Medicare open enrollment for 2026 starts soon, and beneficiaries of Part D prescription drug plans are in for some unpleasant changes. “These plans will cost more next year with higher premiums and higher out-of-pocket deductibles, and some plans may stop covering certain drugs, or your pharmacy will no longer have the lowest costs,” Philip Moeller, a Medicare and Social Security expert, who writes the Aging in America newsletter, told Yahoo Finance. In other words, added Moeller, “everybody with a Part ...

股价表现 - 辉瑞(PFE)股价年初至今下跌10.7%，表现逊于行业(-7.7%)、板块及标普500指数 [1] - 股价低于50日和200日移动均线 [1] 业绩驱动因素 - COVID相关产品(Comirnaty和Paxlovid)销售额从2022年567亿美元降至2024年110亿美元，预计2025年持平 [7] - 非COVID业务收入增长由Vyndaqel、Padcev、Eliquis等核心产品及Seagen收购(2023年12月)推动 [10] - 肿瘤业务2025年Q1运营收入增长7%，主要来自Xtandi、Lorbrena等产品 [13] 产品管线与战略 - 通过Seagen收购强化肿瘤领域地位，目前拥有6款肿瘤生物类似药 [12][13] - 2025年5月与中国3SBio达成PD-1/VEGF双抗独家授权协议 [14] - 正在扩展Padcev、Adcetris等已上市产品的适应症标签 [14] 财务与估值 - 2025年预期市盈率7.6倍，低于行业(15.12倍)及自身5年均值(10.91倍) [19] - 2025年EPS共识预期从2.98美元上调至3.06美元，2026年从3.00美元上调至3.09美元 [22] - 股息率达7.4%，显著高于同业 [25] 风险与挑战 - 2025年受美国医保Part D改革影响约10亿美元收入，高价药(Vyndaqel等)受冲击最大 [16] - 2026-2030年将面临Eliquis、Ibrance等核心产品专利到期 [15] - 终止GLP-1R激动剂danuglipron开发，因临床试验出现肝损伤案例 [17] 成本控制 - 预计到2027年通过内部重组实现77亿美元成本节约 [25] - 研发效率提升措施有望推动利润增长 [25]

Medicare open enrollment is a nearly eight-week stretch from mid-October to early December when the more than 66 million Americans currently enrolled in Medicare can make changes to their coverage that take effect in the new year. Reviewing coverage is especially important during this time of year because it’s the only time you can change coverage unless you qualify for a special enrollment period. Let’s take a closer look at coverage options for Medicare participants and how to use the open enrollment pe ...