{"id":666692,"date":"2026-10-01T19:41:35","date_gmt":"2026-10-02T02:41:35","guid":{"rendered":"https:\/\/nai500.com\/?p=666692"},"modified":"2026-10-01T19:41:35","modified_gmt":"2026-10-02T02:41:35","slug":"%e8%89%be%e4%bc%af%e7%bb%b4-vs-%e6%96%bd%e8%b4%b5%e5%ae%9d%ef%bc%9a%e4%b8%80%e5%9c%ba-%e6%88%90%e9%95%bf%e6%ba%a2%e4%bb%b7-%e4%b8%8e-%e4%bb%b7%e5%80%bc%e9%99%b7%e9%98%b1-%e7%9a%84%e6%ad%a3","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hans\/blog\/2026\/10\/%e8%89%be%e4%bc%af%e7%bb%b4-vs-%e6%96%bd%e8%b4%b5%e5%ae%9d%ef%bc%9a%e4%b8%80%e5%9c%ba-%e6%88%90%e9%95%bf%e6%ba%a2%e4%bb%b7-%e4%b8%8e-%e4%bb%b7%e5%80%bc%e9%99%b7%e9%98%b1-%e7%9a%84%e6%ad%a3\/","title":{"rendered":"\u827e\u4f2f\u7ef4 vs \u65bd\u8d35\u5b9d\uff1a\u4e00\u573a “\u6210\u957f\u6ea2\u4ef7” \u4e0e “\u4ef7\u503c\u9677\u9631” \u7684\u6b63\u9762\u4ea4\u950b"},"content":{"rendered":"

2026 \u5e74\uff0c\u9762\u5bf9\u4e24\u5bb6\u5168\u7403\u751f\u7269\u5236\u836f\u5de8\u5934 \u2014\u2014 \u827e\u4f2f\u7ef4\uff08AbbVie\uff0cNYSE\uff1aABBV\uff09<\/a>\u4e0e\u767e\u65f6\u7f8e\u65bd\u8d35\u5b9d\uff08Bristol Myers Squibb\uff0cNYSE\uff1aBMY\uff09<\/a>\uff0c\u6295\u8d44\u8005\u5e38\u5728 “\u4e3a\u589e\u957f\u652f\u4ed8\u6ea2\u4ef7” \u4e0e “\u4ee5\u4f4e\u4ef7\u7b49\u5f85\u4ef7\u503c\u4fee\u590d” \u4e4b\u95f4\u6447\u6446\u3002\u4f9d\u636e\u4e24\u5bb6\u516c\u53f8 FY2025 \u5e74\u62a5\u6570\u636e\uff0c\u4e8c\u8005\u5448\u73b0\u51fa\u622a\u7136\u4e0d\u540c\u7684\u8d22\u52a1\u753b\u50cf\uff1a\u827e\u4f2f\u7ef4\u4f30\u503c\u6602\u8d35\u4f46\u589e\u957f\u5f3a\u52b2\uff0c\u65bd\u8d35\u5b9d\u4f30\u503c\u4f4e\u5ec9\u4f46\u98ce\u9669\u5b9a\u4ef7\u5145\u5206\u3002<\/p>\n

\u6210\u957f\u6ea2\u4ef7\uff1a\u827e\u4f2f\u7ef4\u7684 “\u6602\u8d35” \u903b\u8f91<\/h2>\n

\u6839\u636e FY2025 \u5e74\u62a5\uff0c\u827e\u4f2f\u7ef4\u7684\u589e\u957f\u6838\u5fc3\u96c6\u4e2d\u4e8e\u514d\u75ab\u5b66\u3001\u795e\u7ecf\u79d1\u5b66\u4e0e\u80bf\u7624\u5b66\u4e09\u5927\u9886\u57df\uff0c\u6838\u5fc3\u7597\u6cd5 Skyrizi \u4e0e Rinvoq \u5df2\u8d21\u732e\u7ea6 42% \u7684\u51c0\u8425\u6536\u3002\u516c\u53f8\u4e3b\u8981\u5c06\u836f\u7269\u9500\u552e\u7ed9\u5927\u578b\u6279\u53d1\u5206\u9500\u5546\uff0c\u5305\u62ec McKesson Corp\uff08NYSE\uff1aMCK\uff09\u3001Cardinal Health Inc\uff08NYSE\uff1aCAH\uff09\u4e0e Cencora Corp\uff08NYSE\uff1aCOR\uff09\uff0c\u4e09\u8005\u51e0\u4e4e\u627f\u63a5\u5176\u5168\u90e8\u7f8e\u56fd\u836f\u54c1\u9500\u552e\uff0c\u5ba2\u6237\u96c6\u4e2d\u5ea6\u4e3a\u4e1a\u52a1\u589e\u6dfb\u4e86\u4e00\u5c42\u98ce\u9669\u30022026 \u5e74\uff0c\u827e\u4f2f\u7ef4\u5b8c\u6210\u5bf9 Apogee Therapeutics \u7684\u6536\u8d2d\uff0c\u8fdb\u4e00\u6b65\u6269\u5c55\u7248\u56fe\u3002<\/p>\n

\u8d22\u52a1\u6570\u636e\u65b9\u9762\uff0cFY2025 \u8425\u6536\u7ea6 $61.2B\uff0c\u540c\u6bd4\u589e\u957f 8.6%\uff1b\u51c0\u5229\u6da6\u7ea6 $4.2B\uff0c\u51c0\u5229\u7387\u7ea6 6.9%\u3002\u622a\u81f3 2025 \u5e74 12 \u6708\u7684\u8d44\u4ea7\u8d1f\u503a\u8868\u663e\u793a\uff0c\u8d1f\u503a\u6743\u76ca\u6bd4\u4e3a -21.1x\uff08\u603b\u8d1f\u503a\u8d85\u8fc7\u80a1\u4e1c\u6743\u76ca\uff09\uff0c\u6d41\u52a8\u6bd4\u7387\u7ea6 0.7x\uff0cFY2025 \u81ea\u7531\u73b0\u91d1\u6d41\u7ea6 $17.8B\u3002<\/p>\n

\u4f30\u503c\u5c42\u9762\uff0c\u827e\u4f2f\u7ef4\u5e02\u503c $462B\uff0c\u80a1\u4ef7 $259.93\uff0852 \u5468\u533a\u95f4 $190.75\u2013$269.39\uff09\uff0cTTM \u5e02\u76c8\u7387 73.96\uff0c\u524d\u77bb\u5e02\u76c8\u7387 18.6x\uff0c\u5e02\u9500\u7387 7.2x\uff0c\u80a1\u606f\u7387 2.61%\u2014\u2014 \u4e3a\u589e\u957f\u652f\u4ed8\u7684\u6ea2\u4ef7\u4e00\u76ee\u4e86\u7136\u3002<\/p>\n

\u4ef7\u503c\u9677\u9631\uff1a\u65bd\u8d35\u5b9d\u7684 “\u4fbf\u5b9c” \u4e0e\u4ee3\u4ef7<\/h2>\n

\u767e\u65f6\u7f8e\u65bd\u8d35\u5b9d\u5728\u80bf\u7624\u5b66\u4e0e\u8840\u6db2\u5b66\u9886\u57df\u4fdd\u6301\u9886\u5148\uff0c\u6838\u5fc3\u4ea7\u54c1 Opdivo \u4e0e Eliquis \u652f\u6491\u6536\u5165\uff0c\u836f\u54c1\u9500\u5f80\u5168\u7403\u6279\u53d1\u5546\u3001\u4e13\u4e1a\u836f\u623f\u53ca\u653f\u5e9c\u673a\u6784\u3002\u516c\u53f8\u76ee\u524d\u6b63\u8eab\u5904\u590d\u6742\u7684\u6cd5\u5f8b\u73af\u5883\uff1a\u6d89\u53ca Celgene \u6536\u8d2d\u7684 $6.7B \u8bc9\u8bbc\uff0c\u4ee5\u53ca Cytokinetics\uff08NASDAQ\uff1aCYTK\uff09\u63d0\u8d77\u7684\u4e13\u5229\u5224\u51b3\u8bc9\u8bbc\uff0c\u540e\u8005\u53ef\u80fd\u5f71\u54cd\u5176\u957f\u671f\u8d22\u52a1\u89c4\u5212\u3002<\/p>\n

FY2025 \u8425\u6536\u7ea6 $48.2B\uff0c\u540c\u6bd4\u5fae\u964d 0.2%\uff1b\u51c0\u5229\u6da6\u7ea6 $7.1B\uff0c\u51c0\u5229\u7387\u7ea6 14.6%\u3002\u622a\u81f3 2025 \u5e74 12 \u6708\uff0c\u8d1f\u503a\u6743\u76ca\u6bd4\u7ea6 2.6x\uff0c\u6d41\u52a8\u6bd4\u7387\u7ea6 1.3x\uff0c\u81ea\u7531\u73b0\u91d1\u6d41\u7ea6 $12.8B\u3002<\/p>\n

\u4f30\u503c\u4e0a\uff0c\u65bd\u8d35\u5b9d\u5e02\u503c $127B\uff0c\u80a1\u4ef7 $61.46\uff0852 \u5468\u533a\u95f4 $42.52\u2013$68.64\uff09\uff0cTTM \u5e02\u76c8\u7387 13.75\uff0c\u524d\u77bb\u5e02\u76c8\u7387\u4ec5 8.9x\uff0c\u5e02\u9500\u7387 2.6x\uff0c\u80a1\u606f\u7387 4.02%\u3002\u4fbf\u5b9c\u7684\u4f30\u503c “\u81ea\u6709\u5176\u539f\u56e0”\uff1a\u5e02\u573a\u5df2\u5c06\u5927\u90e8\u5206\u56f0\u96be\u5b9a\u4ef7\u5728\u5185\u3002<\/p>\n

\u98ce\u9669\u5bf9\u6bd4\u4e0e 2026 \u5e74\u9884\u671f<\/h2>\n

\u827e\u4f2f\u7ef4\u9762\u4e34\u663e\u8457\u7684\u4e13\u5229\u5230\u671f\u538b\u529b\uff0c\u6700\u7a81\u51fa\u7684\u662f Humira \u5931\u53bb\u72ec\u5360\u6743\u53ca\u751f\u7269\u7c7b\u4f3c\u836f\u7ade\u4e89\uff1bIRA\uff08\u300a\u901a\u80c0\u524a\u51cf\u6cd5\u6848\u300b\uff09\u5141\u8bb8\u653f\u5e9c\u5bf9 Vraylar\u3001Botox \u7b49\u591a\u6b3e\u7545\u9500\u836f\u8fdb\u884c\u4ef7\u683c\u8c08\u5224\uff1bSkyrizi \u4e0e Rinvoq \u7684\u9ad8\u4ea7\u54c1\u96c6\u4e2d\u5ea6\u5bfc\u81f4\u8be5\u80a1\u5bf9\u5e02\u573a\u52a8\u6001\u9ad8\u5ea6\u654f\u611f\uff1b\u751f\u7269\u836f\u590d\u6742\u7684\u5236\u9020\u5de5\u827a\u4ea6\u5b58\u5728\u4f9b\u5e94\u4e2d\u65ad\u6216\u76d1\u7ba1\u963b\u788d\u98ce\u9669\u3002<\/p>\n

\u65bd\u8d35\u5b9d\u540c\u6837\u9762\u4e34\u8425\u6536\u96c6\u4e2d\uff0c\u4ee5\u53ca Eliquis\u3001Opdivo \u5931\u53bb\u4e13\u5229\u4fdd\u62a4\u540e\u9500\u552e\u4e0b\u6ed1\u7684\u5fc5\u7136\u6027\uff1b\u653f\u5e9c\u4e0e\u5546\u4e1a\u652f\u4ed8\u65b9\u4ef7\u683c\u9650\u5236\u8d8b\u4e25\uff0c\u591a\u6b3e\u5173\u952e\u836f\u7269\u5df2\u88ab\u7eb3\u5165\u4ef7\u683c\u8c08\u5224\u76ee\u6807\uff1b\u516c\u53f8\u8fd8\u80cc\u8d1f\u91cd\u5927\u8bc9\u8bbc\u98ce\u9669\u4e0e\u5386\u53f2\u6218\u7565\u6536\u8d2d\u5f62\u6210\u7684\u9ad8\u503a\u52a1\u6c34\u5e73\uff0cMerck & Co Inc\uff08NYSE\uff1aMRK\uff09\u3001Pfizer Inc\uff08NYSE\uff1aPFE\uff09\u5728\u80bf\u7624\u4e0e\u8840\u6db2\u5b66\u5e02\u573a\u7684\u7ade\u4e89\u4f9d\u65e7\u6fc0\u70c8\u3002<\/p>\n

2026 \u5e74\u9884\u671f\u65b9\u9762\uff1a\u827e\u4f2f\u7ef4\u51c0\u5229\u6da6\u9884\u8ba1\u5c06\u4ece $4.2B \u5927\u5e45\u589e\u81f3 $14.6B\uff0c\u8425\u6536\u9884\u8ba1\u589e\u81f3 $67.2B\uff0c\u6295\u8d44\u8005\u4ea6\u671f\u5f85\u4eca\u5e74\u665a\u4e9b\u65f6\u5019 FDA \u5bf9\u4e00\u6b3e\u5e15\u91d1\u68ee\u75c5\u7597\u6cd5\u7684\u51b3\u5b9a\uff1b\u65bd\u8d35\u5b9d\u8425\u6536\u9884\u8ba1\u5c0f\u5e45\u589e\u957f 3% \u81f3 $49.8B\uff0c\u51c0\u5229\u6da6\u9884\u8ba1\u589e\u957f\u903e 40%\u81f3 $11.2B\u3002<\/p>\n

\u65bd\u8d35\u5b9d\u65b0\u589e\u957f\u54c1\u724c\u6e10\u6709\u8d77\u8272\u3001\u7ba1\u7ebf\u4e2d\u5b58\u5728\u6709\u770b\u70b9\u7684\u5019\u9009\u836f\u7269\uff0c\u4f46\u80a1\u7968\u4fbf\u5b9c\u4f3c\u4e4e “\u81ea\u6709\u5176\u539f\u56e0”\uff0c\u6295\u8d44\u8005\u5df2\u5b9a\u4ef7\u5927\u90e8\u5206\u56f0\u96be\uff0c\u8fd9\u964d\u4f4e\u4e86\u4e0b\u884c\u7a7a\u95f4\uff0c\u5374\u5e76\u4e0d\u6784\u6210\u773c\u4e0b\u7684\u660e\u663e\u4e70\u70b9\uff0c\u590d\u82cf\u65f6\u95f4\u7ebf\u96be\u4ee5\u9884\u6d4b\uff1b\u827e\u4f2f\u7ef4\u867d\u8d35\u4e00\u4e9b\uff0c\u4f46\u8003\u8651\u5230\u5176\u6b63\u5904\u4e8e\u8868\u73b0\u4f18\u5f02\u7684\u5e74\u4efd\uff0c\u6ea2\u4ef7\u5e76\u4e0d\u79bb\u8c31\uff0c\u957f\u671f\u6295\u8d44\u8005\u5373\u4fbf\u4ed8\u51fa\u4e00\u5b9a\u6ea2\u4ef7\uff0c\u4e5f\u503c\u5f97\u8003\u8651\u5efa\u7acb\u4ed3\u4f4d\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"

2026 \u5e74\uff0c\u9762\u5bf9\u4e24\u5bb6\u5168\u7403\u751f\u7269\u5236\u836f\u5de8\u5934 \u2014\u2014 \u827e\u4f2f\u7ef4\uff08AbbVie\uff0cNYSE\uff1aABBV\uff09\u4e0e\u767e\u65f6\u7f8e\u65bd\u8d35\u5b9d\uff08Bri […]<\/p>\n","protected":false},"author":27,"featured_media":556633,"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":[2158,455,2155,459],"class_list":["post-666692","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-1521","category-trends-strategies-zh-hans","tag-2158","tag-455","tag-2155","tag-459","sectors-life-science-zh-hans","locations-us-zh-hans","exchange-nyse-zh-hans"],"acf":[],"_links":{"self":[{"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/posts\/666692","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=666692"}],"version-history":[{"count":3,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/posts\/666692\/revisions"}],"predecessor-version":[{"id":666695,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/posts\/666692\/revisions\/666695"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/media\/556633"}],"wp:attachment":[{"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/media?parent=666692"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/categories?post=666692"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/tags?post=666692"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}