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\u52c3\u5065\u516c\u53f8\uff08Biogen Inc.\uff0cBIIB\uff09\u5728 2026 \u5e74\u6b63\u5904\u4e8e\u5173\u952e\u7684\u8f6c\u6298\u70b9\u3002\u8fd9\u5bb6\u795e\u7ecf\u79d1\u5b66\u5de8\u5934\u6b63\u79ef\u6781\u4ece\u5176\u4f20\u7edf\u7684\u6cbb\u7597\u591a\u53d1\u6027\u786c\u5316\u75c7\u4e1a\u52a1\u8f6c\u5411\u963f\u5c14\u8328\u6d77\u9ed8\u75c5\u3001\u7f55\u89c1\u75c5\u548c\u80be\u810f\u75c5\u7b49\u65b0\u7684\u589e\u957f\u9886\u57df\u3002\u5728\u4e00\u7cfb\u5217\u5907\u53d7\u77a9\u76ee\u7684\u6536\u8d2d\u548c\u7ba1\u7ebf\u66f4\u65b0\u540e\uff0c\u516c\u53f8 2026 \u5e74\u7b2c\u4e00\u5b63\u5ea6\u7684\u4e1a\u7ee9\u63ed\u793a\u4e86\u4e00\u4e2a\u8f6c\u578b\u9636\u6bb5\uff0c\u5176\u7279\u70b9\u662f\u76c8\u5229\u80fd\u529b\u4fdd\u6301\u97e7\u6027\uff0c\u4f46\u8425\u6536\u9762\u4e34\u538b\u529b\u3002\u968f\u7740\u516c\u53f8\u6574\u5408\u8fd1\u671f\u4ee5 56 \u4ebf\u7f8e\u5143\u6536\u8d2d\u7684 Apellis Pharmaceuticals\uff0c\u6295\u8d44\u8005\u5fc5\u987b\u6743\u8861\u77ed\u671f\u6267\u884c\u98ce\u9669\u4e0e\u5176\u591a\u5143\u5316\u6295\u8d44\u7ec4\u5408\u7684\u957f\u671f\u590d\u5229\u6f5c\u529b\u3002 <\/p>\n\n

\u8d22\u52a1\u8868\u73b0\u4e0e\u6838\u5fc3\u6307\u6807<\/h2>\n\n

2026 \u5e74\u7b2c\u4e00\u5b63\u5ea6\uff0c\u52c3\u5065\u62a5\u544a\u7684\u603b\u8425\u6536\u4e3a 24.8 \u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f 2%\uff0c\u589e\u5e45\u5e73\u7a33\u3002\u5c3d\u7ba1\u8425\u6536\u589e\u957f\u7f13\u6162\uff0c\u4f46\u516c\u53f8\u5c55\u73b0\u4e86\u5353\u8d8a\u7684\u76c8\u5229\u6760\u6746\u3002GAAP \u644a\u8584\u540e\u6bcf\u80a1\u6536\u76ca\uff08EPS\uff09\u98d9\u5347 31% \u81f3 2.15 \u7f8e\u5143\uff0c\u800c\u975e GAAP \u644a\u8584\u540e EPS \u589e\u957f 18% \u81f3 3.57 \u7f8e\u5143\u3002\u76c8\u5229\u80fd\u529b\u7684\u6269\u5f20\u5f97\u76ca\u4e8e\u4e25\u8c28\u7684\u6210\u672c\u7ed3\u6784\u4ee5\u53ca\u589e\u957f\u578b\u4ea7\u54c1\u8d21\u732e\u7684\u52a0\u901f\uff0c\u8fd9\u4e9b\u4ea7\u54c1\u5408\u8ba1\u540c\u6bd4\u589e\u957f 12%\u3002 <\/p>\n\n

\u516c\u53f8\u5728\u672c\u5b63\u5ea6\u4ea7\u751f\u4e86 5.943 \u4ebf\u7f8e\u5143\u7684\u81ea\u7531\u73b0\u91d1\u6d41\uff0c\u622a\u81f3 3 \u6708\u5e95\uff0c\u62e5\u6709 33.8 \u4ebf\u7f8e\u5143\u7684\u5145\u6c9b\u73b0\u91d1\u53ca\u73b0\u91d1\u7b49\u4ef7\u7269\u3002\u7136\u800c\uff0c2026 \u5e74\u5168\u5e74\u6307\u5f15\u53cd\u6620\u4e86\u5176\u4f20\u7edf\u591a\u53d1\u6027\u786c\u5316\u75c7\u4ea7\u54c1\u7ec4\u5408\u7684\u6301\u7eed\u840e\u7f29\u3002\u7ba1\u7406\u5c42\u9884\u8ba1\u603b\u8425\u6536\u5c06\u8f83 2025 \u5e74\u51fa\u73b0\u4e2d\u4e2a\u4f4d\u6570\u7684\u767e\u5206\u6bd4\u4e0b\u964d\uff0c\u975e GAAP \u644a\u8584\u540e EPS \u9884\u8ba1\u5728 14.25 \u7f8e\u5143\u81f3 15.25 \u7f8e\u5143\u4e4b\u95f4\uff08\u4e0d\u5305\u62ec\u6536\u8d2d Apellis \u7684\u5f71\u54cd\uff09\u3002 <\/p>\n\n

\u6307\u6807<\/strong><\/td>2026 \u5e74\u7b2c\u4e00\u5b63\u5ea6\u4e1a\u7ee9<\/strong><\/td>\u540c\u6bd4\u53d8\u5316<\/strong><\/td><\/tr>
\u603b\u8425\u6536<\/strong><\/td>24.8 \u4ebf\u7f8e\u5143<\/td>+2%<\/td><\/tr>
GAAP \u644a\u8584\u540e EPS<\/strong><\/td>$2.15<\/td>+31%<\/td><\/tr>
\u975e GAAP \u644a\u8584\u540e EPS<\/strong><\/td>$3.57<\/td>+18%<\/td><\/tr>
\u589e\u957f\u578b\u4ea7\u54c1\u8425\u6536<\/strong><\/td>\u5408\u8ba1<\/td>+12%<\/td><\/tr>
\u81ea\u7531\u73b0\u91d1\u6d41<\/strong><\/td>5.943 \u4ebf\u7f8e\u5143<\/td>\u4e0d\u9002\u7528<\/td><\/tr><\/tbody><\/table><\/figure>\n\n

\u963f\u5c14\u8328\u6d77\u9ed8\u75c5\u9886\u57df\uff1aLeqembi \u4e0e Kisunla \u4e4b\u4e89<\/h2>\n\n

\u963f\u5c14\u8328\u6d77\u9ed8\u75c5\u5e02\u573a\u4ecd\u662f\u52c3\u5065\u589e\u957f\u53d9\u4e8b\u7684\u6838\u5fc3\u652f\u67f1\u3002\u4e0e\u536b\u6750\uff08Eisai\uff09\u5408\u4f5c\u7684 Leqembi \u5728 2026 \u5e74\u7b2c\u4e00\u5b63\u5ea6\u7684\u5e02\u573a\u9500\u552e\u989d\u4e3a 1.68 \u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f 74%\uff0c\u52bf\u5934\u5f3a\u52b2\u3002\u8be5\u836f\u7269\u7684\u589e\u957f\u52a8\u529b\u6765\u81ea\u4e8e\u5f3a\u5927\u7684\u771f\u5b9e\u4e16\u754c\u6301\u7eed\u6027\u6570\u636e\uff0c\u4ee5\u53ca\u8fd1\u671f FDA \u6279\u51c6\u7684\u901a\u8fc7 LEQEMBI IQLIK \u8fdb\u884c\u7684\u76ae\u4e0b\u6ce8\u5c04\u7ef4\u6301\u7ed9\u836f\u3002 <\/p>\n\n

\u7136\u800c\uff0c\u7ade\u4e89\u683c\u5c40\u6b63\u5728\u52a0\u5267\u3002\u793c\u6765\u516c\u53f8\uff08Eli Lilly\uff09\u7684 Kisunla\uff08donanemab\uff09\u7b2c\u4e00\u5b63\u5ea6\u8868\u73b0\u5f3a\u52b2\uff0c\u8425\u6536\u8fbe 1.24 \u4ebf\u7f8e\u5143\u3002Leqembi \u4e0e Kisunla \u4e4b\u95f4\u7684\u7ade\u4e89\u6b63\u5728\u91cd\u5851\u533b\u751f\u7684\u504f\u597d\u548c\u5904\u65b9\u96c6\u52a8\u6001\u3002\u867d\u7136\u52c3\u5065\u548c\u536b\u6750\u4eab\u6709\u5148\u53d1\u4f18\u52bf\uff0c\u4f46\u793c\u6765\u516c\u53f8\u5f3a\u5927\u7684\u5546\u4e1a\u5b9e\u529b\u548c\u66f4\u5e7f\u6cdb\u7684\u4ee3\u8c22\u4ea7\u54c1\u7ec4\u5408\u63d0\u4f9b\u4e86\u663e\u8457\u7684\u7ade\u4e89\u4f18\u52bf\u3002 <\/p>\n\n

\u52c3\u5065\u8fd8\u5728\u63a8\u8fdb\u5176\u4e0b\u4e00\u4ee3\u963f\u5c14\u8328\u6d77\u9ed8\u75c5\u7ba1\u7ebf\u3002\u8bc4\u4f30 diranersen\uff08\u4e00\u79cd\u4e0e Ionis Pharmaceuticals \u5408\u4f5c\u7684\u9776\u5411 tau \u86cb\u767d\u7684\u53cd\u4e49\u5be1\u6838\u82f7\u9178\uff09\u7684 Phase 2 CELIA \u7814\u7a76\u53d6\u5f97\u4e86\u88ab H.C. Wainwright \u63cf\u8ff0\u4e3a\u201c\u5386\u53f2\u6027\u201d\u7684\u5173\u4e8e\u51cf\u5c11 tau \u86cb\u767d\u75c5\u7406\u7684\u9876\u7ebf\u7ed3\u679c\u3002\u5c3d\u7ba1\u672a\u8fbe\u5230\u4e3b\u8981\u7ec8\u70b9\uff0c\u52c3\u5065\u4ecd\u5c06\u8be5\u8d44\u4ea7\u63a8\u8fdb\u81f3 Phase 3 \u4e34\u5e8a\u8bd5\u9a8c\uff0c\u5f70\u663e\u4e86\u5176\u5bf9\u591a\u6a21\u6001\u963f\u5c14\u8328\u6d77\u9ed8\u75c5\u6cbb\u7597\u7684\u627f\u8bfa\u3002 <\/p>\n\n

\u6218\u7565\u6536\u8d2d\u4e0e\u7ba1\u7ebf\u91cd\u5851<\/h2>\n\n

2026 \u5e74 5 \u6708\u5b8c\u6210\u7684\u4ee5 56 \u4ebf\u7f8e\u5143\u6536\u8d2d Apellis Pharmaceuticals \u7684\u4ea4\u6613\uff0c\u4ee3\u8868\u4e86\u5927\u80c6\u7684\u6218\u7565\u8f6c\u578b\u3002\u8be5\u4ea4\u6613\u5e26\u6765\u4e86\u4e24\u6b3e\u5546\u4e1a\u5316\u8d44\u4ea7\uff1a\u7528\u4e8e\u6cbb\u7597\u7f55\u89c1\u80be\u810f\u75be\u75c5\uff08C3 \u80be\u5c0f\u7403\u75c5\u548c\u539f\u53d1\u6027 IC-MPGN\uff09\u7684 EMPAVELI\uff0c\u4ee5\u53ca\u7528\u4e8e\u6cbb\u7597\u7ee7\u53d1\u4e8e\u5e74\u9f84\u76f8\u5173\u6027\u9ec4\u6591\u53d8\u6027\u7684\u5730\u56fe\u6837\u840e\u7f29\u7684 SYFOVRE\u3002\u8fd9\u4e9b\u4ea7\u54c1\u5728 2025 \u5e74\u5408\u8ba1\u4ea7\u751f\u4e86 6.89 \u4ebf\u7f8e\u5143\u7684\u8425\u6536\u3002\u52c3\u5065\u9884\u8ba1\u6b64\u6b21\u6536\u8d2d\u5c06\u5728 2027 \u5e74\u524d\u589e\u52a0\u975e GAAP EPS\uff0c\u5e76\u5728\u672c\u5341\u5e74\u672b\u663e\u8457\u63d0\u9ad8\u5176 EPS \u590d\u5408\u5e74\u589e\u957f\u7387\u3002 <\/p>\n\n

\u6b64\u6b21\u6536\u8d2d\u4e0e\u52c3\u5065\u8fd1\u671f\u4e0e\u5929\u5883\u751f\u7269\uff08TJ Biopharma\uff09\u8fbe\u6210\u7684\u5173\u4e8e felzartamab \u5927\u4e2d\u534e\u533a\u72ec\u5bb6\u6743\u76ca\u7684\u534f\u8bae\u4ea7\u751f\u4e86\u534f\u540c\u6548\u5e94\uff0c\u5efa\u7acb\u4e86\u4e00\u4e2a\u5f3a\u5927\u7684\u80be\u810f\u75c5\u4e1a\u52a1\u677f\u5757\u3002Apellis \u6210\u719f\u7684\u80be\u810f\u75c5\u5546\u4e1a\u57fa\u7840\u8bbe\u65bd\u4e0e\u9884\u8ba1\u5728 2027 \u5e74\u4e0a\u534a\u5e74\u516c\u5e03\u7684 felzartamab Phase 3 \u6570\u636e\u76f8\u7ed3\u5408\uff0c\u521b\u9020\u4e86\u4e00\u4e2a\u6781\u5177\u5438\u5f15\u529b\u7684\u589e\u957f\u77e2\u91cf\u3002 <\/p>\n\n

\u76f8\u53cd\uff0c\u52c3\u5065\u6b63\u5728\u79ef\u6781\u524a\u51cf\u8868\u73b0\u4e0d\u4f73\u7684\u8d44\u4ea7\u3002\u5728 Phase 2b LUMA \u7814\u7a76\u672a\u80fd\u8fbe\u5230\u4e3b\u8981\u7ec8\u70b9\u540e\uff0c\u8be5\u516c\u53f8\u8fd1\u671f\u505c\u6b62\u4e86\u4e0e Denali Therapeutics \u5408\u4f5c\u7684\u5e15\u91d1\u68ee\u75c5\u836f\u7269 BIIB122 \u7684\u5f00\u53d1\u3002\u4e0e\u6b64\u540c\u65f6\uff0c\u4e0e UCB \u5408\u4f5c\u7684\u7528\u4e8e\u6cbb\u7597\u7cfb\u7edf\u6027\u7ea2\u6591\u72fc\u75ae\u7684 dapirolizumab pegol \u5728\u300a\u67f3\u53f6\u5200\u300b\u4e0a\u53d1\u8868\u7684 Phase 3 \u9633\u6027\u7ed3\u679c\uff0c\u4e3a\u81ea\u8eab\u514d\u75ab\u6027\u75be\u75c5\u9886\u57df\u63d0\u4f9b\u4e86\u6f5c\u5728\u7684\u65b0\u6536\u5165\u6765\u6e90\u3002 <\/p>\n\n

\u589e\u957f\u578b\u4ea7\u54c1\u7ec4\u5408<\/h2>\n\n

\u9664\u963f\u5c14\u8328\u6d77\u9ed8\u75c5\u5916\uff0c\u52c3\u5065\u7684\u589e\u957f\u578b\u4ea7\u54c1\u7ec4\u5408\u4e5f\u5c55\u73b0\u51fa\u5e7f\u6cdb\u7684\u589e\u957f\u52bf\u5934\u3002\u7528\u4e8e\u6cbb\u7597\u5f17\u91cc\u5fb7\u8d56\u5e0c\u5171\u6d4e\u5931\u8c03\u75c7\u7684 SKYCLARYS \u5728 2026 \u5e74\u7b2c\u4e00\u5b63\u5ea6\u4ea7\u751f\u4e86 1.51 \u4ebf\u7f8e\u5143\u7684\u8425\u6536\u3002\u7528\u4e8e\u4ea7\u540e\u6291\u90c1\u75c7\u7684 ZURZUVAE \u8d21\u732e\u4e86 5,500 \u4e07\u7f8e\u5143\u3002\u9488\u5bf9\u808c\u840e\u7f29\u4fa7\u7d22\u786c\u5316\u75c7\u7684 QALSODY \u589e\u52a0\u4e86 3,300 \u4e07\u7f8e\u5143\u3002SPINRAZA \u867d\u7136\u5df2\u8fdb\u5165\u6210\u719f\u671f\uff0c\u4f46\u5728\u8fd1\u671f\u7f8e\u56fd\u6279\u51c6\u9ad8\u5242\u91cf\u65b9\u6848\u7684\u63a8\u52a8\u4e0b\uff0c\u6bcf\u5b63\u5ea6\u4ecd\u80fd\u8d21\u732e 3.74 \u4ebf\u7f8e\u5143\u3002 <\/p>\n\n

\u6297 CD20 \u9879\u76ee\u5728 2026 \u5e74\u7b2c\u4e00\u5b63\u5ea6\u4ea7\u751f\u4e86 4.191 \u4ebf\u7f8e\u5143\u7684\u8425\u6536\uff0c\u63d0\u4f9b\u4e86\u7a33\u5b9a\u7684\u7279\u8bb8\u6743\u4f7f\u7528\u8d39\u6d41\u3002VUMERITY \u4f5c\u4e3a\u52c3\u5065\u7684\u4e0b\u4e00\u4ee3\u53e3\u670d\u591a\u53d1\u6027\u786c\u5316\u75c7\u7597\u6cd5\uff0c\u8d21\u732e\u4e86 1.79 \u4ebf\u7f8e\u5143\u3002\u867d\u7136\u4f20\u7edf\u7684\u591a\u53d1\u6027\u786c\u5316\u75c7\u4e1a\u52a1\u9762\u4e34\u4eff\u5236\u836f\u7684\u4fb5\u8680\uff0c\u4f46\u5411\u7f55\u89c1\u75c5\u548c\u795e\u7ecf\u79d1\u5b66\u76f8\u5173\u9886\u57df\u7684\u591a\u5143\u5316\u53d1\u5c55\u6b63\u6309\u8ba1\u5212\u63a8\u8fdb\u3002 <\/p>\n\n

Equities Orbis \u80a1\u7968\u8bc4\u7ea7\u4e0e\u76ee\u6807\u4ef7<\/h2>\n\n

\u57fa\u4e8e\u6211\u4eec\u5bf9\u795e\u7ecf\u79d1\u5b66\u9886\u57df\u548c\u5f53\u524d\u5e02\u573a\u52a8\u6001\u7684\u5168\u9762\u5206\u6790\uff0cEquities Orbis \u53d1\u5e03\u4ee5\u4e0b\u8bc4\u7ea7\u548c 12 \u4e2a\u6708\u76ee\u6807\u4ef7\u3002<\/p>\n\n

\u516c\u53f8\uff08\u80a1\u7968\u4ee3\u7801\uff09<\/strong><\/td>\u8bc4\u7ea7<\/strong><\/td>\u76ee\u6807\u4ef7<\/strong><\/td>\u7406\u7531<\/strong><\/td><\/tr>
\u52c3\u5065\u516c\u53f8 (BIIB)<\/strong><\/td>\u6301\u6709<\/td>$220.00<\/td>\u6218\u7565\u8f6c\u578b\u5408\u7406\uff0c\u4f46\u77ed\u671f\u8425\u6536\u4e0b\u6ed1\u9650\u5236\u4e86\u4e0a\u6da8\u7a7a\u95f4\uff1b\u5b58\u5728 Apellis \u6574\u5408\u98ce\u9669\u3002<\/td><\/tr>
\u793c\u6765\u516c\u53f8 (LLY)<\/strong><\/td>\u4e70\u5165<\/td>$1,200.00<\/td>\u80a0\u4fc3\u80f0\u5c9b\u7d20\u7206\u53d1\u5f0f\u589e\u957f\u53ca Kisunla \u4e0a\u5e02\uff1b\u5353\u8d8a\u7684\u5546\u4e1a\u6267\u884c\u529b\u3002<\/td><\/tr>
\u518d\u751f\u5143 (REGN)<\/strong><\/td>\u4e70\u5165<\/td>$825.00<\/td>\u5f3a\u5927\u7684\u514d\u75ab\u5b66\/\u773c\u79d1\u4ea7\u54c1\u7ec4\u5408\uff1b\u6df1\u539a\u7684\u7ba1\u7ebf\u548c\u5f3a\u52b2\u7684\u73b0\u91d1\u4ea7\u751f\u80fd\u529b\u3002<\/td><\/tr>
\u536b\u6750\u682a\u5f0f\u4f1a\u793e (ESALY)<\/strong><\/td>\u4e70\u5165<\/td>$22.00<\/td>Leqembi \u7684\u4e3b\u8981\u53d7\u76ca\u8005\uff1b\u9500\u552e\u8f68\u8ff9\u7ffb\u500d\u53ca\u76ae\u4e0b\u7ed9\u836f\u50ac\u5316\u5242\u3002<\/td><\/tr>
Denali Therapeutics (DNLI)<\/strong><\/td>\u5356\u51fa<\/td>$20.00<\/td>LUMA \u7814\u7a76\u5931\u8d25\u6d88\u9664\u4e86\u5173\u952e\u50ac\u5316\u5242\uff1b\u98ce\u9669\u72b6\u51b5\u5347\u9ad8\u3002<\/td><\/tr>
Ionis Pharmaceuticals (IONS)<\/strong><\/td>\u6301\u6709<\/td>$85.00<\/td>\u591a\u5143\u5316\u7684 ASO \u5e73\u53f0\uff0c\u4f46 CELIA \u7814\u7a76\u7ed3\u679c\u597d\u574f\u53c2\u534a\uff0c\u51f8\u663e\u4e86\u795e\u7ecf\u7cfb\u7edf\u5f00\u53d1\u7684\u98ce\u9669\u3002<\/td><\/tr>
\u7f57\u6c0f\u63a7\u80a1 (RHHBY)<\/strong><\/td>\u6301\u6709<\/td>$40.00<\/td>\u7ba1\u7ebf\u5f3a\u5927\uff0c\u4f46\u4e0e\u540c\u884c\u76f8\u6bd4\u7f3a\u4e4f\u5373\u65f6\u7684\u53d8\u9769\u6027\u589e\u957f\u9a71\u52a8\u529b\u3002<\/td><\/tr><\/tbody><\/table><\/figure>\n\n

\u52c3\u5065\u516c\u53f8 (BIIB) \u2013 \u6301\u6709 \u2013 \u76ee\u6807\u4ef7\uff1a$220.00<\/h3>\n\n

\u52c3\u5065\u6b63\u6210\u529f\u6267\u884c\u5176\u6218\u7565\u8f6c\u578b\uff0c\u4f46\u5176\u4f20\u7edf\u591a\u53d1\u6027\u786c\u5316\u75c7\u4e1a\u52a1\u5e26\u6765\u7684\u77ed\u671f\u8425\u6536\u840e\u7f29\u9650\u5236\u4e86\u5373\u65f6\u7684\u4e0a\u6da8\u7a7a\u95f4\u3002\u6536\u8d2d Apellis \u4e3a 2027 \u5e74\u524d\u7684 EPS \u589e\u957f\u63d0\u4f9b\u4e86\u6e05\u6670\u8def\u5f84\uff0c\u4f46\u6574\u5408\u98ce\u9669\u4ee5\u53ca\u963f\u5c14\u8328\u6d77\u9ed8\u75c5\u9886\u57df\u7684\u6fc0\u70c8\u7ade\u4e89\u8981\u6c42\u91c7\u53d6\u8c28\u614e\u6001\u5ea6\u3002\u6309\u7ea6 14.5 \u500d\u7684\u8fdc\u671f\u5e02\u76c8\u7387\u8ba1\u7b97\uff0c\u8be5\u80a1\u5e76\u4e0d\u6602\u8d35\uff0c\u4f46\u6211\u4eec\u5efa\u8bae\u6301\u6709\uff0c\u76f4\u5230 Leqembi \u548c\u65b0\u6536\u8d2d\u7684 Apellis \u8d44\u4ea7\u5e26\u6765\u7684\u8425\u6536\u62d0\u70b9\u5728 2026 \u5e74\u4e0b\u534a\u5e74\u53ca 2027 \u5e74\u663e\u73b0\u3002 <\/p>\n\n

\u793c\u6765\u516c\u53f8 (LLY) \u2013 \u4e70\u5165 \u2013 \u76ee\u6807\u4ef7\uff1a$1,200.00<\/h3>\n\n

\u5728\u80a0\u4fc3\u80f0\u5c9b\u7d20\u7cfb\u5217\u4ea7\u54c1\uff08Mounjaro\/Zepbound\uff09\u7684\u7206\u53d1\u5f0f\u589e\u957f\u4ee5\u53ca\u963f\u5c14\u8328\u6d77\u9ed8\u75c5\u836f\u7269 Kisunla \u52a0\u901f\u4e0a\u5e02\u7684\u63a8\u52a8\u4e0b\uff0c\u793c\u6765\u516c\u53f8\u4ecd\u662f\u751f\u7269\u5236\u836f\u9886\u57df\u7684\u9738\u4e3b\u3002\u8be5\u516c\u53f8 2026 \u5e74\u7b2c\u4e00\u5b63\u5ea6\u8425\u6536\u540c\u6bd4\u589e\u957f 55.5% \u81f3 198.0 \u4ebf\u7f8e\u5143\uff0c\u4ec5 Mounjaro \u5c31\u4ea7\u751f\u4e86 86.6 \u4ebf\u7f8e\u5143\u3002\u5176\u4ee3\u8c22\u548c\u795e\u7ecf\u79d1\u5b66\u4ea7\u54c1\u7ec4\u5408\u7684\u5de8\u5927\u89c4\u6a21\u8bc1\u660e\u4e86\u6ea2\u4ef7\u4f30\u503c\u7684\u5408\u7406\u6027\u3002Kisunla \u5bf9\u6297 Leqembi \u7684\u7ade\u4e89\u5b9a\u4f4d\u589e\u52a0\u4e86\u53e6\u4e00\u4e2a\u5e02\u573a\u5c1a\u672a\u5b8c\u5168\u5b9a\u4ef7\u7684\u589e\u957f\u77e2\u91cf\u3002 <\/p>\n\n

\u518d\u751f\u5143\u5236\u836f\u516c\u53f8 (REGN) \u2013 \u4e70\u5165 \u2013 \u76ee\u6807\u4ef7\uff1a$825.00<\/h3>\n\n

\u518d\u751f\u5143\u5728\u5176\u6838\u5fc3\u514d\u75ab\u5b66\u548c\u773c\u79d1\u4ea7\u54c1\u7ec4\u5408\u4e2d\u7ee7\u7eed\u5c55\u73b0\u51fa\u5f3a\u52b2\u7684\u6267\u884c\u529b\u3002\u51ed\u501f Dupixent \u4ea7\u751f\u7684\u5de8\u989d\u8425\u6536\u4ee5\u53ca\u6db5\u76d6\u80bf\u7624\u3001\u5fc3\u8840\u7ba1\u548c\u7f55\u89c1\u75c5\u7684\u6df1\u539a\u7ba1\u7ebf\uff0c\u8be5\u516c\u53f8\u63d0\u4f9b\u4e86\u6781\u5177\u5438\u5f15\u529b\u7684\u98ce\u9669\u56de\u62a5\u6bd4\u3002\u76ee\u524d\u63a5\u8fd1 615 \u7f8e\u5143\u7684\u4ef7\u683c\u8f83\u6211\u4eec 825 \u7f8e\u5143\u7684\u76ee\u6807\u4ef7\u6709\u663e\u8457\u4e0a\u6da8\u7a7a\u95f4\uff0c\u8fd9\u5f97\u5230\u4e86\u5f3a\u52b2\u7684\u81ea\u7531\u73b0\u91d1\u6d41\u4ea7\u751f\u80fd\u529b\u548c\u7ecf\u8fc7\u9a8c\u8bc1\u7684\u7814\u53d1\u5f15\u64ce\u7684\u652f\u6301\u3002 <\/p>\n\n

\u536b\u6750\u682a\u5f0f\u4f1a\u793e (ESALY) \u2013 \u4e70\u5165 \u2013 \u76ee\u6807\u4ef7\uff1a$22.00<\/h3>\n\n

\u4f5c\u4e3a Leqembi \u7684\u4e3b\u8981\u5408\u4f5c\u4f19\u4f34\uff0c\u536b\u6750\u662f\u8be5\u836f\u7269\u5546\u4e1a\u52a0\u901f\u7684\u4e3b\u8981\u53d7\u76ca\u8005\u3002Leqembi \u5728 2025 \u8d22\u5e74\u7684\u9500\u552e\u989d\u7ffb\u500d\u4ee5\u53ca\u76ae\u4e0b\u7ed9\u836f\u5242\u578b\u7684\u63a8\u51fa\uff0c\u4e3a\u6301\u7eed\u7684\u8425\u6536\u589e\u957f\u63d0\u4f9b\u4e86\u6e05\u6670\u7684\u8dd1\u9053\u3002\u536b\u6750\u4e13\u6ce8\u7684\u795e\u7ecf\u79d1\u5b66\u6218\u7565\u4ee5\u53ca Leqembi \u5728\u5168\u7403\u66f4\u591a\u5e02\u573a\u7684\u6269\u5f20\u652f\u6491\u4e86\u5efa\u8bbe\u6027\u7684\u524d\u666f\u3002 <\/p>\n\n

Denali Therapeutics Inc. (DNLI) \u2013 \u5356\u51fa \u2013 \u76ee\u6807\u4ef7\uff1a$20.00<\/h3>\n\n

BIIB122 \u7684 Phase 2b LUMA \u7814\u7a76\u5931\u8d25\uff0c\u6d88\u9664\u4e86 Denali \u7684\u4e00\u4e2a\u91cd\u5927\u77ed\u671f\u50ac\u5316\u5242\u3002\u867d\u7136\u8be5\u516c\u53f8\u7ef4\u6301\u7740\u5e7f\u6cdb\u7684\u8840\u8111\u5c4f\u969c\u8f6c\u8fd0\u6280\u672f\u5e73\u53f0\uff0c\u4f46\u5e15\u91d1\u68ee\u75c5\u4e34\u5e8a\u7814\u7a76\u7684\u632b\u6298\u663e\u8457\u589e\u52a0\u4e86\u98ce\u9669\u72b6\u51b5\u3002\u8be5\u80a1\u4ea4\u6613\u4ef7\u683c\u5728 19-20 \u7f8e\u5143\u9644\u8fd1\uff0c\u7531\u4e8e\u7f3a\u4e4f\u660e\u786e\u7684\u77ed\u671f\u4ef7\u503c\u9a71\u52a8\u56e0\u7d20\uff0c\u6211\u4eec\u8ba4\u4e3a\u4e0a\u6da8\u7a7a\u95f4\u6709\u9650\uff0c\u5efa\u8bae\u5356\u51fa\u3002 <\/p>\n\n

Ionis Pharmaceuticals, Inc. (IONS) \u2013 \u6301\u6709 \u2013 \u76ee\u6807\u4ef7\uff1a$85.00<\/h3>\n\n

Ionis \u63d0\u4f9b\u4e86\u4e00\u4e2a\u591a\u5143\u5316\u7684\u53cd\u4e49\u5be1\u6838\u82f7\u9178\u5e73\u53f0\uff0c\u62e5\u6709\u591a\u4e2a\u5408\u4f5c\u4f19\u4f34\u9879\u76ee\u3002\u7136\u800c\uff0c\u4e0e\u52c3\u5065\u5408\u4f5c\u7684 CELIA \u7814\u7a76\u7ed3\u679c\u597d\u574f\u53c2\u534a\uff0c\u51f8\u663e\u4e86\u795e\u7ecf\u7cfb\u7edf\u836f\u7269\u5f00\u53d1\u4e2d\u56fa\u6709\u7684\u98ce\u9669\u3002\u867d\u7136 tau \u86cb\u767d\u51cf\u5c11\u7684\u6570\u636e\u4ee4\u4eba\u9f13\u821e\uff0c\u4f46\u672a\u80fd\u8fbe\u5230\u4e3b\u8981\u7ec8\u70b9\u8868\u660e diranersen \u7684\u5546\u4e1a\u5316\u9053\u8def\u6f2b\u957f\u4e14\u5145\u6ee1\u4e0d\u786e\u5b9a\u6027\u3002\u6211\u4eec\u5efa\u8bae\u5728\u7b49\u5f85 Phase 3 \u8bbe\u8ba1\u660e\u786e\u671f\u95f4\u6301\u80a1\u89c2\u671b\u3002 <\/p>\n\n

\u7f57\u6c0f\u63a7\u80a1 (RHHBY) \u2013 \u6301\u6709 \u2013 \u76ee\u6807\u4ef7\uff1a$40.00<\/h3>\n\n

\u7f57\u6c0f\u5728\u795e\u7ecf\u79d1\u5b66\u548c\u80bf\u7624\u9886\u57df\u4fdd\u6301\u7740\u5f3a\u5927\u7684\u5f71\u54cd\u529b\uff0c\u9884\u8ba1 2026 \u5e74\u9500\u552e\u989d\u5c06\u5b9e\u73b0\u4e2d\u4e2a\u4f4d\u6570\u589e\u957f\u3002\u7136\u800c\uff0c\u8fd1\u671f\u7684\u8d22\u62a5\u672a\u80fd\u50ac\u5316\u80a1\u4ef7\u5927\u5e45\u6ce2\u52a8\u3002\u8be5\u516c\u53f8\u7684\u7ba1\u7ebf\u5341\u5206\u7a33\u5065\uff0c\u5305\u62ec\u4e00\u79cd\u7528\u4e8e\u4e2d\u67a2\u795e\u7ecf\u7cfb\u7edf\u708e\u75c7\u7684 MAGL \u6291\u5236\u5242\uff0c\u4f46\u7f3a\u4e4f\u50cf\u793c\u6765\u7b49\u540c\u884c\u90a3\u6837\u7acb\u7aff\u89c1\u5f71\u7684\u53d8\u9769\u6027\u589e\u957f\u9a71\u52a8\u529b\u3002\u5728\u66f4\u660e\u786e\u7684\u50ac\u5316\u5242\u51fa\u73b0\u4e4b\u524d\uff0c\u6211\u4eec\u4fdd\u6301\u4e2d\u7acb\u7acb\u573a\u3002 <\/p>\n\n

\u7ed3\u8bba<\/h2>\n\n

\u52c3\u5065\u6b63\u5728\u7ecf\u5386\u590d\u6742\u7684\u8f6c\u578b\uff0c\u4ee5\u4f20\u7edf\u7684\u73b0\u91d1\u6d41\u6362\u53d6\u7ade\u4e89\u6fc0\u70c8\u7684\u6cbb\u7597\u9886\u57df\u7684\u672a\u6765\u589e\u957f\u3002\u6536\u8d2d Apellis \u7684\u6218\u7565\u903b\u8f91\u4ee5\u53ca\u5bf9\u963f\u5c14\u8328\u6d77\u9ed8\u75c5\u7684\u6301\u7eed\u6295\u8d44\u662f\u5408\u7406\u7684\uff0c\u4f46\u6267\u884c\u7a97\u53e3\u975e\u5e38\u7d27\u8feb\u3002\u516c\u53f8 14.5 \u500d\u7684\u8fdc\u671f\u5e02\u76c8\u7387\u53cd\u6620\u4e86\u5e02\u573a\u5bf9\u77ed\u671f\u589e\u957f\u7684\u6000\u7591\uff0c\u5982\u679c\u7ba1\u7406\u5c42\u80fd\u5b9e\u73b0\u5176 2027 \u5e74\u7684\u589e\u539a\u76ee\u6807\uff0c\u5219\u5b58\u5728\u6f5c\u5728\u7684\u4e0a\u6da8\u7a7a\u95f4\u3002\u6295\u8d44\u8005\u5e94\u5bf9\u52c3\u5065\u4fdd\u6301\u4e2d\u7acb\u7acb\u573a\uff0c\u540c\u65f6\u9752\u7750\u793c\u6765\u548c\u518d\u751f\u5143\u7b49\u589e\u957f\u8f68\u8ff9\u66f4\u6e05\u6670\u3001\u65e0\u969c\u788d\u7684\u516c\u53f8\u3002 <\/p>\n\n

\u2014 Equities Orbis \u2014<\/em><\/p>\n\n

\u514d\u8d23\u58f0\u660e\uff1a\u672c\u62a5\u544a\u4ec5\u4f9b\u53c2\u8003\uff0c\u4e0d\u6784\u6210\u6295\u8d44\u5efa\u8bae\u3002\u8fc7\u5f80\u4e1a\u7ee9\u4e0d\u4ee3\u8868\u672a\u6765\u7ed3\u679c\u3002\u6295\u8d44\u8005\u5728\u505a\u51fa\u6295\u8d44\u51b3\u7b56\u524d\u5e94\u8fdb\u884c\u5c3d\u804c\u8c03\u67e5\u3002 <\/p>\n","protected":false},"excerpt":{"rendered":"

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