{"id":586898,"date":"2025-08-07T22:27:26","date_gmt":"2025-08-08T05:27:26","guid":{"rendered":"https:\/\/nai500.com\/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\/"},"modified":"2025-08-07T22:28:14","modified_gmt":"2025-08-08T05:28:14","slug":"%e7%b2%be%e9%81%b85%e5%8f%aa%e9%ab%98%e5%88%a9%e6%bd%a4%e7%8e%87%e8%a3%bd%e8%97%a5%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-hant\/blog\/2025\/08\/%e7%b2%be%e9%81%b85%e5%8f%aa%e9%ab%98%e5%88%a9%e6%bd%a4%e7%8e%87%e8%a3%bd%e8%97%a5%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\u90785\u53ea\u9ad8\u5229\u6f64\u7387\u88fd\u85e5\u80a1\uff0c\u76c8\u5229\u624d\u662f\u786c\u9053\u7406\uff01"},"content":{"rendered":"

\u5118\u7ba1\u5168\u7403\u7d93\u6fdf\u5b58\u5728\u4e0d\u78ba\u5b9a\u6027\uff0c\u88fd\u85e5\u677f\u584a\u4ecd\u5c55\u73fe\u51fa\u5f37\u52c1\u7684\u76c8\u5229\u97cc\u6027\u8207\u5e02\u5834\u5438\u5f15\u529b\u3002\u6469\u6839\u5927\u901a\u5206\u6790\u5e2b\u5728\u8fd1\u671f\u5e02\u5834\u5c55\u671b\u4e2d\u6307\u51fa\uff1a\u88fd\u85e5\u696d\u4ecd\u662f\u5c11\u6578\u517c\u5177\u5b9a\u50f9\u6b0a\u3001\u7a69\u5b9a\u5229\u6f64\u7387\uff0c\u4e26\u901a\u904e\u5275\u65b0\u8207\u4eba\u53e3\u7d50\u69cb\u9a45\u52d5\u9577\u671f\u589e\u9577\u7684\u884c\u696d\u4e4b\u4e00\u3002\u9019\u53cd\u6620\u51fa\u6295\u8cc7\u8005\u5c0d\u5177\u5099\u9ad8\u5229\u6f64\u7387\u85e5\u4f01\u7684\u4fe1\u5fc3\u2014\u2014\u9019\u4e9b\u4f01\u696d\u6191\u85c9\u5f37\u5927\u7684\u7814\u767c\u7ba1\u7dda\u3001\u904b\u71df\u6548\u7387\u53ca\u6838\u5fc3\u6cbb\u7642\u9818\u57df\u7684\u6230\u7565\u4f48\u5c40\u4fdd\u6301\u512a\u52e2\u3002<\/p>\n

\u5118\u7ba1\u90e8\u5206\u50b3\u7d71\u85e5\u4f01\u9762\u81e8\u5c08\u5229\u61f8\u5d16\u548c\u76e3\u7ba1\u5be9\u67e5\u7684\u58d3\u529b\uff0c\u8d8a\u4f86\u8d8a\u591a\u7684\u9ad8\u5229\u6f64\u7387\u88fd\u85e5\u80a1\u6b63\u9006\u52e2\u800c\u4e0a\u3002\u5b83\u5011\u901a\u904e\u751f\u7269\u6280\u8853\u3001\u7cbe\u51c6\u91ab\u7642\u53ca\u5408\u540c\u5236\u9020\uff08CDMO\uff09\u9818\u57df\u7684\u9032\u6b65\u5be6\u73fe\u898f\u6a21\u5316\u53ef\u6301\u7e8c\u76c8\u5229\u3002\u5c08\u79d1\u85e5\u7269\u3001\u751f\u7269\u88fd\u5291\u548cCDMO\u9818\u57df\u56e0\u5b9a\u50f9\u512a\u52e2\u8207\u9700\u6c42\u53ef\u898b\u6027\u7a81\u51fa\uff0c\u5229\u6f64\u7387\u8868\u73fe\u5c24\u70ba\u5f37\u52c1\u3002<\/p>\n

\u672c\u6587\u7cbe\u90785\u53ea\u9ad8\u5229\u6f64\u7387\u88fd\u85e5\u80a1\uff0c\u5b83\u5011\u4e0d\u50c5\u53d7\u76ca\u65bc\u9577\u671f\u91ab\u7642\u8da8\u52e2\uff0c\u9084\u5177\u5099\u56b4\u683c\u7684\u6210\u672c\u7ba1\u63a7\u8207\u53ef\u9760\u7684\u76c8\u5229\u80fd\u529b\u2014\u2014\u5728\u7576\u524d\u6ce8\u91cd\u5229\u6f64\u7be9\u9078\u7684\u5e02\u5834\u74b0\u5883\u4e2d\uff0c\u9019\u4e9b\u7279\u8cea\u65e5\u76ca\u51f8\u986f\u3002<\/p>\n

1. Royalty Pharma<\/strong>\uff08\u7d0d\u65af\u9054\u514b\uff1a<\/strong>RPRX<\/strong>\uff09<\/strong><\/a><\/h2>\n
    \n
  • TTM<\/strong>\u71df\u696d\u5229\u6f64\u7387<\/strong>\uff1a83.95%<\/li>\n
  • \u5206\u6790\u5e2b\u5e73\u5747\u9810\u671f\u6f32\u5e45<\/strong>\uff1a19.55%<\/li>\n
  • \u6469\u6839\u58eb\u4e39\u5229\u5206\u6790\u5e2bTerence Flynn\u5c07\u76ee\u6a19\u50f9\u5f9e51\u7f8e\u5143\u4e0a\u8abf\u81f354\u7f8e\u5143\uff0c\u7dad\u6301\u201c\u589e\u6301”\u8a55\u7d1a\u3002Flynn\u6307\u51fa\uff0c\u5118\u7ba1\u5b8f\u89c0\u58d3\u529b\u8207\u76e3\u7ba1\u4e0d\u78ba\u5b9a\u6027\u62d6\u7d2f\u5927\u578b\u85e5\u4f01\u8868\u73fe\uff0cRoyalty\u6191\u85c9\u6536\u8cfc\u6210\u719f\/\u65b0\u8208\u7642\u6cd5\u7279\u8a31\u6b0a\u7684\u7368\u7279\u6a21\u5f0f\uff08\u6838\u5fc3\u85e5\u7269\u5305\u62ecTysabri\u3001Imbruvica\u548cTrelegy\uff09\u5c55\u73fe\u51fa\u512a\u65bc\u540c\u696d\u7684\u76c8\u5229\u7a69\u5b9a\u6027\uff0c\u5176\u6297\u98a8\u96aa\u7279\u6027\u5951\u5408\u8907\u96dc\u653f\u7b56\u74b0\u5883\u4e2d\u7684\u6295\u8cc7\u9700\u6c42\u3002<\/li>\n<\/ul>\n

    2. \u9ed8\u514b\uff08\u7d10\u7d04\u8b49\u4ea4\u6240\uff1aMRK\uff09<\/h2>\n
      \n
    • TTM<\/strong>\u71df\u696d\u5229\u6f64\u7387<\/strong>\uff1a38.19%<\/li>\n
    • \u5206\u6790\u5e2b\u5e73\u5747\u9810\u671f\u6f32\u5e45<\/strong>\uff1a25.02%<\/li>\n
    • Jefferies\u5c07\u76ee\u6a19\u50f9\u5f9e138\u7f8e\u5143\u5347\u81f3141\u7f8e\u5143\uff0c\u7dad\u6301\u201c\u8cb7\u5165”\u8a55\u7d1a\u3002\u8a72\u6a5f\u69cb\u8a8d\u70ba\u9ed8\u514b\u65a5\u8cc7100\u5104\u7f8e\u5143\u6536\u8cfcVerona Pharma\u662f\u964d\u4f4e\u5c0dKeytruda\uff08\u5373\u5c07\u5931\u53bb\u7f8e\u570b\u5c08\u5229\u7368\u4f54\u6b0a\uff09\u4f9d\u8cf4\u7684\u95dc\u9375\u6230\u7565\u3002Verona\u7684\u6162\u6027\u963b\u585e\u6027\u80ba\u75c5\uff08COPD\uff09\u85e5\u7269ensifentrine\u6709\u671b\u70ba\u9ed8\u514b\u547c\u5438\u7ba1\u7dda\u6ce8\u5165\u65b0\u52d5\u529b\uff0c\u8a72\u4ea4\u6613\u5728\u57fa\u6e96\u60c5\u666f\u4e0b\u9810\u8a08\u53ef\u8ca2\u737b\u6bcf\u80a1\u7d043\u7f8e\u5143\u7684\u50f9\u503c\u3002<\/li>\n<\/ul>\n

      3. \u79ae\u4f86\uff08\u7d10\u7d04\u8b49\u4ea4\u6240\uff1aLLY\uff09<\/h2>\n
        \n
      • TTM<\/strong>\u71df\u696d\u5229\u6f64\u7387<\/strong>\uff1a41.07%<\/li>\n
      • \u5206\u6790\u5e2b\u5e73\u5747\u9810\u671f\u6f32\u5e45<\/strong>\uff1a25.12%<\/li>\n
      • \u6469\u6839\u5927\u901a\u5206\u6790\u5e2bChris Schott\u770b\u597d\u79ae\u4f86\u6e1b\u80a5\u85e5Zepbound\uff08\u5360\u80a5\u80d6\u5e02\u583460-65%\u7684\u4efd\u984d\uff09\u548cMounjaro\u63a8\u52d5GLP-1\u85e5\u7269\u7d44\u5408\u7684\u92b7\u552e\u984d\uff0c\u540c\u6642\u770b\u597d\u53e3\u670dGLP-1\u85e5\u7269orforglipron\u7684III\u671f\u6578\u64da\u50ac\u5316\uff0c\u7dad\u63011100\u7f8e\u5143\u76ee\u6a19\u50f9\u8207\u201c\u589e\u6301”\u8a55\u7d1a\u3002<\/li>\n<\/ul>\n

        4. United Therapeutics\uff08\u7d0d\u65af\u9054\u514b\uff1aUTHR\uff09<\/h2>\n
          \n
        • TTM<\/strong>\u71df\u696d\u5229\u6f64\u7387<\/strong>\uff1a49.35%<\/li>\n
        • \u5206\u6790\u5e2b\u5e73\u5747\u9810\u671f\u6f32\u5e45<\/strong>\uff1a29.92%<\/li>\n
        • \u6469\u6839\u58eb\u4e39\u5229\u5c07\u76ee\u6a19\u50f9\u5f9e348\u7f8e\u5143\u4e0b\u8abf\u81f3328\u7f8e\u5143\uff0c\u7dad\u6301\u201c\u6301\u80a1\u89c0\u671b”\u8a55\u7d1a\uff0c\u539f\u56e0\u5305\u62ec\u5b8f\u89c0\u58d3\u529b\u3001\u85e5\u54c1\u5b9a\u50f9\u653f\u7b56\u6ce2\u52d5\u53caFDA\u4eba\u4e8b\u8b8a\u52d5\u5f71\u97ff\u884c\u696d\u60c5\u7dd2\u3002\u8a72\u6a5f\u69cb\u9810\u8a08\u4e8c\u5b63\u5ea6\u80ba\u52d5\u8108\u9ad8\u58d3\u85e5\u7269Tyvaso\u92b7\u552e\u984d\u548c\u7e3d\u71df\u6536\u4f4e\u65bc\u9810\u671f\uff0c\u53cd\u6620Tyvaso DPI\u5e02\u5834\u63a5\u53d7\u5ea6\u75b2\u8edf\u3002<\/li>\n<\/ul>\n

          5. \u8afe\u548c\u8afe\u5fb7\uff08\u7d10\u7d04\u8b49\u4ea4\u6240\uff1aNVO\uff09<\/h2>\n
            \n
          • TTM<\/strong>\u71df\u696d\u5229\u6f64\u7387<\/strong>\uff1a48.43%<\/li>\n
          • \u5206\u6790\u5e2b\u5e73\u5747\u9810\u671f\u6f32\u5e45<\/strong>\uff1a45.64%<\/li>\n
          • Berenberg\u7dad\u6301\u201c\u6301\u6709”\u8a55\u7d1a\u8207610\u4e39\u9ea5\u514b\u6717\u76ee\u6a19\u50f9\uff08\u7d04\u540888\u7f8e\u5143\/ADR\uff09\u3002\u5e02\u5834\u95dc\u6ce8\u7126\u9ede\u5305\u62ec\uff1a\u7f8e\u570b\u8907\u5408\u53f8\u7f8e\u683c\u9b6f\u80bd\u85e5\u7269\u9000\u5e02\u662f\u5426\u52a9\u63a8Wegovy\u8655\u65b9\u91cf\u589e\u9577\uff08\u7576\u524d\u589e\u901f\u5df2\u8da8\u5e73\uff09\uff0c\u4ee5\u53caCVS Caremark\u85e5\u7269\u798f\u5229\u5408\u4f5c\u5c0d\u5b9a\u50f9\u7684\u5f71\u97ff\u3002<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"

            \u5118\u7ba1\u5168\u7403\u7d93\u6fdf\u5b58\u5728\u4e0d\u78ba\u5b9a\u6027\uff0c\u88fd\u85e5\u677f\u584a\u4ecd\u5c55\u73fe\u51fa\u5f37\u52c1\u7684\u76c8\u5229\u97cc\u6027\u8207\u5e02\u5834\u5438\u5f15\u529b\u3002\u6469\u6839\u5927\u901a\u5206\u6790\u5e2b\u5728\u8fd1\u671f\u5e02\u5834\u5c55\u671b\u4e2d\u6307\u51fa\uff1a\u88fd\u85e5 […]<\/p>\n","protected":false},"author":27,"featured_media":586896,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[1522,431],"tags":[927,2138,644,564],"class_list":["post-586898","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-1522","category-trends-strategies-zh-hant","tag-927","tag-2138","tag-644","tag-564","sectors-life-science-zh-hant","locations-us-zh-hant","exchange-nasdaq-zh-hant","exchange-nyse-zh-hant"],"acf":[],"_links":{"self":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts\/586898","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/users\/27"}],"replies":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/comments?post=586898"}],"version-history":[{"count":3,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts\/586898\/revisions"}],"predecessor-version":[{"id":586901,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts\/586898\/revisions\/586901"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/media\/586896"}],"wp:attachment":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/media?parent=586898"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/categories?post=586898"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/tags?post=586898"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}