Cetrorelix

White House , screengrab In his State of the Union address on Tuesday evening, President Donald Trump urged Republican leaders to pass legislation cementing his new drug pricing initiatives as he touted his efforts to lower healthcare costs for Americans. President Donald Trump called on Congress to codify his Most Favored Nation drug pricing initiative into law, as he delivered the State of the Union address at the Capitol in Washington, D.C. on Tuesday evening. He also touted his efforts to lower drug prices and the success of deals with pharma companies that were signed over the fall. “Under my just enacted Most Favored Nation agreements, Americans who have for decades paid by far the highest prices of any nation anywhere in the world for prescription drugs will now pay the lowest price anywhere in the world for drugs,” Trump said, according to a transcript of the event. “I took prescription drugs, a very big part of healthcare, from the highest price in the entire world to the lowest. That’s a big achievement.” The White House launched the TrumpRx platform in February , offering select drugs from major pharma companies on a direct-to-consumer basis. Analysts have been skeptical of the program’s ability to lower out-of-pocket costs for patients, as many of the drugs offered were heading for a patent cliff and would be lowered anyway. Other experts also questioned the impact of the program, which would likely only serve uninsured patients or those with high-deductible plans. Most patients would have access to steeper discounts via their regular insurance plans. Pfizer was the first company to sign an MFN deal last year, soon to be followed by the likes of AstraZeneca, Amgen, Bristol Myers Squibb and more. The CEOs of Eli Lilly and Novo Nordisk attended a joint announcement at the White House in November to offer their GLP-1 products, including initial doses of upcoming oral weight loss medicines, for $150. Many of the companies reached the agreements in exchange for exemption from tariffs. Drug pricing How Effective Will TrumpRx and Other Direct-to-Consumer Drug Pricing Initiatives Be? With pricing pressures climbing, Pfizer, Eli Lilly and other major drugmakers are looking to sell their products directly to patients. Analysts are skeptical that these efforts, including those announced to much fanfare from the White House, will result in meaningful reductions in drug spending. November 12, 2025 · 11 min read · Tristan Manalac Read More Trump said the TrumpRx platform has lowered drug prices “300, 400, 500, 600 percent and more.” The president specifically pointed to medicines for in vitro fertilization, which are not typically covered by insurance plans. In October, Merck KGaA’s U.S. subsidiary EMD Serono announced an agreement with the U.S. government to broaden access to its fertility medications, including Gonal-F, Ovidrel and Cetrotide. In his address, Trump called out one patient in attendance who was able to access IVF medications for less, Catherine Rayner. Rayner was the first person to utilize the TrumpRx platform, according to the president. “One drug has been costing Catherine $4,000 to purchase. But a few weeks ago, she logged on to the website and got that same drug that cost costs $4,000, got it for under $500, a reduction of much more actually than $3,500,” Trump said. “Catherine, we are all praying for you and you’re going to be a great mom.” With Rayner as an example, Trump urged his Republican leaders in Congress to codify Most Favored Nation drug pricing. “I’m not sure it matters because it’s going to be very hard for somebody that comes along after me to say, let’s raise drug prices by 700 or 800 percent. But John and Mike, if you don’t mind, codify it anyway,” he said, referring to Senate Majority Leader John Thune and House Speaker Mike Johnson. Trump already urged Congress to address MFN in a January announcement of “The Great Healthcare Plan,” which seeks to take the drug pricing fight to insurers. Drug pricing Despite MFN Deals, Drug Pricing Will Dog Pharma Into 2026 Only a handful of the top pharmas have signed Most Favored Nation drug pricing deals with the White House, while smaller biotechs continue to hang in limbo. January 6, 2026 · 5 min read · Annalee Armstrong Read More

丽珠集团是老牌的制药公司，中老年人基本听过丽珠得乐这款胃药的广告。公司以仿制药起家，在多元化扩张的过程中积累了原料药、中药、试剂诊断等基本盘，近些年往创新药转型，不断固本求新，未来有望在创新药领域取得突破。 一、主营业务 公司的从事药品的生产与销售，包括原料药及中间体产品、促性激素产品、消化道产品、中药制剂产品、诊断试剂及设备、生物制剂等。其中原料药及中间体产品、促性激素产品、消化道产品是现金流来源，从营收图可以看出，公司产品线逐年丰富，2022年起略有下滑但维持企稳状态，同时这几年是公司前期投入创新药研发的阶段，一些重要管线预计2026年之后陆续上市，届时业绩有望增长。 二、盈利能力 公司毛利率看起来虽然没有纯创新药企那么夸张，但各条线产品均有一定的竞争力，化学制剂产品（促性激素产品、消化道产品、精神产品）毛利率稳定在80%上下，原料药毛利率在35%以上，高端制剂与高品种原料药是公司的优势领域，建立了一定的壁垒，盈利和现金流稳健，反哺创新药的研发。 三、重要产品与管线 莱康奇塔单抗（IL-17A/F 单抗）：核心适应症为中重度银屑病及强直性脊柱炎，其中银屑病适应症已申报上市并纳入 CDE 优先审评，预计最快今年底获批，强直性脊柱炎适应症预计 2026年二季度申报上市。其中重度银屑病适应症的 III 期头对头临床试验主要终点（第 12 周 PASI100 应答率）优于对照组司库奇尤单抗（可善挺）。具体数据为莱康奇塔单抗组第 12 周 PASI100 应答率为 49.5%，司库奇尤单抗组为 40.2%，研究结果达到统计学优效，同时具备用药次数更少、给药便捷、安全性优良等核心特性。 GnRH（促性腺激素释放激素）管线：目前国内整体管线最完善，适应症主要为前列腺癌、乳腺癌、中枢性性早熟等。核心产品及进展包括：（1）亮丙瑞林一个月剂型：已上市；目前国内注射用醋酸亮丙瑞林微球领域（含长效缓释剂型）仅 3 家企业实现商业化上市（含原研厂商），公司作为国产首家通过该品种一致性评价的企业，竞争力突出。（2) 亮丙瑞林三个月剂型：预计今年获批，核心适应症为乳腺癌和前列腺癌，国内首家 3 个月微球仿制药；（3) 曲普瑞林：2025 年医保谈判新增子宫内膜异位适应症，2026 年该产品有望继续维持销售增长趋势；中枢性性早熟适应症处于临床 III期；（4）丙氨瑞林：研发中，核心适应症为乳腺癌等；（5）西曲瑞克：已上市并于 2024 年在美国获批上市；（6）口服 GnRH 拮抗剂：进展全球第二，辅助生殖适应症已完成 II 期临床，目前在积极筹备 III 期临床过程中。 四价流感重组蛋白疫苗：全球首款加佐剂的重组蛋白流感疫苗，已完成 I 期安全性爬坡，预计今年 3 月进入 II 期临床。 NS-041：是一款新型高选择性钾离子通道 KCNQ2/3激活剂，能够调节中脑腹侧被盖区多巴胺神经元的兴奋性，从而改善相关癫痫和抑郁症状。丽珠的 NS-041 国内是唯一获批同时开展癫痫和抑郁症临床研究的 KCNQ2/3 激活剂。其抗癫痫适应症Ⅱ期临床研究在有序进行中，抗抑郁适应症Ⅱ期临床即将启动。 四、估值 公司市值309亿元，PE(TTM)14倍，会分红，实控人没减持，综合看起来股价略低，有一定的上升空间。重点关注核心管线上市进展及商业化情况，虽然莱康奇塔单抗头对头试验展现了一定的统计学优效，但自免赛道整体还是比较红海的。 【免责声明】本文信息来源于上市公司公告等公开资料，不保证真实、准确、完整，不代表本人立场及任何投资建议。 【作者简介】厦门大学硕士，医学、法学复合背景，保荐代表人，注册会计师，律师，10+年投行经验，某券商在职员工。