{"id":53820,"date":"2026-08-21T07:48:26","date_gmt":"2026-08-21T07:48:26","guid":{"rendered":"https:\/\/www.vtmarkets.com\/zh\/uncategorized\/53820\/"},"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\/zh\/opinion\/53820\/","title":{"rendered":"Moderna\u3001\u9ed8\u514b\u8207\u5e02\u5834\u70ba\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\/wp-content\/uploads\/sites\/12\/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\/wp-content\/uploads\/sites\/12\/2026\/08\/Moderna-Merck-pharma.webp 1250w, https:\/\/www.vtmarkets.com\/zh\/wp-content\/uploads\/sites\/12\/2026\/08\/Moderna-Merck-pharma-300x168.webp 300w, https:\/\/www.vtmarkets.com\/zh\/wp-content\/uploads\/sites\/12\/2026\/08\/Moderna-Merck-pharma-1024x573.webp 1024w, https:\/\/www.vtmarkets.com\/zh\/wp-content\/uploads\/sites\/12\/2026\/08\/Moderna-Merck-pharma-768x430.webp 768w, https:\/\/www.vtmarkets.com\/zh\/wp-content\/uploads\/sites\/12\/2026\/08\/Moderna-Merck-pharma-500x280.webp 500w, https:\/\/www.vtmarkets.com\/zh\/wp-content\/uploads\/sites\/12\/2026\/08\/Moderna-Merck-pharma-400x224.webp 400w, https:\/\/www.vtmarkets.com\/zh\/wp-content\/uploads\/sites\/12\/2026\/08\/Moderna-Merck-pharma-350x196.webp 350w, https:\/\/www.vtmarkets.com\/zh\/wp-content\/uploads\/sites\/12\/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 \u5ba3\u5e03\u5176\u300c\u500b\u4eba\u5316 mRNA\uff08\u4fe1\u4f7f\u6838\u7cd6\u6838\u9178\uff0c\u7528\u4f5c\u6307\u4ee4\u8eab\u9ad4\u88fd\u9020\u7279\u5b9a\u86cb\u767d\u4ee5\u5f15\u767c\u514d\u75ab\u53cd\u61c9\uff09\u300d\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\">\u7b2c3\u671f\u81e8\u5e8a\u8a66\u9a57\uff08\u91dd\u5c0d\u5927\u6279\u75c5\u4eba\u3001\u7528\u4f5c\u78ba\u8a8d\u7642\u6548\u53ca\u5b89\u5168\uff09\u544a\u6377<\/a>\u3002\u6d88\u606f\u523a\u6fc0\u80a1\u50f9\u6025\u5347\uff0c\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\u5e45\u903e\u500d<\/a>\uff0c\u6536\u5e02\u9ad8\u65bc174\u7f8e\u5143\u3002\u8207Moderna\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\">\u4e0d\u904e\uff0c\u5169\u5bb6\u516c\u53f8\u4e4b\u5f8c\u8d70\u52e2\u5206\u5316\u3002\u5468\u56db\u5348\u5f8c\uff0cModerna \u4e00\u5ea6\u56de\u5410\u6700\u591a25%\uff0c\u8dcc\u81f3\u7d04129\u7f8e\u5143\uff0c\u6700\u7d42\u6536\u5e02\u8dcc\u7d0419%\u3002\u80a1\u50f9\u56de\u843d\u4ee4\u5e02\u503c\u84b8\u767c\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<\/a>\u3002\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\u7121\u8b8a\uff0c\u5468\u4e09\u63a8\u9ad8Moderna\u80a1\u50f9\u7684\u540c\u4e00\u6279\u6578\u64da\uff0c\u5468\u56db\u4ecd\u7136\u5b58\u5728\u3002\u5206\u5225\u5728\u65bc\u6295\u8cc7\u8005\u5982\u4f55\u8a55\u4f30\u5169\u5bb6\u516c\u53f8\u628a\u79d1\u7814\u7a81\u7834\u8b8a\u6210\u9577\u671f\u50f9\u503c\u7684\u80fd\u529b\uff0c\u4ea6\u53cd\u6620\u300c\u79d1\u7814\u767c\u73fe\u300d\u8207\u300c\u53ef\u8b8a\u73fe\u50f9\u503c\u300d\u4e4b\u9593\u7684\u843d\u5dee\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u8a66\u9a57\u91cd\u9ede<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Intismeran autogene \u5c6c\u500b\u4eba\u5316\u764c\u75c7\u6cbb\u7642\uff0c\u6309\u6bcf\u540d\u75c5\u4eba\u816b\u7624\u7684\u7279\u5b9a\u300c\u57fa\u56e0\u7a81\u8b8a\uff08\u57fa\u56e0\u51fa\u932f\uff0c\u4ee4\u764c\u7d30\u80de\u51fa\u73fe\u7279\u5fb5\uff09\u300d\u8a2d\u8a08\uff0c\u76ee\u6a19\u662f\u8a13\u7df4\u514d\u75ab\u7cfb\u7d71\u8b58\u5225\u4e26\u653b\u64ca\u76f8\u61c9\u764c\u75c7\u76ee\u6a19\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u6b64\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\uff08pembrolizumab\uff0c\u5c6c\u514d\u75ab\u6cbb\u7642\u85e5\u7269\uff0c\u900f\u904e\u89e3\u9664\u514d\u75ab\u7cfb\u7d71\u300c\u715e\u8eca\u300d\u4ee5\u653b\u64ca\u764c\u7d30\u80de\uff09<\/a>\u806f\u5408\u4f7f\u7528\uff0c\u800c\u975e\u53d6\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 \u8a66\u9a57<\/a>\u4e2d\uff0c\u8a72\u7d44\u5408\u5728\u5df2\u63a5\u53d7\u624b\u8853\u3001\u5c6cIIB\u81f3IV\u671f\u9ed1\u8272\u7d20\u7624\u60a3\u8005\u9054\u5230\u4e3b\u8981\u7d42\u9ede\u300c\u7121\u5fa9\u767c\u751f\u5b58\u671f\uff08RFS\uff0c\u6307\u6cbb\u7642\u5f8c\u81f3\u5fa9\u767c\/\u6b7b\u4ea1\u7684\u6642\u9593\uff09\u300d\u53ca\u6b21\u8981\u7d42\u9ede\u300c\u7121\u9060\u8655\u8f49\u79fb\u751f\u5b58\u671f\uff08DMFS\uff0c\u6307\u81f3\u51fa\u73fe\u9060\u8655\u5668\u5b98\u8f49\u79fb\/\u6b7b\u4ea1\u7684\u6642\u9593\uff09\u300d\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u9019\u662f\u9996\u500b\u4ee5 mRNA \u70ba\u57fa\u790e\u7684\u764c\u75c7\u6cbb\u7642\u5728\u5f8c\u671f\u8a66\u9a57\uff08\u7b2c3\u671f\uff0c\u95dc\u9375\u78ba\u8a8d\u968e\u6bb5\uff09\u53d6\u5f97\u6b63\u9762\u7d50\u679c\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f46\u516c\u544a\u6b20\u7f3a\u4e00\u9805\u95dc\u9375\u7d30\u7bc0\uff1a\u672a\u62ab\u9732\u300c\u98a8\u96aa\u6bd4\uff08hazard ratio\uff0c\u7528\u4f5c\u6bd4\u8f03\u5169\u7d44\u5728\u4e00\u6bb5\u6642\u9593\u5167\u767c\u751f\u4e8b\u4ef6\u98a8\u96aa\u7684\u6307\u6a19\uff09\u300d\u53ca\u66f4\u8a73\u76e1\u7642\u6548\u6578\u5b57\u3002\u5e02\u5834\u5148\u6309\u300c\u982d\u689d\u5f0f\u6210\u529f\uff08\u53ea\u516c\u5e03\u9054\u6a19\u3001\u672a\u898b\u5b8c\u6574\u6578\u64da\uff09\u300d\u4f5c\u51fa\u5927\u5e45\u5b9a\u50f9\uff0c\u610f\u5473\u6295\u8cc7\u8005\u540c\u6642\u5728\u62bc\u6ce8\u79d1\u7814\u8207\u5546\u696d\u5316\u6548\u76ca\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u540c\u4e00\u7a81\u7834\uff0c\u4e0d\u540c\u5e02\u503c\u542b\u91d1\u91cf<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Moderna \u7814\u767c\u8a72\u7642\u6cd5\u4e26\u64c1\u6709\u6838\u5fc3 mRNA \u5e73\u53f0\u3002\u9ed8\u6c99\u6771\u63d0\u4f9b Keytruda\u3001\u76e3\u7ba1\uff08\u5be9\u6279\uff09\u7d93\u9a57\u53ca\u5168\u7403\u5546\u696d\u5316\u8207\u5206\u92b7\u80fd\u529b\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5169\u5bb6\u516c\u53f8\u5747\u53d7\u60e0\uff0c\u4f46\u6295\u8cc7\u8005\u5c0d\u5176\u6a5f\u6703\u7684\u770b\u6cd5\u4e0d\u540c\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u5c0dModerna\u800c\u8a00\uff0c\u8a66\u9a57\u6210\u529f\u610f\u5473\u5e73\u53f0\u53ef\u671b\u64f4\u5c55\u81f3\u591a\u7a2e\u764c\u75c7\uff0c\u5e36\u4f86\u66f4\u5927\u60f3\u50cf\u7a7a\u9593\u3002<\/li>\n\n\n\n<li>\u5c0d\u9ed8\u6c99\u6771\u800c\u8a00\uff0c\u6a5f\u6703\u66f4\u5373\u6642\uff1a\u7642\u6cd5\u6709\u671b\u978f\u56fa Keytruda \u7522\u54c1\u7dda\uff08franchise\uff0c\u6307\u570d\u7e5e\u540c\u4e00\u6838\u5fc3\u85e5\u7269\u5efa\u7acb\u7684\u9069\u61c9\u75c7\u53ca\u6536\u5165\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=\"\">\u4e4b\u969b\uff0c\u516c\u53f8\u6b63\u9762\u5c0d\u85e5\u696d\u5176\u4e2d\u4e00\u500b\u6700\u5927\u300c\u5c08\u5229\u5230\u671f\uff08\u5c08\u5229\u4fdd\u8b77\u5b8c\u7d50\u5f8c\uff0c\u4eff\u88fd\u85e5\u7af6\u722d\u589e\u52a0\uff09\u300d\u98a8\u96aa<\/a>\u3002<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">\u5e02\u5834\u4e0d\u53ea\u554f\u300c\u8ab0\u505a\u51fa\u7a81\u7834\uff1f\u300d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u66f4\u95dc\u5fc3\u300c\u8ab0\u6700\u6709\u80fd\u529b\u628a\u7a81\u7834\u8b8a\u73fe\uff1f\u300d<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">MRK \u7684\u5546\u696d\u5316\u8def\u5f91\u66f4\u6e05\u6670<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u9ed8\u6c99\u6771\u7684\u6838\u5fc3\u554f\u984c\u662f\uff1a\u5728 Keytruda \u5c08\u5229\u4fdd\u8b77\u5230\u671f\u524d\uff0c\u5982\u4f55\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\u662f\u5168\u7403\u6700\u66a2\u92b7\u85e5\u7269\u4e4b\u4e00<\/a>\u3002\u7f8e\u570b\u5e02\u5834\u300c\u7368\u5bb6\u92b7\u552e\u671f\uff08exclusivity\uff0c\u6307\u5728\u4e00\u5b9a\u671f\u9593\u5167\u9650\u5236\u7af6\u722d\u8005\uff09\u300d\u5c07\u65bc2028\u5e7412\u6708\u5c46\u6eff\uff1b\u540c\u6642\uff0c\u300a\u901a\u8139\u524a\u6e1b\u6cd5\u6848\u300b\uff08Inflation Reduction Act\uff09\u4e0b\u7684\u653f\u5e9c\u85e5\u50f9\u63aa\u65bd\u5c07\u75312028\u5e741\u6708\u8d77\u5f71\u97ff\u90e8\u5206\u85e5\u7269\u5b9a\u50f9\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\u6709\u671b\u5ef6\u9577 Keytruda \u7684\u5546\u696d\u58fd\u547d\u3002\u76f8\u8f03\u63a8\u51fa\u5b8c\u5168\u7368\u7acb\u65b0\u85e5\uff0c\u9ed8\u6c99\u6771\u6216\u53ef\u5728\u65e2\u6709\u6cbb\u7642\u65b9\u6848\u4e0a\u52a0\u5165\u65b0\u4e00\u4ee3\u764c\u75c7\u6cbb\u7642\u5143\u7d20\uff0c\u63d0\u5347\u7af6\u722d\u529b\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u6295\u8cc7\u8005\u56e0\u6b64\u4f5c\u51fa\u5b9a\u50f9\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u6469\u6839\u58eb\u4e39\u5229\u628a\u9ed8\u6c99\u6771\u8a55\u7d1a<a href=\"https:\/\/finance.yahoo.com\/markets\/stocks\/articles\/morgan-stanley-revamps-merck-stock-201857782.html\" target=\"_blank\" rel=\"noopener nofollow\" title=\"\">\u4e0a\u8abf\u81f3\u300c\u589e\u6301\uff08Overweight\uff0c\u6307\u9810\u671f\u8868\u73fe\u8dd1\u8d0f\u5927\u5e02\/\u540c\u696d\uff09\u300d<\/a>\uff0c\u4ea6\u6709\u4e0d\u5c11<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\uff0c\u5373\u5728\u7814\u85e5\u7269\u7d44\u5408\uff09\u53ef\u7de9\u885d Keytruda \u5c08\u5229\u5230\u671f\u5e36\u4f86\u7684\u58d3\u529b\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u9ed8\u6c99\u6771\u516c\u5e03\u524d\u8ca1\u52d9\u57fa\u790e\u66f4\u7a69\u5065\u3002\u55ae\u8a08 Keytruda\uff0c2026\u5e74\u4e0a\u534a\u5e74\u5df2\u5e36\u4f86\u903e160\u5104\u7f8e\u5143\u73fe\u91d1\u6d41\uff08cash flow\uff0c\u5373\u696d\u52d9\u5be6\u969b\u7522\u751f\u7684\u73fe\u91d1\uff09\uff0c\u4ee4\u516c\u53f8\u66f4\u6709\u7a7a\u9593\u6295\u8cc7\u3001\u7814\u767c\u53ca\u63a8\u9032\u5546\u696d\u5316\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">MRNA \u4ecd\u8981\u628a\u6f5b\u529b\u8b8a\u6210\u6536\u5165<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Moderna \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\u80fd\u5e36\u4f86\u53ef\u6301\u7e8c\u76c8\u5229\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">2026\u5e74\u7b2c\u4e8c\u5b63\uff0cModerna<a href=\"https:\/\/finance.yahoo.com\/healthcare\/articles\/moderna-q2-earnings-call-highlights-140404872.html\" target=\"_blank\" rel=\"noopener nofollow\" title=\"\">\u6536\u51651.45\u5104\u7f8e\u5143\uff0c\u6de8\u8667\u640d7.82\u5104\u7f8e\u5143<\/a>\u3002\u5b63\u5167\u7814\u767c\u958b\u652f\u90546.51\u5104\u7f8e\u5143\uff0c\u70ba\u6536\u5165\u903e4\u500d\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u516c\u53f86\u6708\u5e95\u73fe\u91d1\u53ca\u6295\u8cc7\u70ba69\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\u9806\u5229\u63a8\u9032\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\u5019\u9078\u75ab\u82d7 mRNA-1403 \u5728\u7b2c3\u671f\u4e2d\u671f\u5206\u6790\u672a\u9054\u7d71\u8a08\u6a19\u6e96\uff08statistical criteria\uff0c\u5373\u7d50\u679c\u672a\u9054\u5230\u9810\u5148\u8a2d\u5b9a\u3001\u7528\u4ee5\u5224\u5b9a\u6709\u6548\u7684\u6578\u5b78\u9580\u6abb\uff09<\/a>\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4eca\u6b21\u764c\u75c7\u7642\u6cd5\u7684\u6210\u679c\u6539\u8b8a\u4e86\u516c\u53f8\u9577\u9060\u53ef\u80fd\u6027\uff0c\u4f46\u672a\u5373\u6642\u6539\u5584\u5176\u8ca1\u52d9\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\">\u9ed8\u6c99\u6771<\/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<\/td><\/tr><tr><td>2026\u5e74\u7b2c\u4e8c\u5b63\u6982\u6cc1<\/td><td>\u6536\u51651.45\u5104\u7f8e\u5143\uff0c\u6de8\u8667\u640d7.82\u5104\u7f8e\u5143<\/td><td>Keytruda 2026\u5e74\u4e0a\u534a\u5e74\u73fe\u91d1\u6d41\u903e160\u5104\u7f8e\u5143<\/td><\/tr><tr><td>\u6578\u64da\u50f9\u503c<\/td><td>\u64f4\u5927\u5e73\u53f0\u60f3\u50cf\u7a7a\u9593<\/td><td>\u4fdd\u4f4f\u73fe\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\u5728\u65bc\u300c\u9078\u64c7\u6b0a\uff08optionality\uff0c\u6307\u6709\u591a\u500b\u6f5b\u5728\u6210\u529f\u65b9\u5411\uff0c\u4f46\u7d50\u679c\u672a\u78ba\u5b9a\uff09\u300d\u3002\u300a<a href=\"https:\/\/finance.yahoo.com\/healthcare\/articles\/moderna-shares-surge-more-90-132957599.html\" target=\"_blank\" rel=\"noopener nofollow\" title=\"\">\u516c\u53f8\u73fe\u67099\u9805\u7b2c2\u671f\u53ca\u7b2c3\u671f intismeran \u8a66\u9a57<\/a>\u300b\u6db5\u84cb\u9ed1\u8272\u7d20\u7624\u3001\u975e\u5c0f\u7d30\u80de\u80ba\u764c\u3001\u8180\u80f1\u764c\u53ca\u814e\u7d30\u80de\u764c\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u82e5\u6210\u679c\u53ef\u64f4\u5c55\u81f3\u591a\u7a2e\u764c\u75c7\uff0c\u5e02\u5834\u7a7a\u9593\u53ef\u5927\u5e45\u63d0\u5347\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f46\u300c\u9078\u64c7\u6b0a\u300d\u4ea6\u610f\u5473\u4e0d\u78ba\u5b9a\u6027\u66f4\u9ad8\uff0c\u5e02\u5834\u66f4\u96e3\u4f30\u503c\u3002\u64c1\u6709\u524d\u666f\u4f46\u73fe\u6642\u76c8\u5229\u6709\u9650\u7684\u516c\u53f8\uff0c\u7f3a\u4e4f\u50cf\u6210\u719f\u85e5\u4f01\u822c\u7684\u6536\u5165\u57fa\u790e\u4f5c\u652f\u6490\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u300c\u5c08\u5229\u61f8\u5d16\u300d\u91cd\u5851\u751f\u79d1<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Moderna \u8207\u9ed8\u6c99\u6771\u7684\u5408\u4f5c\u53cd\u6620\u85e5\u696d\u66f4\u5ee3\u6cdb\u8da8\u52e2<a href=\"https:\/\/finance.yahoo.com\/news\/big-pharma-navigating-300-billion-080000758.html\" target=\"_blank\" rel=\"noopener nofollow\" title=\"\">\u6b63\u5728\u5f62\u6210<\/a>\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u52302030\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\u54c1\u724c\u85e5\u6536\u5165<\/a>\u9810\u671f\u9762\u5c0d\u5c08\u5229\u5230\u671f\u58d3\u529b\u3002\u540c\u6642\uff0c\u751f\u79d1\u4f75\u8cfc\uff0f\u5408\u4f5c\u4ea4\u6613\u52a0\u5feb\uff0c\u56e0\u5927\u578b\u85e5\u4f01\u5c0b\u627e\u65b0\u589e\u9577\u52d5\u529b\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u539f\u56e0\u76f4\u63a5\uff1a\u5927\u578b\u85e5\u4f01\u4e0d\u53ea\u5c0b\u627e\u65b0\u79d1\u7814\uff0c\u66f4\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\u4ea6\u6539\u8b8a\u751f\u79d1\u516c\u53f8\u8207\u5927\u578b\u85e5\u4f01\u4e4b\u9593\u7684\u8ac7\u5224\u529b\u91cf\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5c0f\u578b\u516c\u53f8\u901a\u5e38\u63d0\u4f9b\u5275\u65b0\u8207\u7a81\u7834\u6027\u79d1\u7814\uff1b\u5927\u578b\u516c\u53f8\u63d0\u4f9b\u8cc7\u91d1\u3001\u5be9\u6279\u7d93\u9a57\u53ca\u5546\u696d\u5316\u57fa\u5efa\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u96d9\u65b9\u5982\u4f55\u5206\u914d\u50f9\u503c\uff0c\u5f80\u5f80\u5728\u7a81\u7834\u51fa\u73fe\u524d\u3001\u5408\u4f5c\u689d\u6b3e\u8ac7\u5224\u6642\u5df2\u5b9a\u8abf\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u56e0\u6b64\uff0c\u5373\u4f7f\u79d1\u7814\u7372\u9a57\u8b49\uff0c\u767c\u660e\u8005\u672a\u5fc5\u53d6\u5f97\u6700\u5927\u4efd\u984d\u50f9\u503c\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">BioNTech \u7684\u80a1\u50f9\u53cd\u61c9\u4ea6\u53cd\u6620\u53e6\u4e00\u9762\u3002\u8a72\u516c\u53f8\u6b63\u7814\u767c\u81ea\u5bb6\u500b\u4eba\u5316\u764c\u75c7\u75ab\u82d7\u9805\u76ee\uff0c\u540c\u65e5\u80a1\u50f9\u8dcc4%\u3002\u6295\u8cc7\u8005\u4e00\u65b9\u9762\u8996\u7d50\u679c\u70ba\u6280\u8853\u9a57\u8b49\uff0c\u53e6\u4e00\u65b9\u9762\u4ea6\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\">\u76ee\u524d\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\u751f\u7522\u3002\u500b\u4eba\u5316\u764c\u75c7\u6cbb\u7642\u9700\u70ba\u6bcf\u540d\u75c5\u4eba\u5ea6\u8eab\u8a02\u9020\u6bcf\u4e00\u5291\uff0c\u91cf\u7522\uff08scale-up\uff0c\u5373\u628a\u5c0f\u898f\u6a21\u88fd\u4f5c\u64f4\u5927\u81f3\u5de5\u696d\u5316\u751f\u7522\uff09\u3001\u8cea\u91cf\u63a7\u5236\u53ca\u7269\u6d41\u5b89\u6392\u4ecd\u662f\u95dc\u9375\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u82e5 Moderna \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\u5b58\u5728\u4e0d\u78ba\u5b9a\u6027\u3002\u91ab\u7642\u7cfb\u7d71\u5982\u4f55\u5927\u898f\u6a21\u70ba\u500b\u4eba\u5316\u764c\u75c7\u6cbb\u7642\u57cb\u55ae\uff08reimbursement\uff0c\u5373\u4fdd\u96aa\/\u516c\u71df\u7cfb\u7d71\u652f\u4ed8\u6a21\u5f0f\uff09\u4ecd\u672a\u6709\u6210\u719f\u6a21\u5f0f\u3002\u81e8\u5e8a\u7d50\u679c\u4f73\uff0c\u4e0d\u4ee3\u8868\u4e00\u5b9a\u5546\u696d\u6210\u529f\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4ea6\u6709\u5229\u597dModerna\u7684\u4e2d\u9577\u671f\u8ad6\u9ede\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u82e5 intismeran \u5728\u66f4\u591a\u764c\u7a2e\u53d6\u5f97\u6210\u529f\uff0c\u6700\u7d42\u5275\u9020\u7684\u50f9\u503c\u53ef\u80fd\u9060\u9ad8\u65bc\u5e02\u5834\u73fe\u6642\u5b9a\u50f9\u3002\u73fe\u6642 Moderna \u8207\u9ed8\u6c99\u6771\u4e4b\u9593\u7684\u5dee\u8ddd\uff0c\u66f4\u591a\u53cd\u6620\u7576\u4e0b\u8ca1\u52d9\u72c0\u6cc1\uff0c\u800c\u975e\u6700\u7d42\u7d50\u679c\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u4e0b\u4e00\u6b65\u7126\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\u843d\u5730\u57f7\u884c\u8207\u50f9\u503c\u6b78\u5c6c\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5f8c\u7e8c\u8d70\u5411\u53d6\u6c7a\u65bc\u6578\u500b\u56e0\u7d20\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\u53ca\u8180\u80f1\u764c\uff0c\u4ee5\u78ba\u8a8d\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\uff0c\u5373\u5be9\u6279\u6d41\u7a0b\u6240\u9700\u6642\u9593\uff09\u4ee5\u53ca\u80fd\u5426\u52a0\u5feb\u63a8\u9032\u81f3\u5be9\u6279\u524d\u6e9d\u901a\u8207\u7533\u8acb\u3002<br><\/li>\n\n\n\n<li>Moderna \u8ca1\u52d9\u72c0\u6cc1\uff0c\u4ee5\u53ca\u80a1\u50f9\u91cd\u4f30\u5f8c\u80fd\u5426\u4ee5\u66f4\u6709\u5229\u689d\u6b3e\u878d\u8cc7\uff08funding\uff0c\u5373\u7c4c\u96c6\u65b0\u8cc7\u91d1\uff09\u3002<br><\/li>\n\n\n\n<li>\u672a\u4f86\u751f\u79d1\u2014\u85e5\u4f01\u5408\u4f5c\uff0c\u89c0\u5bdf\u5275\u65b0\u65b9\u5728\u8ac7\u5224\u4e2d\u662f\u5426\u53d6\u5f97\u66f4\u5927\u8a71\u8a9e\u6b0a\u3002<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">\u8b49\u660e\u79d1\u7814\u8207\u8cfa\u53d6\u7d93\u6fdf\u50f9\u503c\u662f\u5169\u56de\u4e8b\u3002\u9ed8\u6c99\u6771\u5347\u5e45\u5f97\u4ee5\u7dad\u6301\uff0c\u56e0\u6578\u64da\u53ef\u76f4\u63a5\u878d\u5165\u73fe\u6709\u696d\u52d9\uff1bModerna \u6ce2\u52d5\u66f4\u5927\uff0c\u56e0\u5176\u5546\u696d\u5316\u57fa\u790e\u4ecd\u5728\u5efa\u7acb\u3002<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p class=\"wp-block-paragraph\">\u540c\u4e00\u50ac\u5316\u5291\uff0c\u5169\u7a2e\u5e95\u76e4\u3002Moderna \u5e38\u53d7\u300c\u4e8b\u4ef6\u98a8\u96aa\uff08event risk\uff0c\u5373\u8a66\u9a57\/\u5be9\u6279\u6d88\u606f\u89f8\u767c\u6025\u5347\u6025\u8dcc\uff09\u300d\u4e3b\u5c0e\uff1b\u9ed8\u6c99\u6771\u5247\u628a\u540c\u4e00\u764c\u75c7\u6cbb\u7642\u4e3b\u984c\u653e\u9032\u65e2\u6709\u3001\u6bcf\u5e74\u7522\u751f\u6578\u5341\u5104\u7f8e\u5143\u7684\u696d\u52d9\uff0c\u80a1\u50f9\u4e0a\u843d\u76f8\u5c0d\u8f03\u7d30\u3002<\/p>\n\n\n\n\n<p class=\"wp-block-paragraph\"><b>\u7acb\u5373\u5f00\u59cb\u4ea4\u6613 \u2014 \u70b9\u51fb<a href=\"https:\/\/www.vtmarkets.com\/zh\/trade-now\/?utm_source=Opinion\">\u6b64\u5904<\/a>\u5f00\u8bbe\u60a8\u7684 VT Markets 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