驱动基因阴性NSCLC专题 下一代治疗范式：双抗、IO+ADC 西南证券研究院 2026年2月 分析师：杜向阳 执业证号：S1250520030002 电话：021-68416017 邮箱：duxy@swsc.com.cn 分析师：雷瑞 执业证号：S1250525110001 电话：021-68416017 邮箱：leir@swsc.com.cn 核心结论 驱动基因阴性空间几何？ 报告目录 1 NSCLC全球第一大癌种，驱动基因阴性占三成 2 从一线治疗看驱动基因阴性市场空间几何 驱动基因阴性指肿瘤样本中未检测到明确可靶向的驱动基因突变，分别占中美患者新发NSCLC患者的31%/31%。基于目前中美指南推荐，一线 治疗驱动基因阴性NSCLC晚期患者主要依赖PD(L)-1±化疗的治疗方案，我们测算2030年用于驱动基因阴性NSCLC晚期一线治疗的免疫用药中美 市场规模分别约为75亿元、180亿元。 NSCLC下一代免疫治疗方案齐头并进——双（多）抗、IO+ADC 从临床指南来看，以帕博利珠单抗、阿替利珠单抗为代表的PD(L)-1药物(不)联用化疗已全面覆盖驱动基因阴性一线及后线治疗，临床地位稳定， 但长期维度下 ...

Retirement is complicated and you only get once chance to do it right. Don't miss out because you didn't know what was out there.The Retirement Forum provides actionable ideals, a high-yield safe retirement portfolio, and macroeconomic outlooks, all to help you maximize your capital and your income. We search the entire market to help you maximize returns.Merck & Co., Inc. (NYSE: MRK ) has had a fantastic six months, seeing its share price go up nearly 50%. The company has a valuable portfolio of assets tha ...

Retirement is complicated and you only get once chance to do it right. Don't miss out because you didn't know what was out there.The Retirement Forum provides actionable ideals, a high-yield safe retirement portfolio, and macroeconomic outlooks, all to help you maximize your capital and your income. We search the entire market to help you maximize returns.Merck & Co., Inc. (NYSE: MRK ) has had a fantastic six months, seeing its share price go up nearly 50%. The company has a valuable portfolio of assets tha ...

For years, investors have discounted Merck ( MRK ) due to the coming loss of exclusivity [LOE] for Keytruda in 2028. While headlines from last week's earnings report focused on softer-than-expected guidance, investors may have overlooked a bullishBrendan, a Pennsylvanian by birth:-Completed a Ph.D. at Stanford University in the field of organic synthesis (2009). -Worked for a major pharmaceutical company (Merck, 2009-2013).-Worked in biotech including start-ups (Theravance/Aspira) prior to securing employme ...

For years, investors have discounted Merck ( MRK ) due to the coming loss of exclusivity [LOE] for Keytruda in 2028. While headlines from last week's earnings report focused on softer-than-expected guidance, investors may have overlooked a bullishBrendan, a Pennsylvanian by birth:-Completed a Ph.D. at Stanford University in the field of organic synthesis (2009). -Worked for a major pharmaceutical company (Merck, 2009-2013).-Worked in biotech including start-ups (Theravance/Aspira) prior to securing employme ...

整理 | GLP1减重宝典内容团队 2026年2月5日，默沙东在 ClinicalTrials.gov 上注册了其小分子GLP-1受体激动剂MK-4082的全球一期临床试验，标志着这家在DPP-4时代占据 统治地位的跨国药企，正式加入新一轮GLP-1减重药物的技术竞赛。 根据注册信息，该一期临床计划入组120例健康受试者，主要评估安全性、耐受性及药代动力学特征，预计将于2026年8月完成。这一时间表显 示，默沙东当前对该项目的定位仍处于"快速验证可行性"的早期阶段，但在GLP-1赛道整体高度拥挤的背景下，其战略信号意义远大于临床阶 段本身。 ▍ GLP-1热潮之下，MNC走向分化布局 过去数年，GLP-1类药物在减重领域掀起的热潮，几乎吸引了所有主流跨国药企（MNC）入场，但不同公司的切入路径已出现明显分化。作为 该领域的先驱，礼来 与 诺和诺德 选择了"全维度覆盖"的策略，从注射型到口服制剂、从GLP-1单靶点到双靶点及多靶点激动剂，力图构建系 统性护城河。 而后进入者则更多采取差异化切口。罗氏 通过收购Carmot获得GLP-1/GIP及小分子GLP-1资产，同时引进Zealand Pharma的Amyl ...

古根海姆将默沙东的目标价从122美元上调至140美元，维持"买入"评级。(格隆汇) ...

Core Insights - The article emphasizes the importance of quantitative research, financial modeling, and risk management in equity valuation and market trends to identify high-growth investment opportunities [1] Group 1: Company Expertise - The company has over 20 years of experience in quantitative research and financial modeling, focusing on equity valuation and market trends [1] - The company has developed deep expertise in both fundamental and technical analysis through leadership roles in model validation and stress testing [1] - The research approach combines rigorous risk management with a long-term perspective on value creation, particularly in macroeconomic trends and corporate earnings [1] Group 2: Research Collaboration - The company co-authors investment research with a partner, leveraging complementary strengths to deliver high-quality, data-driven insights [1] - The collaboration aims to provide actionable ideas for investors seeking to outperform the market [1]

Core Insights - Merck (MRK) reported strong Q4 earnings, achieving a double beat that went largely unnoticed due to the focus on the Magnificent Seven earnings, yet the stock performance was notable [1] Financial Performance - Merck's market capitalization is now $305 billion, indicating significant growth and stability in the health sector [1]

Core Thesis - Merck & Co., Inc. (MRK) is experiencing a bullish sentiment driven by significant institutional options trading and upcoming catalysts, suggesting a medium-term price increase [2][3][5]. Institutional Activity - On December 8, 2025, a large institutional trade involved the purchase of 30,000 April 17, 2026 $110 call contracts, amounting to approximately $300 million in notional exposure, indicating a strategic bet on MRK's price movement [2]. Strategic Options Positioning - The proposed strategy includes a split-strike risk reversal, selling April $85 puts to finance the $110 calls, which aims to limit downside risk while positioning for potential upside [3]. Fundamental Drivers - Key growth drivers include the launch of Winrevair, which is on track for blockbuster status, the sustained performance of the Keytruda franchise, and a robust pipeline with promising developments in cardiology, vaccines, and respiratory diseases [4]. Market Context - Merck is trading at a valuation discount within the healthcare sector, coupled with a strong dividend yield that provides a safety net, making it an attractive investment during a macro rotation into healthcare defensives [5]. Historical Performance - Since a previous bullish thesis in April 2025, MRK's stock price has increased by approximately 30.50%, attributed to improving margins and strong free cash flow generation [6].