Revefenacin

YUPELRI® Collaboration Revenue increased 15% year-over-year1, from $15.4 million to $17.7 million , driven by continued Net Sales growth and improved operating leverage All Hatch-Waxman litigation relating to YUPELRI® has been resolved following settlement with Mankind Pharma in March Organizational restructuring and cost reduction initiatives on track; delivered ~20% reduction in Operating Expenses year-over-year (excluding restructuring items) Q1 2026 TRELEGY net sales, reported by GSK, of $873 million , up 2% year-over-year; high confidence in achieving the $100 million 2026 milestone payment2 Strategic Review Committee actively evaluating a range of opportunities to maximize shareholder value Quarter-end cash balance of $395 million and no debt DUBLIN , May 7, 2026 /PRNewswire/ -- Theravance Biopharma, Inc. (" Theravance Biopharma " or the "Company") (NASDAQ: TBPH) today reported financial and operational results for the first quarter of 2026. "We delivered strong financial performance in the first quarter, reinforcing the quality of our commercial asset, our robust balance sheet and the important actions underway to reshape our cost structure, following the outcome of the CYPRESS study," said Rick E Winningham, Chief Executive Officer of Theravance Biopharma . "YUPELRI® continues to deliver sustained net sales growth and expanding profitability, supported by growing community and hospital adoption, improved net pricing, and the recent resolution of generic litigation, driving increased long-term value for the franchise. TRELEGY also continued to perform well, and we remain confident that we will achieve the $100 million milestone payment associated with 2026 net sales. The entire Theravance team is acting with discipline and urgency, and we are confident that the continued execution against our strategic priorities and the Board's ongoing review process will maximize value for shareholders." Strategic Review Committee In 2024, the Theravance Board of Directors formed a Strategic Review Committee (the "Committee") composed entirely of independent directors to assess all strategic alternatives available to the Company. Since then, the Committee has been working on an ongoing basis with Lazard, its independent financial advisor, to evaluate opportunities to maximize shareholder value, including under multiple potential outcomes for the CYPRESS study, which the Company announced on March 3 rd did not meet the primary endpoint. Building upon this work, the Committee is acting with urgency to evaluate a broad range of value maximizing and tax efficient alternatives, including but not limited to a sale of the Company. In connection with the Company's March 3 rd announcement to wind down the ampreloxetine program and implement an organizational restructuring, the Committee has accelerated its evaluation of strategic alternatives for the Company. There can be no assurance that the Committee's strategic review process will result in any transaction. Theravance Biopharma does not intend to disclose further developments on this review process unless and until it determines that such disclosure is appropriate or necessary. Operational Highlights YUPELRI® (revefenacin) inhalation solution, the first and only once-daily, nebulized LAMA (long-acting muscarinic antagonist) bronchodilator approved in the U.S. for the maintenance treatment of patients with chronic obstructive pulmonary disease (COPD): Quarterly U.S. net sales of $62.4 million , recognized by Viatris, in Q1 2026, increasing 7% year-over-year (YoY) (Q1 2026 vs Q1 2025)1 driven by customer demand growth of 4% YoY (Q1 2026 vs Q1 2025)3, consistent with typical first quarter seasonality, and improved net pricing. Increased doses pulled through the hospital channel by 19% YoY (Q1 2026 vs Q1 2025), reflecting another excellent quarter of growth.4 Theravance and Viatris (Mylan) entered into a settlement in March with Mankind Pharma Ltd. with a licensed launch date of April 23, 2039 , subject to certain exceptions and other provisions customary for agreements of this type. With this settlement agreement, all Hatch-Waxman litigation relating to YUPELRI® (revefenacin) inhalation solution has been resolved. With this settlement agreement, all Hatch-Waxman litigation relating to YUPELRI® (revefenacin) inhalation solution has been resolved. TRELEGY GSK reported first quarter 2026 global net sales of $873 million (up 2% vs. the first quarter of 2025)5: FY 2025 global net sales of approximately $3.9 billion triggered a $50M milestone payment from Royalty Pharma, with cash received in February 2026 . FY 2026 global net sales of ~$3.5 billion required to trigger an additional $100M milestone payment from Royalty Pharma. Organizational Restructuring Update Following the announcement of the Company's Phase 3 CYPRESS results in March, Theravance has made progress on its organizational restructuring. As an early indicator of this progress, Operating Expenses (excluding restructuring costs) decreased approximately 20% year-over-year in Q1 2026 compared to Q1 2025, with more material reductions expected in Q2 2026 and full run-rate savings anticipated beginning in Q3 2026. The Company reaffirms it is on track to reduce operating expenses by approximately 60%, resulting in approximately $60 - $70 million of annualized cash flow, with the full benefit expected to be realized beginning in the third quarter of 2026. First Quarter Financial Results Revenue: Total revenue for the first quarter of 2026 was $17.7 million , consisting entirely of Viatris collaboration revenue. Viatris collaboration revenue increased by $2.3 million , or 15%, in the first quarter compared to the same period in 2025. The Viatris collaboration revenue represents amounts receivable from Viatris and comprises the Company's 35% share of net sales of YUPELRI, as well as its proportionate amount of the total shared commercial costs incurred by the two companies. The non-shared YUPELRI costs incurred by Theravance Biopharma are recorded within operating expenses. While Viatris records the total net sales of YUPELRI within its financial statements, Theravance Biopharma's implied 35% share of net sales of YUPELRI for the first quarter of 2026 was $21.9 million which represented a 7% increase compared to the same period in 2025. Research and Development (R&D) Expenses: R&D expenses for the first quarter of 2026 were $5.8 million , compared to $11.5 million in the same period in 2025. The reduction was driven by the corporate restructuring announced in March 2026 and ongoing wind-down of the CYPRESS clinical trial. First quarter R&D expenses included total non-cash share-based compensation of $0.6 million . Selling, General and Administrative (SG&A) Expenses: SG&A expenses for the first quarter of 2026 were $17.7 million , compared to $18.4 million in the same period in 2025. First quarter SG&A expenses included total non-cash share-based compensation of $2.9 million . Restructuring Expenses: Restructuring expenses for the first quarter of 2026 were $3.6 million and were comprised of severance costs and termination-related benefits. Cash restructuring costs were $2.6 million and non-cash restructuring costs were $1.0 million . Share-Based Compensation: Total share-based compensation expenses for the first quarter of 2026 were $4.5 million which included restructuring-related share-based compensation expense. Excluding restructuring-related expenses, share-based compensation was $3.5 million , compared to $4.9 million in the same period in 2025. Share-based compensation expenses for the first quarter of 2026 consisted of $0.6 million for R&D, $2.9 million for SG&A, and $1.0 million related to the restructuring. Net Loss: Net loss was $4.9 million in the first quarter of 2026 compared to a net loss of $13.6 million in the same period in 2025. Non-GAAP Net Income (Loss) from Operations6: Non-GAAP net income from operations was $0.6 million in the first quarter of 2026 compared to a non-GAAP net loss from operations of $8.6 million in the same period in 2025. See the section titled "Non-GAAP Financial Measures" for more information. Cash Position: Cash, cash equivalents and marketable securities totaled $394.7 million as of March 31, 2026 . The Company received a $25.0 million YUPELRI U.S. sales milestone from Viatris in January 2026 and a $50.0 million TRELEGY milestone from Royalty Pharma in February 2026 . Shares Outstanding: The Company had 51,514,968 ordinary shares outstanding as of March 31, 2026 . 2026 Financial Guidance Theravance Biopharma is implementing an organizational restructuring to streamline costs and align its resources with its commercial focus on YUPELRI. The restructuring will involve winding down the R&D function and significantly reducing the G&A function. The restructuring is expected to reduce operating expenses by approximately 60%, relative to 2025 actuals of $111.1 million . The full run-rate cost savings of approximately $70 million are expected to fully materialize in the third quarter of 2026. Together, the cost savings from the restructuring and continued sales from YUPELRI are expected to result in the Company generating approximately $60 to $70 million of annualized cash flow, starting in the third quarter of 2026. This cash flow projection is comprised of an estimated $45 to $55 million of Income from Operations (excluding non-cash share-based compensation) and projected Interest and Other Income, and does not include potential income from the $100 million TRELEGY milestone. The restructuring is expected to impact approximately 50% of the overall workforce. This reduction includes the wind-down of the R&D organization and a decrease of approximately 50% in G&A employees. These actions are expected to be implemented over the next two quarters, and the Company expects to incur approximately $5 to $7 million in one-time cash severance costs related to these actions. Conference Call Beginning last quarter, earnings results are being released via press release only. The Company will not host a conference call or webcast to discuss quarterly results. About Theravance Biopharma Theravance Biopharma, Inc.'s focus is to deliver Medicines that Make a Difference® in people's lives. In pursuit of its purpose, Theravance Biopharma leverages decades of expertise, which has led to the development of FDA-approved YUPELRI® (revefenacin) inhalation solution indicated for the maintenance treatment of patients with chronic obstructive pulmonary disease (COPD). The Company is committed to creating/driving shareholder value. For more information, please visit www.theravance.com. THERAVANCE BIOPHARMA ®, THERAVANCE® and the Cross/Star logo are registered trademarks of the Theravance Biopharma group of companies (in the U.S. and certain other countries). YUPELRI® is a registered trademark of Viatris Specialty LLC . Trademarks, trade names or service marks of other companies appearing on this press release are the property of their respective owners. Forward-Looking Statements This press release contains certain "forward-looking" statements as that term is defined in the Private Securities Litigation Reform Act of 1995 regarding, among other things, statements relating to goals, plans, objectives, expectations and future events. Theravance Biopharma, Inc. (the "Company") intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Examples of such statements include statements relating to: the Company's expectations regarding its future profitability, expenses and uses of cash, the Company's goals, designs, strategies, plans and objectives, future growth of YUPELRI sales and future royalty payments, the winddown of the Company's ampreloxetine program and R&D function and significant reduction of its G&A function, the consideration of strategic alternatives for the Company, the ability to provide value to shareholders, the Company's regulatory strategies, and contingent milestone payments due to the Company from the sale of the Company's TRELEGY royalty interests. These statements are based on the current estimates and assumptions of the management of Theravance Biopharma as of the date of this press release and are subject to risks, uncertainties, changes in circumstances, assumptions and other factors that may cause the actual results of Theravance Biopharma to be materially different from those reflected in the forward-looking statements. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include, among others, risks related to: factors that could increase the Company's expenses beyond its expectations and any factors that could adversely affect its profitability, whether the TRELEGY milestone thresholds will be achieved, delays or difficulties in winding down clinical studies, the timing of any potential strategic transaction with respect to the Company, if at all, risks of collaborating with or relying on third parties to develop, manufacture and commercialize products, and risks associated with establishing and maintaining sales, marketing and distribution capabilities with appropriate technical expertise and supporting infrastructure, the ability of the Company to protect and to enforce its intellectual property rights, volatility and fluctuations in the trading price and volume of the Company's shares, and general economic and market conditions. Other risks affecting the Company are in the Company's Form 10-K filed with the SEC on March 23, 2026 , and other periodic reports filed with the SEC . In addition to the risks described above and in Theravance Biopharma's filings with the SEC , other unknown or unpredictable factors also could affect Theravance Biopharma's results. No forward-looking statements can be guaranteed, and actual results may differ materially from such statements. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Theravance Biopharma assumes no obligation to update its forward-looking statements on account of new information, future events or otherwise, except as required by law. Non-GAAP Financial Measures Theravance Biopharma provides a non-GAAP metric in this press release. Theravance Biopharma believes that non-GAAP net income (loss) provides meaningful information to assist investors in assessing prospects for future performance and actual performance as they provide better metrics for analyzing the performance of its business by excluding items that may not be indicative of core operating results and the Company's cash position. Because non-GAAP financial targets and metrics, such as non-GAAP net income (loss), are not standardized, it may not be possible to compare these measures with other companies' non-GAAP targets or measures having the same or a similar name. Thus, Theravance Biopharma's non-GAAP measures should be considered in addition to, not as a substitute for, or in isolation from, the Company's actual GAAP results and other targets. Please see the appendix attached to this press release for a reconciliation of non-GAAP net income (loss) to its corresponding measure, net income (loss). A reconciliation of non-GAAP net income (loss) to its corresponding GAAP measure is not available on a forward-looking basis without unreasonable effort due to the uncertainty regarding, and the potential variability of, expenses and other factors in the future. Contact:investor.relations@theravance.com650-808-4045 1 In the U.S. , Viatris is leading the commercialization of YUPELRI, and the Company co-promotes the product under a profit and loss sharing arrangement (65% to Viatris; 35% to the Company). 2 Payment from Royalty Pharma (RP) will be triggered if RP receives certain minimum royalty payments from GSK based on TRELEGY global net sales. 3 Source: Viatris Customer Demand (Q1'26). 4 Source: IQVIA DDD, HDS, VA and Non-Reporting Hospital through Mar '26. 5 GSK-reported Net Sales in USD. 6 Non-GAAP profit (loss) consists of GAAP net income (loss) before taxes less (i) share-based compensation expense, (ii) non-cash interest expense, and (iii) non-recurring revenue and income items. See the section titled "Non-GAAP Financial Measures" for more information. THERAVANCE BIOPHARMA, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) March 31 , December 31 , 2026 2025 Assets (Unaudited) (1) Current assets: Cash and cash equivalents and short-term marketable securities $ 394,666 $ 315,357 Receivables from collaborative arrangements 15,584 45,539 Receivables from milestone and royalty assets - 50,000 Other prepaid and current assets 7,384 7,564 Total current assets 417,634 418,460 Long-term marketable securities - 11,128 Property and equipment, net 5,539 5,895 Operating lease assets 23,001 24,371 Restricted cash 836 836 Other assets 25,303 24,880 Total assets $ 472,313 $ 485,570 Liabilities and Shareholders' Equity Current liabilities $ 31,775 $ 38,302 Long-term operating lease liabilities 29,752 31,758 Future royalty payment contingency 32,795 32,795 Unrecognized tax benefits 87,153 85,679 Other long-term liabilities 244 313 Shareholders' equity 290,594 296,723 Total liabilities and shareholders' equity $ 472,313 $ 485,570 ________________________________ (1) The condensed consolidated balance sheet as of December 31, 2025 has been derived from the audited consolidated financialstatements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 . THERAVANCE BIOPHARMA, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) Three Months Ended March 31 , 2026 2025 (Unaudited) Revenue: Viatris collaboration agreement (1) $ 17,699 $ 15,388 Total revenue 17,699 15,388 Costs and expenses: Research and development (2) 5,829 11,452 Selling, general and administrative (2) 17,720 18,370 Restructuring expenses (2) (3) 3,633 - Total costs and expenses 27,182 29,822 Loss from operations (9,483) (14,434) Interest expense (non-cash) - (643) Interest income and other income, net 3,013 939 Loss before income taxes (6,470) (14,138) Provision for income tax benefit 1,537 559 Net loss $ (4,933) $ (13,579) Net loss per share: Net loss per share - basic and diluted $ (0.10) $ (0.27) Shares used to compute net loss per share - basic and diluted 51,279 49,706 Non-GAAP net income (loss) $ 639 $ (8,618) ________________________________ (1) While Viatris, Inc. records the total YUPELRI net sales, the Company is entitled to a 35% share of the net profit (loss) pursuant to a co-promotion agreement with Viatris as presented below: Three Months Ended March 31 , (In thousands) 2026 2025 YUPELRI net sales (100% recorded by Viatris) $ 62,430 $ 58,344 YUPELRI net sales ( Theravance Biopharma implied 35%) 21,851 20,420 (2) Amounts include share-based compensation expense as follows: Three Months Ended March 31 , (In thousands) 2026 2025 Research and development $ 627 $ 1,070 Selling, general and administrative 2,849 3,807 Restructuring expenses 1,028 - Total share-based compensation expense $ 4,504 $ 4,877 (3) Restructuring expenses were comprised of: Three Months Ended March 31 , (In thousands) 2026 2025 Cash-related expenses $ 2,605 $ - Non-cash related expenses 1,028 - Total restructuring expenses $ 3,633 $ - THERAVANCE BIOPHARMA, INC. Reconciliation of GAAP Net Loss to Non-GAAP Net Income (Loss) (In thousands) Three Months Ended March 31 , 2026 2025 (Unaudited) GAAP net loss $ (4,933) $ (13,579) Adjustments: Share-based compensation expense 4,504 4,877 Non-cash interest expense - 643 Income tax benefit (1,537) (559) Restructuring expense (excl. share-based compensation) 2,605 - Non-GAAP net income (loss) $ 639 $ (8,618) View original content to download multimedia:https://www.prnewswire.com/news-releases/theravance-biopharma-inc-reports-first-quarter-2026-financial-results-and-provides-corporate-update-302765562.html SOURCE Theravance Biopharma, Inc.

本文系基于公开资料撰写，仅作为信息交流之用，不构成任何投资建议。 2026年4月20日至22日，国家药监局连发三批通知。54个药品上市申请被拒，其中43个是仿制药。名单里躺着江苏豪森、湖南科伦、复星医药。普拉曲沙注射液、佩玛贝特片、瑞维那新吸入溶液，都是头部药企的品种，不少还是奔着首仿去的。 三天，43个。行业里有人把这组数字称为“4·22事件”。 放在十年前，这种事不可想象。那时候一个仿制药批文意味着一条现成的现金流。报上去，等一等，补一补材料，大多数都能过。批下来之后进医保、上临床、铺渠道，利润不算厚，但胜在稳定。中国制药工业的黄金十年，有一半的功劳要记在仿制药身上。 2026年的这次拒批不是孤例。几个月前，布立西坦口服溶液与比拉斯汀口服溶液的仿制上市申请同样被否。再往前推，2025年12月，三天内上百个文号被否，行业已经震过一次。那次震动之后，药审中心发了两份文件，《化学仿制药药学研究重大缺陷（试行）（征求意见稿）》和《化学仿制药生物等效性研究重大缺陷（试行）（征求意见稿）》。透过文件条款，底层核心意思只有一句话： 别再误判医药反内卷的国家意志。 图：近年仿制药集中拒批事件规模 01 旧路径的终结 旧路径是什么样的？打个比方，像考试可以补考。申报材料交上去，审评员一看，数据不全、分析方法有漏洞、工艺变更后没做稳定性考察，没关系，发一个“补正意见”，企业回去改，改完再交。多轮沟通下来，大多数品种还是能过。这套机制的潜台词是：只要你想做，总有办法让你做成。 新规砍掉了这个“补考”环节。一旦被认定为重大缺陷，不再给予补充资料机会，直接不予批准。药学研究有重大缺陷？毙掉。生物等效性试验不可靠？毙掉。生产质量控制不达标？毙掉。 也就是说，企业必须在申报前就把所有功课做足，不能再指望“先上车后补票”。 这种变化在历史上并不陌生。日本在1970年代中后期推进药价基准制度时，也经历过类似的“收紧”。 当时日本有超过10万个药品批文，大部分是仿制药和复方制剂，质量参差不齐。厚生省通过修订药价标准、强化GMP符合性检查，几年内淘汰了数万个批文。活下来的企业，后来成了武田、第一三共、安斯泰来。 每一次从“宽”到“紧”的转身，背后都是一次产业格局的重塑。有人被甩下去，有人爬上来。 02 蛋糕已经摊得太大了 为什么现在收？一个很朴素的原因：市场装不下了。 NMPA的数据摆在那里。左氧氟沙星的批准文号超过800个，二甲双胍超过500个，利伐沙班超过100个。一个品种，几百个批文同时在市场上跑，除了价格战，看不出别的结局。 据媒体报道，有业内人士透露过一个数字：“十四五”期间国内仿制药批文仍有1万多个。一万多个批文，对应多少条生产线、多少家企业的现金流、多少重复建设的产能？没有人能准确回答。但所有人都知道，这个数字太大了。 佩玛贝特片是另一个例子。原研药2025年4月8日获批进口中国，9天后就有国内企业申报仿制。截至被否决时，已有28家企业提交申请，26家完成生物等效性试验。一个品种，28家同时抢，这哪里是在研发新药，分明是在跑马圈地。 这种立项逻辑源自一块简单的经济账：一个仿制药品种从立项到申报，投入数百万元，远低于创新药的数亿元。几百万元押一个品种，赌的是批下来之后的市场份额。十个品种里成一个，就不亏。 这种“多立项、多试错”的博弈策略，在增量时代是合理的。但问题在于，市场已经不是增量了。1万多个批文的存量盘面上，新批文挤进来的每一分增量，都是从存量里面撕下来的肉。 一言以蔽之，不能再无限制地发新批文了，老批文已经活得很艰难。 03 紧不是目的，倒逼才是 如果把这次拒批单独拿出来看，很容易得出一个结论：监管部门在收缩市场参与者数量。但这只是表层。 放在更大的政策组合里看，有三个东西是同步发生的。 第一，国家医保局的集采持续推进，仿制药在价格端不断承压。第二，国务院4月14日发布了《关于健全药品价格形成机制的若干意见》，要求新上市仿制药参照同通用名药品合理定价，集采中选价格成为医保支付标准。第三，药监部门在源头端收紧新批文的审核。 三者合在一起，形成了一个完整的闭环：价格端压利润，支付端定标尺，准入门槛抬高。 这套组合拳的真正意图不在“堵”，而在“引”。引到哪里？引向两个方向。一是让已有的高质量批文获得市场保护，给合规企业留下利润空间和调整时间。二是逼迫企业从“拼数量”转向“拼质量”，从“拼速度”转向“拼差异”。 这个逻辑在别的行业反复上演过。家电行业在2000年前后有过一轮惨烈的价格战，长虹、康佳、TCL轮番降价，最后活下来的企业不是降价最狠的，而是质量控制最好、渠道深耕最稳的那几家。光伏行业在2012到2014年经历过一轮产能出清，欧美双反叠加国内产能过剩，一半以上的企业倒掉了，隆基、通威在那轮洗牌中长了出来。 医药行业比家电和光伏更特殊的地方在于，它的研发周期长、合规成本高、政策敏感度大。一次拒批，损失的不仅是几百万元的研发投入，还有一到两年的申报窗口期。对于现金流本不宽裕的中小企业来说，这种损失可能是致命的。 但也正是这种“致命性”，构成了倒逼的力度。 04 以仿养创的尽头 日本1970年代药价改革中有一个细节值得注意。当时被淘汰批文的大多是中小企业的品种，而头部企业如武田、第一三共，在收紧过程中反而巩固了市场地位。 它们的共性是什么？就是在仿制药还在赚钱的时候，已经开始布局创新药。 中国的情况类似。恒瑞医药在2018年时，近九成收入来自仿制药。到2025年，年报显示创新药收入已达163.42亿元，仿制药占比大幅下降。翰森制药的创新药收入达到123.54亿元。这两家企业的转型路径高度一致：以仿制药现金流反哺创新药研发，在仿制药利润被挤压之前，把新产品推上市。 东海证券在一份研报中将中国医药行业分为三个阶段：2018年以前是仿制药大时代；2018到2025年是转型阵痛期，仿制药价格溢价快速出清；2026年起进入创新药新周期。2025年的数据可作为注脚：百济神州、信达生物均实现首次全年盈利。 以仿养创这条路，虽然越走越窄，但并非死路。真正的问题不是这条路还能不能走，而是企业有没有在这条路还走得通的时候，把另一条路修好。 图：中国医药行业发展周期划分 05 结语 43个仿制药被拒，是一个信号。但信号背后的东西，比信号本身更有意思。 中国医药产业的批文从粗放到精细，从增量到存量，从拼速度到拼质量，这个过程不会因为一次拒批就完成。未来还会有更多品种被拒，更多企业退出，更多批文被注销。这不是坏事，这是产业走向成熟的必经之路。 日本用了将近十年完成那轮批文出清。美国在1984年Hatch-Waxman法案之后，也花了五六年时间才理顺品牌药和仿制药的平衡关系。中国的这一轮调整，从2018年集采启动算起，已经八年。八年里，有人离场，有人坚守，有人转身。 每一次规则的重塑，都会留下幸存者和出局者。幸存者的护城河不是批文数量，而是把每一款产品做到极致的耐心，是在严苛规则下依然能交出合格答卷的能力。这些能力，在宽松年代很难长出来。 正如审批机构所期许的：倒逼机制让企业在每一次申报前都付出足够的重视——重到不能凭侥幸过关，重到必须从立项那一刻就开始认真。 · 靶点格局 · PD-1靶点 | TIGIT靶点 | Claudin18.2靶点 BCR-ABL靶点 | PCSK9靶点 | Bcl-2靶点 GLP-1靶点 | CDK4/6靶点 | CD20靶点  EGFR靶点 | KRAS靶点 | CD47靶点 c-MET靶点 | ALK靶点  · MNC观察 · 礼来 | 默沙东 | 诺和诺德 | 强生 阿斯利康 | 诺华 |  辉瑞 | 罗氏 艾伯维 | GSK | 吉利德 | 拜耳 福泰制药 | Moderna  | 安进 | 银休特 德康医疗 | 史赛克 | Illumina  · 产业地图 · 百济神州 | 恒瑞医药 | 君实生物 再鼎医药 | 复宏汉霖 | 信达生物  药明康德 | 药明生物 | 贝达药业 亚盛医药 | 迪哲医药 | 荣昌生物 百洋医药 |诺诚健华 |康方生物 和铂医药 | 传奇生物 | 云顶新耀  先声药业 | 亚虹医药 |  微创医疗 迈瑞医疗 |联影医疗 | 华大智造 京东健康 | 美团医药 | 晶泰科技