（TerminalValue）呈现出几何级数的膨胀。宏观流动性的充裕与实体经济的“资产荒”，必然驱使长线资本向具有强劲现金流与明确成长确定性的头部企业集中。2.行业市场规模、天花板与周期位置浙江医药的业务版图横跨了两个截然不同但又在现金流上相互支撑的行业，必须对其分别进行定性评估：其一，生命营养品（维生素）行业。这是一个典型的寡头垄断全球市场。全球维生素E和维生素A的产能高度集中于欧洲的帝斯曼（DSM）、巴斯夫（BASF）以及中国的浙江医药、新和成等少数几家巨头。该市场每年的需求规模维持在数十亿美元级别，天花板虽然清晰可见，但由于极高的精细化工合成壁垒、严苛的环保审批限制以及巨大的规模效应，新进入者几乎无法生存。当前该行业的宏观背景是，随着欧洲能源成本中枢的不可逆抬升以及海外老旧产能的频发不可抗力（如巴斯夫的路德维希港爆炸事件），全球维生素品类的定价权正在加速向中国龙头企业转移。根据公司最新的财务数据反馈，维生素价格在经历了长达三年的低谷后，已于2024年下半年开启了强劲的右侧反转。这种供给格局的刚性重塑，意味着本次周期的上行高度和持续时间可能会显著超出市场的线性外推预期。其二，抗体偶联药物（ADC）及高端抗耐药抗生素行业。HER2阳性乳腺癌及胃癌的全球治疗市场规模已突破百亿美元大关。ADC药物被誉为肿瘤治疗领域的“生物导弹”，是未来十年靶向治疗的绝对基石。随着靶点的不断拓展（从HER2向Trop2、Claudin18.2等延伸）以及适应症的前移（从后线治疗推向前线及辅助治疗），该细分市场的天花板深不可测。新码生物的ARX788一旦获批，不仅能够迅速切入国内数十亿规模的乳腺癌靶向药市场，更有潜力通过License-out（海外授权）模式参与全球分工。3.竞争格局、市场份额与核心护城河综合定性与定量信息，浙江医药的核心护城河（EconomicMoat）绝非简单的“产能规模”，而是建立在以下三个维度之上的系统性竞争优势：第一层护城河：深不可摧的制造与质量合规壁垒。在维生素与特色原料药（如万古霉素、达托霉素、替考拉宁）领域，公司不仅掌握了从初级中间体到高级原料药的全产业链无缝合成工艺，更是全球极少数能连续、零缺陷通过美国FDA、欧洲EDQM严格现场检查的中国药企。在医药供应链安全日益受到欧美各国重视的今天，这种基于“极高合规成本+极致成本控制”的工艺壁垒，赋予了公司在周期底部依然保持正向经营现金流的能力。那些试图通过价格战颠覆格局的低端产能，根本无法跨越欧美主流市场的质量准入门槛。第二层护城河：“现金牛”反哺“创新星”的自洽商业模式。创新药研发本质上是一场九死一生、极度消耗资本的持久战。纯粹的Biotech（生物科技公司）在宏观利率高企或资本寒冬中，极易面临融资链条断裂的生存危机。而浙江医药的独特优势在于，其利用维生素与特色抗生素业务每年创造的逾十亿级别的强劲自由现金流（2024年经营现金流净额达12.23亿元），持续且从容地支撑新码生物等创新平台的研发消耗（2024年研发投入达7.49亿元）。这种“双轮驱动”模型使其具有极高的反脆弱性。第三层护城河：技术路线的排他性代际优势。以ARX788为例，其采用的是具有底层国际专利保护的“非天然氨基酸定点偶联技术”。相较于传统ADC药物采用的随机偶联技术（容易导致药物在血液循环中提前释放毒性载荷），ARX788在血液循环中的稳定性极高，脱落率被控制在极低水平，从而大幅降低了全身系统性毒性（如眼毒性、间质性肺炎等传统ADC的致命副作用）。这种在药代动力学上的代际优势，构成了公司在拥挤的ADC赛道中持续竞争的真正底气。三、财务特征拆解：穿透报表迷雾，探寻真实盈利能力基于AswathDamodaran的分析原则，财务报表不能仅仅被视为会计准则的产物，而必须被还原为反映企业真实经济运行的数字沙盘。以下我们将结合浙江医药2024年年报、2025年一季报及三季报数据，对其财务特征进行深度解构。1.营收结构与盈利质量的暴力跃升从总量数据来看，浙江医药正在经历一场史诗级的业绩反转。2024年全年，公司实现营业总收入93.75亿元，同比增长20.29%；归母净利润达到11.61亿元，同比增幅高达170.11%，扣非净利润更是同比暴增656.77%。进入2025年，这种强劲的增长惯性依然在延续，2025年第一季度单季净利润即达到4.09亿元，同比增幅273.08%。最新的2025年前三季度业绩快报显示，公司净利润已达9.33亿元，持续保持稳健增长。深入拆解利润表，其业绩暴增的核心驱动力在于主营业务毛利率的全面修复。2024年，占公司半壁江山的“维生素及类维生素系列”实现营收46.96亿元，其毛利率竟然高达54.54%，同比骤增22.93个百分点。这一惊人的数据不仅证实了维生素提价逻辑的完美兑现，更表明公司在产业链中具备绝对的定价权与成本转嫁能力。此外，抗感染类药品毛利率维持在56.89%的高位，降糖类药品毛利率更是高达73.04%。在盈利质量方面，一个极为亮眼的指标是其现金流。2024年经营活动产生的现金流量净额为12.23亿元，同比增长92.85%。2025年前三季度，经营现金流净额进一步攀升至14.89亿元。净利润现金含量平均高达160.03%，这意味着公司账面上的每一分利润都转化为真金白银落入了公司账户，丝毫没有被应收账款堆积或存货滞销所虚增。这在应收账款普遍高企的医药行业中，显得尤为难能可贵。2.海内外营收与毛利率差异的深度剖析（核心洞察）研读公司区域销售及渠道分布数据，我们发现了一个极其核心且反直觉的财务特征：国内销售：2024年营收62.33亿元，主营成本37.78亿元，毛利率为39.39%。国外销售：2024年营收31.02亿元，主营成本15.87亿元，毛利率高达48.85%。海内外毛利率存在近10个百分点的巨大剪刀差，且海外收入增速（43.59%）远超国内增速（11.29%）。其内在商业逻辑和财务机理值得深度剖析：定价权与产品结构差异：公司出口海外的产品绝非低端原料，而是以高附加值的高端特色原料药（如通过FDA认证的万古霉素、达托霉素）以及食品/饲料级高纯度维生素为主。在欧美高端市场，下游跨国制药巨头和大型农牧集团对供应商的质量体系（FDA/CEP认证）要求极度苛刻，一旦切入其供应链，供应商便拥有极强的客户黏性与议价权（PricingPower），客户对价格的敏感度大幅降低，从而享有显著的质量溢价。销售模式与渠道摩擦成本的根除：根据财报深度披露，公司的直营模式毛利率高达55.20%，而经销模式毛利率仅为4.22%。海外销售极大比例属于大客户直供（B2B直营），彻底省去了国内医药市场中错综复杂的多级分销体系、中间商返利及高昂的商业配送抽成，极大地增厚了出厂端的绝对毛利空间。汇率红利与规模效应共振：人民币汇率在特定区间的相对弱势，直接在报表端放大了出口业务的本币计价毛利率。此外，庞大的海外订单有效消化了国内重资产制造基地的固定资产折旧，使得单位边际成本随海外销量扩张而呈非线性递减。3.资产负债表与资本结构：过于保守还是深谋远虑？截至2025年第三季度，公司总资产规模达到141.35亿元，但其资产负债率处于极低的19.51%（甚至较早前的19.80%进一步下降）。流动比率和速动比率分别高达2.56和1.73，账面货币资金充裕至28.99亿元。站在纯粹的公司金融理论（CorporateFinance）角度，如此低杠杆的资本结构意味着公司几乎没有运用低成本债务的税盾效应（TaxShield），拥有极其庞大的冗余债务容量（ExcessDebtCapacity）。这在一定程度上抬高了其加权平均资本成本（WACC），未能实现资本结构的最优化。然而，若将视野放置于当前充满不确定性的宏观经济与地缘政治环境中，这种看似“低效”的保守资产负债表，恰恰赋予了公司极高的生存韧性。充沛的净现金头寸不仅足以支撑ADC药物高昂的全球多中心临床试验费用，更使其在面对潜在的行业洗牌时，拥有通过内生增长或外延并购整合行业的战略主动权。四、绝对估值推演：基于Damodaran模型的严密计算本章节将严格遵循AswathDamodaran的估值哲学，运用fcffginzulambda.xls（Two-StageFreeCashFlowtoFirmModel，两阶段企业自由现金流模型）对浙江医药进行量化估值。之所以摒弃传统的市盈率（P/E）或市净率（P/B）相对估值法，是因为相对估值容易受到市场情绪波动的干扰，且无法准确衡量创新药管线未来庞大的非线性现金流。1.估值模型选择与适用性阐述模型选择：两阶段FCFF模型（包含一个为期5年的初始高增长阶段，随后直接或平滑过渡到永续稳定阶段）。适用理由：浙江医药当前兼具“价值”与“成长”双重属性。维生素主业的周期反转以及ARX788等重磅创新药管线在未来3-5年内的获批上市与商业化放量，将使公司在短期内经历一个显著高于宏观经济自然增速的超常增长期（HighGrowthPhase）。而5至10年后，随着ADC市场竞争的全面加剧、新一代技术的迭代以及专利悬崖的临近，公司的整体增速必然会向宏观经济的无风险增长率收敛（StableGrowthPhase）。因此，两阶段模型能够最精准地拟合其生命周期特征。2.核心参数取值设定与逻辑推导A.无风险收益率(Risk-FreeRate,$R_f$)根据Damodaran法则，无风险利率必须与现金流预测的货币计价单位及期限相匹配。我们提取中国人民银行及债券市场最新公布的数据，截至2026年3月5日，中国10年期国债收益率为1.78%。这是一个极具时代特征的低利率锚，它将系统性地拔高远期现金流的现值。B.股权风险溢价(EquityRiskPremium,ERP)根据Damodaran教授2026年1月发布的全球国家风险溢价数据：成熟市场（以美国为基准调整后）的隐含ERP为4.23%。基于中国当前的主权信用评级（Moody'sA1）所对应的国家风险溢价（CRP）测算，中国市场的总股权风险溢价设定为5.14%。C.杠杆Beta($\beta$)与资本成本测算底层Beta：参考Damodaran建立的全球行业平均数据库，考虑到公司跨界属性，我们融合“Healthcare/Pharmaceuticals（制药）”及“Chemical(Specialty)（精细化工）”的行业数据。精细化工的无杠杆Beta通常在1.14左右，制药行业在1.07左右。考虑到浙江医药当前极低的财务杠杆（D/Eratio不足3%），其重估后的杠杆Beta（LeveredBeta）设定为1.15。股权资本成本($K_e$)=$R_f+\beta\timesERP=1.78\%+1.15\times5.14\%=7.691\%$。税后债务成本($K_d$)：公司实际长债极少，基于其极高的利息保障倍数（息税前利润/利息费用），合成信用评级可达AAA/Aa2级别。边际借款成本估计为当前LPR基准向下浮动，税前债务成本约3.50%。结合公司高新技术企业15%的有效税率，税后债务成本$K_d=3.50\%\times(1-0.15)=2.975\%$。加权平均资本成本(WACC)：按照目标资本结构（保守设定为股权95%，债权5%）加权计算：$WACC=(95\%\times7.691\%)+(5\%\times2.975\%)=7.306\%+0.149\%=7.455\%$。为保留足够的安全边际，模型中最终取值7.50%。3.财务报表重构：研发费用的资本化调整(TheR&DConverter)Damodaran估值体系中最重要的一项财务重构法则在于：对于科技与医药企业，必须将利润表中的研发支出（R&DExpenses）剔除，视为资本支出（CapitalExpenditure），并在其预期经济寿命内进行摊销。传统的A股会计准则将大部分研发费用当期费用化，这严重低估了创新型药企当期的真实经营利润，同时也低估了其投入资本（InvestedCapital）。根据财报数据，浙江医药2024年研发投入为7.49亿元，资本化率为0%。为了还原其真实的盈利能力与资本回报率（ROIC），我们将其过去数年的研发费用进行资本化，并设定摊销年限为医药行业惯用的5年（此处为简化推演，采用3-5年加速摊销逻辑模拟）。调整逻辑：我们将当年发生的7.49亿研发支出从营业费用中加回，同时减去过去五年积累的研发资产在当期的摊销额（假定历史研发支出以年均10%递增，估算当期摊销额约为6.80亿元）。结果：调整后的真实EBIT比账面披露的EBIT高出约0.69亿元。更重要的是，未摊销的研发费用将形成一项庞大的无形资产（ResearchAsset），并入资本基数，这将使我们得出的ROIC数据更加客观真实，而非被虚高。4.FCFF现金流预测与量化计算过程我们以2024年实际业绩及2025年前三季度的运行态势为基准。考虑到研发资本化调整及税收影响，设定基准年（BaseYear）的调整后息税前利润EBIT(1-t)为保守的13.50亿元。阶段一：高增长期（Year1-Year5）的参数设定预期复合增长率(g)：在维生素E/A价格中枢上移的利润释放，以及ADC创新药ARX788上市后销售曲线陡峭爬坡的双重共振下，设定未来5年调整后EBIT(1-t)的复合增长率为15.0%。资本回报率(ROIC)：随着高毛利产品占比的急剧提升，预期高增长期内的ROIC将升至15.0%。再投资率(ReinvestmentRate)：根据基本面公式$g=ROIC\timesReinvestmentRate$。理论再投资率需达到$15.0\%/15.0\%=100\%$。但由于公司前期庞大的化工与制剂产能资本支出已经完成，账面巨额的折旧（Depreciation）能够覆盖绝大部分的资本更新需求，真实的净资本支出压力较小。我们将实际再投资率（含营运资本的增加）平滑设定为60.0%。阶段二：永续稳定期（Year6及以后）的参数设定永续增长率($g_n$)：严格遵守Damodaran铁律，永续增长率绝不能超过宏观经济的无风险利率，故锚定为1.78%。稳态资本回报率($ROIC_{st}$)：随着专利保护到期及竞争加剧，超额收益消失，稳态ROIC向行业均值回落，设定为10.0%。稳态再投资率=$g_n/ROIC_{st}=1.78\%/10.0\%=17.8\%$。稳态资本成本($WACC_{st}$)：伴随企业成熟，Beta趋近于1，稳态WACC降低至7.00%。表1：浙江医药未来5年FCFF现金流量化推演(单位：亿元RMB)预测关键指标Year1Year2Year3Year4Year5TerminalYear(Y6)预期增长率(g)15.00%15.00%15.00%15.00%15.00%1.78%调整后EBIT(1-t)15.5317.8520.5323.6127.1527.63设定再投资率60.00%60.00%60.00%60.00%60.00%17.80%所需再投资额9.3210.7112.3214.1716.294.92FCFF(自由现金流)6.217.148.219.4410.8622.71折现因子(WACC=7.50%)0.93020.86530.80500.74880.6966N/A折现后FCFF现值5.786.186.617.077.57N/A5.终端价值与最终目标价计算终端价值评估(TerminalValueatYear5)：利用高登增长模型（GordonGrowthModel）：$TV=FCFF_6/(WACC_{st}-g_n)=22.71/(7.00\%-1.78\%)=22.71/0.0522=435.06$亿元。终端价值的折现现值(PVofTV)：$303.24\times0.6966=303.06$亿元。前5年FCFF现值之和=$5.78+6.18+6.61+7.07+7.57=33.21$亿元。核心经营资产总价值(ValueofOperatingAssets)=$33.21+303.06=336.27$亿元。桥接至股权内在价值(BridgetoEquityValue)：加：非经营性资产与溢余货币资金（基于2025Q3资产负债表披露的货币资金项）约28.99亿元。减：付息债务总额（涵盖短期借款、长期借款及资本化经营租赁负债的估算）约为4.50亿元。目标股权内在总价值(EstimatedEquityValue)=$336.27+28.99-4.50=360.76$亿元。每股内在价值推演：根据最新交易日数据，公司总股本约为9.738亿股（反算逻辑：当前市值161.27亿÷股价16.56）。合理目标价(ValueperShare)=360.76亿元/9.738亿股=37.05元/股。五、投资结论与安全边际基于上述极其严密的定量FCFF模型推演与定性护城河分析，作为一名恪守纯粹基本面与绝对折现逻辑的财务分析师，我得出以下明确结论：当前浙江医药的二级市场股价存在极度的错杀与低估，其具备宽广得令人难以置信的安全边际（MarginofSafety）。截至2026年3月5日，浙江医药的A股收盘价定格在16.56元，而我们的DCF模型所投射出的内在真实价值高达37.05元。当前市场先生的报价，仅仅勉强反映了其作为传统化工股在周期底部苟延残喘的资产清算价值。市场资金在实质上，对新码生物ARX788等具备全球Best-in-class（同类最优）潜力的重磅ADC创新药管线的商业化预期赋予了“零”甚至“负”的估值溢价。这种极端不对称的风险收益比，是A股市场典型的流动性错配与认知滞后产物。此外，必须深刻认识到中国10年期国债收益率跌破1.80%这一宏观巨变的毁灭性摧枯拉朽力量。在如此低息的货币环境中，全市场资产的贴现率底座正在发生剧烈重估。浙江医药凭借每年高达12至14亿元级别的强劲经营净现金流流入，以及海外高端市场超48%的核心业务毛利率，其类债券的久期现金流价值在低息环境下将被几何级数般放大。退一万步讲，在最极端的压力测试下（假设ADC新药全部临床失败收入为零，维生素价格立刻崩盘并在当前基础上永不反弹，公司长期增长率永远为0%），其仅仅依托现有“现金牛”业务的零增长FCFF贴现价值，外加账面近30亿的净现金，也足以牢牢支撑起20元以上的股价。当前16.56元的价格，实质上已经跌破了其作为纯粹现金产生器的防御底线。当前的股价（Price）要求公司未来10年必须保持多少的增长率才能站得住脚（ImpliedGrowthRate）？根据Damodaran独创的反向DCF模型（ReverseEngineeringValuation）的极致推导：在当前16.56元的现价下，浙江医药的总市值约为161.27亿元。我们从该市值中剥离掉账面高达28.99亿元的溢余现金，并加回4.5亿元的有息债务后，市场当前隐含赋予其核心经营资产的定价（ImpliedEnterpriseValueofOperatingAssets）仅仅只有可怜的136.78亿元。我们将公司当前已被确认的13.50亿元基期调整后EBIT(1-t)强行代入模型，在无风险利率1.78%、WACC为7.50%的铁律约束下，当前16.56元的股价所隐含的未来10年复合增长率（ImpliedGrowthRate）竟然是一个负值（约为-1.45%）。特别提醒：上述研究报告由自研智能体做出，仅供参考

临床3期引进/卖出抗体药物偶联物

100 项与达托霉素相关的药物交易

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外链

KEGG	Wiki	ATC	Drug Bank
D01080	达托霉素	J01XX09	DB00080

研发状态

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10 条最早获批的记录,

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适应症	国家/地区	公司	日期
皮肤和皮肤结构感染	澳大利亚	Juno Pharmaceuticals Corp.	2019-04-23
细菌性心内膜炎	日本	Merck Sharp & Dohme Corp.	2011-07-01
继发感染	日本	Merck Sharp & Dohme Corp.	2011-07-01
脓毒症	日本	Merck Sharp & Dohme Corp.	2011-07-01
传染性皮肤病	日本	Merck Sharp & Dohme Corp.	2011-07-01
菌血症	中国	Cubist Pharmaceuticals LLC	2009-09-02
细菌感染	中国	Cubist Pharmaceuticals LLC	2009-09-02
葡萄球菌感染	中国	Cubist Pharmaceuticals LLC	2009-09-02
复杂的皮肤和软组织感染	欧盟	Merck Sharp & Dohme BV	2006-01-19
复杂的皮肤和软组织感染	冰岛	Merck Sharp & Dohme BV	2006-01-19
复杂的皮肤和软组织感染	列支敦士登	Merck Sharp & Dohme BV	2006-01-19
复杂的皮肤和软组织感染	挪威	Merck Sharp & Dohme BV	2006-01-19
右侧感染性心内膜炎	欧盟	Merck Sharp & Dohme BV	2006-01-19
右侧感染性心内膜炎	冰岛	Merck Sharp & Dohme BV	2006-01-19
右侧感染性心内膜炎	列支敦士登	Merck Sharp & Dohme BV	2006-01-19
右侧感染性心内膜炎	挪威	Merck Sharp & Dohme BV	2006-01-19
金黄色葡萄球菌菌血症	欧盟	Merck Sharp & Dohme BV	2006-01-19
金黄色葡萄球菌菌血症	冰岛	Merck Sharp & Dohme BV	2006-01-19
金黄色葡萄球菌菌血症	列支敦士登	Merck Sharp & Dohme BV	2006-01-19
金黄色葡萄球菌菌血症	挪威	Merck Sharp & Dohme BV	2006-01-19

未上市

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适应症	最高研发状态	国家/地区	公司	日期
革兰氏阳性菌菌血症	临床3期	意大利	Cubist Pharmaceuticals LLC	2013-09-27
骨髓炎	临床3期	-	Cubist Pharmaceuticals LLC	2013-09-13
耐甲氧西林金黄色葡萄球菌引起的菌血症	临床3期	法国	Novartis AG	2012-05-01
交叉感染	临床3期	法国	Novartis AG	2012-05-01
粒细胞减少性发热	临床3期	美国	Cubist Pharmaceuticals LLC	2011-04-01
发热	临床3期	美国	Cubist Pharmaceuticals LLC	2011-04-01
皮肤结构和软组织感染	临床3期	奥地利	Novartis Pharmaceuticals Corp.	2010-03-01
皮肤结构和软组织感染	临床3期	德国	Novartis Pharmaceuticals Corp.	2010-03-01
皮肤结构和软组织感染	临床3期	意大利	Novartis Pharmaceuticals Corp.	2010-03-01
皮肤结构和软组织感染	临床3期	俄罗斯	Novartis Pharmaceuticals Corp.	2010-03-01

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研究	分期	人群特征	评价人数	分组	结果	评价	发布日期


NCT04434300 (Pubmed \| J Antimicrob Chemother)	临床1期	-	12	Daptomycin IV	鑰窪醖繭鏇觸願製糧膚(齋構願鑰鹽顧糧廠糧餘) = 鬱餘廠膚餘顧餘鹽醖築窪醖範蓋淵廠窪繭艱網 (夢選糧範築築鬱齋蓋鏇, 123.5) 更多	积极	2024-11-04
				Daptomycin SC	鑰窪醖繭鏇觸願製糧膚(齋構願鑰鹽顧糧廠糧餘) = 鬱壓觸夢範壓顧遞蓋淵窪醖範蓋淵廠窪繭艱網 (夢選糧範築築鬱齋蓋鏇, 102.5) 更多
NCT01199783 (CTgov)	临床3期	糖尿病足感染	1	Daptomycin (Daptomycin)	鹹積憲膚蓋鹹蓋夢壓艱 = 鏇糧鑰鹽窪鏇製構膚廠淵製鬱願鑰鏇製齋遞鹽 (遞餘製鹹鹽鏇夢蓋艱顧, 繭範蓋築襯鏇鑰選構艱 ~ 鏇製鑰觸獵襯遞壓簾構) 更多	-	2024-03-18
				Vancomycin (Vancomycin)	壓觸獵壓簾觸繭構願觸(網廠夢襯構築築憲鏇鬱) = 糧獵憲蓋築鹽壓艱鹽襯構願艱範淵簾餘壓獵壓 (構範製糧夢簾鹽網簾簾, 製窪膚網繭選獵繭願壓 ~ 艱壓淵夢廠夢獵構簾糧) 更多
NCT04983901 (CTgov)	临床2期	恶性实体肿瘤 \| 血液肿瘤 \| 粒细胞减少性发热	100	Meropenem+Linezolid+Cefepime+Piperacillin-Tazobactam+Daptomycin+Vancomycin	範窪願遞鑰繭願網襯鬱(鹹築選醖糧遞積製衊觸) = 鹽淵廠選鬱構選鹽糧構遞淵鑰選齋遞鏇憲糧獵 (襯憲鹽網鬱艱簾觸衊獵, 觸觸憲蓋遞製膚淵餘鏇 ~ 願網築憲鏇衊顧蓋積餘) 更多	-	2024-03-12
NCT01734694 (STOP-NT, CTgov)	临床4期	感染性关节炎 \| 心内膜炎 \| 骨髓炎 ... 更多	100	Vancomycin (Vancomycin)	構憲選衊壓夢壓鏇壓獵 = 艱鏇顧簾鏇醖願獵繭壓夢窪鹽淵襯遞繭範遞網 (選願遞餘遞淵遞壓構製, 蓋積蓋鑰襯鬱醖獵鬱襯 ~ 顧艱艱遞艱鏇憲築夢簾) 更多	-	2023-05-03
				Ceftaroline+Linezolid+Daptomycin (Comparator)	構憲選衊壓夢壓鏇壓獵 = 餘淵顧選廠鬱網獵製獵夢窪鹽淵襯遞繭範遞網 (選願遞餘遞淵遞壓構製, 憲鑰膚製鹽繭築壓築遞 ~ 鑰壓齋憲夢願鑰範選觸) 更多
NCT03643952 (MK-3009-029 \| 3009-029, Pubmed \| J Infect Chemother) 人工标引	临床2期	皮肤结构和软组织感染 \| 菌血症	18	Daptomycin (cSSTI)	選獵夢壓壓積糧鑰夢構(築鏇齋醖衊襯鏇願鑰醖) = 襯鑰選範願襯夢糧築遞齋鹹憲餘繭淵鑰壓鹹範 (網積範鹽選製餘鏇壓壓 )	积极	2022-03-01
				Daptomycin (bacteremia)	選獵夢壓壓積糧鑰夢構(築鏇齋醖衊襯鏇願鑰醖) = 簾窪襯齋觸餘網廠糧選齋鹹憲餘繭淵鑰壓鹹範 (網積範鹽選製餘鏇壓壓 )
NCT03643952 (MK-3009-029 \| 3009-029, CTgov)	临床2期	菌血症 \| 传染性皮肤病 \| 硬结红斑 ... 更多	18	Daptomycin for Injection	糧簾襯糧艱鏇膚壓簾網 = 淵淵鑰鹹膚鏇網顧構醖膚願積鏇製蓋醖糧壓簾 (網築積範願觸鏇壓蓋鹽, 遞鏇襯築蓋構襯糧蓋選 ~ 膚壓願餘簾網範範積廠) 更多	-	2021-03-30
NCT00261807 (CTgov)	N/A	坏死性筋膜炎 \| 软组织感染 \| Fournier坏疽	25	Daptomycin	構襯艱範簾製鏇遞淵遞 = 襯觸鹽窪衊網蓋壓蓋鹽廠窪壓積鏇積艱繭蓋繭 (願簾壓壓窪醖築獵繭獵, 鹽衊鬱餘醖醖鑰壓獵醖 ~ 憲觸範餘鏇襯獵憲簾製) 更多	-	2021-03-26
NCT00467272 (CTgov)	临床2期	导管相关感染 \| 菌血症 \| 革兰氏阳性菌菌血症 ... 更多	30	Daptomycin	艱遞獵選糧構襯鹹網製 = 膚構鏇觸壓餘廠顧窪製齋淵顧網獵網繭簾衊糧 (餘窪願鏇鑰憲淵淵積淵, 顧夢繭襯餘壓範鬱壓醖 ~ 獵艱鏇製觸齋艱積構繭) 更多	-	2021-02-08
NCT01922011 (MK-3009-006, Pubmed \| Pediatr Infect Dis J) 人工标引	临床3期	骨髓炎 Pediatric Gram-Positive	146	Daptomycin	糧遞餘鹽膚鬱鏇壓願選(製遞鏇膚壓鏇壓獵顧構) = 積夢簾齋醖繭鏇齋餘醖醖鹽鹹膚簾範廠淵獵窪 (窪獵淵顧構夢廠壓鹽範 ) 更多	不佳	2020-09-01
				vancomycin+ nafcillin+ equivalent	糧遞餘鹽膚鬱鏇壓願選(製遞鏇膚壓鏇壓獵顧構) = 願遞鏇憲顧憲鹹齋鏇觸醖鹽鹹膚簾範廠淵獵窪 (窪獵淵顧構夢廠壓鹽範 ) 更多
NCT02972983 (Pubmed \| Clin Infect Dis)	N/A	金黄色葡萄球菌菌血症	115	Adjunctive Daptomycin	鏇醖鑰獵壓窪遞製構糧(築鬱壓獵鹹膚鹹構鹹淵) = 襯鹹艱遞鹽窪壓廠鬱憲餘衊製鏇鏇選簾糧餘鏇 (製製蓋築艱簾憲網壓蓋 ) 更多	不佳	2020-07-15
				Placebo	鏇醖鑰獵壓窪遞製構糧(築鬱壓獵鹹膚鹹構鹹淵) = 築餘廠鬱網網鑰憲艱膚餘衊製鏇鏇選簾糧餘鏇 (製製蓋築艱簾憲網壓蓋 ) 更多