纵横研报
Tag

#pharmaceuticals

03Reports
UCB.BR logo
·制药 ·内部研究

UCB SA: A Specialty-Biopharma Growth Platform That Has Already Re-Rated

UCB is a Belgian specialty biopharma in immunology and neurology, and BIMZELX is now its largest product at €2.227 billion of 2025 net sales. FY2025 revenue rose 26% to €7.741 billion, adjusted EBITDA jumped to €2.636 billion, and the balance sheet swung from €1.454 billion of net debt to roughly net cash; yet at €258.50, about 24x forward earnings, the price already embeds much of the BIMZELX and portfolio ramp. Rating Hold: a genuinely stronger company at a price that leaves essentially no margin of safety for fresh capital.

UCB.BR UCB SA #BIMZELX#immunology#neurology#specialty biopharma#valuation#pharmaceuticals
Hold
GSK.US logo
·制药 ·内部研究

GSK plc: Rebuilt Biopharma, Racing the Patent Cliff

GSK plc is a UK biopharma rebuilt around vaccines and specialty medicines after the 2022 Haleon demerger, with 2025 sales of £32.7bn anchored by Shingrix and the ViiV HIV franchise. Specialty medicines now drive growth (£13.5bn, +14% CER in Q1 2026) and core operating profit rose 11% to £9.8bn, yet the whole story hinges on replacing the dolutegravir HIV cliff in 2028–2030 before it arrives. Rating Hold: a genuinely higher-quality franchise at roughly 11.6x core earnings, but the price already assumes much of the patent-cliff bridge, leaving little margin of safety.

GSK.US GSK plc #pharmaceuticals#vaccines#HIV#Shingrix#oncology#patent cliff#dividend value
Hold
MRK.XETRA logo
·生命科学工具 ·In-house Research

Merck KGaA: A Diversified Science Platform in Transition

Merck KGaA, Darmstadt is a family-controlled German science-and-technology group whose €21.1 billion of 2025 sales come from three very different engines: a patent-exposed Healthcare arm, a high-quality Life Science tools franchise and a semiconductor-materials Electronics business. The 2026 stock is a tug of war, because a known Mavenclad U.S. patent cliff drags Healthcare while Process Solutions compounds near 10% organically and Electronics rides advanced-node AI demand, leaving the shares near 15.9 times 2025 EPS pre and a 3.5% free-cash-flow yield after a May rebound to €133.05. Rating Hold: genuinely strong Life Science and semiconductor-materials engines offset a credibility-damaged Healthcare arm, but a permanent KGaA governance discount and only-fair valuation keep upside limited.

MRK.XETRA Merck KGaA, Darmstadt, Germany #Life Science Tools#Semiconductor Materials#Pharmaceuticals#KGaA Governance#Conglomerate Discount#Valuation
Hold