{"id":54038,"date":"2026-08-21T10:09:33","date_gmt":"2026-08-21T10:09:33","guid":{"rendered":"https:\/\/www.vtmarkets.com\/zh-ca\/uncategorized\/54038\/"},"modified":"2026-08-21T10:09:33","modified_gmt":"2026-08-21T10:09:33","slug":"moderna-merck-and-the-different-ways-markets-value-a-breakthrough","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/zh-ca\/opinion\/54038\/","title":{"rendered":"Moderna\u3001\u9ed8\u514b\u53ca\u5e02\u5834\u5c0d\u7a81\u7834\u6027\u6210\u679c\u4f30\u503c\u7684\u4e0d\u540c\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\/zh-ca\/wp-content\/uploads\/sites\/32\/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\/zh-ca\/wp-content\/uploads\/sites\/32\/2026\/08\/Moderna-Merck-pharma.webp 1250w, https:\/\/www.vtmarkets.com\/zh-ca\/wp-content\/uploads\/sites\/32\/2026\/08\/Moderna-Merck-pharma-300x168.webp 300w, https:\/\/www.vtmarkets.com\/zh-ca\/wp-content\/uploads\/sites\/32\/2026\/08\/Moderna-Merck-pharma-1024x573.webp 1024w, https:\/\/www.vtmarkets.com\/zh-ca\/wp-content\/uploads\/sites\/32\/2026\/08\/Moderna-Merck-pharma-768x430.webp 768w, https:\/\/www.vtmarkets.com\/zh-ca\/wp-content\/uploads\/sites\/32\/2026\/08\/Moderna-Merck-pharma-500x280.webp 500w, https:\/\/www.vtmarkets.com\/zh-ca\/wp-content\/uploads\/sites\/32\/2026\/08\/Moderna-Merck-pharma-400x224.webp 400w, https:\/\/www.vtmarkets.com\/zh-ca\/wp-content\/uploads\/sites\/32\/2026\/08\/Moderna-Merck-pharma-350x196.webp 350w, https:\/\/www.vtmarkets.com\/zh-ca\/wp-content\/uploads\/sites\/32\/2026\/08\/Moderna-Merck-pharma-200x112.webp 200w\" sizes=\"auto, (max-width: 1250px) 100vw, 1250px\" \/><\/figure>\n\n\n<p class=\"wp-block-paragraph\">\u5468\u4e09\uff088\u670819\u65e5\uff09\uff0cModerna \u516c\u5e03\u5176\u300c\u5ea6\u8eab\u8a02\u9020\u300d\uff08\u6309\u500b\u5225\u75c5\u4eba\u800c\u8a2d\uff09\u7684 mRNA \u764c\u75c7\u6cbb\u7642\u5728<a href=\"https:\/\/www.cnbc.com\/2026\/08\/19\/moderna-merck-cancer-vaccine-shows-initial-late-stage-melanoma-data.html\">\u7b2c\u4e09\u671f\u81e8\u5e8a\u8a66\u9a57\uff08Phase 3\uff1b\u5927\u898f\u6a21\u6e2c\u8a66\u7642\u6548\u8207\u5b89\u5168\uff09\u4e2d\u9054\u6a19<\/a>\u3002\u6d88\u606f\u523a\u6fc0\u80a1\u50f9\u6025\u5347\u3002\u80a1\u4efd\u55ae\u65e5\u98c6177%\uff0c<a href=\"https:\/\/www.wsj.com\/health\/pharma\/moderna-merck-vaccine-succeeds-in-preventing-melanoma-from-returning-540e9e18?mod=hp_lead_pos5\">\u4e00\u500b\u4ea4\u6613\u65e5\u5167\u5347\u903e\u4e00\u500d<\/a>\uff0c\u6536\u5e02\u9ad8\u65bc174\u7f8e\u5143\u3002\u8207 Moderna \u5408\u4f5c\u7684\u9ed8\u6c99\u6771\uff08Merck\uff09\u4ea6\u4e0a\u534712.6%\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\">\u5169\u5bb6\u516c\u53f8\u4e4b\u5f8c\u8d70\u52e2\u5206\u5316\u3002\u5468\u56db\u4e0b\u5348\uff0cModerna \u4e00\u5ea6\u56de\u541025%\uff0c\u8dcc\u81f3\u7d04129\u7f8e\u5143\u9644\u8fd1\uff0c\u6700\u7d42\u6536\u8dcc\u7d0419%\u3002\u80a1\u50f9\u84b8\u767c\u63a5\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\u5104\u7f8e\u5143\u5e02\u503c<\/a>\u3002\u76f8\u6bd4\u4e4b\u4e0b\uff0c\u9ed8\u6c99\u6771\u540c\u65e5\u50c5\u8dcc0.57%\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8a66\u9a57\u7d50\u679c\u672c\u8eab\u4e26\u7121\u6539\u8b8a\u3002\u5468\u4e09\u63a8\u9ad8\u80a1\u50f9\u7684\u540c\u4e00\u6279\u6578\u64da\uff0c\u5468\u56db\u4ecd\u7136\u5b58\u5728\u3002\u5dee\u5225\u5728\u65bc\u6295\u8cc7\u8005\u5982\u4f55\u8a55\u4f30\u5169\u5bb6\u516c\u53f8\u628a\u79d1\u5b78\u7a81\u7834\u8b8a\u6210\u9577\u671f\u50f9\u503c\uff08\u53ef\u6301\u7e8c\u76c8\u5229\u80fd\u529b\uff09\u7684\u80fd\u529b\uff0c\u4ea6\u53cd\u6620\u300c\u79d1\u7814\u7a81\u7834\u300d\u8207\u300c\u5546\u696d\u50f9\u503c\u300d\u4e4b\u9593\u7684\u843d\u5dee\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u8a66\u9a57\u986f\u793a\u4e86\u751a\u9ebc<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Intismeran autogene \u662f\u4e00\u7a2e\u300c\u500b\u4eba\u5316\u300d\u764c\u75c7\u6cbb\u7642\uff0c\u6309\u6bcf\u540d\u75c5\u4eba\u7684\u816b\u7624\u300c\u57fa\u56e0\u7a81\u8b8a\u300d\uff08\u57fa\u56e0\u51fa\u73fe\u6539\u8b8a\uff0c\u53ef\u80fd\u63a8\u52d5\u764c\u7d30\u80de\u751f\u9577\uff09\u8a2d\u8a08\u3002\u7642\u6cd5\u76ee\u6a19\u662f\u300c\u8a13\u7df4\u514d\u75ab\u7cfb\u7d71\u300d\uff08\u5373\u63d0\u5347\u8eab\u9ad4\u9632\u79a6\u6a5f\u5236\uff09\u8b58\u5225\u4e26\u653b\u64ca\u76f8\u61c9\u7684\u764c\u7d30\u80de\u76ee\u6a19\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8a72\u7642\u6cd5\u8207<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\u6771 Keytruda<\/a>\uff08\u5546\u54c1\u540d\uff1b\u5b78\u540d pembrolizumab\uff0c\u5c6c\u514d\u75ab\u6cbb\u7642\u85e5\u7269\uff09\u300c\u806f\u5408\u4f7f\u7528\u300d\uff0c\u800c\u975e\u53d6\u4ee3 Keytruda\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 \u8a66\u9a57<\/a>\u4e2d\uff0c\u8a72\u806f\u5408\u7642\u6cd5\u65bc\u63a5\u53d7\u624b\u8853\u5f8c\u7684 IIB \u81f3 IV \u671f\u9ed1\u8272\u7d20\u7624\uff08melanoma\uff1b\u76ae\u819a\u764c\u7684\u4e00\u7a2e\uff09\u60a3\u8005\uff0c\u9054\u5230\u4e3b\u8981\u300c\u7d42\u9ede\u300d\uff08endpoint\uff1b\u81e8\u5e8a\u8a66\u9a57\u7528\u4f86\u5224\u5b9a\u662f\u5426\u6210\u529f\u7684\u6307\u6a19\uff09\u2014\u2014\u7121\u5fa9\u767c\u751f\u5b58\u671f\uff08RFS\uff1b\u5728\u4e00\u5b9a\u6642\u9593\u5167\u672a\u5fa9\u767c\u7684\u6bd4\u4f8b\/\u6642\u9593\uff09\uff0c\u4e26\u9054\u5230\u6b21\u8981\u7d42\u9ede\u2014\u2014\u7121\u9060\u7aef\u8f49\u79fb\u751f\u5b58\u671f\uff08DMFS\uff1b\u5728\u4e00\u5b9a\u6642\u9593\u5167\u672a\u51fa\u73fe\u9060\u8655\u64f4\u6563\u7684\u6bd4\u4f8b\/\u6642\u9593\uff09\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u9019\u662f mRNA\uff08\u4fe1\u4f7f\u6838\u7cd6\u6838\u9178\uff1b\u628a\u300c\u88fd\u9020\u86cb\u767d\u8cea\u300d\u7684\u6307\u4ee4\u9001\u5230\u7d30\u80de\u7684\u5206\u5b50\uff09\u764c\u75c7\u6cbb\u7642\u9996\u6b21\u5728\u5f8c\u671f\u81e8\u5e8a\uff08late-stage\uff1b\u901a\u5e38\u6307\u7b2c\u4e09\u671f\uff09\u53d6\u5f97\u6b63\u9762\u7d50\u679c\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4e0d\u904e\uff0c\u5e02\u5834\u7559\u610f\u5230\u4e00\u9ede\uff1a\u516c\u544a\u672a\u6709\u63d0\u4f9b\u300c\u5371\u96aa\u6bd4\u300d\uff08hazard ratio\uff1b\u6bd4\u8f03\u6cbb\u7642\u7d44\u8207\u5c0d\u7167\u7d44\u5728\u67d0\u6bb5\u6642\u9593\u5167\u767c\u751f\u5fa9\u767c\/\u8f49\u79fb\u7b49\u4e8b\u4ef6\u7684\u98a8\u96aa\uff0c\u4f4e\u65bc1\u901a\u5e38\u4ee3\u8868\u98a8\u96aa\u8f03\u4f4e\uff09\u53ca\u66f4\u8a73\u7d30\u7684\u7642\u6548\u6578\u5b57\u3002\u5e02\u5834\u5728\u672a\u898b\u5b8c\u6574\u6578\u64da\u4e0b\uff0c\u5df2\u56e0\u300c\u521d\u6b65\u9054\u6a19\u300d\u6d88\u606f\u800c\u5927\u5e45\u6ce2\u52d5\uff0c\u6295\u8cc7\u8005\u4e0d\u53ea\u5728\u70ba\u79d1\u7814\u5b9a\u50f9\uff0c\u4e5f\u5728\u70ba\u6f5b\u5728\u5546\u696d\u5f71\u97ff\u5b9a\u50f9\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u540c\u4e00\u7a81\u7834\uff0c\u4e0d\u540c\u5e02\u503c\u53cd\u61c9<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Moderna \u7814\u767c\u8a72\u7642\u6cd5\u4e26\u64c1\u6709\u5e95\u5c64 mRNA \u5e73\u53f0\uff08\u7814\u767c\u8207\u88fd\u9020\u6280\u8853\u6846\u67b6\uff09\u3002\u9ed8\u6c99\u6771\u63d0\u4f9b Keytruda\u3001\u76e3\u7ba1\u7d93\u9a57\uff08\u8207\u85e5\u76e3\u6a5f\u69cb\u6e9d\u901a\u53ca\u7533\u5831\u80fd\u529b\uff09\u53ca\u5168\u7403\u5546\u696d\u5316\u7db2\u7d61\uff08\u92b7\u552e\u8207\u5206\u92b7\uff09\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5169\u5bb6\u516c\u53f8\u540c\u6a23\u53d7\u60e0\uff0c\u4f46\u6295\u8cc7\u8005\u5c0d\u5176\u6a5f\u6703\u8a55\u4f30\u4e0d\u540c\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u5c0d Moderna \u800c\u8a00\uff0c\u8a66\u9a57\u6210\u529f\u5e36\u4f86\u66f4\u591a\u60f3\u50cf\u7a7a\u9593\uff1a\u82e5\u300c\u500b\u4eba\u5316 mRNA \u764c\u75c7\u75ab\u82d7\/\u6cbb\u7642\u5e73\u53f0\u300d\u6210\u529f\uff0c\u672a\u4f86\u6216\u53ef\u64f4\u5c55\u81f3\u591a\u7a2e\u764c\u75c7\u3002<\/li>\n\n\n\n<li>\u5c0d\u9ed8\u6c99\u6771\u800c\u8a00\uff0c\u6a5f\u6703\u66f4\u5373\u6642\uff1a\u8a72\u7642\u6cd5\u53ef\u80fd\u5f37\u5316 Keytruda \u7684\u7522\u54c1\u7dda\uff08franchise\uff1b\u4ee5\u540c\u4e00\u4e3b\u529b\u85e5\u7269\u884d\u751f\u7684\u9069\u61c9\u75c7\u8207\u76f8\u95dc\u7522\u54c1\u7d44\u5408\uff09<a href=\"https:\/\/www.businesstimes.com.sg\/international\/merck-create-separate-cancer-business-keytruda-patent-loss-looms\" target=\"_blank\" rel=\"noopener nofollow\" title=\"\">\uff0c\u800c\u516c\u53f8\u6b63\u9762\u5c0d\u85e5\u696d\u5176\u4e2d\u4e00\u500b\u6700\u5927\u300c\u5c08\u5229\u5230\u671f\u300d\uff08patent expiry\uff1b\u5c08\u5229\u4fdd\u8b77\u5b8c\u7d50\u5f8c\uff0c\u4eff\u88fd\u85e5\u7af6\u722d\u901a\u5e38\u4ee4\u6536\u5165\u4e0b\u6ed1\uff09\u98a8\u96aa<\/a>\u3002<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">\u5e02\u5834\u554f\u7684\u4e0d\u53ea\u662f\u300c\u8ab0\u505a\u51fa\u7a81\u7834\uff1f\u300d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u800c\u662f\u300c\u8ab0\u6700\u6709\u80fd\u529b\u628a\u5b83\u8b8a\u6210\u6536\u5165\uff1f\u300d\uff08monetise\uff1b\u628a\u6210\u679c\u8f49\u6210\u53ef\u6301\u7e8c\u6536\u5165\u8207\u5229\u6f64\uff09<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">MRK \u5546\u696d\u5316\u8def\u7dda\u8f03\u6e05\u6670<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u9ed8\u6c99\u6771\u7684\u6838\u5fc3\u554f\u984c\u5f88\u76f4\u63a5\uff1a\u5728 Keytruda \u5c08\u5229\u4fdd\u8b77\u5230\u671f\u524d\uff0c\u88dc\u4e0a\u6536\u5165\u7f3a\u53e3\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Keytruda <a href=\"https:\/\/finance.yahoo.com\/news\/keytruda-aid-mrks-growth-2026-144800572.html\" target=\"_blank\" rel=\"noopener nofollow\" title=\"\">\u5e74\u92b7\u552e\u984d\u7d04253\u5104\u7f8e\u5143<\/a>\uff0c\u4e26\u4e14<a href=\"https:\/\/www.barrons.com\/articles\/keytruda-gardasil-sales-merck-stock-c19d0661\" target=\"_blank\" rel=\"noopener nofollow\" title=\"\">\u4ecd\u5c6c\u5168\u7403\u6700\u66a2\u92b7\u85e5\u7269\u4e4b\u4e00<\/a>\u3002\u7f8e\u570b\u5e02\u5834\u7368\u5bb6\u92b7\u552e\u6b0a\uff08exclusivity\uff1b\u5728\u4e00\u5b9a\u671f\u9593\u5167\u9650\u5236\u7af6\u722d\uff09\u5c07\u65bc2028\u5e7412\u6708\u5c46\u6eff\uff1b\u800c\u300a\u901a\u8139\u524a\u6e1b\u6cd5\u6848\u300b\uff08Inflation Reduction Act\uff09\u4e0b\u7684\u653f\u5e9c\u85e5\u50f9\u63aa\u65bd\uff0c\u5c07\u75312028\u5e741\u6708\u8d77\u5f71\u97ff\u90e8\u5206\u85e5\u7269\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u56e0\u6b64\uff0c\u9ed8\u6c99\u6771\u6709\u6e05\u6670\u6642\u9593\u8868\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u82e5 intismeran \u806f\u5408\u7642\u6cd5\u6210\u529f\uff0c\u6216\u53ef\u5ef6\u9577 Keytruda \u7684\u5546\u696d\u58fd\u547d\u3002\u8207\u5176\u63a8\u51fa\u5b8c\u5168\u7368\u7acb\u7684\u65b0\u7522\u54c1\uff0c\u9ed8\u6c99\u6771\u66f4\u53ef\u80fd\u5728\u73fe\u6709\u6cbb\u7642\u57fa\u790e\u4e0a\uff0c\u52a0\u5165\u65b0\u4e00\u4ee3\u764c\u75c7\u6cbb\u7642\u65b9\u6848\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u6295\u8cc7\u8005\u5c0d\u6b64\u6a5f\u6703\u4f5c\u51fa\u53cd\u6620\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Morgan Stanley <a href=\"https:\/\/finance.yahoo.com\/markets\/stocks\/articles\/morgan-stanley-revamps-merck-stock-201857782.html\" target=\"_blank\" rel=\"noopener nofollow\" title=\"\">\u628a\u9ed8\u6c99\u6771\u8a55\u7d1a\u4e0a\u8abf\u81f3\u300c\u589e\u6301\u300d\uff08Overweight\uff1b\u5efa\u8b70\u6301\u5009\u6bd4\u91cd\u9ad8\u65bc\u5927\u5e02\/\u540c\u696d\uff09<\/a>\uff0c\u591a\u540d<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\u54e1\u4e0a\u8abf\u76ee\u6a19\u50f9<\/a>\uff0c\u8a8d\u70ba\u5305\u62ec intismeran \u5728\u5167\u7684\u7814\u767c\u7ba1\u7dda\uff08pipeline\uff1b\u5728\u7814\u85e5\u7269\u7d44\u5408\uff09\u53ef\u7d13\u7de9 Keytruda \u5c08\u5229\u5230\u671f\u5e36\u4f86\u7684\u58d3\u529b\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u9ed8\u6c99\u6771\u672c\u8eab\u8ca1\u52d9\u5e95\u5b50\u8f03\u5f37\u3002\u50c5 Keytruda \u65bc2026\u5e74\u4e0a\u534a\u5e74\u4fbf\u5e36\u4f86\u8d85\u904e160\u5104\u7f8e\u5143\u73fe\u91d1\u6d41\uff08cash flow\uff1b\u5be6\u969b\u73fe\u91d1\u6d41\u5165\u6d41\u51fa\uff0c\u53cd\u6620\u8cc7\u91d1\u5be6\u529b\uff09\uff0c\u4ee4\u516c\u53f8\u66f4\u6709\u5f48\u6027\u6295\u8cc7\u3001\u7814\u767c\u53ca\u63a8\u9032\u5546\u696d\u5316\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">MRNA \u4ecd\u9700\u628a\u6f5b\u529b\u8b8a\u6210\u6536\u5165<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Moderna \u7684\u60c5\u6cc1\u4e0d\u540c\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u516c\u53f8\u64c1\u6709\u5177\u50f9\u503c\u7684\u5e73\u53f0\uff0c\u4f46\u4ecd\u9700\u8b49\u660e\u5e73\u53f0\u53ef\u5e36\u4f86\u53ef\u6301\u7e8c\u76c8\u5229\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5728<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<\/a>\uff0cModerna \u6536\u51651.45\u5104\u7f8e\u5143\uff0c\u6de8\u8667\u640d7.82\u5104\u7f8e\u5143\u3002\u7814\u767c\u958b\u652f\u90546.51\u5104\u7f8e\u5143\uff0c\u70ba\u6536\u5165\u7684\u56db\u500d\u4ee5\u4e0a\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u516c\u53f86\u6708\u5e95\u6301\u6709\u73fe\u91d1\u53ca\u6295\u8cc7\uff08cash and investments\uff1b\u53ef\u7528\u8cc7\u91d1\u8207\u77ed\u4e2d\u671f\u6295\u8cc7\uff0969\u5104\u7f8e\u5143\uff0c\u8f03\u4e09\u500b\u6708\u524d\u768475\u5104\u7f8e\u5143\u4e0b\u964d\u3002\u7ba1\u7406\u5c64\u9810\u671f\u5e74\u5e95\u73fe\u91d1\u53ca\u6295\u8cc7\u4ecb\u4e4e47\u5104\u81f352\u5104\u7f8e\u5143\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u540c\u6642\uff0c\u4e26\u975e\u6240\u6709 mRNA \u9805\u76ee\u90fd\u9032\u5c55\u9806\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=\"\">\u8afe\u5982\u75c5\u6bd2\uff08norovirus\uff09\u5019\u9078\u75ab\u82d7 mRNA-1403 \u5728\u7b2c\u4e09\u671f\u4e2d\u671f\u5206\u6790\u672a\u9054\u7d71\u8a08\u8981\u6c42<\/a>\uff08statistical criteria\uff1b\u4ee5\u7d71\u8a08\u65b9\u6cd5\u5224\u5b9a\u7d50\u679c\u662f\u5426\u53ef\u9760\uff09\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u764c\u75c7\u6cbb\u7642\u8a66\u9a57\u6210\u529f\u6539\u8b8a\u4e86\u516c\u53f8\u7684\u9577\u9060\u60f3\u50cf\uff0c\u4f46\u672a\u5373\u6642\u6539\u8b8a\u5176\u8cc7\u91d1\u8207\u76c8\u5229\u7d50\u69cb\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\">\u9ed8\u6c99\u6771\uff08Merck\uff09<\/td><\/tr><tr><td>\u4e3b\u8981\u8ca2\u737b<\/td><td>mRNA \u5e73\u53f0\u53ca\u500b\u4eba\u5316\u7642\u6cd5<\/td><td>Keytruda\u3001\u5546\u696d\u5316\u898f\u6a21\u53ca\u5206\u92b7\u7db2\u7d61<\/td><\/tr><tr><td>2026\u5e74\u7b2c\u4e8c\u5b63\u72c0\u6cc1<\/td><td>\u6536\u51651.45\u5104\u7f8e\u5143\u3001\u6de8\u8667\u640d7.82\u5104\u7f8e\u5143<\/td><td>Keytruda \u65bc2026\u5e74\u4e0a\u534a\u5e74\u5e36\u4f86\u903e160\u5104\u7f8e\u5143\u73fe\u91d1\u6d41<\/td><\/tr><tr><td>\u6578\u64da\u5e36\u4f86\u7684\u50f9\u503c<\/td><td>\u64f4\u5927\u5e73\u53f0\u60f3\u50cf\u7a7a\u9593<\/td><td>\u6709\u52a9\u5b88\u4f4f\u65e2\u6709\u6536\u5165\u4f86\u6e90<\/td><\/tr><tr><td>\u5169\u65e5\u80a1\u50f9\u8b8a\u52d5<\/td><td>\u5148\u5347177%\uff0c\u5176\u5f8c\u56de\u5410\u7d04\u4e94\u5206\u4e4b\u4e00<\/td><td>\u534712.6%\uff0c\u5927\u81f4\u5b88\u4f4f\u5347\u5e45<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Moderna \u7684\u6a5f\u6703\u66f4\u591a\u4f86\u81ea\u300c\u9078\u64c7\u6b0a\u300d\uff08optionality\uff1b\u672a\u4f86\u6709\u591a\u500b\u53ef\u80fd\u8def\u5f91\uff0c\u4f46\u7d50\u679c\u672a\u78ba\u5b9a\uff09\u3002\u516c\u53f8\u76ee\u524d\u5728\u9ed1\u8272\u7d20\u7624\u3001\u975e\u5c0f\u7d30\u80de\u80ba\u764c\uff08NSCLC\uff1b\u8f03\u5e38\u898b\u7684\u80ba\u764c\u985e\u578b\uff09\u3001\u8180\u80f1\u764c\u53ca\u814e\u7d30\u80de\u764c\uff08renal cell carcinoma\uff1b\u814e\u764c\u5e38\u898b\u985e\u578b\uff09\u63a8\u9032\u5408\u5171\u4e5d\u9805 intismeran \u7b2c\u4e8c\u671f\u53ca\u7b2c\u4e09\u671f\u8a66\u9a57\uff08Phase 2\/3\uff1b\u4e2d\u671f\u63a2\u7d22\u8207\u5f8c\u671f\u78ba\u8a8d\u7642\u6548\uff09\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5982\u80fd\u5728\u591a\u7a2e\u764c\u75c7\u8907\u88fd\u6210\u6548\uff0c\u5e02\u5834\u7a7a\u9593\u5c07\u5927\u5e45\u64f4\u5927\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f46\u300c\u9078\u64c7\u6b0a\u300d\u4ea6\u4ee3\u8868\u4e0d\u78ba\u5b9a\u6027\uff0c\u8f03\u96e3\u4f30\u503c\u3002\u64c1\u6709\u6f5b\u529b\u4f46\u73fe\u6642\u76c8\u5229\u6709\u9650\u7684\u516c\u53f8\uff0c\u7f3a\u4e4f\u50cf\u6210\u719f\u7522\u54c1\u822c\u7684\u300c\u8ca1\u52d9\u652f\u6490\u300d\uff08\u5373\u7a69\u5b9a\u6536\u5165\u8207\u73fe\u91d1\u6d41\uff09\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u300c\u5c08\u5229\u61f8\u5d16\u300d\u6b63\u91cd\u5851\u751f\u7269\u79d1\u6280<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Moderna \u8207\u9ed8\u6c99\u6771\u7684\u5408\u4f5c\u53cd\u6620<a href=\"https:\/\/finance.yahoo.com\/news\/big-pharma-navigating-300-billion-080000758.html\" target=\"_blank\" rel=\"noopener nofollow\" title=\"\">\u85e5\u696d\u66f4\u5ee3\u6cdb\u8da8\u52e2<\/a>\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u9810\u8a08\u81f32030\u5e74\uff0c\u7d04<a href=\"https:\/\/finance.yahoo.com\/news\/big-pharma-navigating-300-billion-080000758.html\" target=\"_blank\" rel=\"noopener nofollow\" title=\"\">3,000\u5104\u7f8e\u5143\u7684\u54c1\u724c\u85e5\u6536\u5165\u5c07\u53d7\u5c08\u5229\u5230\u671f\u58d3\u529b<\/a>\uff08\u5c08\u5229\u61f8\u5d16\uff1b\u5c08\u5229\u96c6\u4e2d\u5230\u671f\u5c0e\u81f4\u6536\u5165\u6025\u8dcc\uff09\u3002\u540c\u6642\uff0c\u5927\u578b\u85e5\u4f01\u70ba\u5c0b\u627e\u66ff\u4ee3\u589e\u9577\uff0c\u4f75\u8cfc\u8207\u5408\u4f5c\u4ea4\u6613\uff08deal activity\uff09\u52a0\u5feb\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u539f\u56e0\u5f88\u7c21\u55ae\uff1a\u6210\u719f\u85e5\u4f01\u4e0d\u53ea\u9700\u8981\u65b0\u79d1\u7814\uff0c\u66f4\u9700\u8981\u5728\u820a\u6536\u5165\u4e0b\u6ed1\u524d\u627e\u5230\u65b0\u6536\u5165\u4f86\u6e90\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u9019\u6539\u8b8a\u4e86\u751f\u7269\u79d1\u6280\u516c\u53f8\u8207\u5927\u578b\u85e5\u4f01\u4e4b\u9593\u7684\u529b\u91cf\u5c0d\u6bd4\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5c0f\u578b\u516c\u53f8\u5f80\u5f80\u63d0\u4f9b\u5275\u65b0\u8207\u7a81\u7834\u79d1\u7814\uff1b\u5927\u578b\u516c\u53f8\u63d0\u4f9b\u8cc7\u91d1\u3001\u76e3\u7ba1\u7d93\u9a57\u8207\u5546\u696d\u5316\u57fa\u5efa\uff08commercial infrastructure\uff1b\u751f\u7522\u3001\u92b7\u552e\u3001\u91ab\u9662\u6e20\u9053\u7b49\uff09\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u96d9\u65b9\u50f9\u503c\u5206\u914d\uff0c\u5f80\u5f80\u5728\u7a81\u7834\u51fa\u73fe\u524d\u3001\u5408\u4f5c\u8ac7\u5224\u6642\u5df2\u5927\u81f4\u5b9a\u4e0b\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u56e0\u6b64\uff0c\u79d1\u7814\u7372\u5f97\u9a57\u8b49\uff08validation\uff1b\u8b49\u660e\u65b9\u6cd5\u53ef\u884c\uff09\u4e0d\u4e00\u5b9a\u4ee3\u8868\u767c\u660e\u8005\u80fd\u53d6\u5f97\u6700\u5927\u50f9\u503c\u4efd\u984d\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">BioNTech \u7684\u5e02\u5834\u53cd\u61c9\u4ea6\u53cd\u6620\u53e6\u4e00\u9762\u3002\u8a72\u516c\u53f8\u6b63\u7814\u767c\u81ea\u5bb6\u500b\u4eba\u5316\u764c\u75c7\u75ab\u82d7\u8a08\u5283\uff0c\u540c\u65e5\u80a1\u50f9\u8dcc4%\u3002\u6295\u8cc7\u8005\u540c\u6642\u628a\u7d50\u679c\u8996\u70ba\u6280\u8853\u53ef\u884c\u7684\u8b49\u660e\uff0c\u4e5f\u8996\u70ba\u7af6\u722d\u52a0\u5287\u7684\u8a0a\u865f\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u6a02\u89c0\u80cc\u5f8c\u7684\u98a8\u96aa<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u5373\u4f7f\u5982\u6b64\uff0c\u73fe\u6642\u5e02\u5834\u53cd\u61c9\u672a\u5fc5\u53cd\u6620\u5168\u8c8c\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u6700\u5927\u6311\u6230\u662f\u88fd\u9020\u3002\u500b\u4eba\u5316\u764c\u75c7\u6cbb\u7642\u8981\u70ba\u6bcf\u540d\u75c5\u4eba\u300c\u9010\u91dd\u88fd\u4f5c\u300d\u3002\u8981\u628a\u7522\u91cf\u653e\u5927\uff08scaling\uff1b\u7531\u5c0f\u898f\u6a21\u64f4\u81f3\u5927\u91cf\u751f\u7522\uff09\u3001\u7dad\u6301\u54c1\u8cea\uff08quality\uff1b\u6279\u6b21\u4e00\u81f4\u6027\uff09\u53ca\u8655\u7406\u7269\u6d41\uff08logistics\uff1b\u904b\u9001\u3001\u6642\u6548\u3001\u51b7\u93c8\uff09\u4ecd\u662f\u95dc\u9375\u554f\u984c\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u82e5 Moderna \u80fd\u89e3\u6c7a\u4e0a\u8ff0\u554f\u984c\uff0c\u5176\u5e73\u53f0\u53ef\u6210\u70ba\u91cd\u8981\u7af6\u722d\u512a\u52e2\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5b9a\u50f9\u4ea6\u6709\u4e0d\u78ba\u5b9a\u6027\u3002\u91ab\u7642\u9ad4\u7cfb\u5982\u4f55\u5927\u898f\u6a21\u652f\u4ed8\uff08reimburse\uff1b\u7531\u4fdd\u96aa\/\u516c\u71df\u91ab\u7642\u5411\u85e5\u4f01\u4ed8\u6b3e\uff09\u500b\u4eba\u5316\u764c\u75c7\u6cbb\u7642\uff0c\u672a\u6709\u6210\u719f\u6a21\u5f0f\u3002\u81e8\u5e8a\u7d50\u679c\u5f37\u52c1\u4e0d\u5fc5\u7136\u7b49\u65bc\u5546\u696d\u6210\u529f\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4ea6\u6709\u4e00\u500b\u8f03\u9577\u7dda\u7684\u89c0\u9ede\u652f\u6301 Moderna\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u82e5 intismeran \u5728\u66f4\u591a\u764c\u75c7\u985e\u578b\u6210\u529f\uff0c\u6700\u7d42\u5275\u9020\u7684\u50f9\u503c\u53ef\u9060\u9ad8\u65bc\u5e02\u5834\u73fe\u6642\u4f30\u8a08\u3002Moderna \u8207\u9ed8\u6c99\u6771\u7684\u5dee\u8ddd\uff0c\u53cd\u6620\u7684\u662f\u4eca\u5929\u7684\u8ca1\u52d9\u72c0\u6cc1\uff0c\u672a\u5fc5\u662f\u6700\u7d42\u7d50\u679c\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u4e0b\u4e00\u6b65\u89c0\u5bdf\u91cd\u9ede<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u79d1\u7814\u554f\u984c\u5df2\u6709\u9032\u5c55\uff0c\u4e0b\u4e00\u8f2a\u722d\u8ad6\u5728\u65bc\u57f7\u884c\u529b\u8207\u50f9\u503c\u6b78\u5c6c\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4ee5\u4e0b\u56e0\u7d20\u5c07\u5de6\u53f3\u5f8c\u7e8c\u8d70\u5411\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u66f4\u591a\u8a66\u9a57\u7d50\u679c\uff0c\u7279\u5225\u662f\u975e\u5c0f\u7d30\u80de\u80ba\u764c\u8207\u8180\u80f1\u764c\uff0c\u4ee5\u8a55\u4f30\u5e73\u53f0\u80fd\u5426\u8d85\u8d8a\u9ed1\u8272\u7d20\u7624\u3002<br><\/li>\n\n\n\n<li>\u76e3\u7ba1\u6642\u9593\u8868\uff08regulatory timelines\uff1b\u8207\u85e5\u76e3\u6a5f\u69cb\u5be9\u6279\u76f8\u95dc\u7684\u9032\u5ea6\uff09\u53ca\u80fd\u5426\u52a0\u5feb\u9032\u5165\u5be9\u6279\u8a0e\u8ad6\u3002<br><\/li>\n\n\n\n<li>Moderna 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