{"id":666696,"date":"2026-10-01T19:41:37","date_gmt":"2026-10-02T02:41:37","guid":{"rendered":"https:\/\/nai500.com\/?p=666696"},"modified":"2026-10-01T19:41:37","modified_gmt":"2026-10-02T02:41:37","slug":"%e8%89%be%e4%bc%af%e7%b6%ad-vs-%e6%96%bd%e8%b2%b4%e5%af%b6%ef%bc%9a%e4%b8%80%e5%a0%b4-%e6%88%90%e9%95%b7%e6%ba%a2%e5%83%b9-%e8%88%87-%e5%83%b9%e5%80%bc%e9%99%b7%e9%98%b1-%e7%9a%84%e6%ad%a3","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hant\/blog\/2026\/10\/%e8%89%be%e4%bc%af%e7%b6%ad-vs-%e6%96%bd%e8%b2%b4%e5%af%b6%ef%bc%9a%e4%b8%80%e5%a0%b4-%e6%88%90%e9%95%b7%e6%ba%a2%e5%83%b9-%e8%88%87-%e5%83%b9%e5%80%bc%e9%99%b7%e9%98%b1-%e7%9a%84%e6%ad%a3\/","title":{"rendered":"\u827e\u4f2f\u7dad vs \u65bd\u8cb4\u5bf6\uff1a\u4e00\u5834 “\u6210\u9577\u6ea2\u50f9” \u8207 “\u50f9\u503c\u9677\u9631” \u7684\u6b63\u9762\u4ea4\u92d2"},"content":{"rendered":"

2026 \u5e74\uff0c\u9762\u5c0d\u5169\u5bb6\u5168\u7403\u751f\u7269\u88fd\u85e5\u5de8\u982d \u2014\u2014 \u827e\u4f2f\u7dad\uff08AbbVie\uff0cNYSE\uff1aABBV\uff09<\/a>\u8207\u767e\u6642\u7f8e\u65bd\u8cb4\u5bf6\uff08Bristol Myers Squibb\uff0cNYSE\uff1aBMY\uff09<\/a>\uff0c\u6295\u8cc7\u8005\u5e38\u5728 “\u70ba\u589e\u9577\u652f\u4ed8\u6ea2\u50f9” \u8207 “\u4ee5\u4f4e\u50f9\u7b49\u5f85\u50f9\u503c\u4fee\u5fa9” \u4e4b\u9593\u6416\u64fa\u3002\u4f9d\u64da\u5169\u5bb6\u516c\u53f8 FY2025 \u5e74\u5831\u6578\u64da\uff0c\u4e8c\u8005\u5448\u73fe\u51fa\u622a\u7136\u4e0d\u540c\u7684\u8ca1\u52d9\u756b\u50cf\uff1a\u827e\u4f2f\u7dad\u4f30\u503c\u6602\u8cb4\u4f46\u589e\u9577\u5f37\u52c1\uff0c\u65bd\u8cb4\u5bf6\u4f30\u503c\u4f4e\u5ec9\u4f46\u98a8\u96aa\u5b9a\u50f9\u5145\u5206\u3002<\/p>\n

\u6210\u9577\u6ea2\u50f9\uff1a\u827e\u4f2f\u7dad\u7684 “\u6602\u8cb4” \u908f\u8f2f<\/h2>\n

\u6839\u64da FY2025 \u5e74\u5831\uff0c\u827e\u4f2f\u7dad\u7684\u589e\u9577\u6838\u5fc3\u96c6\u4e2d\u65bc\u514d\u75ab\u5b78\u3001\u795e\u7d93\u79d1\u5b78\u8207\u816b\u7624\u5b78\u4e09\u5927\u9818\u57df\uff0c\u6838\u5fc3\u7642\u6cd5 Skyrizi \u8207 Rinvoq \u5df2\u8ca2\u737b\u7d04 42% \u7684\u6de8\u71df\u6536\u3002\u516c\u53f8\u4e3b\u8981\u5c07\u85e5\u7269\u92b7\u552e\u7d66\u5927\u578b\u6279\u767c\u5206\u92b7\u5546\uff0c\u5305\u62ec McKesson Corp\uff08NYSE\uff1aMCK\uff09\u3001Cardinal Health Inc\uff08NYSE\uff1aCAH\uff09\u8207 Cencora Corp\uff08NYSE\uff1aCOR\uff09\uff0c\u4e09\u8005\u5e7e\u4e4e\u627f\u63a5\u5176\u5168\u90e8\u7f8e\u570b\u85e5\u54c1\u92b7\u552e\uff0c\u5ba2\u6236\u96c6\u4e2d\u5ea6\u70ba\u696d\u52d9\u589e\u6dfb\u4e86\u4e00\u5c64\u98a8\u96aa\u30022026 \u5e74\uff0c\u827e\u4f2f\u7dad\u5b8c\u6210\u5c0d Apogee Therapeutics \u7684\u6536\u8cfc\uff0c\u9032\u4e00\u6b65\u64f4\u5c55\u7248\u5716\u3002<\/p>\n

\u8ca1\u52d9\u6578\u64da\u65b9\u9762\uff0cFY2025 \u71df\u6536\u7d04 $61.2B\uff0c\u540c\u6bd4\u589e\u9577 8.6%\uff1b\u6de8\u5229\u6f64\u7d04 $4.2B\uff0c\u6de8\u5229\u7387\u7d04 6.9%\u3002\u622a\u81f3 2025 \u5e74 12 \u6708\u7684\u8cc7\u7522\u8ca0\u50b5\u8868\u986f\u793a\uff0c\u8ca0\u50b5\u6b0a\u76ca\u6bd4\u70ba -21.1x\uff08\u7e3d\u8ca0\u50b5\u8d85\u904e\u80a1\u6771\u6b0a\u76ca\uff09\uff0c\u6d41\u52d5\u6bd4\u7387\u7d04 0.7x\uff0cFY2025 \u81ea\u7531\u73fe\u91d1\u6d41\u7d04 $17.8B\u3002<\/p>\n

\u4f30\u503c\u5c64\u9762\uff0c\u827e\u4f2f\u7dad\u5e02\u503c $462B\uff0c\u80a1\u50f9 $259.93\uff0852 \u5468\u5340\u9593 $190.75\u2013$269.39\uff09\uff0cTTM \u5e02\u76c8\u7387 73.96\uff0c\u524d\u77bb\u5e02\u76c8\u7387 18.6x\uff0c\u5e02\u92b7\u7387 7.2x\uff0c\u80a1\u606f\u7387 2.61%\u2014\u2014 \u70ba\u589e\u9577\u652f\u4ed8\u7684\u6ea2\u50f9\u4e00\u76ee\u4e86\u7136\u3002<\/p>\n

\u50f9\u503c\u9677\u9631\uff1a\u65bd\u8cb4\u5bf6\u7684 “\u4fbf\u5b9c” \u8207\u4ee3\u50f9<\/h2>\n

\u767e\u6642\u7f8e\u65bd\u8cb4\u5bf6\u5728\u816b\u7624\u5b78\u8207\u8840\u6db2\u5b78\u9818\u57df\u4fdd\u6301\u9818\u5148\uff0c\u6838\u5fc3\u7522\u54c1 Opdivo \u8207 Eliquis \u652f\u6490\u6536\u5165\uff0c\u85e5\u54c1\u92b7\u5f80\u5168\u7403\u6279\u767c\u5546\u3001\u5c08\u696d\u85e5\u623f\u53ca\u653f\u5e9c\u6a5f\u69cb\u3002\u516c\u53f8\u76ee\u524d\u6b63\u8eab\u8655\u8907\u96dc\u7684\u6cd5\u5f8b\u74b0\u5883\uff1a\u6d89\u53ca Celgene \u6536\u8cfc\u7684 $6.7B \u8a34\u8a1f\uff0c\u4ee5\u53ca Cytokinetics\uff08NASDAQ\uff1aCYTK\uff09\u63d0\u8d77\u7684\u5c08\u5229\u5224\u6c7a\u8a34\u8a1f\uff0c\u5f8c\u8005\u53ef\u80fd\u5f71\u97ff\u5176\u9577\u671f\u8ca1\u52d9\u898f\u5283\u3002<\/p>\n

FY2025 \u71df\u6536\u7d04 $48.2B\uff0c\u540c\u6bd4\u5fae\u964d 0.2%\uff1b\u6de8\u5229\u6f64\u7d04 $7.1B\uff0c\u6de8\u5229\u7387\u7d04 14.6%\u3002\u622a\u81f3 2025 \u5e74 12 \u6708\uff0c\u8ca0\u50b5\u6b0a\u76ca\u6bd4\u7d04 2.6x\uff0c\u6d41\u52d5\u6bd4\u7387\u7d04 1.3x\uff0c\u81ea\u7531\u73fe\u91d1\u6d41\u7d04 $12.8B\u3002<\/p>\n

\u4f30\u503c\u4e0a\uff0c\u65bd\u8cb4\u5bf6\u5e02\u503c $127B\uff0c\u80a1\u50f9 $61.46\uff0852 \u5468\u5340\u9593 $42.52\u2013$68.64\uff09\uff0cTTM \u5e02\u76c8\u7387 13.75\uff0c\u524d\u77bb\u5e02\u76c8\u7387\u50c5 8.9x\uff0c\u5e02\u92b7\u7387 2.6x\uff0c\u80a1\u606f\u7387 4.02%\u3002\u4fbf\u5b9c\u7684\u4f30\u503c “\u81ea\u6709\u5176\u539f\u56e0”\uff1a\u5e02\u5834\u5df2\u5c07\u5927\u90e8\u5206\u56f0\u96e3\u5b9a\u50f9\u5728\u5167\u3002<\/p>\n

\u98a8\u96aa\u5c0d\u6bd4\u8207 2026 \u5e74\u9810\u671f<\/h2>\n

\u827e\u4f2f\u7dad\u9762\u81e8\u986f\u8457\u7684\u5c08\u5229\u5230\u671f\u58d3\u529b\uff0c\u6700\u7a81\u51fa\u7684\u662f Humira \u5931\u53bb\u7368\u4f54\u6b0a\u53ca\u751f\u7269\u985e\u4f3c\u85e5\u7af6\u722d\uff1bIRA\uff08\u300a\u901a\u8139\u524a\u6e1b\u6cd5\u6848\u300b\uff09\u5141\u8a31\u653f\u5e9c\u5c0d Vraylar\u3001Botox \u7b49\u591a\u6b3e\u66a2\u92b7\u85e5\u9032\u884c\u50f9\u683c\u8ac7\u5224\uff1bSkyrizi \u8207 Rinvoq \u7684\u9ad8\u7522\u54c1\u96c6\u4e2d\u5ea6\u5c0e\u81f4\u8a72\u80a1\u5c0d\u5e02\u5834\u52d5\u614b\u9ad8\u5ea6\u654f\u611f\uff1b\u751f\u7269\u85e5\u8907\u96dc\u7684\u88fd\u9020\u5de5\u85dd\u4ea6\u5b58\u5728\u4f9b\u61c9\u4e2d\u65b7\u6216\u76e3\u7ba1\u963b\u7919\u98a8\u96aa\u3002<\/p>\n

\u65bd\u8cb4\u5bf6\u540c\u6a23\u9762\u81e8\u71df\u6536\u96c6\u4e2d\uff0c\u4ee5\u53ca Eliquis\u3001Opdivo \u5931\u53bb\u5c08\u5229\u4fdd\u8b77\u5f8c\u92b7\u552e\u4e0b\u6ed1\u7684\u5fc5\u7136\u6027\uff1b\u653f\u5e9c\u8207\u5546\u696d\u652f\u4ed8\u65b9\u50f9\u683c\u9650\u5236\u8da8\u56b4\uff0c\u591a\u6b3e\u95dc\u9375\u85e5\u7269\u5df2\u88ab\u7d0d\u5165\u50f9\u683c\u8ac7\u5224\u76ee\u6a19\uff1b\u516c\u53f8\u9084\u80cc\u8ca0\u91cd\u5927\u8a34\u8a1f\u98a8\u96aa\u8207\u6b77\u53f2\u6230\u7565\u6536\u8cfc\u5f62\u6210\u7684\u9ad8\u50b5\u52d9\u6c34\u5e73\uff0cMerck & Co Inc\uff08NYSE\uff1aMRK\uff09\u3001Pfizer Inc\uff08NYSE\uff1aPFE\uff09\u5728\u816b\u7624\u8207\u8840\u6db2\u5b78\u5e02\u5834\u7684\u7af6\u722d\u4f9d\u820a\u6fc0\u70c8\u3002<\/p>\n

2026 \u5e74\u9810\u671f\u65b9\u9762\uff1a\u827e\u4f2f\u7dad\u6de8\u5229\u6f64\u9810\u8a08\u5c07\u5f9e $4.2B \u5927\u5e45\u589e\u81f3 $14.6B\uff0c\u71df\u6536\u9810\u8a08\u589e\u81f3 $67.2B\uff0c\u6295\u8cc7\u8005\u4ea6\u671f\u5f85\u4eca\u5e74\u665a\u4e9b\u6642\u5019 FDA \u5c0d\u4e00\u6b3e\u5e15\u91d1\u68ee\u75c5\u7642\u6cd5\u7684\u6c7a\u5b9a\uff1b\u65bd\u8cb4\u5bf6\u71df\u6536\u9810\u8a08\u5c0f\u5e45\u589e\u9577 3% \u81f3 $49.8B\uff0c\u6de8\u5229\u6f64\u9810\u8a08\u589e\u9577\u903e 40%\u81f3 $11.2B\u3002<\/p>\n

\u65bd\u8cb4\u5bf6\u65b0\u589e\u9577\u54c1\u724c\u6f38\u6709\u8d77\u8272\u3001\u7ba1\u7dda\u4e2d\u5b58\u5728\u6709\u770b\u9ede\u7684\u5019\u9078\u85e5\u7269\uff0c\u4f46\u80a1\u7968\u4fbf\u5b9c\u4f3c\u4e4e “\u81ea\u6709\u5176\u539f\u56e0”\uff0c\u6295\u8cc7\u8005\u5df2\u5b9a\u50f9\u5927\u90e8\u5206\u56f0\u96e3\uff0c\u9019\u964d\u4f4e\u4e86\u4e0b\u884c\u7a7a\u9593\uff0c\u537b\u4e26\u4e0d\u69cb\u6210\u773c\u4e0b\u7684\u660e\u986f\u8cb7\u9ede\uff0c\u5fa9\u8607\u6642\u9593\u7dda\u96e3\u4ee5\u9810\u6e2c\uff1b\u827e\u4f2f\u7dad\u96d6\u8cb4\u4e00\u4e9b\uff0c\u4f46\u8003\u616e\u5230\u5176\u6b63\u8655\u65bc\u8868\u73fe\u512a\u7570\u7684\u5e74\u4efd\uff0c\u6ea2\u50f9\u4e26\u4e0d\u96e2\u8b5c\uff0c\u9577\u671f\u6295\u8cc7\u8005\u5373\u4fbf\u4ed8\u51fa\u4e00\u5b9a\u6ea2\u50f9\uff0c\u4e5f\u503c\u5f97\u8003\u616e\u5efa\u7acb\u5009\u4f4d\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"

2026 \u5e74\uff0c\u9762\u5c0d\u5169\u5bb6\u5168\u7403\u751f\u7269\u88fd\u85e5\u5de8\u982d \u2014\u2014 \u827e\u4f2f\u7dad\uff08AbbVie\uff0cNYSE\uff1aABBV\uff09\u8207\u767e\u6642\u7f8e\u65bd\u8cb4\u5bf6\uff08Bri […]<\/p>\n","protected":false},"author":27,"featured_media":556634,"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":[2159,2156,563,564],"class_list":["post-666696","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-1522","category-trends-strategies-zh-hant","tag-2159","tag-2156","tag--zh-hant","tag-564","sectors-life-science-zh-hant","locations-us-zh-hant","exchange-nyse-zh-hant"],"acf":[],"_links":{"self":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts\/666696","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=666696"}],"version-history":[{"count":3,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts\/666696\/revisions"}],"predecessor-version":[{"id":666699,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts\/666696\/revisions\/666699"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/media\/556634"}],"wp:attachment":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/media?parent=666696"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/categories?post=666696"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/tags?post=666696"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}