{"id":53203,"date":"2026-08-21T07:48:26","date_gmt":"2026-08-21T07:48:26","guid":{"rendered":"https:\/\/www.vtmarkets.com\/cn\/uncategorized\/moderna-merck-and-the-different-ways-markets-value-a-breakthrough\/"},"modified":"2026-08-21T07:48:26","modified_gmt":"2026-08-21T07:48:26","slug":"moderna-merck-and-the-different-ways-markets-value-a-breakthrough","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/cn\/opinion\/moderna-merck-and-the-different-ways-markets-value-a-breakthrough\/","title":{"rendered":"\u83ab\u5fb7\u7eb3\u3001\u9ed8\u514b\u53ca\u5e02\u573a\u5bf9\u7a81\u7834\u6027\u8fdb\u5c55\u7684\u5dee\u5f02\u5316\u4f30\u503c\u65b9\u5f0f"},"content":{"rendered":"<figure class=\"wp-block-post-featured-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1250\" height=\"700\" src=\"https:\/\/www.vtmarkets.com\/cn\/wp-content\/uploads\/sites\/11\/2026\/08\/Moderna-Merck-pharma.webp\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" style=\"object-fit:cover;\" srcset=\"https:\/\/www.vtmarkets.com\/cn\/wp-content\/uploads\/sites\/11\/2026\/08\/Moderna-Merck-pharma.webp 1250w, https:\/\/www.vtmarkets.com\/cn\/wp-content\/uploads\/sites\/11\/2026\/08\/Moderna-Merck-pharma-300x168.webp 300w, https:\/\/www.vtmarkets.com\/cn\/wp-content\/uploads\/sites\/11\/2026\/08\/Moderna-Merck-pharma-1024x573.webp 1024w, https:\/\/www.vtmarkets.com\/cn\/wp-content\/uploads\/sites\/11\/2026\/08\/Moderna-Merck-pharma-768x430.webp 768w, https:\/\/www.vtmarkets.com\/cn\/wp-content\/uploads\/sites\/11\/2026\/08\/Moderna-Merck-pharma-500x280.webp 500w, https:\/\/www.vtmarkets.com\/cn\/wp-content\/uploads\/sites\/11\/2026\/08\/Moderna-Merck-pharma-400x224.webp 400w, https:\/\/www.vtmarkets.com\/cn\/wp-content\/uploads\/sites\/11\/2026\/08\/Moderna-Merck-pharma-350x196.webp 350w, https:\/\/www.vtmarkets.com\/cn\/wp-content\/uploads\/sites\/11\/2026\/08\/Moderna-Merck-pharma-200x112.webp 200w\" sizes=\"auto, (max-width: 1250px) 100vw, 1250px\" \/><\/figure>\n\n\n<p class=\"wp-block-paragraph\">8\u670819\u65e5\uff08\u5468\u4e09\uff09\uff0cModerna\u5ba3\u5e03\u5176\u4e2a\u6027\u5316mRNA\uff08\u4fe1\u4f7f\u6838\u7cd6\u6838\u9178\uff0c\u7528\u4e8e\u5411\u4eba\u4f53\u7ec6\u80de\u4f20\u9012\u201c\u5236\u9020\u86cb\u767d\u8d28\u6307\u4ee4\u201d\u7684\u9057\u4f20\u4fe1\u606f\uff09\u764c\u75c7\u7597\u6cd5\u5728<a href=\"https:\/\/www.cnbc.com\/2026\/08\/19\/moderna-merck-cancer-vaccine-shows-initial-late-stage-melanoma-data.html\">III\u671f\u4e34\u5e8a\u8bd5\u9a8c\uff08\u7528\u4e8e\u9a8c\u8bc1\u7597\u6548\u4e0e\u5b89\u5168\u6027\u7684\u5173\u952e\u6027\u540e\u671f\u8bd5\u9a8c\uff09\u4e2d\u83b7\u5f97\u6210\u529f<\/a>\u3002\u6d88\u606f\u63a8\u52a8\u80a1\u4ef7\u5927\u5e45\u4e0a\u884c\uff1aModerna\u5f53\u65e5\u80a1\u4ef7\u4e0a\u6da8177%\uff0c<a href=\"https:\/\/www.wsj.com\/health\/pharma\/moderna-merck-vaccine-succeeds-in-preventing-melanoma-from-returning-540e9e18?mod=hp_lead_pos5\">\u5355\u65e5\u7ffb\u500d\u4ee5\u4e0a<\/a>\uff0c\u6536\u4e8e174\u7f8e\u5143\u4e0a\u65b9\u3002\u4e0eModerna\u5408\u4f5c\u8be5\u9879\u76ee\u7684\u9ed8\u6c99\u4e1c\uff08Merck\uff09\u4ea6\u4e0a\u6da812.6%\u3002<\/p>\n\n\n\n<script type=\"module\" src=\"https:\/\/widgets.tradingview-widget.com\/w\/en\/tv-tickers.js\"><\/script>\n\n<tv-tickers symbols=\"NASDAQ:MRNA,NYSE:MRK\" hover-type=\"performance-grid\" show-hover><\/tv-tickers>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f46\u4e24\u5bb6\u516c\u53f8\u80a1\u4ef7\u53cd\u5e94\u5e76\u4e0d\u4e00\u81f4\u3002\u5468\u56db\u4e0b\u5348\uff0cModerna\u4e00\u5ea6\u4e0b\u8dcc25%\uff0c\u80a1\u4ef7\u63a5\u8fd1129\u7f8e\u5143\uff0c\u6700\u7ec8\u6536\u8dcc\u7ea619%\u3002\u516c\u53f8\u5e02\u503c\u84b8\u53d1\u8fd1<a href=\"https:\/\/www.forbes.com\/sites\/tylerroush\/2026\/08\/20\/moderna-stock-plunges-25-wiping-out-18-billion-after-historic-cancer-vaccine-breakthrough\/\" target=\"_blank\" rel=\"noopener nofollow\" title=\"\">180\u4ebf\u7f8e\u5143<\/a>\u3002\u9ed8\u6c99\u4e1c\u540c\u65e5\u4ec5\u4e0b\u8dcc0.57%\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4e34\u5e8a\u7ed3\u679c\u672c\u8eab\u5e76\u672a\u6539\u53d8\u3002\u533a\u522b\u5728\u4e8e\uff0c\u6295\u8d44\u8005\u5bf9\u4e24\u5bb6\u516c\u53f8\u5c06\u79d1\u7814\u7a81\u7834\u8f6c\u5316\u4e3a\u957f\u671f\u4ef7\u503c\uff08\u53ef\u6301\u7eed\u73b0\u91d1\u6d41\u4e0e\u76c8\u5229\uff09\u7684\u80fd\u529b\u5224\u65ad\u4e0d\u540c\uff0c\u8fd9\u4e5f\u4f53\u73b0\u4e3a\u201c\u53d1\u73b0\u201d\u4e0e\u201c\u4ef7\u503c\u201d\u4e4b\u95f4\u7684\u5b9a\u4ef7\u5dee\u5f02\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u8bd5\u9a8c\u7ed3\u679c\u8bf4\u660e\u4e86\u4ec0\u4e48<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Intismeran autogene\u662f\u4e00\u79cd\u4e2a\u4f53\u5316\u764c\u75c7\u7597\u6cd5\uff0c\u57fa\u4e8e\u5355\u4e2a\u60a3\u8005\u80bf\u7624\u4e2d\u7684\u7279\u5b9a\u7a81\u53d8\u8fdb\u884c\u8bbe\u8ba1\uff0c\u76ee\u6807\u662f\u8bad\u7ec3\u514d\u75ab\u7cfb\u7edf\u8bc6\u522b\u5e76\u653b\u51fb\u76f8\u5e94\u7684\u764c\u7ec6\u80de\u9776\u70b9\uff08\u53ef\u88ab\u514d\u75ab\u7cfb\u7edf\u6216\u836f\u7269\u8bc6\u522b\u7684\u653b\u51fb\u5bf9\u8c61\uff09\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8be5\u7597\u6cd5\u4e0e<a href=\"https:\/\/www.merck.com\/news\/keytruda-pembrolizumab-and-keytruda-qlex-pembrolizumab-and-berahyaluronidase-alfa-pmph-plus-paclitaxel-%C2%B1-bevacizumab-approved-for-certain-adults-with-pd-l1-cps-%E2%89%A51\/\">\u9ed8\u6c99\u4e1cKeytruda\uff08\u5e15\u535a\u5229\u73e0\u5355\u6297\uff0c\u4e00\u79cd\u514d\u75ab\u68c0\u67e5\u70b9\u6291\u5236\u5242\uff0c\u7528\u4e8e\u89e3\u9664\u80bf\u7624\u5bf9\u514d\u75ab\u7cfb\u7edf\u7684\u201c\u5239\u8f66\u201d\uff09<\/a>\u8054\u7528\uff0c\u800c\u975e\u66ff\u4ee3Keytruda\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5728<a href=\"https:\/\/www.merck.com\/news\/merck-and-moderna-announce-phase-3-interpath-001-trial-of-intismeran-autogene-plus-keytruda-met-endpoints-of-recurrence-free-survival-rfs-and-distant-metastasis-free-survival-dmfs-in-patient\/\">INTerpath-001\u8bd5\u9a8c<\/a>\u4e2d\uff0c\u8be5\u8054\u7528\u65b9\u6848\u5728\u5b8c\u6210\u624b\u672f\u7684IIB\u81f3IV\u671f\u9ed1\u8272\u7d20\u7624\u60a3\u8005\u4e2d\u8fbe\u5230\u4e3b\u8981\u7ec8\u70b9\u65e0\u590d\u53d1\u751f\u5b58\u671f\uff08RFS\uff0c\u6307\u6cbb\u7597\u540e\u672a\u590d\u53d1\u6216\u672a\u8fdb\u5c55\u7684\u65f6\u95f4\uff09\u4ee5\u53ca\u6b21\u8981\u7ec8\u70b9\u8fdc\u5904\u8f6c\u79fb\u65e0\u751f\u5b58\u671f\uff08DMFS\uff0c\u6307\u672a\u53d1\u751f\u8fdc\u5904\u8f6c\u79fb\u7684\u65f6\u95f4\uff09\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8fd9\u662fmRNA\u764c\u75c7\u6cbb\u7597\u65b9\u5411\u7684\u9996\u4e2a\u540e\u671f\u5173\u952e\u6027\u8bd5\u9a8c\u9633\u6027\u7ed3\u679c\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f46\u4e00\u4e2a\u7ec6\u8282\u503c\u5f97\u5173\u6ce8\uff1a\u516c\u544a\u672a\u62ab\u9732\u98ce\u9669\u6bd4\uff08Hazard Ratio\uff0c\u7528\u4e8e\u6bd4\u8f83\u4e24\u7ec4\u5728\u65f6\u95f4\u7ef4\u5ea6\u4e0a\u53d1\u751f\u4e8b\u4ef6\u98ce\u9669\u7684\u76f8\u5bf9\u5927\u5c0f\uff09\u6216\u66f4\u7ec6\u81f4\u7684\u7597\u6548\u6570\u636e\u3002\u5e02\u573a\u5728\u4ec5\u6709\u201c\u8fbe\u5230\u7ec8\u70b9\u201d\u7684\u6982\u62ec\u6027\u4fe1\u606f\u4e0b\u5148\u884c\u5927\u5e45\u6ce2\u52a8\uff0c\u610f\u5473\u7740\u6295\u8d44\u8005\u4e0d\u4ec5\u5728\u4e3a\u79d1\u7814\u7ed3\u679c\u5b9a\u4ef7\uff0c\u4e5f\u5728\u4e3a\u6f5c\u5728\u5546\u4e1a\u5316\u5f71\u54cd\u5b9a\u4ef7\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u540c\u4e00\u7a81\u7834\uff0c\u4e0d\u540c\u5e02\u503c\u903b\u8f91<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Moderna\u7814\u53d1\u8be5\u7597\u6cd5\u5e76\u62e5\u6709\u5e95\u5c42mRNA\u5e73\u53f0\u3002\u9ed8\u6c99\u4e1c\u63d0\u4f9bKeytruda\u3001\u76d1\u7ba1\u7ecf\u9a8c\uff08\u4e0e\u836f\u76d1\u673a\u6784\u6c9f\u901a\u7533\u62a5\u4e0e\u5408\u89c4\u7684\u80fd\u529b\uff09\u4ee5\u53ca\u5168\u7403\u5546\u4e1a\u5316\u8986\u76d6\u4e0e\u6e20\u9053\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4e24\u5bb6\u516c\u53f8\u5747\u53d7\u76ca\uff0c\u4f46\u6295\u8d44\u8005\u5bf9\u5176\u673a\u4f1a\u7684\u5224\u65ad\u4e0d\u540c\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u5bf9Moderna\u800c\u8a00\uff0c\u8be5\u8bd5\u9a8c\u653e\u5927\u4e86\u5e73\u53f0\u60f3\u8c61\u7a7a\u95f4\u3002\u82e5\u4e2a\u4f53\u5316\u764c\u75c7\u75ab\u82d7\u5e73\u53f0\u6210\u529f\uff0c\u672a\u6765\u6216\u53ef\u62d3\u5c55\u81f3\u591a\u79cd\u764c\u79cd\u3002<\/li>\n\n\n\n<li>\u5bf9\u9ed8\u6c99\u4e1c\u800c\u8a00\uff0c\u673a\u4f1a\u66f4\u504f\u201c\u5f53\u671f\u201d\u3002\u8be5\u7597\u6cd5\u6216\u53ef\u589e\u5f3aKeytruda\u4ea7\u54c1\u7ebf\uff08franchise\uff0c\u53ef\u7406\u89e3\u4e3a\u56f4\u7ed5\u540c\u4e00\u6838\u5fc3\u4ea7\u54c1\u5f62\u6210\u7684\u9002\u5e94\u75c7\u4e0e\u8054\u5408\u7528\u836f\u5546\u4e1a\u751f\u6001\uff09\uff0c\u5c24\u5176\u5728\u516c\u53f8\u9762\u4e34<a href=\"https:\/\/www.businesstimes.com.sg\/international\/merck-create-separate-cancer-business-keytruda-patent-loss-looms\" target=\"_blank\" rel=\"noopener nofollow\" title=\"\">\u884c\u4e1a\u4e2d\u6700\u91cd\u8981\u7684\u4e13\u5229\u5230\u671f\u538b\u529b\u4e4b\u4e00<\/a>\u4e4b\u9645\u3002<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">\u5e02\u573a\u5173\u5fc3\u7684\u4e0d\u4ec5\u662f\u201c\u8c01\u505a\u51fa\u7a81\u7834\u201d\uff0c\u66f4\u662f\u201c\u8c01\u66f4\u80fd\u5b9e\u73b0\u8d27\u5e01\u5316\uff08\u5c06\u79d1\u7814\u6210\u679c\u8f6c\u5316\u4e3a\u6536\u5165\u4e0e\u5229\u6da6\uff09\u201d\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">MRK\uff1a\u5546\u4e1a\u5316\u8def\u5f84\u66f4\u6e05\u6670<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u9ed8\u6c99\u4e1c\u7684\u6838\u5fc3\u6311\u6218\u6e05\u6670\uff1a\u5728Keytruda\u4e13\u5229\u4fdd\u62a4\u5230\u671f\u524d\u8865\u4e0a\u6536\u5165\u7f3a\u53e3\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Keytruda\u5e74\u9500\u552e\u989d\u7ea6<a href=\"https:\/\/finance.yahoo.com\/news\/keytruda-aid-mrks-growth-2026-144800572.html\" target=\"_blank\" rel=\"noopener nofollow\" title=\"\">253\u4ebf\u7f8e\u5143<\/a>\uff0c\u5e76\u4e14<a href=\"https:\/\/www.barrons.com\/articles\/keytruda-gardasil-sales-merck-stock-c19d0661\" target=\"_blank\" rel=\"noopener nofollow\" title=\"\">\u4ecd\u662f\u5168\u7403\u6700\u91cd\u78c5\u836f\u7269\u4e4b\u4e00<\/a>\u3002\u5176\u5728\u7f8e\u56fd\u7684\u5e02\u573a\u72ec\u5360\u671f\uff08exclusivity\uff0c\u6307\u6cd5\u5f8b\u6216\u76d1\u7ba1\u7ed9\u4e88\u7684\u65e0\u4eff\u5236\u7ade\u4e89\u4fdd\u62a4\u671f\uff09\u5c06\u4e8e2028\u5e7412\u6708\u5230\u671f\uff1b\u540c\u65f6\uff0c\u300a\u901a\u80c0\u524a\u51cf\u6cd5\u6848\u300b\uff08IRA\uff09\u4e0b\u7684\u653f\u5e9c\u5b9a\u4ef7\u63aa\u65bd\u5c06\u81ea2028\u5e741\u6708\u8d77\u5bf9\u90e8\u5206\u836f\u7269\u4ea7\u751f\u5f71\u54cd\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8fd9\u4e3a\u9ed8\u6c99\u4e1c\u63d0\u4f9b\u4e86\u660e\u786e\u7684\u65f6\u95f4\u8868\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u82e5intismeran\u8054\u7528\u65b9\u6848\u6210\u529f\uff0c\u6709\u671b\u5ef6\u957fKeytruda\u7684\u5546\u4e1a\u751f\u547d\u5468\u671f\uff1a\u901a\u8fc7\u201c\u5f3a\u5316\u65e2\u6709\u6cbb\u7597\u5e73\u53f0\u201d\uff0c\u800c\u4e0d\u662f\u5b8c\u5168\u4f9d\u8d56\u4e00\u6b3e\u5168\u65b0\u72ec\u7acb\u4ea7\u54c1\u6765\u63a5\u7eed\u589e\u957f\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u6295\u8d44\u8005\u636e\u6b64\u4f5c\u51fa\u53cd\u5e94\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u6469\u6839\u58eb\u4e39\u5229\u5c06\u9ed8\u6c99\u4e1c\u8bc4\u7ea7<a href=\"https:\/\/finance.yahoo.com\/markets\/stocks\/articles\/morgan-stanley-revamps-merck-stock-201857782.html\" target=\"_blank\" rel=\"noopener nofollow\" title=\"\">\u4e0a\u8c03\u81f3\u201c\u589e\u6301\u201d\uff08Overweight\uff0c\u6307\u5efa\u8bae\u914d\u7f6e\u6bd4\u4f8b\u9ad8\u4e8e\u57fa\u51c6\uff09<\/a>\uff0c\u4e14\u591a\u4f4d<a href=\"https:\/\/www.gurufocus.com\/news\/9045774\/morgan-stanley-revamps-merck-stock-target-after-cancer-breakthrough?utm_source=yahoo_finance&amp;utm_medium=syndication&amp;utm_campaign=headlines&amp;r=caf6fe0e0db70d936033da5461e60141\" target=\"_blank\" rel=\"noopener nofollow\" title=\"\">\u5206\u6790\u5e08\u4e0a\u8c03\u76ee\u6807\u4ef7<\/a>\uff0c\u8ba4\u4e3a\u5305\u62ecintismeran\u5728\u5185\u7684\u7814\u53d1\u7ba1\u7ebf\u8d44\u4ea7\u53ef\u5bf9\u51b2Keytruda\u4e13\u5229\u5230\u671f\u5e26\u6765\u7684\u538b\u529b\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u516c\u544a\u53d1\u5e03\u524d\uff0c\u9ed8\u6c99\u4e1c\u8d22\u52a1\u57fa\u7840\u66f4\u5f3a\uff1a\u4ec5Keytruda\u5c31\u57282026\u5e74\u4e0a\u534a\u5e74\u8d21\u732e\u8d85\u8fc7160\u4ebf\u7f8e\u5143\u73b0\u91d1\u6d41\uff0c\u4e3a\u516c\u53f8\u6295\u8d44\u3001\u7814\u53d1\u4e0e\u5546\u4e1a\u5316\u63d0\u4f9b\u66f4\u5927\u7a7a\u95f4\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">MRNA\uff1a\u9700\u5c06\u6f5c\u529b\u8f6c\u5316\u4e3a\u6536\u5165<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Moderna\u7684\u60c5\u51b5\u4e0d\u540c\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u516c\u53f8\u62e5\u6709\u5e73\u53f0\u4ef7\u503c\uff0c\u4f46\u4ecd\u9700\u8bc1\u660e\u8be5\u5e73\u53f0\u80fd\u5f62\u6210\u53ef\u6301\u7eed\u76c8\u5229\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u6839\u636e<a href=\"https:\/\/finance.yahoo.com\/healthcare\/articles\/moderna-q2-earnings-call-highlights-140404872.html\" target=\"_blank\" rel=\"noopener nofollow\" title=\"\">2026\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u62ab\u9732<\/a>\uff0cModerna\u8425\u65361.45\u4ebf\u7f8e\u5143\uff0c\u51c0\u4e8f\u635f7.82\u4ebf\u7f8e\u5143\u3002\u5b63\u5ea6\u7814\u53d1\u8d39\u7528\u8fbe6.51\u4ebf\u7f8e\u5143\uff0c\u663e\u8457\u9ad8\u4e8e\u8425\u6536\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u516c\u53f86\u6708\u672b\u73b0\u91d1\u53ca\u6295\u8d44\u4e3a69\u4ebf\u7f8e\u5143\uff0c\u4f4e\u4e8e\u4e09\u4e2a\u6708\u524d\u768475\u4ebf\u7f8e\u5143\u3002\u7ba1\u7406\u5c42\u9884\u8ba1\u5e74\u672b\u73b0\u91d1\u53ca\u6295\u8d44\u4e3a47\u4ebf\u81f352\u4ebf\u7f8e\u5143\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u540c\u65f6\uff0c\u5e76\u975e\u6240\u6709mRNA\u9879\u76ee\u90fd\u8fdb\u5c55\u987a\u5229\u3002Moderna\u7684<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-07-31\/moderna-says-early-results-of-norovirus-shot-were-not-successful\" target=\"_blank\" rel=\"noopener nofollow\" title=\"\">\u8bfa\u5982\u75c5\u6bd2\u5019\u9009\u75ab\u82d7mRNA-1403\u5728III\u671f\u4e2d\u671f\u5206\u6790\u4e2d\u672a\u8fbe\u5230\u7edf\u8ba1\u5b66\u6807\u51c6<\/a>\uff08\u7edf\u8ba1\u5b66\u6807\u51c6\uff0c\u6307\u8fbe\u5230\u9884\u8bbe\u7684\u663e\u8457\u6027\u95e8\u69db\uff0c\u901a\u5e38\u7528\u4e8e\u5224\u65ad\u7ed3\u679c\u662f\u5426\u5177\u6709\u53ef\u9760\u6027\uff09\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8fd9\u4e00\u6b21\u80bf\u7624\u7597\u6cd5\u7ed3\u679c\u63d0\u5347\u4e86\u516c\u53f8\u672a\u6765\u7a7a\u95f4\uff0c\u4f46\u5e76\u672a\u7acb\u523b\u6539\u5584\u5176\u8d22\u52a1\u57fa\u672c\u9762\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\"><\/td><td class=\"has-text-align-center\" data-align=\"center\">Moderna<\/td><td class=\"has-text-align-center\" data-align=\"center\">Merck<\/td><\/tr><tr><td>\u4e3b\u8981\u8d21\u732e<\/td><td>mRNA\u5e73\u53f0\u4e0e\u4e2a\u4f53\u5316\u7597\u6cd5<\/td><td>Keytruda\u3001\u5546\u4e1a\u5316\u89c4\u6a21\u4e0e\u5206\u9500\u6e20\u9053<\/td><\/tr><tr><td>2026\u5e74\u4e8c\u5b63\u5ea6\u6982\u51b5<\/td><td>\u8425\u65361.45\u4ebf\u7f8e\u5143\uff0c\u51c0\u4e8f\u635f7.82\u4ebf\u7f8e\u5143<\/td><td>Keytruda\u57282026\u5e74\u4e0a\u534a\u5e74\u8d21\u732e\u73b0\u91d1\u6d41\u8d85160\u4ebf\u7f8e\u5143<\/td><\/tr><tr><td>\u6570\u636e\u7684\u4ef7\u503c\u542b\u4e49<\/td><td>\u6269\u5927\u5e73\u53f0\u5316\u6f5c\u529b<\/td><td>\u5de9\u56fa\u65e2\u6709\u6536\u5165\u6765\u6e90<\/td><\/tr><tr><td>\u4e24\u65e5\u80a1\u4ef7\u8868\u73b0<\/td><td>\u4e0a\u6da8177%\u540e\u56de\u5410\u7ea6\u4e94\u5206\u4e4b\u4e00<\/td><td>\u4e0a\u6da812.6%\uff0c\u591a\u6570\u6da8\u5e45\u5f97\u4ee5\u7ef4\u6301<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Moderna\u7684\u673a\u4f1a\u66f4\u591a\u6765\u81ea\u201c\u9009\u62e9\u6743\u201d\uff08optionality\uff0c\u6307\u672a\u6765\u53ef\u80fd\u6027\u591a\u3001\u4f46\u5151\u73b0\u4e0d\u786e\u5b9a\uff09\u3002\u516c\u53f8\u76ee\u524d\u6b63\u5728\u63a8\u8fdb9\u9879II\u671f\u4e0eIII\u671fintismeran\u8bd5\u9a8c\uff0c\u8986\u76d6\u9ed1\u8272\u7d20\u7624\u3001\u975e\u5c0f\u7ec6\u80de\u80ba\u764c\u3001\u8180\u80f1\u764c\u4e0e\u80be\u7ec6\u80de\u764c\u7b49\u9002\u5e94\u75c7\u3002<a href=\"https:\/\/finance.yahoo.com\/healthcare\/articles\/moderna-shares-surge-more-90-132957599.html\" target=\"_blank\" rel=\"noopener nofollow\" title=\"\"><\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u82e5\u591a\u764c\u79cd\u9a8c\u8bc1\u6210\u7acb\uff0c\u5546\u4e1a\u7a7a\u95f4\u5c06\u663e\u8457\u653e\u5927\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f46\u201c\u9009\u62e9\u6743\u201d\u610f\u5473\u7740\u4e0d\u786e\u5b9a\u6027\u66f4\u9ad8\uff0c\u4e5f\u66f4\u96be\u4f30\u503c\u3002\u5bf9\u7f3a\u4e4f\u5f53\u671f\u76c8\u5229\u652f\u6491\u7684\u5e73\u53f0\u578b\u516c\u53f8\u800c\u8a00\uff0c\u8d22\u52a1\u951a\uff08\u53ef\u7528\u73b0\u6709\u73b0\u91d1\u6d41\u652f\u6491\u4f30\u503c\u7684\u57fa\u7840\uff09\u5f31\u4e8e\u62e5\u6709\u6210\u719f\u5546\u4e1a\u5316\u4ea7\u54c1\u7684\u516c\u53f8\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u201c\u4e13\u5229\u60ac\u5d16\u201d\u6b63\u5728\u91cd\u5851\u751f\u7269\u79d1\u6280<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Moderna\u4e0e\u9ed8\u6c99\u4e1c\u7684\u5408\u4f5c\u53cd\u6620\u4e86<a href=\"https:\/\/finance.yahoo.com\/news\/big-pharma-navigating-300-billion-080000758.html\" target=\"_blank\" rel=\"noopener nofollow\" title=\"\">\u533b\u836f\u884c\u4e1a\u7684\u66f4\u5e7f\u6cdb\u8d8b\u52bf<\/a>\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u9884\u8ba1\u52302030\u5e74\uff0c\u7ea6<a href=\"https:\/\/finance.yahoo.com\/news\/big-pharma-navigating-300-billion-080000758.html\" target=\"_blank\" rel=\"noopener nofollow\" title=\"\">3000\u4ebf\u7f8e\u5143\u54c1\u724c\u836f\u6536\u5165\u5c06\u9762\u4e34\u4e13\u5229\u5230\u671f\u538b\u529b<\/a>\uff08\u4e13\u5229\u60ac\u5d16\uff0c\u6307\u6838\u5fc3\u4ea7\u54c1\u4e13\u5229\u5230\u671f\u540e\u4eff\u5236\u836f\u8fdb\u5165\u5bfc\u81f4\u6536\u5165\u5feb\u901f\u4e0b\u6ed1\uff09\u3002\u4e0e\u6b64\u540c\u65f6\uff0c\u751f\u7269\u533b\u836f\u5e76\u8d2d\u4e0e\u5408\u4f5c\u52a0\u901f\uff0c\u5927\u578b\u836f\u4f01\u5bfb\u6c42\u66ff\u4ee3\u589e\u957f\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u539f\u56e0\u5728\u4e8e\uff1a\u5927\u578b\u836f\u4f01\u4e0d\u4ec5\u9700\u8981\u65b0\u6280\u672f\uff0c\u66f4\u9700\u8981\u5728\u65e7\u6536\u5165\u4e0b\u6ed1\u524d\u5efa\u7acb\u65b0\u6536\u5165\u6765\u6e90\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8fd9\u4e5f\u6539\u53d8\u4e86\u751f\u7269\u79d1\u6280\u516c\u53f8\u4e0e\u5927\u578b\u836f\u4f01\u4e4b\u95f4\u7684\u529b\u91cf\u5bf9\u6bd4\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4e2d\u5c0f\u516c\u53f8\u901a\u5e38\u63d0\u4f9b\u521b\u65b0\u4e0e\u7a81\u7834\u6027\u79d1\u5b66\uff1b\u5927\u578b\u836f\u4f01\u63d0\u4f9b\u8d44\u672c\u3001\u76d1\u7ba1\u7ecf\u9a8c\u4e0e\u5546\u4e1a\u5316\u57fa\u7840\u8bbe\u65bd\uff08\u751f\u4ea7\u3001\u6e20\u9053\u3001\u8425\u9500\u4e0e\u51c6\u5165\u80fd\u529b\uff09\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u53cc\u65b9\u7684\u4ef7\u503c\u5206\u914d\u5f80\u5f80\u5728\u5408\u4f5c\u8c08\u5224\u9636\u6bb5\u5c31\u5df2\u5960\u5b9a\uff0c\u800c\u975e\u5728\u7a81\u7834\u51fa\u73b0\u4e4b\u540e\u624d\u51b3\u5b9a\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u56e0\u6b64\uff0c\u79d1\u5b66\u9a8c\u8bc1\u5e76\u4e0d\u5fc5\u7136\u610f\u5473\u7740\u53d1\u660e\u8005\u83b7\u5f97\u6700\u5927\u4ef7\u503c\u4efd\u989d\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">BioNTech\u7684\u80a1\u4ef7\u53cd\u5e94\u4e5f\u4f53\u73b0\u4e86\u8fd9\u4e00\u70b9\u3002\u8be5\u516c\u53f8\u4ea6\u5728\u5f00\u53d1\u4e2a\u4f53\u5316\u764c\u75c7\u75ab\u82d7\u9879\u76ee\uff0c\u4f46\u540c\u65e5\u80a1\u4ef7\u4e0b\u8dcc4%\u3002\u6295\u8d44\u8005\u4e00\u65b9\u9762\u5c06\u7ed3\u679c\u89c6\u4e3a\u6280\u672f\u8def\u7ebf\u9a8c\u8bc1\uff0c\u53e6\u4e00\u65b9\u9762\u4e5f\u89c6\u4e3a\u7ade\u4e89\u52a0\u5267\u7684\u4fe1\u53f7\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u4e50\u89c2\u80cc\u540e\u7684\u98ce\u9669<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u5f53\u524d\u5e02\u573a\u53cd\u5e94\u672a\u5fc5\u4ee3\u8868\u5b8c\u6574\u56fe\u666f\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u6700\u5927\u6311\u6218\u4e4b\u4e00\u662f\u5236\u9020\u3002\u4e2a\u4f53\u5316\u764c\u75c7\u7597\u6cd5\u9700\u8981\u4e3a\u6bcf\u4f4d\u60a3\u8005\u5b9a\u5236\u751f\u4ea7\u6bcf\u4e00\u5242\u836f\u7269\uff0c\u89c4\u6a21\u5316\u751f\u4ea7\u3001\u8d28\u91cf\u4e00\u81f4\u6027\uff08\u786e\u4fdd\u6bcf\u6279\u6b21\u7b26\u5408\u6807\u51c6\uff09\u4e0e\u7269\u6d41\u7ba1\u7406\u4ecd\u662f\u5173\u952e\u95ee\u9898\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u82e5Moderna\u80fd\u89e3\u51b3\u4e0a\u8ff0\u95ee\u9898\uff0c\u5176\u5e73\u53f0\u6216\u5c06\u5f62\u6210\u91cd\u8981\u7ade\u4e89\u4f18\u52bf\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5b9a\u4ef7\u4e5f\u662f\u4e0d\u786e\u5b9a\u56e0\u7d20\u3002\u533b\u7597\u4f53\u7cfb\u5bf9\u4e2a\u4f53\u5316\u764c\u75c7\u6cbb\u7597\u7684\u5927\u89c4\u6a21\u652f\u4ed8\uff08reimbursement\uff0c\u533b\u4fdd\/\u5546\u4fdd\u62a5\u9500\u4e0e\u533b\u9662\u652f\u4ed8\u673a\u5236\uff09\u5c1a\u65e0\u6210\u719f\u6a21\u5f0f\u3002\u4e34\u5e8a\u6548\u679c\u4f18\u5f02\u5e76\u4e0d\u81ea\u52a8\u7b49\u540c\u4e8e\u5546\u4e1a\u6210\u529f\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u53e6\u4e00\u4e2a\u957f\u671f\u903b\u8f91\u5229\u597dModerna\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u82e5intismeran\u5728\u66f4\u591a\u764c\u79cd\u6210\u529f\uff0c\u6700\u7ec8\u521b\u9020\u7684\u4ef7\u503c\u53ef\u80fd\u660e\u663e\u9ad8\u4e8e\u5f53\u524d\u5e02\u573a\u5b9a\u4ef7\uff1b\u76ee\u524dModerna\u4e0e\u9ed8\u6c99\u4e1c\u7684\u5dee\u5f02\uff0c\u66f4\u53cd\u6620\u5f53\u4e0b\u8d22\u52a1\u4f4d\u7f6e\uff0c\u800c\u975e\u6700\u7ec8\u7ed3\u5c40\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u4e0b\u4e00\u6b65\u5173\u6ce8\u70b9<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u79d1\u5b66\u95ee\u9898\u5df2\u5411\u524d\u63a8\u8fdb\uff0c\u4e0b\u4e00\u9636\u6bb5\u5c06\u805a\u7126\u6267\u884c\u529b\u4e0e\u4ef7\u503c\u83b7\u53d6\uff08value capture\uff0c\u6307\u5c06\u6210\u679c\u8f6c\u5316\u4e3a\u53ef\u5f52\u5c5e\u7684\u6536\u5165\u4e0e\u5229\u6da6\uff09\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u540e\u7eed\u5173\u952e\u53d8\u91cf\u5305\u62ec\uff1a<\/p>\n\n\n\n<ul 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