| 企业名称 强生 | 27 97 营业收入(亿美元) 941.93 | | | | --- | --- | --- | --- | | | | 营收同比增减 6% | 研发费用(亿美元) 146. 65 | | 罗氏 | 743.8 | 7% | 158. 12 | | 罗氏 | 743.8 | 7% | 158. 12 | | --- | --- | --- | --- | | 礼来 | 651.79 | 45% | 112 | | 默沙东 | 650. 1 | 1% | 121 | | 辉瑞 | 625. 79 | -2% | 104. 37 | | 阿斯利康 | 587. 39 | 8% | 94. 23 | | 诺华 | 545. 3 | 8% | 120 | | 赛诺菲 | 507.81 | 10% | 102. 54 | | 诺和诺德 | 489 | 6% | 75. 98 | | 葛兰素史克 | 427.94 | 7% | 68. 7 | 近期，强生、罗氏、礼来等多家跨国药企相继披露2025年业绩。其中，强生以942亿美元总营收位居首位，罗氏凭借五大重磅药物获得744.3亿美元收 入，位居第二 ...

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical industry [2] Core Insights - 2025 saw a record high in innovative drug asset transactions among multinational pharmaceutical companies, with 142 cases and a total transaction value of $264.5 billion, marking new highs since 2015 [3][9] - Eli Lilly's revenue for 2025 increased by 44% year-on-year, driven by GLP-1 drugs, with Tirzepatide achieving $36.5 billion in sales [3][39] - Novo Nordisk's sales growth was impacted by increased competition in the weight loss drug market, with a projected revenue decline of 5% to 13% for 2026 [3][40] Summary by Sections 1. Innovative Drug Asset Transactions - In 2025, the number of innovative drug transactions reached 142, with mergers and acquisitions (M&A) and collaborations at 36 and 106 respectively, both setting new records since 2015 [3][9] - The total transaction value was $264.5 billion, with M&A accounting for $106 billion and collaborations for $158.4 billion, also new highs since 2015 [3][9] 2. Performance Review of Pharmaceutical Companies - Eli Lilly's total revenue for 2025 was $65.2 billion, with a guidance for 2026 revenue between $80 billion and $83 billion, indicating a projected growth of 25% [3][39] - Novo Nordisk's total revenue for 2025 was 309.1 billion Danish Kroner, with a guidance for 2026 indicating a decline of 5% to 13% [3][40] - Other companies like AbbVie, AstraZeneca, and Roche reported single-digit growth, while JNJ and Gilead faced challenges due to patent expirations [3] 3. Factors Influencing M&A Decisions - Demand for acquisitions is driven by the need to address revenue gaps from expiring patents and declining R&D efficiency [3][19] - Financial capacity for M&A is supported by free cash flow after shareholder returns, allowing for smaller acquisitions [3][20] - Pricing considerations are crucial, as the valuation of innovative drug assets significantly impacts the internal rate of return (IRR) for acquisitions [3][21]

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical industry [2] Core Insights - 2025 saw a record high in innovative drug asset transactions among multinational pharmaceutical companies, with 142 cases and a total transaction value of $264.5 billion, marking new highs since 2015 [3][9] - Eli Lilly's revenue for 2025 increased by 44% year-on-year, driven by GLP-1 drugs, with Tirzepatide achieving $36.5 billion in sales [3][39] - Novo Nordisk's sales growth was impacted by increased competition in the weight loss drug market, with a projected revenue decline of 5% to 13% for 2026 [3][40] Summary by Sections 1. Innovative Drug Asset Transactions - In 2025, the number of innovative drug transactions reached 142, with mergers and acquisitions (M&A) and collaborations at 36 and 106 respectively, both setting new records since 2015 [3][9] - The total transaction value was $264.5 billion, with M&A accounting for $106 billion and collaborations for $158.4 billion, also new highs since 2015 [3][9] 2. Performance Review of Pharmaceutical Companies - Eli Lilly's total revenue for 2025 was $65.2 billion, with a guidance of $80 billion to $83 billion for 2026, indicating a projected growth of 25% [3][39] - Novo Nordisk's revenue for 2025 was 309.1 billion Danish Krone, with a guidance for 2026 indicating a decline of 5% to 13% [3][40] - Other companies like AbbVie, AstraZeneca, and Roche reported single-digit growth, while JNJ and Gilead faced challenges due to patent expirations [3] 3. Factors Influencing M&A Decisions - Demand for acquisitions is driven by the need to address revenue gaps from expiring patents and declining R&D efficiency [3][19] - Financial capacity for M&A is supported by free cash flow after shareholder returns, allowing for smaller acquisitions [3][20] - Pricing considerations are crucial, as the valuation of innovative drug assets significantly impacts the internal rate of return (IRR) for acquisitions [3][21]

另一家瑞士制药巨头罗氏CEO托马斯·施尼克尔（Thomas Schinecker）在2025年总共获得了1020万瑞士 法郎（约合9075万元人民币）的薪酬。 此外，据法国制药巨头赛诺菲披露的高管薪酬，2025年，该公司CEO韩保罗（Paul Huson）获得总价值 1090万欧元（约合8837万元人民币）的薪酬。 明星减重药司美格鲁肽生产商、丹麦制药巨头诺和诺德经历了艰难的一年。该公司于去年8月更换领导 层，由马齐亚尔·迈克·杜斯塔德（Maziar Mike Doustdar）接替周赋德（Lars Fruergaard Jorgensen）担任 CEO。 诺和诺德年度薪酬报告披露，在杜斯塔德任职的几个月里，他获得了2070万丹麦克朗（约合2246万元人 民币）的薪酬；周赋德在2025年获得了总额近2000万美元的总薪酬（约合1.37亿元人民币），其中包括 一笔价值682万美元的遣散费以及合计超过930万美元的补偿金。 [ 2023至2025年期间，万思瀚的长期激励计划兑现率高达188%，价值1730万瑞士法郎。 ] 当地时间2月24日，阿斯利康的一份备案文件显示，该公司CEO苏博科（Pacal Soriot ...

截至本月，欧洲制药公司高管2025年度年薪陆续披露。近日，瑞士制药巨头诺华披露，该公司首席执行 官万思瀚（Vas Narasimhan）在2025年获得薪酬达2490万瑞士法郎（约合2.2亿元人民币），较2024年增 长30%，创下其2018年上任以来的新高。 明星减重药司美格鲁肽生产商、丹麦制药巨头诺和诺德经历了艰难的一年。该公司于去年8月更换领导 层，由马齐亚尔·迈克·杜斯塔德（Maziar Mike Doustdar）接替周赋德（Lars Fruergaard Jorgensen）担任 CEO。 诺和诺德年度薪酬报告披露，在杜斯塔德任职的几个月里，他获得了2070万丹麦克朗（约合2246万元人 民币）的薪酬；周赋德在2025年获得了总额近2000万美元的总薪酬（约合1.37亿元人民币），其中包括 一笔价值682万美元的遣散费以及合计超过930万美元的补偿金。 万思瀚薪酬暴涨也源于公司长期绩效计划的高额兑现。2023至2025年期间，万思瀚的长期激励计划兑现 率高达188%，价值1730万瑞士法郎。过去三年间，诺华股价从2022年底的约90美元飙升至2026年初的 近160美元，总股东回报率高达84%，在 ...

明星减重药司美格鲁肽生产商、丹麦制药巨头诺和诺德经历了艰难的一年。该公司于去年8月更换领导 层，由马齐亚尔·迈克·杜斯塔德（Maziar Mike Doustdar）接替周赋德（Lars Fruergaard Jorgensen）担任 CEO。 2025年，苏博科获得了高达430万英镑的年度奖金，较2024年的水平增长了约22%。阿斯利康也是伦敦 证交所上市公司中市值最高的企业，最新市值超过3200亿美元。 当地时间2月24日，阿斯利康的一份备案文件显示，该公司CEO苏博科（Pacal Soriot）2025年的薪酬增 至1770万英镑（约合1.64亿元人民币），跻身英国富时100指数中薪酬最高的高管之列。 阿斯利康也是伦敦证交所上市公司中市值最高的企业，最新市值超过3200亿美元（约合2.2万亿元人民 币）。受益于公司强劲的业绩和股价表现，2025年，苏博科获得了高达430万英镑的年度奖金，较2024 年的水平增长约22%。 截至本月，欧洲制药公司高管2025年度年薪陆续披露。近日，瑞士制药巨头诺华披露，该公司首席执行 官万思瀚（Vas Narasimhan）在2025年获得薪酬达2490万瑞士法郎（约合2 ...

Investment Rating - The report maintains a "Positive" investment rating for the industry [2]. Core Insights - NLRP3 inflammasome is identified as a significant target for drug development due to its role as a "receiver and converter" of inflammatory signals, indicating substantial therapeutic potential [11][12]. - NLRP3 inhibitors, particularly VTX3232, have shown remarkable anti-inflammatory effects and preliminary validation for reducing cardiovascular (CV) risks [22][28]. - The market potential for targeting NLRP3 is significant, with a potential patient population of approximately 25 million in the cardiovascular anti-inflammatory drug scenario [39]. Summary by Sections 1. NLRP3 Inflammasome: A Major Drug Target - NLRP3 acts as an intracellular sensor detecting various microbial patterns and endogenous danger signals, leading to the assembly and activation of the NLRP3 inflammasome [11]. - The NLRP3 inflammasome is linked to several common diseases, including obesity, diabetes, and cardiovascular diseases, highlighting the market potential for NLRP3-targeted therapies [12]. 2. Efficacy of NLRP3 Inhibitors - VTX3232 demonstrated a rapid and significant reduction in high-sensitivity C-reactive protein (hsCRP) levels, with an 80% reduction within the first week and a sustained effect over 12 weeks [28]. - The safety profile of VTX3232 is comparable to placebo, with adverse events occurring at similar rates across treatment groups [29]. 3. Identifying Next-Generation NLRP3 Inhibitors - BGE-102, a novel NLRP3 inhibitor, has shown promising early-phase data, indicating its potential to lower hsCRP levels significantly in obese participants [65][67]. - The competitive landscape for NLRP3 inhibitors includes several active candidates, with BGE-102 being highlighted for its unique structure and mechanism [54].

Washington, D.C. 20549 UNITED STATES SECURITIES AND EXCHANGE COMMISSION FORM 20-F (Mark One) OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 19 ...

Core Viewpoint - AstraZeneca CEO Pascal Soriot's pay for 2025 has increased by 6.4% to approximately $24 million, primarily due to higher annual bonuses, maintaining his position among the highest-paid executives in the FTSE 100 [1]. Group 1: CEO Compensation - Pascal Soriot's total pay for 2025 is reported at 17.7 million pounds ($23.87 million) [1]. - The annual bonus for Soriot reached 4.3 million pounds, reflecting a 22% increase from the previous year [1]. Group 2: Company Performance - AstraZeneca is noted as London's most valuable company, with a significant increase in earnings reported for 2025 [1].

01 中国创新药全球化进程 迈入新阶段 近年来，中国创新药产业正经历从"跟跑"到"并跑"乃至"领跑"的历史性跨越。随着国内生物医药研发能力 的系统性提升，以及全球医药产业链分工的深化调整，中国创新药企业的对外授权交易（Business Development，简称BD）已成为衡量产业国际竞争力的核心指标之一。2025年至2026年初，这一趋势呈现 出明显的加速态势，交易规模屡创新高，交易结构持续优化，标志着中国创新药出海已从早期的单一产品 授权向平台化、体系化合作演进。 从产业逻辑来看，BD交易的密集落地并非偶然现象。一方面，国内创新药企业在抗体药物偶联物 （ADC）、双特异性抗体、小分子靶向药物等前沿领域已建立起差异化的技术平台优势，研发效率与成本 控制能力的国际比较优势日益凸显；另一方面，全球大型制药企业面临专利悬崖压力与研发回报率下降的 双重挑战，对中国创新资产的配置需求显著增强。这种供需两侧的深度耦合，构成了当前BD市场高热运行 的基本面支撑。 撰文：Pharmadeep 编辑：维他命 PART. PART. 02 近期二级市场表现 与BD交易特征分析 2026年1月，医药生物板块整体跑赢沪深300指 ...