Amunix Pharmaceuticals, Inc.

点击蓝字关注我们本期看点在全球生物医药市场竞争日趋激烈的大背景下，艾伯维（AbbVie）于2025年上半年交出了一份兼具转型与成长信号的财报—在阿达木单抗（Humira，修美乐）专利悬崖持续冲击之下，其新一代免疫与神经科学产品快速崛起，展示了稳健的接棒潜力。与此同时，公司也在加速肿瘤免疫板块的重构布局，尤其开始对“PD-(L)1×VEGF”这一备受关注的双特异性抗体赛道释放出浓厚兴趣。本文将聚焦艾伯维2025年H1财务表现、核心产品走向与管线动态，深度解析其为何押注这一潜在“下一代免疫主力疗法”赛道，并置于全球竞争格局中观察其战略意图。本期内容01艾伯维丨2025H1财报分析02创新药物研发管线进展03PD-(L)1×VEGF双抗布局04总结与展望 【01 艾伯维丨2025H1财报分析】公司整体财务表现营收与净利（2025 H1）: 艾伯维2025年上半年（1-6月）总营收约287.66亿美元，同比增长7.4%；归属母公司净利润约22.24亿美元（2024年同期27.39亿美元）。摊薄后每股收益为1.24美元（去年同期1.53美元）。各业务板块表现: 2025 H1，免疫学（Immunology）业务收入约138.95亿美元，同比增长12.6%；神经科学（Neuroscience）收入约49.65亿美元，同比增长20.3%；肿瘤学（Oncology）收入约33.09亿美元，同比增长4.2%；医疗美容（Aesthetics）收入约23.81亿美元，同比下降9.8%。其中免疫学板块的Skyrizi（利生奇珠单抗，IL-23抑制剂）和Rinvoq（乌帕替尼，选择性JAK抑制剂）是主要增长动力，均实现高双位数增长。主要产品销售情况Humira（阿达木单抗）: 由于专利到期及生物类似药竞争，上半年销售额仅约23.01亿美元，同比下降54.7%，呈持续下滑态势。Skyrizi（利生奇珠单抗）: 2025年H1销售约78.48亿美元，同比增长65.8%，增长强劲。Rinvoq（乌帕替尼）: 2025年H1销售约37.46亿美元，同比增长48.5%。Skyrizi和Rinvoq合计收入已超过Humira，成为公司最大的驱动产品。Vraylar（卡利拉嗪，精神分裂药物）: 2025年H1销售约16.65亿美元，同比增长13.5%。Botox（肉毒毒素，治疗型与美容型）： 截至2025年Q2，Botox治疗型（Botox Therapeutic）季度收入9.28亿美元，同比增长14.1%；Botox美容型（Botox Cosmetic）收入6.92亿美元，同比仅略降5.0%。由此推算2025年H1 Botox治疗型约17.94亿美元，Botox美容型约12.48亿美元。Botox全线产品表现稳健，治疗型需求持续上升。02 创新药物研发管线进展 接下来，我们具体来看艾伯维肿瘤和免疫领域管线进展。ADC： 2024年5月，艾伯维的c-Met ADC “Teliso-V”获批（抗晚期非小细胞肺癌）。公司另一款FRα靶点ADC（Elahere，索米妥昔单抗）上半年销售3.38亿美元，同比增长75.5%，显示出快速增长势头。艾伯维还推进多款新ADC，如双靶PSMA/STEAP1 ADC （ABBV-969），已进入1期临床。免疫检查点与双抗：公司自研的PD-1抗体布格利单抗（Budigalimab）处于Ⅱ期试验阶段；CCR8靶向抗体ABBV-514在1期试验中显示可耗竭肿瘤内调节性T细胞，正在与Budigalimab联用进行多项实体瘤临床研究。Epkinly（艾可瑞妥单抗，CD3×CD20双抗）自2023年获批上市，今年H1销售1.21亿美元，同比增长92.1%。外部合作与收购： 上半年AbbVie积极进行BD活动，截至7月已完成约10笔交易，其中包括1月与先声药业合作开发GPRC5D/BCMA/CD3三特异抗体SIM0500；7月斥资19亿美元收购Amunix的三特异性T细胞衔接器（CD3/BCMA/CD38三抗，ISB-2001）。这些交易表明AbbVie正扩充三抗、ADC和其他创新靶向药物管线。【03 PD-(L)1×VEGF双抗布局】艾伯维公开表态对PD-(L)1×VEGF双抗感兴趣： 艾伯维首席科学官于2025年二季度业绩电话会议上表示，公司注意到PD-(L)1×VEGF双抗赛道的进展，并明确提到“这一类别正在陆续披露多项数据，我们对此领域很感兴趣并在关注”。尽管艾伯维未公布具体的PD-(L)1×VEGF候选药物，但该表态表明了其浓厚兴趣。截至目前，艾伯维并未公开任何PD-(L)1×VEGF双抗在研产品。艾伯维表示将关注将双抗与其现有ADC相结合的潜力，但尚无已知联合研发或许可合作公告。PD-(L)1×VEGF双抗集成了免疫检查点阻断和抗血管生成机制，被视为“下一代”肿瘤免疫基础治疗药物，具备成为千亿美元市场基石药物的潜力。艾伯维拥有多款肿瘤免疫和ADC产品（如Teliso-V、Elahere、Epkinly等）及PD-1单抗Budigalimab。公司认为，新双抗若与其ADC管线联合使用，可在多种适应症中发挥协同效应。例如，早期研究中Summit/辉瑞就计划将PD-1×VEGF双抗Ivonescimab与多种ADC联合测试。艾伯维布局PD-(L)1×VEGF的决策正是基于希望与其多元化抗肿瘤药物组合产生增效作用。行业趋势与竞争格局： 目前全球已有多家公司研发PD-(L)1×VEGF双抗，并涌现大量大额交易。国际巨头，如默沙东、辉瑞等纷纷通过授权或并购等方式大力布局此领域。研究机构普遍认为，PD-(L)1×VEGF类双抗可能成为肿瘤免疫治疗的新主流方案。在此背景下，艾伯维加入该领域可补齐产品线空白，并抢占未来市场先机。04 总结与展望综上所述，艾伯维在2025年上半年展现出强劲的业务韧性与转型决心：Skyrizi 和 Rinvoq 持续高增长，带动免疫板块超越 Humira 成为新的业绩支柱；神经科学和ADC产品线同样表现亮眼。与此同时，公司在肿瘤免疫领域加速拓展布局，明确表达对PD-(L)1×VEGF双抗的战略兴趣，意在借此补强其免疫治疗矩阵、提升管线协同效益，并抢占下一轮肿瘤免疫主流治疗窗口。面对全球竞争者在该赛道的迅速推进，艾伯维的这一表态不仅释放出其研发战略的前瞻性信号，也预示着下一阶段大分子双抗布局或将迎来新的资本与创新热潮。 ★

The fund was oversubscribed and “received strong support from both longstanding and new limited partners,” according to Frazier. \n Frazier Life Sciences has gathered an impressive $1.3 billion in capital commitments for its 12th venture fund aimed at private early-stage biotechs.The Palo Alto-based firm said it has now raised more than $3.6 billion across five dedicated venture funds since 2016. Its previous venture fund, Frazier Life Sciences XI, closed at $987 million in 2022.Since then, the firm has also raised a separate $1.7 billion fund focused on small- and mid-cap public biotech companies.The fund announced today was oversubscribed and “received strong support from both longstanding and new limited partners,” according to Frazier. The money will be invested in “company creation and early-stage private biopharmaceutical companies.”“We appreciate the continued support of our limited partners, many of whom have been with us since the launch of our first dedicated venture fund in 2016,” Patrick Heron, managing partner at Frazier Life Sciences, said in this morning’s release.“With FLS XII, we look forward to continuing to work with exceptional entrepreneurs to advance therapeutic programs with the potential to address significant medical needs,” Heron added. Frazier has been involved in the launch of 20 new biotechs since 2020, according to the firm, which namechecked the likes of NewAmsterdam Pharma and dermatology-focused Arcutis Biotherapeutics. There’s also Alpine Immune Sciences and Amunix Pharmaceuticals, which were acquired by Vertex and Sanofi, respectively.Last week, Australian life sciences venture capital firm Brandon Capital closed its largest fund yet, raising A$439 million (about $290 million), while Omega Funds raised $647 million for the investment shop’s latest round aimed at life sciences companies targeting unmet medical needs.

Large pools of capital are still flowing into veteran venture firms, despite a three-year downturn with few IPOs and a mostly quiet market for takeovers. On Thursday morning, Palo Alto-based Frazier Life Sciences announced a new $1.3 billion venture fund. About 40% to 50% of that money will go toward starting new companies, general partner Daniel Estes said in an interview with Endpoints News . The firm is “trying to put more of our money where our mouth is,” Estes said, adding that Frazier believes its company creation deals tend to be its “best deals.” The firm puts together about three to five companies per year, he said. The new fund, Frazier Life Sciences XII, is about $300 million larger than its last venture fund in March 2022. Last October, the firm’s public investing group also raised more money . About 90% of the fund comes from existing limited partners, Estes said, including institutional investors such as the New Mexico State Investment Council and Fairfax County Police Officers Retirement System. Employing the same general strategy and team for more than two decades across multiple funds “really resonated with [the LPs],” he said. The VC firm isn’t alone in announcing new funds this year, despite the ongoing downturn in biotech. Other blue-chip names like Omega Funds, Sofinnova Partners, Aditum Bio and Deerfield have also uncorked a new fund this year. Frazier boosted the size of the fund in part because more money is required to build out technologies like antibody-drug conjugates, bispecific antibodies, and other capital-intensive modalities these days, Estes said. Biotech investors are injecting more money upfront into startups so they can get all the way to clinical data to drum up excitement for their next cash infusion, partnership or deal. “In the current environment, even over the past few years, you want to fund to get clinical data. The development candidate isn’t the step up it used to be. It’s really getting clinical data and looking for M&A, is the thesis we’ve been operating on for a long time,” Estes said. Some of those new companies will be built around biopharma pipeline spinouts, Estes said. Frazier did such a deal last year when it helped spin out Ascendis Pharma’s technology for use in ophthalmology. The new company, Eyconis , got $150 million in committed capital. Estes called the pipeline spinout a “dominant strategy” recently for Frazier. “It’s a little bit of a function of the current environment where a lot of these public companies don’t have money to do everything they want to do,” Estes said. “If they’re not getting value for assets three, four or five, spinning them off can be a way to get some value, advance those programs and in some ways also be able to deploy people in those companies as a way to decrease costs.” Bain Capital has also used the tactic recently. This week, it carved out five of Bristol Myers Squibb’s immunology assets, with $300 million committed to the unnamed new company. Frazier also invests in companies built around academic, scientific founders. A recent example is Architect Therapeutics, a startup whose scientific co-founders include Scripps’ Jin-Quan Yu and Ben Cravatt alongside former Vividion chair Rich Heyman. It’s led by CEO Angie You, who previously led Frazier-backed Amunix . Backed by Frazier, ARCH Venture Partners and others, Architect is working on “the Guggenheim of small molecule drugs” with a platform that turns dormant carbon-hydrogen (C-H) bonds “into powerful building blocks of novel drug architectures,” according to its website. Frazier’s Anna Chen, speaking in a joint interview with Estes, said the firm is also looking for opportunities to source assets from China. “We think it’s going to be a great source for assets,” Chen said. “Much like you look at the third or fourth pipeline asset from [a] US publicly-traded biotech, Chinese companies are very productive.” China has become a growing source of new therapeutic candidates for US and European drug developers, with many Western biopharmas making headline-grabbing licensing and collaboration deals. The firm does not have employees in China, Chen said. Chen was promoted to partner in conjunction with the launch of the new fund. Estes pointed out that four of the firm’s five venture investing partners started as associates at Frazier. “We’ve got a track record of being able to promote and be successful at the partner level,” he said. The California-based firm opened its Boston office earlier this summer, and also has offices in Palo Alto, San Diego and Seattle.