{"id":586893,"date":"2025-08-07T22:27:26","date_gmt":"2025-08-08T05:27:26","guid":{"rendered":"https:\/\/nai500.com\/?p=586893"},"modified":"2025-08-07T22:27:26","modified_gmt":"2025-08-08T05:27:26","slug":"%e7%b2%be%e9%80%895%e5%8f%aa%e9%ab%98%e5%88%a9%e6%b6%a6%e7%8e%87%e5%88%b6%e8%8d%af%e8%82%a1%ef%bc%8c%e7%9b%88%e5%88%a9%e6%89%8d%e6%98%af%e7%a1%ac%e9%81%93%e7%90%86%ef%bc%81","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hans\/blog\/2025\/08\/%e7%b2%be%e9%80%895%e5%8f%aa%e9%ab%98%e5%88%a9%e6%b6%a6%e7%8e%87%e5%88%b6%e8%8d%af%e8%82%a1%ef%bc%8c%e7%9b%88%e5%88%a9%e6%89%8d%e6%98%af%e7%a1%ac%e9%81%93%e7%90%86%ef%bc%81\/","title":{"rendered":"\u7cbe\u90095\u53ea\u9ad8\u5229\u6da6\u7387\u5236\u836f\u80a1\uff0c\u76c8\u5229\u624d\u662f\u786c\u9053\u7406\uff01"},"content":{"rendered":"

\u5c3d\u7ba1\u5168\u7403\u7ecf\u6d4e\u5b58\u5728\u4e0d\u786e\u5b9a\u6027\uff0c\u5236\u836f\u677f\u5757\u4ecd\u5c55\u73b0\u51fa\u5f3a\u52b2\u7684\u76c8\u5229\u97e7\u6027\u4e0e\u5e02\u573a\u5438\u5f15\u529b\u3002\u6469\u6839\u5927\u901a\u5206\u6790\u5e08\u5728\u8fd1\u671f\u5e02\u573a\u5c55\u671b\u4e2d\u6307\u51fa\uff1a\u5236\u836f\u4e1a\u4ecd\u662f\u5c11\u6570\u517c\u5177\u5b9a\u4ef7\u6743\u3001\u7a33\u5b9a\u5229\u6da6\u7387\uff0c\u5e76\u901a\u8fc7\u521b\u65b0\u4e0e\u4eba\u53e3\u7ed3\u6784\u9a71\u52a8\u957f\u671f\u589e\u957f\u7684\u884c\u4e1a\u4e4b\u4e00\u3002\u8fd9\u53cd\u6620\u51fa\u6295\u8d44\u8005\u5bf9\u5177\u5907\u9ad8\u5229\u6da6\u7387\u836f\u4f01\u7684\u4fe1\u5fc3\u2014\u2014\u8fd9\u4e9b\u4f01\u4e1a\u51ed\u501f\u5f3a\u5927\u7684\u7814\u53d1\u7ba1\u7ebf\u3001\u8fd0\u8425\u6548\u7387\u53ca\u6838\u5fc3\u6cbb\u7597\u9886\u57df\u7684\u6218\u7565\u5e03\u5c40\u4fdd\u6301\u4f18\u52bf\u3002<\/p>\n

\u5c3d\u7ba1\u90e8\u5206\u4f20\u7edf\u836f\u4f01\u9762\u4e34\u4e13\u5229\u60ac\u5d16\u548c\u76d1\u7ba1\u5ba1\u67e5\u7684\u538b\u529b\uff0c\u8d8a\u6765\u8d8a\u591a\u7684\u9ad8\u5229\u6da6\u7387\u5236\u836f\u80a1\u6b63\u9006\u52bf\u800c\u4e0a\u3002\u5b83\u4eec\u901a\u8fc7\u751f\u7269\u6280\u672f\u3001\u7cbe\u51c6\u533b\u7597\u53ca\u5408\u540c\u5236\u9020\uff08CDMO\uff09\u9886\u57df\u7684\u8fdb\u6b65\u5b9e\u73b0\u89c4\u6a21\u5316\u53ef\u6301\u7eed\u76c8\u5229\u3002\u4e13\u79d1\u836f\u7269\u3001\u751f\u7269\u5236\u5242\u548cCDMO\u9886\u57df\u56e0\u5b9a\u4ef7\u4f18\u52bf\u4e0e\u9700\u6c42\u53ef\u89c1\u6027\u7a81\u51fa\uff0c\u5229\u6da6\u7387\u8868\u73b0\u5c24\u4e3a\u5f3a\u52b2\u3002<\/p>\n

\u672c\u6587\u7cbe\u90095\u53ea\u9ad8\u5229\u6da6\u7387\u5236\u836f\u80a1\uff0c\u5b83\u4eec\u4e0d\u4ec5\u53d7\u76ca\u4e8e\u957f\u671f\u533b\u7597\u8d8b\u52bf\uff0c\u8fd8\u5177\u5907\u4e25\u683c\u7684\u6210\u672c\u7ba1\u63a7\u4e0e\u53ef\u9760\u7684\u76c8\u5229\u80fd\u529b\u2014\u2014\u5728\u5f53\u524d\u6ce8\u91cd\u5229\u6da6\u7b5b\u9009\u7684\u5e02\u573a\u73af\u5883\u4e2d\uff0c\u8fd9\u4e9b\u7279\u8d28\u65e5\u76ca\u51f8\u663e\u3002<\/p>\n

1. Royalty Pharma<\/strong>\uff08\u7eb3\u65af\u8fbe\u514b\uff1aRPRX<\/strong>\uff09<\/strong><\/a><\/h2>\n
    \n
  • TTM\u8425\u4e1a\u5229\u6da6\u7387<\/strong>\uff1a83.95%<\/li>\n
  • \u5206\u6790\u5e08\u5e73\u5747\u9884\u671f\u6da8\u5e45<\/strong>\uff1a19.55%<\/li>\n
  • \u6469\u6839\u58eb\u4e39\u5229\u5206\u6790\u5e08Terence Flynn\u5c06\u76ee\u6807\u4ef7\u4ece51\u7f8e\u5143\u4e0a\u8c03\u81f354\u7f8e\u5143\uff0c\u7ef4\u6301\u201c\u589e\u6301”\u8bc4\u7ea7\u3002Flynn\u6307\u51fa\uff0c\u5c3d\u7ba1\u5b8f\u89c2\u538b\u529b\u4e0e\u76d1\u7ba1\u4e0d\u786e\u5b9a\u6027\u62d6\u7d2f\u5927\u578b\u836f\u4f01\u8868\u73b0\uff0cRoyalty\u51ed\u501f\u6536\u8d2d\u6210\u719f\/\u65b0\u5174\u7597\u6cd5\u7279\u8bb8\u6743\u7684\u72ec\u7279\u6a21\u5f0f\uff08\u6838\u5fc3\u836f\u7269\u5305\u62ecTysabri\u3001Imbruvica\u548cTrelegy\uff09\u5c55\u73b0\u51fa\u4f18\u4e8e\u540c\u4e1a\u7684\u76c8\u5229\u7a33\u5b9a\u6027\uff0c\u5176\u6297\u98ce\u9669\u7279\u6027\u5951\u5408\u590d\u6742\u653f\u7b56\u73af\u5883\u4e2d\u7684\u6295\u8d44\u9700\u6c42\u3002<\/li>\n<\/ul>\n

    2. \u9ed8\u514b\uff08\u7ebd\u7ea6\u8bc1\u4ea4\u6240\uff1aMRK\uff09<\/h2>\n
      \n
    • TTM\u8425\u4e1a\u5229\u6da6\u7387<\/strong>\uff1a38.19%<\/li>\n
    • \u5206\u6790\u5e08\u5e73\u5747\u9884\u671f\u6da8\u5e45<\/strong>\uff1a25.02%<\/li>\n
    • Jefferies\u5c06\u76ee\u6807\u4ef7\u4ece138\u7f8e\u5143\u5347\u81f3141\u7f8e\u5143\uff0c\u7ef4\u6301\u201c\u4e70\u5165”\u8bc4\u7ea7\u3002\u8be5\u673a\u6784\u8ba4\u4e3a\u9ed8\u514b\u65a5\u8d44100\u4ebf\u7f8e\u5143\u6536\u8d2dVerona Pharma\u662f\u964d\u4f4e\u5bf9Keytruda\uff08\u5373\u5c06\u5931\u53bb\u7f8e\u56fd\u4e13\u5229\u72ec\u5360\u6743\uff09\u4f9d\u8d56\u7684\u5173\u952e\u6218\u7565\u3002Verona\u7684\u6162\u6027\u963b\u585e\u6027\u80ba\u75c5\uff08COPD\uff09\u836f\u7269ensifentrine\u6709\u671b\u4e3a\u9ed8\u514b\u547c\u5438\u7ba1\u7ebf\u6ce8\u5165\u65b0\u52a8\u529b\uff0c\u8be5\u4ea4\u6613\u5728\u57fa\u51c6\u60c5\u666f\u4e0b\u9884\u8ba1\u53ef\u8d21\u732e\u6bcf\u80a1\u7ea63\u7f8e\u5143\u7684\u4ef7\u503c\u3002<\/li>\n<\/ul>\n

      3. \u793c\u6765\uff08\u7ebd\u7ea6\u8bc1\u4ea4\u6240\uff1aLLY\uff09<\/h2>\n
        \n
      • TTM\u8425\u4e1a\u5229\u6da6\u7387<\/strong>\uff1a41.07%<\/li>\n
      • \u5206\u6790\u5e08\u5e73\u5747\u9884\u671f\u6da8\u5e45<\/strong>\uff1a25.12%<\/li>\n
      • \u6469\u6839\u5927\u901a\u5206\u6790\u5e08Chris Schott\u770b\u597d\u793c\u6765\u51cf\u80a5\u836fZepbound\uff08\u5360\u80a5\u80d6\u5e02\u573a60-65%\u7684\u4efd\u989d\uff09\u548cMounjaro\u63a8\u52a8GLP-1\u836f\u7269\u7ec4\u5408\u7684\u9500\u552e\u989d\uff0c\u540c\u65f6\u770b\u597d\u53e3\u670dGLP-1\u836f\u7269orforglipron\u7684III\u671f\u6570\u636e\u50ac\u5316\uff0c\u7ef4\u63011100\u7f8e\u5143\u76ee\u6807\u4ef7\u4e0e\u201c\u589e\u6301”\u8bc4\u7ea7\u3002<\/li>\n<\/ul>\n

        4. United Therapeutics\uff08\u7eb3\u65af\u8fbe\u514b\uff1aUTHR\uff09<\/h2>\n
          \n
        • TTM\u8425\u4e1a\u5229\u6da6\u7387<\/strong>\uff1a49.35%<\/li>\n
        • \u5206\u6790\u5e08\u5e73\u5747\u9884\u671f\u6da8\u5e45<\/strong>\uff1a29.92%<\/li>\n
        • \u6469\u6839\u58eb\u4e39\u5229\u5c06\u76ee\u6807\u4ef7\u4ece348\u7f8e\u5143\u4e0b\u8c03\u81f3328\u7f8e\u5143\uff0c\u7ef4\u6301\u201c\u6301\u80a1\u89c2\u671b”\u8bc4\u7ea7\uff0c\u539f\u56e0\u5305\u62ec\u5b8f\u89c2\u538b\u529b\u3001\u836f\u54c1\u5b9a\u4ef7\u653f\u7b56\u6ce2\u52a8\u53caFDA\u4eba\u4e8b\u53d8\u52a8\u5f71\u54cd\u884c\u4e1a\u60c5\u7eea\u3002\u8be5\u673a\u6784\u9884\u8ba1\u4e8c\u5b63\u5ea6\u80ba\u52a8\u8109\u9ad8\u538b\u836f\u7269Tyvaso\u9500\u552e\u989d\u548c\u603b\u8425\u6536\u4f4e\u4e8e\u9884\u671f\uff0c\u53cd\u6620Tyvaso DPI\u5e02\u573a\u63a5\u53d7\u5ea6\u75b2\u8f6f\u3002<\/li>\n<\/ul>\n

          5. \u8bfa\u548c\u8bfa\u5fb7\uff08\u7ebd\u7ea6\u8bc1\u4ea4\u6240\uff1aNVO\uff09<\/h2>\n
            \n
          • TTM\u8425\u4e1a\u5229\u6da6\u7387<\/strong>\uff1a48.43%<\/li>\n
          • \u5206\u6790\u5e08\u5e73\u5747\u9884\u671f\u6da8\u5e45<\/strong>\uff1a45.64%<\/li>\n
          • Berenberg\u7ef4\u6301\u201c\u6301\u6709”\u8bc4\u7ea7\u4e0e610\u4e39\u9ea6\u514b\u6717\u76ee\u6807\u4ef7\uff08\u7ea6\u540888\u7f8e\u5143\/ADR\uff09\u3002\u5e02\u573a\u5173\u6ce8\u7126\u70b9\u5305\u62ec\uff1a\u7f8e\u56fd\u590d\u5408\u53f8\u7f8e\u683c\u9c81\u80bd\u836f\u7269\u9000\u5e02\u662f\u5426\u52a9\u63a8Wegovy\u5904\u65b9\u91cf\u589e\u957f\uff08\u5f53\u524d\u589e\u901f\u5df2\u8d8b\u5e73\uff09\uff0c\u4ee5\u53caCVS Caremark\u836f\u7269\u798f\u5229\u5408\u4f5c\u5bf9\u5b9a\u4ef7\u7684\u5f71\u54cd\u3002<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"

            \u5c3d\u7ba1\u5168\u7403\u7ecf\u6d4e\u5b58\u5728\u4e0d\u786e\u5b9a\u6027\uff0c\u5236\u836f\u677f\u5757\u4ecd\u5c55\u73b0\u51fa\u5f3a\u52b2\u7684\u76c8\u5229\u97e7\u6027\u4e0e\u5e02\u573a\u5438\u5f15\u529b\u3002\u6469\u6839\u5927\u901a\u5206\u6790\u5e08\u5728\u8fd1\u671f\u5e02\u573a\u5c55\u671b\u4e2d\u6307\u51fa\uff1a\u5236\u836f […]<\/p>\n","protected":false},"author":27,"featured_media":586895,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[1521,430],"tags":[820,455,925,2137],"class_list":["post-586893","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-1521","category-trends-strategies-zh-hans","tag-820","tag-455","tag-925","tag-2137","sectors-life-science-zh-hans","locations-us-zh-hans","exchange-nasdaq-zh-hans","exchange-nyse-zh-hans"],"acf":[],"_links":{"self":[{"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/posts\/586893","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/users\/27"}],"replies":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/comments?post=586893"}],"version-history":[{"count":2,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/posts\/586893\/revisions"}],"predecessor-version":[{"id":586902,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/posts\/586893\/revisions\/586902"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/media\/586895"}],"wp:attachment":[{"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/media?parent=586893"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/categories?post=586893"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/tags?post=586893"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}