Big Biopharma Trails Behind The Market: JP Morgan's 2025 Outlook on Eli Lilly, Merck, and More
Big Biopharma Trails Behind The Market: JP Morgan's 2025 Outlook on Eli Lilly, Merck, and More
According to JP Morgan, U.S. large-cap biopharma stocks have underperformed the broader market for two consecutive years, with mixed sentiment shaping investor outlook for 2025.
根据摩根大通的数据，美国大型生物制药股票的表现连续两年低于大盘，喜忧参半的情绪塑造了投资者的2025年的前景。
Despite strong fundamentals and advancements in drug pipelines, factors such as political uncertainty and sector rotation have hindered the sector's performance relative to the S&P 500.
尽管基本面强劲，药品管道也取得了进展，但政治不确定性和行业轮换等因素阻碍了该行业相对于标准普尔500指数的表现。
In 2024, biopharma stocks rose by 9.6%, falling short of the S&P 500's 28.5% surge. However, JP Morgan analysts maintain a positive outlook for several key players.
2024年，生物制药股上涨9.6％，低于标准普尔500指数28.5％的涨幅。但是，摩根大通分析师对几个主要参与者的前景保持乐观。
Eli Lilly And Co. (NYSE:LLY), a top pick for the firm, is projected to see continued growth in its diabetes and obesity treatments, Mounjaro and Zepbound. The analyst also pointed to the company's robust pipeline and forecasted double-digit revenue and earnings growth into the 2030s.
Eli Lilly And Co.纽约证券交易所代码：LLY）是该公司的首选，其糖尿病和肥胖症治疗药物Mounjaro和Zepbound预计将持续增长。该分析师还指出了该公司的强劲产品线，并预测到2030年代的收入和收益将实现两位数的增长。
Bristol-Myers Squibb (NYSE:BMY) has been added to JP Morgan's Analyst Focus List due to the strong potential of its schizophrenia drug, Cobenfy, which could achieve peak sales of $10 billion.
百时美施贵宝（纽约证券交易所代码：BMY）已被列入摩根大通的分析师焦点名单，这是由于其精神分裂症药物Cobenfy的巨大潜力，该药物的销售额可能达到100亿美元的峰值。
Similarly, Merck & Co. (NYSE:MRK) and Regeneron Pharmaceuticals Inc. (NASDAQ:REGN) are expected to recover in 2025, following challenges in 2024 related to competitive pressures and regional dynamics affecting key products.
同样，默沙东公司纽约证券交易所代码：MRK）和Regeneron Pharmicals Inc.（纳斯达克股票代码：REGN）在2024年面临与竞争压力和影响关键产品的区域动态相关的挑战之后，预计将在2025年复苏。
Gilead Sciences Inc. (NASDAQ:GILD) is poised for growth with the anticipated mid-2025 launch of lenacapavir for HIV prevention.
吉利德科学公司（纳斯达克股票代码：GILD）有望实现增长，预计将在2025年中期推出用于艾滋病毒预防的来那卡韦。
The firm also highlighted AbbVie Inc. (NYSE:ABBV) for its appealing valuation, supported by strong Skyrizi and Rinvoq sales despite fewer near-term pipeline developments.
该公司还强调了艾伯维公司（纽约证券交易所代码：ABBV）极具吸引力的估值，尽管短期管道开发项目有所减少，但Skyrizi和Rinvoq的强劲销售支撑了这一点。
Animal health stocks are also projected to rebound in 2025. JP Morgan views Zoetis Inc. (NYSE:ZTS) as the strongest pick in the sector, citing its potential for high single-digit revenue growth and margin expansion. IDEXX Laboratories, Inc. (NASDAQ:IDXX) is another solid choice, though its performance depends on a recovery in veterinary visits. Meanwhile, Elanco Animal Health Inc. (NYSE:ELAN) faces uncertainties linked to its new product launches.
预计动物健康股也将在2025年反弹。摩根大通将Zoetis Inc.（纽约证券交易所代码：ZTS）视为该行业最强劲的选择，理由是其具有高个位数收入增长和利润扩张的潜力。IDEXX实验室有限公司（纳斯达克股票代码：IDXX）是另一个不错的选择，尽管其表现取决于兽医就诊人数的恢复。同时，伊兰科动物健康公司（纽约证券交易所代码：ELAN）面临与其新产品发布相关的不确定性。
Specialty pharmaceuticals showed early signs of stabilization in 2024, benefiting from improved pricing stability and supply dynamics. Perrigo Plc (NYSE:PRGO) and Viatris Inc. (NASDAQ:VTRS) are highlighted as promising opportunities, while Teva Pharmaceuticals Industries Ltd (NYSE:TEVA) may face growth challenges despite delivering strong clinical trial results this year.
受益于价格稳定性和供应动态的改善，特种药品在2024年显示出稳定的早期迹象。Perrigo Plc（纽约证券交易所代码：PRGO）和维亚特里斯公司（纳斯达克股票代码：VTRS）被认为是充满希望的机遇，而梯瓦制药工业有限公司（纽约证券交易所代码：TEVA）尽管今年取得了强劲的临床试验结果，但仍可能面临增长挑战。
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