RSVpreF

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

Clinical Infectious Diseases Volume 82 Issue 1 临床传染病学 82卷1期 https://academic.oup.com/cid/issue/ ID Art Through the Ages（穿越时代的传染病学技艺） 1 Peasants' Revolt, 1381 1381年农民起义 Mary Grizzard and Michael Grizzard Clinical Infectious Diseases, Volume 82, Issue 1, 15 January 2026, Page i, https://doi.org/10.1093/cid/ciaf692 In the Literature（文献概览） 2 In the Literature 文献概览 Clinical Infectious Diseases, Volume 82, Issue 1, 15 January 2026, Pages ii–iii, https://doi.org/10.1093/cid/ciaf631 State-of-the-Art Review（最新技术综述） 3 State-of-the-Art Review: Diagnosis and Management of Acute and Chronic Bacterial Prostatitis 最新技术综述：急性和慢性细菌性前列腺炎的诊断与治疗 Prathit A Kulkarni and others Clinical Infectious Diseases, Volume 82, Issue 1, 15 January 2026, Pages 1–13, https://doi.org/10.1093/cid/ciaf483 Clinical Dilemmas in Infectious Diseases（传染病临床难题） 4 “Insisting on Treatment” “坚持治疗” Kevin Andrew Smith and others Clinical Infectious Diseases, Volume 82, Issue 1, 15 January 2026, Pages 14–18, https://doi.org/10.1093/cid/ciaf282 Voices of ID（传染病之声） 5 Martin Arrowsmith and Me 马丁·阿罗史密斯与我 Janet R Gilsdorf Clinical Infectious Diseases, Volume 82, Issue 1, 15 January 2026, Pages 19–20, https://doi.org/10.1093/cid/ciaf277 Invited Commentary（特邀述评） 6 The 2025 Centers for Disease Control and Prevention Nonoccupational HIV Postexposure Prophylaxis Guidelines: Updated Regimens and Remaining Questions 2025年美国疾病控制与预防中心非职业性艾滋病毒暴露后预防指南：更新方案及遗留问题 Lao-Tzu Allan-Blitz and Kenneth H Mayer Clinical Infectious Diseases, Volume 82, Issue 1, 15 January 2026, Pages 21–24, https://doi.org/10.1093/cid/ciaf567 Antimicrobial Resistance and Stewardship（抗菌药物耐药性与管控） 7 Modeling the Impact and Cost of a Culture-Dependent Molecular Test for Antimicrobial Resistance in Resource-Limited Settings 资源有限环境下，基于培养的分子检测法对抗菌药物耐药性的影响和成本建模 Joshua M Chevalier and others Clinical Infectious Diseases, Volume 82, Issue 1, 15 January 2026, Pages 25–32, https://doi.org/10.1093/cid/ciaf236 8 The Xpert MTB/RIF Cycle Threshold Value Predicts Mycobacterium tuberculosis Transmission to Close Contacts in a Brazilian Prospective Multicenter Cohort 巴西一项前瞻性多中心队列研究中Xpert MTB/RIF循环阈值可预测结核分枝杆菌在密切接触者中的传播 Leandro S Garcia and others Clinical Infectious Diseases, Volume 82, Issue 1, 15 January 2026, Pages 33–41, https://doi.org/10.1093/cid/ciad794 9 Beyond Diagnosis: Xpert Cycle Threshold Values as Predictors of Tuberculosis Transmission 超越诊断：Xpert循环阈值作为结核病传播的预测指标 Lauren Linde and others Clinical Infectious Diseases, Volume 82, Issue 1, 15 January 2026, Pages 42–43, https://doi.org/10.1093/cid/ciad791 10 First Report of Treatment-Emergent Resistance to Cefepime-Zidebactam in Pseudomonas aeruginosa 铜绿假单胞菌在头孢吡肟-齐德巴坦治疗中出现耐药性的首例报告 Ava J Dorazio and others Clinical Infectious Diseases, Volume 82, Issue 1, 15 January 2026, Pages 44–48, https://doi.org/10.1093/cid/ciaf638 Clinical Practice and Policy（临床实践与政策） 11 Sputum and Tongue Swab Molecular Testing for the In-Home Diagnosis of Tuberculosis in Unselected Household Contacts: A Cost and Cost-Effectiveness Analysis 痰液和舌拭子分子检测用于未筛选家庭接触者结核病居家诊断的成本及成本效益分析 Charl Bezuidenhout and others Clinical Infectious Diseases, Volume 82, Issue 1, 15 January 2026, Pages 49–57, https://doi.org/10.1093/cid/ciaf389 12 You’ve Got a Friend in Me: Curbside Questions Infectious Diseases Clinicians Ask Infectious Diseases Pharmacists 我是你的朋友：传染病临床医生向传染病药剂师咨询的即兴问题 Matthew R Davis and others Clinical Infectious Diseases, Volume 82, Issue 1, 15 January 2026, Pages 58–61, https://doi.org/10.1093/cid/ciaf250 13 Home Testing for Contagious Illness: Historical Context and Modern Caveats 传染性疾病居家检测：历史背景与现代注意事项 Abigail Zuger Clinical Infectious Diseases, Volume 82, Issue 1, 15 January 2026, Pages 62–66, https://doi.org/10.1093/cid/ciaf623 Fungal Infections（真菌感染） 14 Evaluating the Use of Lower Dose Flucytosine for the Treatment of Cryptococcal Meningitis: A Clinical Trial 评估低剂量氟胞嘧啶治疗隐球菌性脑膜炎的临床试验 Morris K Rutakingirwa and others Clinical Infectious Diseases, Volume 82, Issue 1, 15 January 2026, Pages 67–74, https://doi.org/10.1093/cid/ciaf432 15 Association Between Duration of Candidemia and Clinical and Healthcare Resource Utilization Outcomes Among Hospitalized Adult Patients With Candidemia Who Received Empiric Treatment With an Echinocandin Across United States Hospitals 美国各医院中接受棘白菌素经验性治疗的念珠菌血症成年住院患者中，念珠菌血症持续时间与临床和医疗资源利用结局之间的关联 Thomas P Lodise and others Clinical Infectious Diseases, Volume 82, Issue 1, 15 January 2026, Pages 75–85, https://doi.org/10.1093/cid/ciaf472 16 Aspergillosis-Attributable Mortality in the United States: Analysis of Death Certificate Data 美国隐球菌病导致的死亡率分析：基于死亡证明数据 Thomas J Walsh and others Clinical Infectious Diseases, Volume 82, Issue 1, 15 January 2026, Pages 86–92, https://doi.org/10.1093/cid/ciaf653 HIV/AIDs（人类免疫缺陷病毒/艾滋病） 17 Outcomes of Critical Illness in People With Advanced HIV Disease: 30 Years of Binational Data 晚期艾滋病患者危重症结局：30年的双国数据 Bryan Tan and others Clinical Infectious Diseases, Volume 82, Issue 1, 15 January 2026, Pages 93–99, https://doi.org/10.1093/cid/ciaf362 18 Phase 2 Trial of Long-Acting Cabotegravir and VRC07-523LS for Viral Suppression in Adults With HIV-1: ACTG A5357 长效卡博特韦和VRC07-523LS用于HIV-1感染成人病毒抑制的2期试验：ACTG A5357 Babafemi O Taiwo and others Clinical Infectious Diseases, Volume 82, Issue 1, 15 January 2026, Pages 100–108, https://doi.org/10.1093/cid/ciaf375 19 Therapeutic Drug Monitoring of Long-Acting Cabotegravir and Rilpivirine in a National Cohort of People With HIV-1: First Results From the ANRS-MIE CARLAPOP Study 全国HIV-1感染者队列中长效卡博特韦和利匹韦林的治疗药物监测：ANRS-MIE CARLAPOP研究的首批结果 Nadège Néant and others Clinical Infectious Diseases, Volume 82, Issue 1, 15 January 2026, Pages 109–118, https://doi.org/10.1093/cid/ciaf385 20 Is Therapeutic Drug Monitoring of Long-Acting Cabotegravir and Rilpivirine of Clinical Utility? 长效卡博特韦和利匹韦林的治疗药物监测是否具有临床实用性？ Catia Marzolini Clinical Infectious Diseases, Volume 82, Issue 1, 15 January 2026, Pages 119–121, https://doi.org/10.1093/cid/ciaf386 21 Efficacy and Safety of Dual Therapy With Dolutegravir/Lamivudine in Treatment-naive Persons With CD4 Counts <200/mm3: 48-Week Results of the DOLCE Study 多替拉韦/拉米夫定双药治疗在CD4计数<200/mm³的初治患者中的疗效和安全性：DOLCE研究48周结果 Maria Ines Figueroa and others Clinical Infectious Diseases, Volume 82, Issue 1, 15 January 2026, Pages 122–131, https://doi.org/10.1093/cid/ciaf415 22 DOLCE: Sweet Success for Dolutegravir/Lamivudine? DOLCE研究：多替拉韦/拉米夫定双药治疗是否取得完美成功？ Laura J Waters Clinical Infectious Diseases, Volume 82, Issue 1, 15 January 2026, Pages 132–133, https://doi.org/10.1093/cid/ciaf416 Infection Control and Hospital Epidemiology（感染控制与医院流行病学） 23 Real-Time Genomic Surveillance for Enhanced Healthcare Outbreak Detection and Control: Clinical and Economic Impact 实时基因组监测用于加强医疗保健机构疫情检测与控制：临床与经济影响 Alexander J Sundermann and others Clinical Infectious Diseases, Volume 82, Issue 1, 15 January 2026, Pages 134–141, https://doi.org/10.1093/cid/ciaf216 24 Patient Perspectives Regarding Different Contact Precaution Policies for Methicillin-resistant Staphylococcus aureus Across Two Hospitals: Patients Are in Favor of Contact Precautions 两家医院患者对耐甲氧西林金黄色葡萄球菌不同接触预防政策的态度：患者支持接触预防措施 Nicholas F Angelino and others Clinical Infectious Diseases, Volume 82, Issue 1, 15 January 2026, Pages 142–144, https://doi.org/10.1093/cid/ciaf330 Photo Quiz（影像问答） 25 The Clue That Wriggled into View 蜿蜒入目的线索 Nitin Gupta and others Clinical Infectious Diseases, Volume 82, Issue 1, 15 January 2026, Pages 145–147, https://doi.org/10.1093/cid/ciaf427 Infection Control and Hospital Epidemiology（感染控制与医院流行病学） 26 Comparing Generative Artificial Intelligence vs Experts for Detection of Catheter-Associated Urinary Tract Infection 比较生成式人工智能与专家在导管相关尿路感染检测中的应用 Shatha Alshanqeeti and others Clinical Infectious Diseases, Volume 82, Issue 1, 15 January 2026, Pages 148–150, https://doi.org/10.1093/cid/ciaf486 Sexually Transmitted Infections（性传播感染） 27 Viability of Chlamydia trachomatis in Different Anatomical Sites—a Systematic Review and Meta-analysis 不同解剖部位沙眼衣原体的存活能力——系统综述和荟萃分析 Arthur Wong and others Clinical Infectious Diseases, Volume 82, Issue 1, 15 January 2026, Pages 151–158, https://doi.org/10.1093/cid/ciae401 Photo Quiz（影像问答） 28 A 46-Year-Old With Persistent Altered Mental Status and Respiratory Failure 一例46岁患者持续出现意识状态改变伴呼吸衰竭 Ann F Yang and others Clinical Infectious Diseases, Volume 82, Issue 1, 15 January 2026, Pages 159–161, https://doi.org/10.1093/cid/ciaf439 Sexually Transmitted Infections（性传播感染） 29 Mpox in People With HIV: Predictors of Diagnosis, Outcomes, and Vaccine Effectiveness in a Multisite Cohort HIV感染者中的猴痘：多站点队列中诊断、预后和疫苗有效性的预测因素 Michalina Montaño and others Clinical Infectious Diseases, Volume 82, Issue 1, 15 January 2026, Pages 162–172, https://doi.org/10.1093/cid/ciae464 30 Development and Evaluation of a Novel Algorithm to Identify Doxycycline Postexposure Prophylaxis Users at a Large Healthcare System in the Bronx, New York 开发和评估一种新型算法，用于识别纽约布朗克斯区一家大型医疗系统中多西环素暴露后预防用药者 Caroline E Mullis and others Clinical Infectious Diseases, Volume 82, Issue 1, 15 January 2026, Pages 173–176, https://doi.org/10.1093/cid/ciaf109 31 Evidence-Informed Provision of Doxycycline Postexposure Prophylaxis for Prevention of Bacterial Sexually Transmitted Infections 为预防细菌性性传播感染提供基于证据的多西环素暴露后预防用药 Julia C Dombrowski and others Clinical Infectious Diseases, Volume 82, Issue 1, 15 January 2026, Pages 177–184, https://doi.org/10.1093/cid/ciae527 Bacterial Infections（细菌性感染） 32 Long-term Mortality Trends Among Individuals With Tuberculosis: A Retrospective Cohort Study of Individuals Diagnosed With Tuberculosis in Brazil 巴西结核病患者的长期死亡率趋势：一项针对巴西结核病诊断患者的回顾性队列研究 Sun Kim and others Clinical Infectious Diseases, Volume 82, Issue 1, 15 January 2026, Pages e1–e8, https://doi.org/10.1093/cid/ciaf206 33 Clinical and Microbiological Characteristics of Meningococcal Eye Infections: Retrospective National Surveillance in England, 2010–2022 脑膜炎球菌眼部感染的临床和微生物学特征：2010 - 2022年英格兰全国回顾性监测 Stephen A Clark and others Clinical Infectious Diseases, Volume 82, Issue 1, 15 January 2026, Pages e9–e16, https://doi.org/10.1093/cid/ciaf274 34 Does Piperacillin-Tazobactam Increase Mortality Risk Compared With Cefepime? Collider Bias and the Importance of Assumptions in Instrumental Variable Analyses 与头孢吡肟相比，哌拉西林-他唑巴坦是否会增加死亡率风险？工具变量分析中的混杂偏倚和假设的重要性 Fergus Hamilton and others Clinical Infectious Diseases, Volume 82, Issue 1, 15 January 2026, Pages e17–e23, https://doi.org/10.1093/cid/ciaf317 COVID-19 / SARS COV-2（新冠肺炎/严重急性呼吸综合征冠状病毒2型） 35 Efficacy and Safety of Obeldesivir in High-Risk Nonhospitalized Patients With COVID-19 (BIRCH): A Phase 3, Randomized, Double-Blind, Placebo-Controlled Study 奥贝德西韦在高危非住院COVID-19患者（BIRCH研究）中的疗效和安全性：一项3期、随机、双盲、安慰剂对照研究 Anca Streinu-Cercel and others Clinical Infectious Diseases, Volume 82, Issue 1, 15 January 2026, Pages e24–e32, https://doi.org/10.1093/cid/ciaf406 36 Retreatment With Nirmatrelvir/Ritonavir Following Return of COVID-19 Symptoms and SARS-CoV-2 Positivity COVID-19症状复发且SARS-CoV-2检测呈阳性后使用奈玛特韦/利托那韦重新治疗 Wuyan Zhang and others Clinical Infectious Diseases, Volume 82, Issue 1, 15 January 2026, Pages e33–e40, https://doi.org/10.1093/cid/ciaf548 Emerging Infections(新兴感染) 37 “I Didn’t Know Him Before the Pandemic… Now He's on My Speed Dial”: Strengthening Collaboration Between Infectious Diseases Physicians and State and Local Public Health for Future Public Health Emergencies “疫情前我并不认识他……现在他已是我的快速拨号对象”：加强传染病医生与州和地方公共卫生部门在未来突发公共卫生事件中的合作 Diana Valencia and others Clinical Infectious Diseases, Volume 82, Issue 1, 15 January 2026, Pages e41–e46, https://doi.org/10.1093/cid/ciaf179 38 Identification of and Response to Influenza A(H5) in Off-the-Shelf Raw Milk—Santa Clara County, California, November–December 2024 2024年11 - 12月加利福尼亚州圣克拉拉县在现成生牛奶中检出甲型流感（H5）病毒及应对措施 Alessandra Løchen and others Clinical Infectious Diseases, Volume 82, Issue 1, 15 January 2026, Pages e47–e48, https://doi.org/10.1093/cid/ciaf420 39 The Indispensable Value of Small-Molecule Antivirals in Epidemic and Pandemic Preparedness 小分子抗病毒药物在流行病和大流行病防范中的不可或缺价值 Ruxandra Draghia-Akli and others Clinical Infectious Diseases, Volume 82, Issue 1, 15 January 2026, Pages e49–e55, https://doi.org/10.1093/cid/ciaf476 HIV/AIDs（人类免疫缺陷病毒/艾滋病） 40 Increasing HIV Testing During Gonorrhea and Chlamydia Evaluations in Urgent Care and Emergency Departments: A Large Health System Initiative 在紧急护理和急诊科进行淋病和衣原体检测时增加HIV检测：一项大型医疗系统倡议 Allan M Seibert and others Clinical Infectious Diseases, Volume 82, Issue 1, 15 January 2026, Pages e56–e67, https://doi.org/10.1093/cid/ciaf434 41 Clinical Predictors and Incidence of Kaposi Sarcoma Among Males With HIV in the Treat-All Era in the United States and Canada 美国和加拿大“全员治疗”时代男性HIV感染者卡波西肉瘤的临床预测因素和发病率 Sally B Coburn and others Clinical Infectious Diseases, Volume 82, Issue 1, 15 January 2026, Pages e68–e77, https://doi.org/10.1093/cid/ciaf446 42 Integrase Strand Transfer Inhibitors for Treatment-experienced Young Adults With Perinatal HIV in the US: Immunologic, Virologic, and Anthropometric Outcomes 美国接受过治疗的围产期感染HIV的年轻成人使用整合酶链转移抑制剂的免疫学、病毒学和人体测量学结果 Kunjal Patel and others Clinical Infectious Diseases, Volume 82, Issue 1, 15 January 2026, Pages e78–e88, https://doi.org/10.1093/cid/ciaf538 43 Win Ratio Aligns With and Enhances Interpretation of REPRIEVE's Primary Findings Win比值与REPRIEVE研究的主要发现一致并增强了其解释性 Emma Davies Smith and others Clinical Infectious Diseases, Volume 82, Issue 1, 15 January 2026, Pages e89–e92, https://doi.org/10.1093/cid/ciaf477 44 The Critical Importance of Clinical Use Case to Inform Point-of-Care Technology Development: A Case Study of HIV Nucleic Acid Assays in the United States 临床应用案例对于指导即时检测技术开发的重要性：以美国HIV核酸检测为例 Yukari C Manabe and others Clinical Infectious Diseases, Volume 82, Issue 1, 15 January 2026, Pages e93–e99, https://doi.org/10.1093/cid/ciaf510 Mycobacterial Infections（分枝杆菌感染） 45 Body Mass Index and Incident Tuberculosis in Close Tuberculosis Contacts 结核密切接触者中体重指数与新发结核病的关系 María B Arriaga and others Clinical Infectious Diseases, Volume 82, Issue 1, 15 January 2026, Pages e100–e109, https://doi.org/10.1093/cid/ciaf475 46 The Role of Youths in Within-Household Tuberculosis Transmission: A Household Contact Cohort Study 青年在家庭内结核病传播中的作用：一项家庭接触队列研究 Meredith B Brooks and others Clinical Infectious Diseases, Volume 82, Issue 1, 15 January 2026, Pages e110–e118, https://doi.org/10.1093/cid/ciaf490 47 Cost-effectiveness of Targeted Next-Generation Sequencing for Tuberculosis Drug-resistance Testing as an Alternative to the Standard of Care in South Africa 南非以靶向下一代测序作为结核病耐药检测标准护理方案的替代方案的成本效益分析 Alexandra de Nooy and others Clinical Infectious Diseases, Volume 82, Issue 1, 15 January 2026, Pages e119–e125, https://doi.org/10.1093/cid/ciaf495 48 Xpert MTB/RIF Cycle Threshold as a Marker of Tuberculosis (TB) Disease Severity: Implications for TB Treatment Stratification Xpert MTB/RIF循环阈值作为结核病（TB）疾病严重程度的标志物：对结核病治疗分层的启示 Daniel J Grint and others Clinical Infectious Diseases, Volume 82, Issue 1, 15 January 2026, Pages e126–e134, https://doi.org/10.1093/cid/ciaf527 49 The Role of β-Lactam Antibiotics in Treating Mycobacterium abscessus: From Laboratory Insights to Clinical Applications and the Case for Clinical Trials β-内酰胺类抗生素在治疗脓肿分枝杆菌中的作用：从实验室见解到临床应用及开展临床试验的必要性 Khalid M Dousa and others Clinical Infectious Diseases, Volume 82, Issue 1, 15 January 2026, Pages e135–e145, https://doi.org/10.1093/cid/ciaf547 Pediatric and Maternal Infectious Diseases（儿科与孕产妇传染病） 50 Efficacy, Immunogenicity, and Safety of an Investigational Maternal Respiratory Syncytial Virus Prefusion F Protein–Based Vaccine 一种研究性孕产妇呼吸道合胞病毒融合前F蛋白疫苗的疗效、免疫原性和安全性 Peyman Banooni and others Clinical Infectious Diseases, Volume 82, Issue 1, 15 January 2026, Pages e146–e155, https://doi.org/10.1093/cid/ciaf033 51 Hepatotoxicity Among People With HIV and Receiving Isoniazid Preventive Therapy in Pregnancy and Postpartum: The Role of Antiretroviral Regimen and Pharmacogenetics HIV感染者在孕期和产后接受异烟肼预防性治疗时的肝毒性：抗逆转录病毒治疗方案和药物基因组学的作用 Grace Montepiedra and others Clinical Infectious Diseases, Volume 82, Issue 1, 15 January 2026, Pages e156–e164, https://doi.org/10.1093/cid/ciaf198 52 Transplacental Transfer of Lumefantrine, Mefloquine, and Piperaquine: A Comparison of Concentrations in Mothers, Neonates, and Cord Blood 青蒿素、甲氟喹和哌喹的胎盘转运：母亲、新生儿和脐带血中浓度的比较 Makoto Saito and others Clinical Infectious Diseases, Volume 82, Issue 1, 15 January 2026, Pages e165–e173, https://doi.org/10.1093/cid/ciaf552 53 Why Did the Antimalarial Drug Cross the Placenta? 抗疟药为何要穿过胎盘？ Stephen J Rogerson and Holger W Unger Clinical Infectious Diseases, Volume 82, Issue 1, 15 January 2026, Pages e174–e175, https://doi.org/10.1093/cid/ciaf553 Viral Infections（病毒性传染病） 54 Kinetics and Predictors of Hepatitis B Surface Antigen Loss After Commencing Hepatitis B Virus (HBV)–Active Antiretroviral Therapy in the Setting of HIV and Chronic HBV Coinfection HIV和慢性乙型肝炎病毒（HBV）共感染患者开始使用HBV活性抗逆转录病毒治疗后乙型肝炎表面抗原消失的动力学和预测因素 Jennifer Audsley and others Clinical Infectious Diseases, Volume 82, Issue 1, 15 January 2026, Pages e176–e184, https://doi.org/10.1093/cid/ciaf281 55 Secondary Pneumococcal Disease in Veterans With Viral Respiratory Infections 患有病毒性呼吸道感染退伍军人的继发性肺炎球菌病 Lauren A Powers and others Clinical Infectious Diseases, Volume 82, Issue 1, 15 January 2026, Pages e185–e190, https://doi.org/10.1093/cid/ciaf285 Correspondence（读者来信） 56 Unveiling Latent Risk Patterns in Antimicrobial-Resistant Bacteremia: A Deeper Look at Pathogen-Specific Mortality 揭示抗菌药物耐药性菌血症中的潜在风险模式：深入探究病原体特异性死亡率 Yuan-Ti Lee and Shiuan-Chih Chen Clinical Infectious Diseases, Volume 82, Issue 1, 15 January 2026, Page e191, https://doi.org/10.1093/cid/ciaf493 57 Resistance to Antibiotics With High Empiric Treatment Relevance Explains Attributable Mortality Across 110 Pathogen-antibiotic Combinations 对经验性治疗具有高度相关性的抗生素耐药性可解释110种病原体 - 抗生素组合的归因死亡率 Kevin A Brown and Nick Daneman Clinical Infectious Diseases, Volume 82, Issue 1, 15 January 2026, Pages e191–e192, https://doi.org/10.1093/cid/ciaf494 58 Culture Clash: Dual-Pathogen Endocarditis and the Metagenomic Next-Generation Sequencing Studies We Need 文化冲突：双病原体心内膜炎以及我们所需的宏基因组下一代测序研究 Carl Boodman and others Clinical Infectious Diseases, Volume 82, Issue 1, 15 January 2026, Pages e193–e195, https://doi.org/10.1093/cid/ciaf518 59 Metagenomic Next-Generation Sequencing and Cardiovascular Infections: Promise and Pitfalls of Polymicrobial Detection 宏基因组下一代测序与心血管感染：多微生物检测的前景与陷阱 Sarwat Khalil and M Rizwan Sohail Clinical Infectious Diseases, Volume 82, Issue 1, 15 January 2026, Page e196, https://doi.org/10.1093/cid/ciaf519 60 It Is Time to Go Beyond the Association Between Colistin and Meropenem for Invasive Carbapenem-Resistant Acinetobacter baumannii Infections 是时候超越多粘菌素和美罗培南联合治疗侵袭性碳青霉烯耐药鲍曼不动杆菌感染了 Alberto Enrico Maraolo and Giancarlo Ceccarelli Clinical Infectious Diseases, Volume 82, Issue 1, 15 January 2026, Pages e197–e198, https://doi.org/10.1093/cid/ciaf533 61 Actually, It May be Time to Return to Colistin and Meropenem in Some Patients Infected With Carbapenem-resistant Acinetobacter baumannii (CRAB) 实际上，对于某些感染碳青霉烯耐药鲍曼不动杆菌（CRAB）的患者，或许是时候重新使用多粘菌素和美罗培南了 Jason M Pogue and Keith S Kaye Clinical Infectious Diseases, Volume 82, Issue 1, 15 January 2026, Pages e198–e199, https://doi.org/10.1093/cid/ciaf534 62 COVID-19 and Bacterial Pneumonia: Protective Effect or Diagnostic Bias? COVID-19和细菌性肺炎：保护作用还是诊断偏差？ Duygu Aydın and others Clinical Infectious Diseases, Volume 82, Issue 1, 15 January 2026, Page e200, https://doi.org/10.1093/cid/ciaf539 63 Secondary Pneumococcal Disease in Veterans With Viral Respiratory Infections: A Follow Up 患有病毒性呼吸道感染退伍军人的继发性肺炎球菌病：后续研究 John C Hu and others Clinical Infectious Diseases, Volume 82, Issue 1, 15 January 2026, Pages e200–e201, https://doi.org/10.1093/cid/ciaf540 64 Long-Acting Cabotegravir/Rilpivirine in Viremic People With HIV: Bumpy Road to Perfection 长效卡博特韦/利匹韦林用于病毒载量阳性的HIV感染者：通往完美的坎坷之路 Beatrice Barda and Marco Bongiovanni Clinical Infectious Diseases, Volume 82, Issue 1, 15 January 2026, Pages e201–e202, https://doi.org/10.1093/cid/ciaf482 65 Beyond the Sequence: Operationalizing Whole-Genome Sequencing for Real-time Infection Control in Low- and Middle-Income-Country Healthcare Settings Healthcare Settings 超越序列：在中低收入国家医疗环境中实际应用全基因组测序进行实时感染控制 Schawanya Kaewpitoon Rattanapitoon and others Clinical Infectious Diseases, Volume 82, Issue 1, 15 January 2026, Pages e202–e203, https://doi.org/10.1093/cid/ciaf535 66 Reassessing Adherence Trajectories in Multidrug-Resistant Tuberculosis: Recovery Advantage and Hidden Biases 重新评估耐多药结核病的依从性轨迹：康复优势和隐藏偏差 Shiuan-Chih Chen and Chun-Chieh Chen Clinical Infectious Diseases, Volume 82, Issue 1, 15 January 2026, Pages e203–e204, https://doi.org/10.1093/cid/ciaf536 67 Metagenomic Sequencing of Blood Culture Broth for Diagnosing Fastidious Endocarditis 血培养肉汤宏基因组测序用于诊断苛养性心内膜炎 Po-Hsiu Huang and others Clinical Infectious Diseases, Volume 82, Issue 1, 15 January 2026, Pages e204–e205, https://doi.org/10.1093/cid/ciaf554 Corrections（更正） 68 Correction to: Secondary Pneumococcal Disease in Veterans With Viral Respiratory Infections 《患有病毒性呼吸道感染退伍军人的继发性肺炎球菌病》更正 Clinical Infectious Diseases, Volume 82, Issue 1, 15 January 2026, Page e206, https://doi.org/10.1093/cid/ciaf572 69 Correction to: Treatment Outcomes With an Oral Short Course Regimen for Rifampicin-resistant Tuberculosis in a High HIV Prevalence, Programmatic Setting in South Africa 《南非高HIV流行率、项目化环境中口服短程利福平耐药结核病治疗方案的治疗结果》更正 Clinical Infectious Diseases, Volume 82, Issue 1, 15 January 2026, Page e207, https://doi.org/10.1093/cid/ciaf711 Clinical Infectious Diseases Volume 82 Issue Supplement_1 临床传染病学 82卷 增刊1期 https://academic.oup.com/cid/issue/82/Supplement_1 SUPPLEMENT（增刊） Laboratory and Point-of-care Testing to Detect Chlamydia trachomatis and Neisseria gonorrhoeae: Review of the Available Evidence 实验室及即时检测技术用于检测沙眼衣原体和淋病奈瑟菌：现有证据综述 SUPPLEMENT ARTICLES（增刊论著） 1 Evidence Review for Centers for Disease Control and Prevention Guidance Development on the Detection of Chlamydia trachomatis and Neisseria gonorrhoeae 美国疾病控制与预防中心沙眼衣原体和淋病奈瑟菌检测指南制定证据综述 Amanda C Smith and Ellen N Kersh Clinical Infectious Diseases, Volume 82, Issue Supplement_1, 15 February 2026, Pages S1–S5, https://doi.org/10.1093/cid/ciaf665 2 Narrative Review of Chlamydia trachomatis Culture, Viability Testing, and Sequencing Methods 沙眼衣原体培养、活性检测及测序方法的叙述性综述 Alana K Sterkel and others Clinical Infectious Diseases, Volume 82, Issue Supplement_1, 15 February 2026, Pages S6–S12, https://doi.org/10.1093/cid/ciaf697 3 Culture and Identification of Neisseria gonorrhoeae: A Narrative Review of Current Laboratory Methods 淋病奈瑟菌培养与鉴定：当前实验室方法叙述性综述 Olusegun O Soge and others Clinical Infectious Diseases, Volume 82, Issue Supplement_1, 15 February 2026, Pages S13–S18, https://doi.org/10.1093/cid/ciaf698 4 Review of the Performance of Laboratory-Based Molecular Diagnostics for Chlamydia trachomatis and Neisseria gonorrhoeae 实验室分子诊断技术检测沙眼衣原体和淋病奈瑟菌的性能综述 Megan Crumpler and others Clinical Infectious Diseases, Volume 82, Issue Supplement_1, 15 February 2026, Pages S19–S35, https://doi.org/10.1093/cid/ciaf696 5 Review of Methods for Detecting Antimicrobial Resistance of Neisseria gonorrhoeae 淋病奈瑟菌抗菌药物耐药性检测方法综述 Kara K Mitchell and others Clinical Infectious Diseases, Volume 82, Issue Supplement_1, 15 February 2026, Pages S36–S42, https://doi.org/10.1093/cid/ciaf706 6 Point-of-care Tests for Chlamydia trachomatis and Neisseria gonorrhoeae: Review of the Literature 沙眼衣原体和淋病奈瑟菌即时检测技术文献综述 Yukari C Manabe and others Clinical Infectious Diseases, Volume 82, Issue Supplement_1, 15 February 2026, Pages S43–S51, https://doi.org/10.1093/cid/ciaf699 Clinical Infectious Diseases Volume 82 Issue 2 临床传染病学 82卷 2期 https://academic.oup.com/cid/issue/ ID Art Through the Ages（穿越时代的传染病技艺） 1 Interior of the Old Jersey Prison Ship in the Revolutionary War 美国革命战争中老泽西监狱船的内部景象 Mary Grizzard and Michael Grizzard Clinical Infectious Diseases, Volume 82, Issue 2, 15 February 2026, Page i, https://doi.org/10.1093/cid/ciaf693 In the Literature（本期精选） 2 In the Literature 本期精选 Clinical Infectious Diseases, Volume 82, Issue 2, 15 February 2026, Pages ii–v, https://doi.org/10.1093/cid/ciag011 IDSA 2025 Collections Editorial（美国传染病学会2025年专题合集社论） 3 2025 Content Collections from the IDSA Journals IDSA期刊2025年内容合集 Roger Bedimo and others Clinical Infectious Diseases, Volume 82, Issue 2, 15 February 2026, Pages 185–186, https://doi.org/10.1093/cid/ciag041 State-of-the-Art Review（前沿综述） 4 State-of-the-Art Review: Chagas Disease—an Enduring Challenge 前沿综述：恰加斯病——一个持续存在的挑战 Nelson Iván Agudelo Higuita and others Clinical Infectious Diseases, Volume 82, Issue 2, 15 February 2026, Pages 187–205, https://doi.org/10.1093/cid/ciaf654 IDSA Features（美国传染病学会特色内容） 5 Policy Recommendations to Support Equitable Access to Long-Acting Injectables for HIV Prevention and Treatment: A Policy Paper of the Infectious Diseases Society of America and the HIV Medicine Association 支持公平获取用于艾滋病毒预防和治疗的长效注射剂的政策建议：美国传染病学会与艾滋病毒医学协会的政策文件 Julia L Marcus and others Clinical Infectious Diseases, Volume 82, Issue 2, 15 February 2026, Pages 206–211, https://doi.org/10.1093/cid/ciae648 Voices of ID（传染病之声） 6 A “Terminal Infection” “绝症感染” Jennifer Furin Clinical Infectious Diseases, Volume 82, Issue 2, 15 February 2026, Pages 212–214, https://doi.org/10.1093/cid/ciaf332 Invited Commentary（特邀评论） 7 A Rapid Test to Differentiate Viral From Bacterial Infections: Searching for the Holy Grail 区分病毒与细菌感染的快速检测：寻找“圣杯” Lao-Tzu Allan-Blitz and Jeffrey D Klausner Clinical Infectious Diseases, Volume 82, Issue 2, 15 February 2026, Pages 215–218, https://doi.org/10.1093/cid/ciaf585 Bacterial Infections（细菌感染） 8 Nonoperative Versus Neurosurgical Treatment of Brain Abscess: An Emulated Trial Nested Within a Nationwide, Population-Based Cohort 脑脓肿的非手术治疗与神经外科治疗：一项基于全国人群队列的模拟试验 Emilie Marie Eriksen and others Clinical Infectious Diseases, Volume 82, Issue 2, 15 February 2026, Pages 219–227, https://doi.org/10.1093/cid/ciaf304 9 What Is the Impact of Anti-Enterococcal Empirical Therapy on Survival of Patients With Enterococcal Bloodstream Infections? 抗肠球菌经验性治疗对肠球菌血流感染患者生存率的影响是什么？ Linda Bussini and others Clinical Infectious Diseases, Volume 82, Issue 2, 15 February 2026, Pages 228–237, https://doi.org/10.1093/cid/ciaf323 10 Adjunctive Fosfomycin for the Treatment of Staphylococcus aureus Bacteremia: A Pooled Post Hoc Analysis of Individual Participant Data From 2 Randomized Trials 辅助使用磷霉素治疗金黄色葡萄球菌菌血症：两项随机试验个体参与者数据的汇总事后分析 Francesc Escrihuela-Vidal and others Clinical Infectious Diseases, Volume 82, Issue 2, 15 February 2026, Pages 238–245, https://doi.org/10.1093/cid/ciaf387 HIV/AIDs（人类免疫缺陷病毒/艾滋病） 11 Kinetics of Non-nucleoside Reverse Transcriptase Inhibitor Resistance-associated Mutations in HIV-1 Proviral Cellular Reservoirs in Non-nucleoside Reverse Transcriptase Inhibitor-experienced Persons 在接受过非核苷类逆转录酶抑制剂治疗的HIV-1感染者中，非核苷类逆转录酶抑制剂耐药相关突变在HIV-1前病毒细胞储存库中的动力学 Thomas Drumel and others Clinical Infectious Diseases, Volume 82, Issue 2, 15 February 2026, Pages 246–251, https://doi.org/10.1093/cid/ciaf430 12 Impact of Different Integrase Strand Transfer Inhibitors on Body Mass Index Among People With HIV Who Newly Started Antiretroviral Therapy in Shenzhen, China: A Real-World Data Analysis 中国深圳新开始抗逆转录病毒治疗的HIV感染者使用不同整合酶链转移抑制剂对体重指数的影响：一项现实数据分析 Lukun Zhang and others Clinical Infectious Diseases, Volume 82, Issue 2, 15 February 2026, Pages 252–261, https://doi.org/10.1093/cid/ciaf466 13 Consequences of Stopping Antiretroviral Treatment in a Persistently Seronegative Individual with HIV-1 HIV-1持续血清阴性个体停止抗逆转录病毒治疗的后果 Marc Wirden and others Clinical Infectious Diseases, Volume 82, Issue 2, 15 February 2026, Pages 262–264, https://doi.org/10.1093/cid/ciaf422 14 Approaches to the Management of Virologic Failure on Dolutegravir-Based Antiretroviral Therapy in the 50 Countries With the Highest Adult HIV Prevalence 在成人HIV患病率最高的50个国家中，多替拉韦为基础的抗逆转录病毒治疗出现病毒学失败的治疗方法 Cameron T Nutt and others Clinical Infectious Diseases, Volume 82, Issue 2, 15 February 2026, Pages 265–273, https://doi.org/10.1093/cid/ciaf444 Mycobacterial Infections（结核分枝杆菌感染） 15 Retrospective Cohort Analysis for Identification of Discordant Rifampicin-resistant Xpert MTB/RIF Assay Results in South Kivu, Eastern Democratic Republic of the Congo, a High Burden Tuberculosis Setting 刚果民主共和国东部南基伍这一结核病高负荷地区，识别利福平耐药不一致的Xpert MTB/RIF检测结果的回顾性队列分析 Bertin C Bisimwa and others Clinical Infectious Diseases, Volume 82, Issue 2, 15 February 2026, Pages 274–281, https://doi.org/10.1093/cid/ciaf451 16 Prevention of Tuberculosis in Patients Treated With Biological Therapies: 20 Years' Experience in a Specialized Tuberculosis Clinic in a Low-prevalence Country 生物疗法治疗患者中结核病的预防：某低流行国家一个专科结核病诊所20年的经验 Sandra Pérez-Recio and others Clinical Infectious Diseases, Volume 82, Issue 2, 15 February 2026, Pages 282–290, https://doi.org/10.1093/cid/ciaf491 17 Reducing Household Tuberculosis Transmission: A Pilot Cluster-Randomized Controlled Trial 减少家庭内结核病传播：一项试点整群随机对照试验 Cinthya Ruiz-Tagle and others Clinical Infectious Diseases, Volume 82, Issue 2, 15 February 2026, Pages 291–298, https://doi.org/10.1093/cid/ciaf526 18 (Un)masking Tuberculosis （揭开）结核病的“面具” Joseph N Burzynski and Neil W Schluger Clinical Infectious Diseases, Volume 82, Issue 2, 15 February 2026, Pages 299–300, https://doi.org/10.1093/cid/ciaf528 19 Estimating the Accuracy and Additionality of TB-LAM to Diagnose TB in Children Without HIV (AccuLAM) 评估TB-LAM在无HIV儿童中诊断结核病的准确性和额外价值（AccuLAM） Lucía CarratalàCastro and others Clinical Infectious Diseases, Volume 82, Issue 2, 15 February 2026, Pages 301–303, https://doi.org/10.1093/cid/ciaf525 Sexually Transmitted Infections（性传播感染） 20 Potential Impact of Doxycycline Post-exposure Prophylaxis Prescribing Strategies on Incidence of Bacterial Sexually Transmitted Infections 多西环素暴露后预防用药策略对细菌性性传播感染发病率的影响 Michael W Traeger and others Clinical Infectious Diseases, Volume 82, Issue 2, 15 February 2026, Pages 304–311, https://doi.org/10.1093/cid/ciad488 21 Filling in the Gaps: Updates on Doxycycline Prophylaxis for Bacterial Sexually Transmitted Infections 填补空白：多西环素预防细菌性性传播感染的最新进展 Aniruddha Hazra and others Clinical Infectious Diseases, Volume 82, Issue 2, 15 February 2026, Pages 312–320, https://doi.org/10.1093/cid/ciae062 22 Reported Neurologic Manifestations Among Persons With Syphilis by Stage of Infection—12 States, 2019–2022 2019-2022年12个州按感染阶段划分的梅毒患者报告的神经系统表现 Sarah B Wondmeneh and others Clinical Infectious Diseases, Volume 82, Issue 2, 15 February 2026, Pages 321–325, https://doi.org/10.1093/cid/ciaf015 Viral Infections（病毒性感染） 23 Investigating the Role of Cytomegalovirus as a Cause of Stillbirths and Child Deaths in Low- and Middle-Income Countries Through Postmortem Minimally Invasive Tissue Sampling 通过死后微创组织采样，调查巨细胞病毒在低收入和中等收入国家死胎和儿童死亡原因中的作用 Sithembiso Velaphi and others Clinical Infectious Diseases, Volume 82, Issue 2, 15 February 2026, Pages 326–336, https://doi.org/10.1093/cid/ciaf098 Photo Quiz（影像问答） 24 Bursting at the Seams “撑破” Maxwell Olenski and others Clinical Infectious Diseases, Volume 82, Issue 2, 15 February 2026, Pages 337–340, https://doi.org/10.1093/cid/ciaf488 Viral Infections（病毒性感染） 25 Clinical and Epidemiological Investigation of Vaccine-Derived Poliovirus Type 2 Outbreak in Pakistan During 2019–2021 2019-2021年巴基斯坦2型疫苗衍生脊髓灰质炎病毒疫情的临床和流行病学调查 Nayab Mehmood and others Clinical Infectious Diseases, Volume 82, Issue 2, 15 February 2026, Pages 341–351, https://doi.org/10.1093/cid/ciaf151 26 Inactivated Polio Vaccine Must Be an Essential Part of Polio Eradication 灭活脊髓灰质炎疫苗必须是根除脊髓灰质炎的重要组成部分 Konstantin Chumakov and Stanley A Plotkin Clinical Infectious Diseases, Volume 82, Issue 2, 15 February 2026, Pages 352–353, https://doi.org/10.1093/cid/ciaf215 Photo Quiz（影像问答） 27 Intracranial Lesion in a Patient With Chronic Myeloid Leukemia 慢性髓性白血病患者颅内病变 Mohammed Shakeel Sillat and others Clinical Infectious Diseases, Volume 82, Issue 2, 15 February 2026, Pages 354–357, https://doi.org/10.1093/cid/ciaf441 Viral Infections（病毒性感染） 28 Respiratory Syncytial Virus Co-Detection With Other Respiratory Viruses Is Not Significantly Associated With Worse Clinical Outcomes Among Children Aged <2 Years: New Vaccine Surveillance Network, 2016–2020 在<2岁的婴幼儿中，呼吸道合胞病毒与其他呼吸道病毒共同检测与临床预后恶化无显著关联：2016-2020年新疫苗监测网络数据 Justin Z Amarin and others Clinical Infectious Diseases, Volume 82, Issue 2, 15 February 2026, Pages 358–365, https://doi.org/10.1093/cid/ciaf194 29 Transfer of Herpes Simplex Virus Type 1 (HSV-1) Specific T Cells in a Pediatric Patient Post-HSCT With Severe, Acyclovir-resistant HSV-1 Infection 一例异基因造血干细胞移植后严重、阿昔洛韦耐药的单纯疱疹病毒1型（HSV-1）感染患儿的HSV-1特异性T细胞的输注 Astrid Wintering and others Clinical Infectious Diseases, Volume 82, Issue 2, 15 February 2026, Pages 366–369, https://doi.org/10.1093/cid/ciaf125 Clinical Trials（临床实验） 30 Interferon-α Nasal Spray Prophylaxis Reduces COVID-19 in Cancer Patients: A Randomized, Double-Blinded, Placebo-Controlled Trial 干扰素-α鼻喷雾剂预防可降低癌症患者新冠病毒感染率：一项随机、双盲、安慰剂对照试验 Michelle K Yong and others Clinical Infectious Diseases, Volume 82, Issue 2, 15 February 2026, Pages e208–e216, https://doi.org/10.1093/cid/ciaf409 31 A Phase 3, Randomized Trial Investigating the Safety, Tolerability, and Immunogenicity of V116, an Adult-Specific Pneumococcal Conjugate Vaccine, in Pneumococcal Vaccine-Naïve Adults 18–64 Years of Age at Increased Risk of Pneumococcal Disease, STRIDE-8 一项3期随机试验，调查V116（一种成人特异性肺炎球菌结合疫苗）在未接种过肺炎球菌疫苗且患肺炎球菌疾病风险增加的18-64岁年龄段成人中的安全性、耐受性和免疫原性，STRIDE-8试验 Paul T Scott and others Clinical Infectious Diseases, Volume 82, Issue 2, 15 February 2026, Pages e217–e226, https://doi.org/10.1093/cid/ciaf604 32 Effect of Direct-from-blood Bacterial Testing on Antibiotics Administration in Adults Presenting With Acute Infection: A Randomized Trial 直接从血液进行细菌检测对急性感染成年患者抗生素给药的影响：一项随机试验 David C Gaston and others Clinical Infectious Diseases, Volume 82, Issue 2, 15 February 2026, Pages e227–e235, https://doi.org/10.1093/cid/ciaf677 33 The Tantalizing Pursuit for a Perfect Diagnostic Test: Balancing Innovation With Stewardship 对完美诊断检测的诱人追求：平衡创新与管理 K C Coffey and others Clinical Infectious Diseases, Volume 82, Issue 2, 15 February 2026, Pages e236–e238, https://doi.org/10.1093/cid/ciaf674 Global Health and Neglected Tropical Diseases（全球健康与被忽视的热带病） 34 Diagnostic Accuracy of Tuberculosis Screening Tests in a Prospective Multinational Cohort: Chest Radiography With Computer-Aided Detection, Xpert Tuberculosis Host Response, and C-Reactive Protein 在一项前瞻性多国队列研究中，结核病筛查试验的诊断准确性：计算机辅助检测的胸部X光片、Xpert结核宿主反应检测和C反应蛋白 Rebecca Crowder and others Clinical Infectious Diseases, Volume 82, Issue 2, 15 February 2026, Pages e239–e247, https://doi.org/10.1093/cid/ciae549 HIV/AIDs（人类免疫缺陷病毒/艾滋病） 35 Risk Assessment in a Global CVD Prevention Cohort of People With HIV by PCE, PREVENT, and SCORE2 通过PCE、PREVENT和SCORE2对全球心血管疾病预防队列中艾滋病毒感染者进行风险评估 Steven K Grinspoon and others Clinical Infectious Diseases, Volume 82, Issue 2, 15 February 2026, Pages e248–e257, https://doi.org/10.1093/cid/ciaf542 36 REPRIEVE Analysis of New Cardiovascular Risk Calculators in HIV: Underpredicting Risk Means Preventing Fewer Heart Attacks HIV新心血管风险计算器的REPRIEVE分析：低估风险意味着预防的心脏病发作更少 Matthew S Durstenfeld Clinical Infectious Diseases, Volume 82, Issue 2, 15 February 2026, Pages e258–e261, https://doi.org/10.1093/cid/ciaf543 37 Comparable Inflammatory and Metabolic Outcomes After Switching to Bictegravir/Emtricitabine/Tenofovir Alafenamide Versus Continuing Dolutegravir/Lamivudine in Virologically Suppressed Adults With HIV (INSTINCT/GESIDA10918 Study) 在病毒学抑制的HIV感染成人中，转换为比克替拉韦/恩曲他滨/丙酚替诺福韦与继续使用多替拉韦/拉米夫定后的炎症和代谢结局相当（INSTINCT/GESIDA10918研究） Sergio Serrano-Villar and others Clinical Infectious Diseases, Volume 82, Issue 2, 15 February 2026, Pages e262–e274, https://doi.org/10.1093/cid/ciaf565 38 Tenofovir Alafenamide and Body Weight: Have We Finally Tipped the Scale? 丙酚替诺福韦与体重：我们最终是否打破了平衡？ John R Koethe Clinical Infectious Diseases, Volume 82, Issue 2, 15 February 2026, Pages e275–e277, https://doi.org/10.1093/cid/ciaf566 39 Long-Term Clinical, Immunologic, and Viral Reservoir Outcomes in Children Treated With VRC01LS and 10-1074 Monoclonal Antibodies in the Tatelo Study 在Tatelo研究中，接受VRC01LS和10-1074单克隆抗体治疗的儿童的长期临床、免疫学和病毒储存库结局 Gbolahan Ajibola and others Clinical Infectious Diseases, Volume 82, Issue 2, 15 February 2026, Pages e278–e285, https://doi.org/10.1093/cid/ciaf568 40 Trends in Persons Prescribed HIV Postexposure Prophylaxis in the United States, 2015–2023 2015-2023年美国开具HIV暴露后预防处方的患者趋势 John N Le and others Clinical Infectious Diseases, Volume 82, Issue 2, 15 February 2026, Pages e286–e295, https://doi.org/10.1093/cid/ciaf581 Immunocompromised Hosts（免疫功能低下宿主） 41 Epidemiology, Risk Factors, and Outcomes of Neutropenic Enterocolitis in Onco-Hematological Patients According to Chemotherapy Regimen 根据化疗方案分析肿瘤血液学患者中性粒细胞减少性肠结肠炎的流行病学、危险因素和预后 Anne-Sophie Brunel and others Clinical Infectious Diseases, Volume 82, Issue 2, 15 February 2026, Pages e296–e307, https://doi.org/10.1093/cid/ciaf134 42 An Analysis of Cytomegalovirus-Specific Cell-Mediated Immunity in a Phase 3, Randomized, Placebo-Controlled Trial of Letermovir Prophylaxis in Cytomegalovirus-Seropositive Recipients of an Allogeneic Hematopoietic Cell Transplant 在一项3期随机、安慰剂对照试验中，分析来特莫韦预防对巨细胞病毒血清阳性异基因造血细胞移植受者巨细胞病毒特异性细胞介导免疫的影响 Genovefa A Papanicolaou and others Clinical Infectious Diseases, Volume 82, Issue 2, 15 February 2026, Pages e308–e315, https://doi.org/10.1093/cid/ciaf646 43 Cytomegalovirus (CMV)-Specific Cell-Mediated Immunity for Prediction of Postprophylaxis CMV Disease in a Phase 3 Trial of Letermovir Versus Valganciclovir Prophylaxis in Donor CMV-Seropositive/Recipient CMV-Seronegative Kidney Transplant Recipients 在供体巨细胞病毒血清阳性/受体巨细胞病毒血清阴性的肾移植受者中，来特莫韦与缬更昔洛韦预防的3期试验中，巨细胞病毒（CMV）特异性细胞介导免疫对预防后CMV疾病的预测作用 Ajit P Limaye and others Clinical Infectious Diseases, Volume 82, Issue 2, 15 February 2026, Pages e316–e324, https://doi.org/10.1093/cid/ciaf632 44 The Role of Cytomegalovirus-Specific Cellular Immunity in Transplant Recipients with Letermovir Prophylaxis: To be Determined 来特莫韦预防移植受者中巨细胞病毒特异性细胞免疫的作用：有待确定 Yoichiro Natori and Martina Sester Clinical Infectious Diseases, Volume 82, Issue 2, 15 February 2026, Pages e325–e327, https://doi.org/10.1093/cid/ciaf633 45 IL12RB1 Deficiency Appearing in North America: Expanding the Clinical Phenotypes 北美出现的IL12RB1缺陷：拓展临床表型 Chen Wang and others Clinical Infectious Diseases, Volume 82, Issue 2, 15 February 2026, Pages e328–e331, https://doi.org/10.1093/cid/ciaf637 Vaccines（疫苗） 46 A Phase IV, Open-label, Single-Arm, Multicentric Clinical Trial for Evaluation of Human Papillomavirus 9vHPV Vaccine Immunogenicity in Men Who Have Sex With Men With HIV: GeSIDA Study 10 017 一项评估人乳头瘤病毒9vHPV疫苗在感染HIV的男男性行为者中免疫原性的IV期、开放标签、单臂、多中心临床试验：GeSIDA 10 017研究 Raquel Ron and others Clinical Infectious Diseases, Volume 82, Issue 2, 15 February 2026, Pages e332–e342, https://doi.org/10.1093/cid/ciaf435 47 Immunogenicity and Safety of the COVID-19 Messenger RNA Vaccine Coadministered With Influenza and 23-valent Pneumococcal Polysaccharide Vaccines 与流感疫苗和23价肺炎球菌多糖疫苗同时接种的COVID-19信使核糖核酸疫苗的免疫原性和安全性 Omid Rezahosseini and others Clinical Infectious Diseases, Volume 82, Issue 2, 15 February 2026, Pages e343–e351, https://doi.org/10.1093/cid/ciaf455 48 Intestinal Mucosal Immune Responses to Novel Oral Poliovirus Vaccine Type 2 in Healthy Newborns 健康新生儿对新型2型口服脊髓灰质炎疫苗的肠道黏膜免疫反应 Audrey Godin and others Clinical Infectious Diseases, Volume 82, Issue 2, 15 February 2026, Pages e352–e360, https://doi.org/10.1093/cid/ciaf484 49 Estimated Vaccine Effectiveness for Respiratory Syncytial Virus–Related Acute Respiratory Illness in Older Adults: Findings From the First Postlicensure Season 老年人呼吸道合胞病毒相关急性呼吸道疾病的估计疫苗有效性：首个上市后季节的研究结果 Sara Y Tartof and others Clinical Infectious Diseases, Volume 82, Issue 2, 15 February 2026, Pages e361–e370, https://doi.org/10.1093/cid/ciaf496 Sexually Transmitted Infections（性传播感染） 50 Systematic Review and Meta-analysis of the Association Between Mycoplasma genitalium and Pelvic Inflammatory Disease (PID) 生殖支原体与盆腔炎性疾病（PID）关联的系统综述和荟萃分析 Kay Htaik and others Clinical Infectious Diseases, Volume 82, Issue 2, 15 February 2026, Pages e371–e379, https://doi.org/10.1093/cid/ciae295 51 Sexually Transmitted Infection (STI)/HIV Testing, STIs, and HIV Pre-exposure Prophylaxis Use Among Men Who Have Sex With Men and Men Who Have Sex With Men and Women in the United States, 2019–2022 2019-2022年美国男男性行为者以及男男性行为者和女性性行为者中性传播感染（STI）/HIV检测、性传播感染和HIV暴露前预防用药情况 Guoyu Tao and others Clinical Infectious Diseases, Volume 82, Issue 2, 15 February 2026, Pages e380–e386, https://doi.org/10.1093/cid/ciae314 52 Cabotegravir Maintains Protective Efficacy in the Setting of Bacterial Sexually Transmitted Infections: A Secondary Analysis of HPTN 083 卡博特韦在细菌性性传播感染情况下维持保护效力：HPTN 083的二次分析 Meredith E Clement and others Clinical Infectious Diseases, Volume 82, Issue 2, 15 February 2026, Pages e387–e395, https://doi.org/10.1093/cid/ciae572 Viral Infections（病毒性感染） 53 Comprehensive Analysis of Cardiovascular Events and Risk Factors in Patients Hospitalized With Respiratory Syncytial Virus 对因呼吸道合胞病毒感染住院患者的心血管事件和危险因素的综合分析 Paulina Sudnik and others Clinical Infectious Diseases, Volume 82, Issue 2, 15 February 2026, Pages e396–e403, https://doi.org/10.1093/cid/ciaf310 54 In Critical Condition: The Urgent Need to Support Mpox Therapeutic and Diagnostic Pipelines 处于危急状况：迫切需要支持猴痘治疗和诊断管线 Carmen Perez Casas and others Clinical Infectious Diseases, Volume 82, Issue 2, 15 February 2026, Pages e404–e408, https://doi.org/10.1093/cid/ciaf529 Correspondence（读者来信） 55 Caution in Interpreting INSTIs and Weight in Observational Studies 在观察性研究中解读整合酶抑制剂与体重关系时需谨慎 Esteban Martínez Clinical Infectious Diseases, Volume 82, Issue 2, 15 February 2026, Page e409, https://doi.org/10.1093/cid/ciaf569 56 Weight Trajectories With Integrase Inhibitors: Unaddressed Insights and Limitations in a Chinese Cohort 整合酶抑制剂与体重变化轨迹：中国队列中未解决的见解和局限性 Yuan-Ti Lee and Shiuan-Chih Chen Clinical Infectious Diseases, Volume 82, Issue 2, 15 February 2026, Pages e409–e410, https://doi.org/10.1093/cid/ciaf570 57 Real-World Evidence as a Complement to Randomized Trials in Interpreting Weight Gain on Modern INSTI Regimens 现实证据作为随机试验的补充，用于解读现代整合酶抑制剂方案导致的体重增加 Xinsheng Wu and others Clinical Infectious Diseases, Volume 82, Issue 2, 15 February 2026, Pages e410–e411, https://doi.org/10.1093/cid/ciaf571 58 C-reactive Protein in TB Meningitis: Signal, Surrogate, or Saboteur? 结核性脑膜炎中的C反应蛋白：信号、替代指标还是破坏因素？ Patrick K Moonan and others Clinical Infectious Diseases, Volume 82, Issue 2, 15 February 2026, Pages e411–e412, https://doi.org/10.1093/cid/ciaf575 59 C-Reactive Protein in Tuberculous Meningitis: A Viable Biomarker for Individualized Care 结核性脑膜炎中的C反应蛋白：个体化护理的可行生物标志物 Lillian Tugume and others Clinical Infectious Diseases, Volume 82, Issue 2, 15 February 2026, Pages e412–e413, https://doi.org/10.1093/cid/ciaf576 60 The Win Ratio Should Be Complemented by Other Win Statistics to Provide a Comprehensive Picture of Relative and Absolute Treatment Effects: The Case Study of the REPRIEVE Trial 胜利比率应与其他胜利统计数据相结合，以全面呈现相对和绝对治疗效果：REPRIEVE试验案例研究 Melissa J Hardy and others Clinical Infectious Diseases, Volume 82, Issue 2, 15 February 2026, Pages e413–e414, https://doi.org/10.1093/cid/ciaf587 61 Small Effects, Big Impact: Multiple Win Measures Aid Interpretation, But Do Not Forget the Bigger Picture 效应虽小，影响重大：多种胜利衡量指标有助于解读，但不要忘记整体情况 Emma Davies Smith and others Clinical Infectious Diseases, Volume 82, Issue 2, 15 February 2026, Pages e414–e416, https://doi.org/10.1093/cid/ciaf588 62 Does Oral Antibiotic Switching Therapy Show Similar Efficacy to Intravenous Administration for Treating Infective Endocarditis? 口服抗生素转换疗法治疗感染性心内膜炎的疗效是否与静脉给药相似？ Jun Suzuki and others Clinical Infectious Diseases, Volume 82, Issue 2, 15 February 2026, Pages e416–e417, https://doi.org/10.1093/cid/ciaf598 63 Toward a Wider Use of Oral Antibiotic Switch in Infective Endocarditis 朝着更广泛地使用感染性心内膜炎口服抗生素转换疗法迈进 Romane Pouy and others Clinical Infectious Diseases, Volume 82, Issue 2, 15 February 2026, Pages e417–e418, https://doi.org/10.1093/cid/ciaf599 64 Operationalizing Sepsis Definitions With Artificial Intelligence: Toward Smarter Antibiotic Use 利用人工智能实现败血症定义的落地应用：迈向更明智的抗生素使用 James S Ford and others Clinical Infectious Diseases, Volume 82, Issue 2, 15 February 2026, Pages e418–e419, https://doi.org/10.1093/cid/ciaf601 65 Balancing Innovation in Artificial Intelligence With Practical Sepsis Definitions 平衡人工智能创新与实用的败血症定义 Chanu Rhee and Michael Klompas Clinical Infectious Diseases, Volume 82, Issue 2, 15 February 2026, Pages e419–e420, https://doi.org/10.1093/cid/ciaf602 66 Precision Prevention of Tuberculosis in Biologic Therapy: Lessons Beyond Screening Strategies 生物疗法中结核病的精准预防：筛查策略之外的启示 Shiuan-Chih Chen and Yuan-Ti Lee Clinical Infectious Diseases, Volume 82, Issue 2, 15 February 2026, Pages e420–e421, https://doi.org/10.1093/cid/ciaf559 67 Recalibrating COVID-19 Booster Policy: Lessons From Hybrid Immunity and Global Equity Gaps 重新调整COVID-19加强针政策：从混合免疫和全球公平差距中吸取教训 Nathkapach K Rattanapitoon and others Clinical Infectious Diseases, Volume 82, Issue 2, 15 February 2026, Pages e421–e422, https://doi.org/10.1093/cid/ciaf605 Clinical Infectious Diseases Volume 82 Issue 3 临床传染病学 82卷 3期 https://academic.oup.com/cid/issue/ ID Art Through the Ages（穿越时代的传染病技艺） 1 Dracunculiasis, 1674 1674年的麦地那龙线虫病 Mary Grizzard and Michael Grizzard Clinical Infectious Diseases, Volume 82, Issue 3, 15 March 2026, Page i, https://doi.org/10.1093/cid/ciag089 In the Literature（文献聚焦） 2 In the Literature 文献聚焦 Clinical Infectious Diseases, Volume 82, Issue 3, 15 March 2026, Pages ii–iv, https://doi.org/10.1093/cid/ciag012 State-of-the-Art Review（前沿综述） 3 State-of-the-Art Review: Managing Vulvovaginal Candidiasis 前沿综述：外阴阴道念珠菌病的治疗 Riina Rautemaa-Richardson and others Clinical Infectious Diseases, Volume 82, Issue 3, 15 March 2026, Pages 371–382, https://doi.org/10.1093/cid/ciaf673 Ethics Rounds（伦理探讨） 4 CARB Your Enthusiasm: An Ethics-Informed Analysis for Clinicians of the US National Action Plan for Combating Antibiotic-Resistant Bacteria 谨慎对待抗生素：基于伦理学分析美国国家抗耐药菌行动计划对临床医生的启示 Hunter Jackson Smith and Chelsea Modlin Clinical Infectious Diseases, Volume 82, Issue 3, 15 March 2026, Pages 383–388, https://doi.org/10.1093/cid/ciaf478 Voices of ID（传染病之声） 5 Mothers 母亲们 Maria Koshy Clinical Infectious Diseases, Volume 82, Issue 3, 15 March 2026, Pages 389–390, https://doi.org/10.1093/cid/ciaf338 Bacterial Infections（细菌性感染） 6 The Impact of Synergistic Therapy Between Colistin and Meropenem on Outcomes of People With Pneumonia or Bloodstream Infection Due to Carbapenem-Resistant Gram-Negative Pathogens 多粘菌素与美罗培南联合治疗对碳青霉烯类耐药革兰氏阴性菌所致肺炎或血行感染患者预后的影响 Mariya Huralska and others Clinical Infectious Diseases, Volume 82, Issue 3, 15 March 2026, Pages 391–398, https://doi.org/10.1093/cid/ciaf398 7 We Cannot Overcome the Mediocrity of Colistin 我们无法忽视多粘菌素的平庸疗效 Jason C Gallagher Clinical Infectious Diseases, Volume 82, Issue 3, 15 March 2026, Pages 399–401, https://doi.org/10.1093/cid/ciaf592 8 Comparing Clinical, Microbiological, and Genetic Definitions of Relapse in Patients With Subsequent Episodes of Methicillin-resistant Staphylococcus aureus Bone and Joint Infection 比较耐甲氧西林金黄色葡萄球菌骨关节感染后续发作患者复发在临床、微生物学和遗传学上的定义 Kevin Bouiller and others Clinical Infectious Diseases, Volume 82, Issue 3, 15 March 2026, Pages 402–410, https://doi.org/10.1093/cid/ciaf448 9 Non-Klebsiella pneumoniae Carbapenemase Attributes of the Newer β-lactam/β-lactamase Inhibitors, Part 2: Burkholderia cepacia Complex, Stenotrophomonas maltophilia, and Acinetobacter baumannii 新型β-内酰胺/β-内酰胺酶抑制剂对非肺炎克雷伯菌碳青霉烯酶的抗菌特性，第二部分：洋葱伯克霍尔德菌复合群、嗜麦芽窄食单胞菌和鲍曼不动杆菌 Andrew J Fratoni and others Clinical Infectious Diseases, Volume 82, Issue 3, 15 March 2026, Pages 411–419, https://doi.org/10.1093/cid/ciaf403 Clinical Trials（临床试验） 10 Continuation Versus Temporary Interruption of Immunomodulatory Agents During Infections in Patients With Inflammatory Rheumatic Diseases: A Randomized Controlled Trial 炎症性风湿性疾病患者感染期间继续使用与暂时停用免疫调节剂的随机对照试验 Merel A A Opdam and others Clinical Infectious Diseases, Volume 82, Issue 3, 15 March 2026, Pages 420–426, https://doi.org/10.1093/cid/ciaf442 11 Effectiveness of Nebulized Bronchodilator-Enhanced Sputum Induction in Thai Patients With Presumed Pulmonary Tuberculosis: A Randomized Controlled Trial (NeB-TB Trial) 泰国疑似肺结核患者中雾化支气管扩张剂增强痰诱导的有效性：一项随机对照试验（NeB-TB试验） Pichanon Mingchay and others Clinical Infectious Diseases, Volume 82, Issue 3, 15 March 2026, Pages 427–435, https://doi.org/10.1093/cid/ciaf580 12 Bone Biopsy not Superior to Ulcer Bed Biopsy–guided Antibacterial Therapy on Remission of Diabetic Foot Osteomyelitis: A Randomized Controlled Trial 在指导用于缓解糖尿病足骨髓炎的抗菌治疗方面骨活检并不优于溃疡床活检：一项随机对照试验 Rimke S Lagrand and others Clinical Infectious Diseases, Volume 82, Issue 3, 15 March 2026, Pages 436–442, https://doi.org/10.1093/cid/ciaf684 13 Do We Need a Bone Biopsy for Managing Diabetic Foot Osteomyelitis? 我们是否需要对糖尿病足骨髓炎进行骨活检？ Eric M Senneville and Benjamin A Lipsky Clinical Infectious Diseases, Volume 82, Issue 3, 15 March 2026, Pages 443–445, https://doi.org/10.1093/cid/ciaf685 Critical Care and Sepsis（重症监护与败血症） 14 Contamination of Blood Cultures Drawn From Arterial Catheters Versus Venipuncture or Venous Catheters in Critically Ill Patients: A Systematic Review and Meta-analysis 危重患者从动脉导管与静脉穿刺或静脉导管采集血培养的污染情况：一项系统综述和荟萃分析 Takatoshi Koroki and others Clinical Infectious Diseases, Volume 82, Issue 3, 15 March 2026, Pages 446–452, https://doi.org/10.1093/cid/ciaf260 15 Reassessing Procalcitonin-Guided Antibiotic Therapy in Critically Ill Patients With Sepsis: Lessons From the ADAPT-Sepsis Trial 重新评估降钙素原指导的败血症危重患者抗生素治疗：来自ADAPT-败血症试验的启示 Simran Gupta and others Clinical Infectious Diseases, Volume 82, Issue 3, 15 March 2026, Pages 453–458, https://doi.org/10.1093/cid/ciaf336 Infection Control and Hospital Epidemiology（传染病控制与医院流行病学） 16 Effectiveness and Safety of Methods to Prevent Bloodstream and Other Infections and Noninfectious Complications Associated With Peripherally Inserted Central Catheters: A Systematic Review and Meta-Analysis 预防经外周静脉置入中心静脉导管相关血行感染及其他感染和非感染性并发症的方法的有效性和安全性：一项系统综述和荟萃分析 Andreea Dobrescu and others Clinical Infectious Diseases, Volume 82, Issue 3, 15 March 2026, Pages 459–472, https://doi.org/10.1093/cid/ciaf063 17 Using Generative Artificial Intelligence for Healthcare-Associated Infection Surveillance 利用生成式人工智能进行医院感染监测 Daniel J Morgan and others Clinical Infectious Diseases, Volume 82, Issue 3, 15 March 2026, Pages 473–479, https://doi.org/10.1093/cid/ciaf619 18 Artificial Intelligence and the Future of Healthcare-Associated Infection Surveillance: Bridging Precision, Partnership, Practice, and People 人工智能与医院感染监测的未来：融合精准、合作、实践与人文 Mamdooh Alzyood Clinical Infectious Diseases, Volume 82, Issue 3, 15 March 2026, Pages 480–483, https://doi.org/10.1093/cid/ciaf620 Infections in Older Adults（老年传染病学） 19 Evaluation of Influenza Antiviral Prophylaxis for Long-term Care Residents: A Systematic Review and Meta-Analysis 长期护理机构居民流感抗病毒预防的效果评价：一项系统综述和荟萃分析 Ryan Hanula and others Clinical Infectious Diseases, Volume 82, Issue 3, 15 March 2026, Pages 484–493, https://doi.org/10.1093/cid/ciaf101 20 Implementation of Diagnostic Stewardship to Improve Urinary Tract Infection Antibiotic Use Across 3 Medical Centers 在三家医疗中心实施诊断管理以改善尿路感染抗生素的使用 Kimberly C Claeys and others Clinical Infectious Diseases, Volume 82, Issue 3, 15 March 2026, Pages 494–500, https://doi.org/10.1093/cid/ciaf411 Pediatric and Maternal Infectious Diseases（儿科与孕产妇传染病） 21 Adverse Events of First-Line Therapy for Pediatric Tuberculosis: A Systematic Review and Meta-Analysis 儿童结核病一线治疗的不良反应：一项系统综述和荟萃分析 Michael Prodanuk and others Clinical Infectious Diseases, Volume 82, Issue 3, 15 March 2026, Pages 501–512, https://doi.org/10.1093/cid/ciaf152 22 The Impact of Pregnancy on Tuberculosis Treatment Outcomes: An Analysis of Brazilian National Surveillance Data 2016–2022 妊娠对结核病治疗效果的影响：基于2016-2022年巴西国家监测数据的分析 Silvia S Chiang and others Clinical Infectious Diseases, Volume 82, Issue 3, 15 March 2026, Pages 513–521, https://doi.org/10.1093/cid/ciaf233 Photo Quiz（影像问答） 23 Persistent Fever and Back Pain After Liver Transplantation 肝移植后持续发热和背痛 Toshiyuki Kishida and others Clinical Infectious Diseases, Volume 82, Issue 3, 15 March 2026, Pages 522–525, https://doi.org/10.1093/cid/ciaf489 Pediatric and Maternal Infectious Diseases（儿科与孕产妇传染病） 24 Stool Processing Methods for Xpert Ultra Testing in Childhood Tuberculosis: A Prospective, Multicountry Accuracy Study 儿童结核病Xpert Ultra检测的粪便处理方法：一项前瞻性、多国准确性研究 Devan Jaganath and others Clinical Infectious Diseases, Volume 82, Issue 3, 15 March 2026, Pages 526–534, https://doi.org/10.1093/cid/ciaf289 Photo Quiz（影像问答） 25 A Bloom Beneath the Skin 皮下绽放之花 Yi Rong Chew and others Clinical Infectious Diseases, Volume 82, Issue 3, 15 March 2026, Pages 535–538, https://doi.org/10.1093/cid/ciaf550 Vector-Borne Diseases（虫媒传染病） 26 Trends in Anaplasmosis Over the Past Decade: A Review of Clinical Features, Laboratory Data, and Outcomes 过去十年无形体病趋势：临床特征、实验室数据和预后回顾 Silpita Katragadda and others Clinical Infectious Diseases, Volume 82, Issue 3, 15 March 2026, Pages 539–547, https://doi.org/10.1093/cid/ciaf171 27 Completion of Paired Serological Testing Algorithms for Spotted Fever Rickettsiosis and Ehrlichiosis, North Carolina: 2017–2020 斑点热立克次体病和埃里希体病配对血清学检测算法的完成情况，北卡罗来纳州：2017-2020年 Huipeng Liao and others Clinical Infectious Diseases, Volume 82, Issue 3, 15 March 2026, Pages 548–555, https://doi.org/10.1093/cid/ciaf176 COVID-19/SARS-COV-2（新冠肺炎/严重急性呼吸综合征冠状病毒2型） 28 Effect of Metformin on the Risk of Post-COVID-19 Condition Among Individuals With Overweight or Obese: A Population-based Retrospective Cohort Study 二甲双胍对超重或肥胖人群患新冠后综合征风险的影响：一项基于人群的回顾性队列研究 Ubonphan Chaichana and others Clinical Infectious Diseases, Volume 82, Issue 3, 15 March 2026, Pages e423–e432, https://doi.org/10.1093/cid/ciaf429 29 Preventing Long COVID With Metformin 使用二甲双胍预防新冠长期症状 Carolyn T Bramante and David R Boulware Clinical Infectious Diseases, Volume 82, Issue 3, 15 March 2026, Pages e433–e435, https://doi.org/10.1093/cid/ciaf700 30 Effectiveness of COVID-19 Vaccination and Prior Infections to Reduce Long COVID Risk During the Pre-Omicron and Omicron Periods COVID-19疫苗接种和既往感染在奥密克戎变异株出现前及奥密克戎时期降低新冠长期症状风险的有效性 Sara Carazo and others Clinical Infectious Diseases, Volume 82, Issue 3, 15 March 2026, Pages e436–e445, https://doi.org/10.1093/cid/ciaf549 31 International Collaboration to Develop and Harmonize Drug Interaction Guidance for Nirmatrelvir/Ritonavir During COVID-19: Lessons Learned for Future Pandemic Preparedness 国际合作制定并统一新冠期间奈玛特韦/利托那韦药物相互作用指南：为未来大流行准备汲取的经验教训 Safia Kuriakose and others Clinical Infectious Diseases, Volume 82, Issue 3, 15 March 2026, Pages e446–e454, https://doi.org/10.1093/cid/ciaf606 Endovascular Infections（血管内感染） 32 Antifungal Therapy in Candida Infective Endocarditis: A Comparison of Echinocandins and Other Treatment Regimens in a Nationwide Cohort Study 念珠菌感染性心内膜炎的抗真菌治疗：一项全国队列研究中棘白菌素与其他治疗方案比较 Siri Kurland and others Clinical Infectious Diseases, Volume 82, Issue 3, 15 March 2026, Pages e455–e461, https://doi.org/10.1093/cid/ciaf312 33 Should We Extend the Use of Oral Antibiotics in Infective Endocarditis? The ENDO-ORAL Study 我们是否应延长感染性心内膜炎口服抗生素的使用？ENDO-ORAL研究 Benoit Rallet and others Clinical Infectious Diseases, Volume 82, Issue 3, 15 March 2026, Pages e462–e470, https://doi.org/10.1093/cid/ciaf452 34 Rethinking the Routine: Are Repeat Blood Cultures Necessary After Completion of Infective Endocarditis Treatment? 重新思考常规做法：感染性心内膜炎治疗完成后是否需要重复血培养？ Jean Regina and others Clinical Infectious Diseases, Volume 82, Issue 3, 15 March 2026, Pages e471–e474, https://doi.org/10.1093/cid/ciaf617 35 Posttreatment Blood Cultures in Patients With Infective Endocarditis: Valuable, Inconsequential, or Worse? 感染性心内膜炎患者治疗后的血培养：有价值、无关紧要还是有害？ Daniel C DeSimone and Larry M Baddour Clinical Infectious Diseases, Volume 82, Issue 3, 15 March 2026, Pages e475–e476, https://doi.org/10.1093/cid/ciaf618 Fungal Infections（真菌感染） 36 Fungal Meningitis in US Patients Who Received Epidural Anesthesia in Matamoros, Mexico 在墨西哥马塔莫罗斯接受硬膜外麻醉的美国患者中的真菌性脑膜炎 Dallas J Smith and others Clinical Infectious Diseases, Volume 82, Issue 3, 15 March 2026, Pages e477–e484, https://doi.org/10.1093/cid/ciaf399 37 Empirical Antifungal Treatment of Critically ⅢPatients With Influenza-Associated Acute Respiratory Distress Syndrome: A Propensity Score Weighted Observational Study 流感相关急性呼吸窘迫综合征危重患者的经验性抗真菌治疗：一项倾向评分加权观察性研究 Stefan Hatzl and others Clinical Infectious Diseases, Volume 82, Issue 3, 15 March 2026, Pages e485–e493, https://doi.org/10.1093/cid/ciaf507 38 Is Empirical Antifungal Therapy the Next Path Forward in Patients With Influenza-Associated ARDS? 经验性抗真菌治疗是否是流感相关急性呼吸窘迫综合征患者的下一步治疗方向？ Florian Reizine and Jean-Pierre Gangneux Clinical Infectious Diseases, Volume 82, Issue 3, 15 March 2026, Pages e494–e496, https://doi.org/10.1093/cid/ciaf508 39 Valley Fever in Central California: Diagnosis is Not the Finish Line, the Real Gap is Longitudinal Care 加利福尼亚州中部山谷热：诊断并非终点，真正的差距在于纵向护理 Geetha Sivasubramanian Clinical Infectious Diseases, Volume 82, Issue 3, 15 March 2026, Pages e497–e502, https://doi.org/10.1093/cid/ciaf728 Hepatitis（肝炎） 40 The Hepatitis C Cascade of Care for Opioid Agonist Therapy Recipients in Australia 澳大利亚接受阿片类激动剂治疗者的丙型肝炎治疗流程 Samara Griffin and others Clinical Infectious Diseases, Volume 82, Issue 3, 15 March 2026, Pages e503–e510, https://doi.org/10.1093/cid/ciaf352 41 Trends in Hepatitis C Virus Infection Prevalence Among People With HIV in Spain Over 2 Decades (2002–2023) 西班牙20多年来（2002-2023年）HIV感染者中丙型肝炎病毒感染流行率的趋势 Juan Berenguer and others Clinical Infectious Diseases, Volume 82, Issue 3, 15 March 2026, Pages e511–e520, https://doi.org/10.1093/cid/ciaf407 42 Gaps in the Hepatitis C Prenatal and Postpartum Care Cascade: Rationale for Treatment in Pregnancy 丙型肝炎围产期和产后治疗流程中的差距：孕期治疗的理由 Andrew B Mendlowitz and others Clinical Infectious Diseases, Volume 82, Issue 3, 15 March 2026, Pages e521–e533, https://doi.org/10.1093/cid/ciaf578 HIV/AIDs（人类免疫缺陷病毒/艾滋病） 43 Combined Use of Ibalizumab and Lenacapavir for the Treatment of Multidrug-resistant HIV-1: A Case Series 艾巴利珠单抗和来那卡帕韦联合治疗多重耐药HIV-1：病例系列研究 Charlotte Rolle and others Clinical Infectious Diseases, Volume 82, Issue 3, 15 March 2026, Pages e534–e540, https://doi.org/10.1093/cid/ciaf597 44 New Strategies for a Vexing Problem: Injectables to the Rescue for People With Multidrug-Resistant HIV 棘手问题的新策略：注射剂助力多重耐药HIV感染者 William R Short and Onyema E Ogbuagu Clinical Infectious Diseases, Volume 82, Issue 3, 15 March 2026, Pages e541–e543, https://doi.org/10.1093/cid/ciaf600 45 The Bounce-back Effect: What Happens After Cessation of Low-dose Semaglutide in People With HIV 反弹效应：HIV感染者停用低剂量司美格鲁肽后会发生什么 Kristine M Erlandson and others Clinical Infectious Diseases, Volume 82, Issue 3, 15 March 2026, Pages e544–e548, https://doi.org/10.1093/cid/ciaf652 46 Infections After Kidney Transplantation From Donors With HIV to Recipients With HIV HIV阳性供体肾脏移植给HIV阳性受者后的感染情况 Elizabeth C Arant and others Clinical Infectious Diseases, Volume 82, Issue 3, 15 March 2026, Pages e549–e557, https://doi.org/10.1093/cid/ciaf656 47 Infections After Kidney Transplantation from Donors with HIV to Recipients with HIV: Insights, Prevention, and the Path Forward HIV阳性供体肾脏移植给HIV阳性受者后的感染情况：见解、预防和未来方向 Abhay Dhand and Stephanie M Pouch Clinical Infectious Diseases, Volume 82, Issue 3, 15 March 2026, Pages e558–e560, https://doi.org/10.1093/cid/ciaf657 Respiratory Infections（呼吸道传染病） 48 Multimorbidity Profiles and Severe In-Hospital Outcomes in Adults With Respiratory Syncytial Virus 成人呼吸道合胞病毒感染的多病共存情况及严重院内结局 Kevin C Ma and others Clinical Infectious Diseases, Volume 82, Issue 3, 15 March 2026, Pages e561–e570, https://doi.org/10.1093/cid/ciaf405 49 Characterizing Treatment Adherence Trajectories in the endTB Multisite Cohort of Drug-Resistant Tuberculosis Patients: An Application of Group-Based Trajectory Modeling 在endTB多站点耐药结核病患者队列中描述治疗依从性轨迹：基于组别的轨迹建模应用 Stephanie Law and others Clinical Infectious Diseases, Volume 82, Issue 3, 15 March 2026, Pages e571–e579, https://doi.org/10.1093/cid/ciaf467 50 Severity of Clinical Presentation and Outcomes in Hospitalized Adult People With Influenza by Type and Subtype, United States—2017–2020 2017 - 2020年美国按流感类型和亚型划分的住院成人流感患者临床表现严重程度及预后 Seana Cleary and others Clinical Infectious Diseases, Volume 82, Issue 3, 15 March 2026, Pages e580–e588, https://doi.org/10.1093/cid/ciaf545 51 Reported Tuberculosis Symptoms: An Inadequate Classifier of Disease State 报告的结核病症状：疾病状态分类的不足指标 Nicky McCreesh and others Clinical Infectious Diseases, Volume 82, Issue 3, 15 March 2026, Pages e589–e594, https://doi.org/10.1093/cid/ciaf611 Sexually Transmitted Infections（性传播感染） 52 Effectiveness of Updated 2023–2024 (Monovalent XBB.1.5) COVID-19 Vaccination Against SARS-CoV-2 Omicron XBB and BA.2.86/JN.1 Lineage Hospitalization and a Comparison of Clinical Severity—IVY Network, 26 Hospitals, 18 October 2023–9 March 2024 2023 - 2024年更新版（单价XBB.1.5）新冠疫苗对SARS-CoV-2奥密克戎XBB和BA.2.86/JN.1谱系住院的有效性及临床严重程度比较——IVY网络，26家医院，2023年10月18日 - 2024年3月9日 Kevin C Ma and others Clinical Infectious Diseases, Volume 82, Issue 3, 15 March 2026, Pages e595–e603, https://doi.org/10.1093/cid/ciae405 53 High Prevalence of Haemophilus ducreyi Among Patients With Suspected Primary syphilis in Malawi, 2019–2022 2019 - 2022年马拉维疑似原发性梅毒患者中杜克雷嗜血杆菌的高流行率 Mitch M Matoga and others Clinical Infectious Diseases, Volume 82, Issue 3, 15 March 2026, Pages e604–e611, https://doi.org/10.1093/cid/ciaf114 54 Characteristics Associated With Disseminated Gonococcal Infections vs Uncomplicated Gonorrhea: A California Case-control Study, 2021–2022 与播散性淋球菌感染（而非单纯性淋病）相关的特征：2021 - 2022年加利福尼亚病例对照研究 Kelly A Johnson and others Clinical Infectious Diseases, Volume 82, Issue 3, 15 March 2026, Pages e612–e615, https://doi.org/10.1093/cid/ciaf311 Viral Infections（病毒性感染） 55 Anal Human Papillomavirus Infection Progression to Disease Among Men Who Have Sex With Men 男男性行为者肛门人乳头瘤病毒感染进展为疾病的情况 Joel M Palefsky and others Clinical Infectious Diseases, Volume 82, Issue 3, 15 March 2026, Pages e616–e625, https://doi.org/10.1093/cid/ciaf584 Correspondence（读者来信） 56 Cardiac Complications of Mycoplasma pneumoniae: Overlooked Confounders, Biomarkers, and Host-Driven Shifts 肺炎支原体感染的心脏并发症：被忽视的混杂因素、生物标志物及宿主驱动的变化 Shiuan-Chih Chen and Ming-Cheng Lin Clinical Infectious Diseases, Volume 82, Issue 3, 15 March 2026, Pages e626–e627, https://doi.org/10.1093/cid/ciaf609 57 Mycoplasma pneumoniae–Associated Cardiac Complications Revisited 重新审视肺炎支原体相关心脏并发症 Daniel Grupel and others Clinical Infectious Diseases, Volume 82, Issue 3, 15 March 2026, Pages e627–e628, https://doi.org/10.1093/cid/ciaf610 58 Screening for Anal Cancer Is Associated With Real Harms and Questionable Benefits 肛门癌筛查存在实际危害且益处存疑 Chris Kenyon Clinical Infectious Diseases, Volume 82, Issue 3, 15 March 2026, Page e628, https://doi.org/10.1093/cid/ciaf613 59 Anal Cancer Screening: A Balanced Approach is Necessary 肛门癌筛查：需采取平衡的方法 Hayden S Andrews and others Clinical Infectious Diseases, Volume 82, Issue 3, 15 March 2026, Pages e628–e629, https://doi.org/10.1093/cid/ciaf614 60 Collateral Benefits and Methodological Limits of Respiratory Syncytial Virus Immunization for Infant Otitis Media and Antibiotic Use 呼吸道合胞病毒免疫接种对婴儿中耳炎和抗生素使用的附带益处及方法学局限 Tsai Ling Ting and Kai-Lun Sheu Clinical Infectious Diseases, Volume 82, Issue 3, 15 March 2026, Pages e629–e630, https://doi.org/10.1093/cid/ciaf640 61 Interpretation of Respiratory Syncytial Virus Immunization Impact on Pediatric Acute Otitis Media: Key Considerations 解读呼吸道合胞病毒免疫接种对儿童急性中耳炎的影响：关键考量因素 Inès Fafi and others Clinical Infectious Diseases, Volume 82, Issue 3, 15 March 2026, Pages e630–e631, https://doi.org/10.1093/cid/ciaf641 62 A Possible Increase in Penicillin-Resistant Strains of Treponema pallidum 梅毒螺旋体青霉素耐药菌株可能增加 Jun Suzuki and others Clinical Infectious Diseases, Volume 82, Issue 3, 15 March 2026, Pages e631–e632, https://doi.org/10.1093/cid/ciaf643 63 Surveillance of Resistance-Associated Mutations in Treponema pallidum 梅毒螺旋体耐药相关突变的监测 Kai-Hsiang Chen and others Clinical Infectious Diseases, Volume 82, Issue 3, 15 March 2026, Pages e632–e633, https://doi.org/10.1093/cid/ciaf645 64 Does Empirical Antifungal Therapy Reduce IAPA in Influenza-Associated ARDS? Methodological Concerns on Diagnosis, Surveillance, and Clinical Heterogeneity 经验性抗真菌治疗能否减少流感相关急性呼吸窘迫综合征（IAPA）的发生？诊断、监测和临床异质性方面的方法学问题 Ming Xue and others Clinical Infectious Diseases, Volume 82, Issue 3, 15 March 2026, Pages e633–e634, https://doi.org/10.1093/cid/ciaf661 65 Empirical Antifungal Therapy and IAPA in Influenza-Associated ARDS: Insights from Real-World Data 流感相关急性呼吸窘迫综合征中的经验性抗真菌治疗和IAPA：来自现实数据的见解 Stefan Hatzl and Robert Krause Clinical Infectious Diseases, Volume 82, Issue 3, 15 March 2026, Page e634, https://doi.org/10.1093/cid/ciaf664 Clinical Infectious Diseases Volume 82 Issue Supplement_2 临床传染病学 82卷 增刊2期 https://academic.oup.com/cid/issue/82/Supplement_2 SUPPLEMENT（增刊） Advancing Tuberculosis Research Through RePORT International: Enhancing Treatment Outcomes, Predicting Disease Progression, and Improving Diagnosis 通过结核病区域性前瞻性观察研究国际联盟（RePORT International）推动结核病研究：提高治疗效果、预测疾病进展及改善诊断 SUPPLEMENT ARTICLES（增补论著） 1 A Narrative Review of the Regional Prospective Observational Research in Tuberculosis International Consortium: Sharing Diverse Data and Specimens in the Fight Against Tuberculosis  结核病区域性前瞻性观察研究国际联盟的叙述性综述：在抗击结核病中共享多样数据和样本 Rajita Bhavaraju and others Clinical Infectious Diseases, Volume 82, Issue Supplement_2, 15 April 2026, Pages S53–S59, https://doi.org/10.1093/cid/ciag151 2 Long-term Sequelae of Pulmonary Tuberculosis: A Narrative Review  长期肺部结核后遗症：一项叙述性综述 Akshay N Gupte and others Clinical Infectious Diseases, Volume 82, Issue Supplement_2, 15 April 2026, Pages S60–S67, https://doi.org/10.1093/cid/ciag123 3 From Exposure to Disease: Predicting Tuberculosis Progression  从接触感染到发病：预测结核病进展 Mariana Araújo-Pereira and others Clinical Infectious Diseases, Volume 82, Issue Supplement_2, 15 April 2026, Pages S68–S74, https://doi.org/10.1093/cid/ciag125 4 Asymptomatic Tuberculosis Across the Disease Spectrum: A Scoping Review of Epidemiology, Diagnosis, and Public Health Implications  疾病谱中的无症状结核：一项关于流行病学、诊断和公共卫生影响的范围综述 Beatriz Barreto Duarte and others Clinical Infectious Diseases, Volume 82, Issue Supplement_2, 15 April 2026, Pages S75–S84, https://doi.org/10.1093/cid/ciag150