ReutersCodex · 实盘不做把握 5/10
北京时间·🕒 发布 07-08 20:53:15时区推断·⟳ 抓取 07-08 20:58:25·⚡ 决策 07-09 00:21:19 +3h22m·110.8 天前
阿斯利康与第一三共据报接近就 Enhertu 在英国 NHS 定价报销达成协议
事件方向对 Enhertu 商业化是利多，但本质是英国 HER2-low 转移性乳腺癌适应症的报销价格谈判进展，且仍未正式落地。
📄 原文Reuters↗ 原文
Drugmakers AstraZeneca (AZN.L) and Daiichi Sankyo (4568.T) are nearing an agreement with the UK's pricing regulator fo…
不做 阿斯利康（AZN.GB）
阿斯利康体量过大，本次只是英国单一适应症报销谈判接近达成且未正式确认，约 1000 名患者的潜在增量相对其全球收入和市值不足以构成短线 ENTER。
不做 第一三共（4568.JP）
第一三共对 Enhertu 弹性高于阿斯利康，但本次仍是未落地的英国价格谈判消息，覆盖患者规模小且报道显示市场未正向反应，当前缺少足够 edge。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)
研究档案
消息传播链
- Seeking Alpha 转述 Bloomberg 称 AstraZeneca 与 Daiichi Sankyo 接近就 Enhertu 在英国 NHS 定价达成协议，是可核到的较早公开扩散节点。
- Investing.com 进一步转述 Bloomberg，指出约 1000 名英格兰和威尔士患者可能受益，但协议仍可能因英国政府变化等因素告吹。
- Alliance News 转述 Bloomberg 并补充 AstraZeneca 与 Daiichi 表态仍在与 NHS England 和 NICE 讨论，未给出正式协议细节。市场反应:报道称 AstraZeneca 当日下午在伦敦跌约 1.0%，Daiichi Sankyo 当日东京收跌约 0.1%，未见正向重定价。
- Reuters 报道 Bloomberg 消息，并引述 AstraZeneca 发言人称讨论仍在进行；Daiichi、NICE 和 NHS 未立即回应 Reuters 置评请求。
关键理由
- 事件方向对 Enhertu 商业化是利多，但本质是英国 HER2-low 转移性乳腺癌适应症的报销价格谈判进展，且仍未正式落地。
- 可触达量级约为英格兰和威尔士约 1000 名潜在患者，即便按较高药价和折扣后渗透率估算，新增收入相对 Enhertu 2025 年约 49.82 亿美元全球合计销售、阿斯利康 2025 年约 587 亿美元收入和第一三共集团收入基数都偏小。
- 消息源为 Bloomberg/Reuters 转述，AstraZeneca 仅确认讨论仍在进行，Daiichi、NICE、NHS 未立即回应，短线缺少足以重定价两家大市值药企的确定性 surprise。
主要风险
- 若 NICE 后续正式公告并给出高于市场预期的价格或覆盖范围，第一三共因 Enhertu 收入占比更高，可能出现更强二次反应。
- 内部 KB 检索两次超时，未能补到付费研报对 UK 报销量级和市场预期的进一步验证。
工具调用 · 历史记录,结果未知(2 种)
- kb_search · 结果未知
- stock_quote · 结果未知
原文全文
展开原文 · 1,567 字
Drugmakers AstraZeneca (AZN.L) and Daiichi Sankyo (4568.T) are nearing an agreement with the UK's pricing regulator for their breast cancer treatment Enhertu, Bloomberg News reported on Wednesday, citing multiple people familiar with the matter.
The National Institute for Health and Care Excellence, or NICE, had previously denied coverage for the drug over claims that it was not cost-effective for the state-backed National Health Service.
"Discussions are ongoing with NHS England and NICE to identify a solution to support access to Enhertu for HER2-low metastatic breast cancer patients in England, Wales and Northern Ireland," an AstraZeneca spokesperson told Reuters, without giving details on where talks stand.
Britain's biggest listed company in April had pledged £300 million ($400.11 million) in investments as a show of its commitment to its home country. It also followed a bilateral deal aimed at gradually aligning UK drug prices to what Americans pay.
AstraZeneca CEO Pascal Soriot said in April that changes to Britain's cost-effectiveness methodology gave hope that Enhertu could gain reimbursement at a price acceptable to the drugmaker, though below U.S. price levels.
Enhertu, developed by AstraZeneca and its Japanese partner, is approved in 95 countries for certain breast, gastric and lung cancers. It works by delivering chemotherapy directly to tumours identified by the HER-2 marker, while sparing healthy cells.
Daiichi, NICE and NHS did not immediately respond to Reuters' requests for comment.
($1 = £0.7498)
The National Institute for Health and Care Excellence, or NICE, had previously denied coverage for the drug over claims that it was not cost-effective for the state-backed National Health Service.
"Discussions are ongoing with NHS England and NICE to identify a solution to support access to Enhertu for HER2-low metastatic breast cancer patients in England, Wales and Northern Ireland," an AstraZeneca spokesperson told Reuters, without giving details on where talks stand.
Britain's biggest listed company in April had pledged £300 million ($400.11 million) in investments as a show of its commitment to its home country. It also followed a bilateral deal aimed at gradually aligning UK drug prices to what Americans pay.
AstraZeneca CEO Pascal Soriot said in April that changes to Britain's cost-effectiveness methodology gave hope that Enhertu could gain reimbursement at a price acceptable to the drugmaker, though below U.S. price levels.
Enhertu, developed by AstraZeneca and its Japanese partner, is approved in 95 countries for certain breast, gastric and lung cancers. It works by delivering chemotherapy directly to tumours identified by the HER-2 marker, while sparing healthy cells.
Daiichi, NICE and NHS did not immediately respond to Reuters' requests for comment.
($1 = £0.7498)
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