{"id":404,"date":"2026-11-04T08:48:06","date_gmt":"2026-11-03T23:48:06","guid":{"rendered":"https:\/\/www.arphile.net\/?p=404"},"modified":"2026-11-04T08:48:11","modified_gmt":"2026-11-03T23:48:11","slug":"261104-%ed%99%94%ec%9d%b4%ec%9e%90-q3-%ec%96%b4%eb%8b%9d%ec%bd%9c-%ec%a0%95%eb%a6%ac","status":"publish","type":"post","link":"https:\/\/www.arphile.net\/?p=404","title":{"rendered":"[261104] \ud654\uc774\uc790 Q3 \uc5b4\ub2dd\ucf5c \uc815\ub9ac"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\">1. \ud575\uc2ec \uc774\uc288: \ucf54\ub85c\ub098 \uc678 \uc81c\ud488 \uc131\uc7a5\uc73c\ub85c \uc5f0\uac04 \uac00\uc774\ub358\uc2a4 \uc0c1\ud5a5<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\ub9e4\ucd9c <strong>$166\uc5b5<\/strong>\uc73c\ub85c \ud68c\uc0ac \uc608\uc0c1 \uc0c1\ud68c<\/li>\n\n\n\n<li><strong>\ucf54\ub85c\ub098 \uc678 \uc81c\ud488 \ub9e4\ucd9c +7%<\/strong> (\ud658\uc728 \ud6a8\uacfc \uc81c\uc678)<\/li>\n\n\n\n<li><strong>\uc2e0\uaddc \ucd9c\uc2dc\u00b7\uc778\uc218 \uc81c\ud488 $38\uc5b5 (+32%)<\/strong><\/li>\n\n\n\n<li>\uc870\uc815 EPS <strong>$0.87<\/strong>. \uc774\ub178\ubca4\ud2b8 \uac70\ub798 \ube44\uc6a9 $0.10\uc744 \ud3ec\ud568\ud558\uace0\ub3c4 \uc608\uc0c1 \uc0c1\ud68c. GAAP EPS $0.56<\/li>\n\n\n\n<li><strong>2026\ub144 \ub9e4\ucd9c \uac00\uc774\ub358\uc2a4\ub97c $15\uc5b5 \uc0c1\ud5a5<\/strong>\ud574 $620\uc5b5~640\uc5b5, EPS \uac00\uc774\ub358\uc2a4\ub3c4 \uc0c1\ud5a5<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\ud56d\ubaa9<\/th><th>\ub0b4\uc6a9<\/th><\/tr><\/thead><tbody><tr><td>\uc870\uc815 \ub9e4\ucd9c\ucd1d\uc774\uc775\ub960<\/td><td><strong>77%<\/strong> (\uc81c\ud488 \uad6c\uc131 \uac1c\uc120, \uc6d0\uac00 \uad00\ub9ac)<\/td><\/tr><tr><td>\uc870\uc815 \uc601\uc5c5\ube44\uc6a9<\/td><td>$68\uc5b5. \ud310\uad00\ube44 +2%, <strong>R&amp;D +18%<\/strong><\/td><\/tr><tr><td>\uc778\uc218 R&amp;D \ube44\uc6a9<\/td><td>$6.5\uc5b5 (\uc774\ub178\ubca4\ud2b8 \uac70\ub798, \uc804\ub144\uc5d0\ub294 3SBio \uac70\ub798\ub85c $13.5\uc5b5)<\/td><\/tr><tr><td>\uc870\uc815 \uc601\uc5c5\uc774\uc775\ub960<\/td><td>36%<\/td><\/tr><tr><td>1~9\uc6d4 \uc601\uc5c5\ud604\uae08\ud750\ub984<\/td><td>$88\uc5b5<\/td><\/tr><tr><td>\ubd80\ucc44\ube44\uc728<\/td><td>2.6\ubc30 (2026\ub144 \ubaa9\ud45c 2.7\ubc30\ubcf4\ub2e4 \ub0ae\uc74c)<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">2. CEO \ubc1c\ud45c (Albert Bourla)<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\uc138\uc2e4 \uac8c\uac15(Cecile Guegan) \uc2e0\uc784 CFO<\/strong> \uccab \ucf5c. \ud654\uc774\uc790 \uc7ac\uc9c1 25\ub144 \uc774\uc0c1<\/li>\n\n\n\n<li>\uc9c0\ub09c \uba87 \ub144\uac04 \uc778\uc218\uc5d0 <strong>\uc57d $800\uc5b5<\/strong> \ud22c\uc790. \uc774 \uc911 \uc57d 80%\uac00 Seagen, Metsera, Biohaven. \uc778\uc218 \uc81c\ud488\uc740 \uc774\ubc88 \ubd84\uae30 <strong>+37%<\/strong>\n<ul class=\"wp-block-list\">\n<li><strong>Seagen<\/strong>: \ubbf8\uad6d \ub9e4\ucd9c +39%, \ud30c\ub4dc\uc138\ube0c(\ubc29\uad11\uc554)\uac00 \uc774\ub04e. \ucd08\uae30 \ud56d\uc554 \ud30c\uc774\ud504\ub77c\uc778\uc774 \uc778\uc218 \ub2f9\uc2dc 2\ubc30\ub85c \ucee4\uc9d0<\/li>\n\n\n\n<li><strong>Metsera (\ube44\ub9cc)<\/strong>\n<ul class=\"wp-block-list\">\n<li>2026\ub144 \uc784\uc0c1 3\uc0c1 <strong>10\uac74<\/strong> \uc9c4\ud589\u00b7\uacc4\ud68d<\/li>\n\n\n\n<li><strong>\uc6d4 1\ud68c \uc8fc\uc0ac GLP-1 &#8216;\ubca0\ub85c\ubca0\ub098\ud0c0\uc774\ub4dc(berobenatide)&#8217;<\/strong>\ub294 <strong>2028\ub144 \uccab \uc2b9\uc778 \ubaa9\ud45c<\/strong><\/li>\n\n\n\n<li>\uc544\ubc00\ub9b0 \ubcd1\uc6a9 2b\uc0c1\uc740 \ubaa8\uc9d1 \uc644\ub8cc<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Biohaven<\/strong>: \ud3b8\ub450\ud1b5\uc57d <strong>\ub108\ud14d +33%<\/strong>. \ubbf8\uad6d\uc5d0\uc11c \uba39\ub294 CGRP \uacc4\uc5f4 1\uc704\uc774\uace0 \uc601\uad6d\u00b7\uc774\ud0c8\ub9ac\uc544\u00b7\uc77c\ubcf8\uc73c\ub85c \ud655\ub300 \uc911<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>\ucd5c\uadfc \uba87 \ub2ec\uac04 \uc8fc\uc694 \ud5c8\uac00 2\uac74, \ud575\uc2ec \uc784\uc0c1 \uacb0\uacfc 1\uac74, \ud575\uc2ec \uc784\uc0c1 \ucc29\uc218 8\uac74<\/li>\n\n\n\n<li>AI \ud65c\uc6a9\n<ul class=\"wp-block-list\">\n<li>\uc81c\uc870 \ud6a8\uc728\ud654, \uc758\uc0ac\u00b7\ud658\uc790 \ub300\uc0c1 \ub9c8\ucf00\ud305<\/li>\n\n\n\n<li>\uc2e0\uc57d \ud45c\uc801 \uac80\uc99d \uac00\uc18d<\/li>\n\n\n\n<li>\uc57d\ubb3c \uc548\uc804\uc131 \ubaa8\ub2c8\ud130\ub9c1 \ud50c\ub7ab\ud3fc <strong>GENESIS<\/strong> \ucd9c\uc2dc: 120\uac1c\uad6d 600\uac1c \uc774\uc0c1 \uc81c\ud488\uc758 \uc548\uc804\uc131 \uac10\uc2dc \uc5c5\ubb34\ub97c \uc790\ub3d9\ud654<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>2028\ub144 \ub9d0\ubd80\ud130 2033\ub144 \ub9d0\uae4c\uc9c0 \uc704\ud5d8 \uc870\uc815 \ub9e4\ucd9c \uc5f0\ud3c9\uade0 \ud55c \uc790\ub9bf\uc218 \ud6c4\ubc18 \uc131\uc7a5<\/strong> \ubaa9\ud45c\ub97c \uc7ac\ud655\uc778<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">3. \uc2e4\uc801 \uc138\ubd80<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\ub9e4\ucd9c \uae30\uc5ec\uac00 \ucef8\ub358 \uc81c\ud488: \uc5d8\ub9ac\ud034\uc2a4(\ud56d\uc751\uace0\uc81c), \ud30d\uc2a4\ub85c\ube44\ub4dc(\ucf54\ub85c\ub098 \uce58\ub8cc\uc81c), \ube48\ub2e4\ucf08(\uc2ec\uadfc\ubcd1\uc99d), \ub108\ud14d, \ub85c\ube0c\ub808\ub098(\ud3d0\uc554)<\/li>\n\n\n\n<li>\ub9e4\ucd9c\uc774 \uc904\uc5b4\ub4e0 \uc81c\ud488: \ucf54\ub85c\ub098 \ubc31\uc2e0\u00b7\uce58\ub8cc\uc81c, \ud504\ub9ac\ubca0\ub098(\ud3d0\ub834\uad6c\uade0 \ubc31\uc2e0)<\/li>\n\n\n\n<li>\uc2e0\uaddc \ucd9c\uc2dc\u00b7\uc778\uc218 \uc81c\ud488 \uc99d\uac00\uc561: <strong>\ud30c\ub4dc\uc138\ube0c +$2.55\uc5b5, \ub108\ud14d +$1.75\uc5b5, \ub85c\ube0c\ub808\ub098 +$1.14\uc5b5<\/strong><\/li>\n\n\n\n<li>\ud574\uc678 \ud53c\ubd80\uacfc \uc81c\ud488 2\uc885 \ud569\uc0b0 \ubd84\uae30 \ub9e4\ucd9c $1\uc5b5 \ub3cc\ud30c<\/li>\n\n\n\n<li><strong>\ube44\uc6a9 \uc808\uac10<\/strong>\n<ul class=\"wp-block-list\">\n<li>1\ub2e8\uacc4 $72\uc5b5 \uc808\uac10\uc740 2026\ub144 \ub9d0\uae4c\uc9c0 \uac70\uc758 \ub2e4 \ub2ec\uc131<\/li>\n\n\n\n<li><strong>2\ub2e8\uacc4: 2027~2029\ub144 \ucd94\uac00 $25\uc5b5 \uc808\uac10<\/strong> (\ud310\uad00\ube44\uc640 \uc81c\uc870 \uc6d0\uac00)<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>\ubbf8\uad6d \uac00\uaca9: \uc5d8\ub9ac\ud034\uc2a4 1\uc6d4 \uac00\uaca9 \uc778\ud558 \uc601\ud5a5 \uc678\uc5d0\ub294 \ud070 \ubcc0\ud654 \uc5c6\uc74c. \uc131\uc7a5\uc740 \ub300\ubd80\ubd84 \ud310\ub9e4\ub7c9 \uc99d\uac00 \ub355\ubd84<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">4. \uc804\ub9dd<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>2026\ub144<\/strong>\n<ul class=\"wp-block-list\">\n<li>\ub9e4\ucd9c <strong>$620\uc5b5~640\uc5b5<\/strong> (+$15\uc5b5 \uc0c1\ud5a5)<\/li>\n\n\n\n<li>\uc870\uc815 EPS <strong>$2.95~3.05<\/strong> (\uc911\uac04\uac12 +$0.10, \uc774\ub178\ubca4\ud2b8 \ube44\uc6a9 $0.10 \ubc18\uc601 \ud6c4)<\/li>\n\n\n\n<li>\ucf54\ub85c\ub098 \uc81c\ud488 \uc57d $40\uc5b5 \uc720\uc9c0 (\ucf54\ubbf8\ub098\ud2f0 \ub9e4\ucd9c\uc740 \ub300\ubd80\ubd84 4\ubd84\uae30)<\/li>\n\n\n\n<li>R&amp;D $108\uc5b5~118\uc5b5, \uc5f0\uac04 \ub9e4\ucd9c\ucd1d\uc774\uc775\ub960 70%\ub300 \uc911\ubc18<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>2027\ub144 \uac00\uc774\ub358\uc2a4\ub294 12\uc6d4 \uc911\uc21c \ubc1c\ud45c \uc608\uc815<\/strong>. \uace0\ub824 \uc694\uc778:\n<ul class=\"wp-block-list\">\n<li><strong>\ud2b9\ud5c8 \ub9cc\ub8cc(LOE)<\/strong>: \ubbf8\uad6d \uc785\ub79c\uc2a4(\uc720\ubc29\uc554)\uc640 \uc5d1\uc2a4\ud0c4\ub514(\uc804\ub9bd\uc120\uc554), \ud574\uc678 \uc5d8\ub9ac\ud034\uc2a4\ub294 2026\ub144 \ub9d0 \ub9cc\ub8cc<\/li>\n\n\n\n<li>\uc0c1\uc1c4 \uc694\uc778: \uc2e0\uaddc \ucd9c\uc2dc\u00b7\uc778\uc218 \uc81c\ud488 \uc131\uc7a5<\/li>\n\n\n\n<li>\uac00\uaca9 \uc694\uc778\n<ul class=\"wp-block-list\">\n<li>IRA(\ubbf8\uad6d \uc57d\uac00 \uc778\ud558\ubc95): 2027\ub144 \ud654\uc774\uc790 \uc81c\ud488 2\uac1c\uac00 \uc57d\uac00 \ud611\uc0c1 \ub300\uc0c1<\/li>\n\n\n\n<li>340B(\uc800\uc18c\ub4dd\uce35 \uc758\ub8cc\uae30\uad00 \uc57d\uac00 \ud560\uc778 \uc81c\ub3c4) \ub9ac\ubca0\uc774\ud2b8 \ubc29\uc2dd \ubcc0\uacbd<\/li>\n\n\n\n<li>MFN(\ucd5c\ud61c\uad6d \uc57d\uac00) \ud569\uc758 \uc601\ud5a5<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>\uc815\ucc45<\/strong>\n<ul class=\"wp-block-list\">\n<li>Bourla\ub294 \uc120\uac70 \uacb0\uacfc\uc640 \uad00\uacc4\uc5c6\uc774 \ubd84\ud560 \uc815\ubd80\uac00 \ub420 \uac83\uc73c\ub85c \ubd04<\/li>\n\n\n\n<li><strong>MFN\uc5d0 \ubcc0\ud654\ub294 \uc5c6\uc744 \uac83<\/strong>: \uc774\ubbf8 \ud569\uc758\uac00 \ub05d\ub0ac\uace0 \ud604 \uc815\ubd80 \uc784\uae30\uae4c\uc9c0 \uc720\uc9c0\ub428<\/li>\n\n\n\n<li>2025\ub144\uc5d0\ub294 \uad00\uc138\uc640 MFN\uc774 \ud06c\uac8c \uac71\uc815\ub410\uc9c0\ub9cc \uc9c0\uae08\uc740 \uc548\uc815\ub410\ub2e4\ub294 \ud3c9\uac00<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">5. \ud30c\uc774\ud504\ub77c\uc778<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\uc5d8\ub809\uc2a4\ud53c\uc624 (\ub2e4\ubc1c\uc131 \uace8\uc218\uc885, BCMA \uc774\uc911\ud56d\uccb4)<\/strong>\n<ul class=\"wp-block-list\">\n<li>3\uc0c1\uc5d0\uc11c 2\ubc88\uc9f8\ub85c \uae0d\uc815\uc801 \uacb0\uacfc(MagnetisMM-32)\n<ul class=\"wp-block-list\">\n<li>\ubb34\uc9c4\ud589 \uc0dd\uc874\uae30\uac04(PFS)\uc774 \uae30\uc874 3\uac00\uc9c0 \ud45c\uc900\uce58\ub8cc \ub300\ube44 \uc720\uc758\ubbf8\ud558\uac8c \uac1c\uc120<\/li>\n\n\n\n<li>18\uac1c\uc6d4 \ubb34\uc9c4\ud589 \uc0dd\uc874\uc728 \uc57d 68%<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>\uac10\uc5fc \uc608\ubc29 \uc870\uce58\ub97c \ucc98\uc74c\ubd80\ud130 \ub123\uc5b4 \uc911\uc99d \uac10\uc5fc\uc774 \uc904\uc5c8\uc74c<\/li>\n\n\n\n<li>\uc55e \ub2e8\uacc4 \uce58\ub8cc\ub85c \ud655\ub300\ud558\uba74 \ub300\uc0c1 \ud658\uc790\uac00 <strong>\uc57d 5\ubc30<\/strong>\ub85c \ub298\uc5b4\ub0a0 \uc218 \uc788\uc74c<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>\uc544\ud2f0\ub974\ubaa8\uc2dc\ud074\ub9bd (\uc720\ubc29\uc554, CDK4 \uc120\ud0dd\uc801 \uc5b5\uc81c\uc81c)<\/strong>\n<ul class=\"wp-block-list\">\n<li>CDK4 \uc120\ud0dd\uc131\uc774 CDK6 \ub300\ube44 <strong>33\ubc30<\/strong><\/li>\n\n\n\n<li>2\uc0c1\uc5d0\uc11c \uc9c8\ubcd1 \uc9c4\ud589 \ub610\ub294 \uc0ac\ub9dd \uc704\ud5d8 40% \uac10\uc18c<\/li>\n\n\n\n<li>\ubd80\uc791\uc6a9\uc73c\ub85c \uc6a9\ub7c9\uc744 \uc904\uc778 \ube44\uc728 14% (\uae30\uc874 \uc57d 32~43%)<\/li>\n\n\n\n<li>\uc870\uae30 \uc720\ubc29\uc554 3\uc0c1(\uc9c0\ub808\ub370\uc2a4\ud2b8\ub780\ud2b8 \ubcd1\uc6a9)\uc774 \uba87 \ub2ec \uc548\uc5d0 \uc2dc\uc791\ub428<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>\ud2f0\ubd80\ub098\ud0c0\ubbf9 (\ud3d0\uc554, PD-1\/VEGF \uc774\uc911\ud56d\uccb4)<\/strong>\n<ul class=\"wp-block-list\">\n<li>1\ucc28 \ube44\uc18c\uc138\ud3ec\ud3d0\uc554\uc5d0\uc11c \ubc18\uc751\ub960 \uc57d 80%<\/li>\n\n\n\n<li>PFS \uc57d 14\uac1c\uc6d4\ub85c \ube44\uad50\uad70\ubcf4\ub2e4 4~5\uac1c\uc6d4 \uac1c\uc120<\/li>\n\n\n\n<li>3\uc0c1 2\uac74 \uc9c4\ud589 \uc911\uc774\uace0 2\uac74 \ucd94\uac00 \uc608\uc815<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>\ud2f8\ub808\ud0a4\ubbf9 (\uc544\ud1a0\ud53c \ud53c\ubd80\uc5fc, IL-4\u00b7IL-13\u00b7TSLP \uc0bc\uc911\ud56d\uccb4)<\/strong>\n<ul class=\"wp-block-list\">\n<li>2\uc0c1\uc5d0\uc11c \uc704\uc57d \ub300\ube44 EASI75 \ubc18\uc751\ub960 \uc57d 50%. \ub4c0\ud53c\uc820\ud2b8(\ub4c0\ud544\ub8e8\ub9d9)\ubcf4\ub2e4 \uc6b0\uc6d4\ud560 \uac00\ub2a5\uc131<\/li>\n\n\n\n<li>\ub4c0\ud53c\uc820\ud2b8\uc640 \uc9c1\uc811 \ube44\uad50\ud558\ub294 3\uc0c1 \uc9c4\ud589 \uc911<\/li>\n\n\n\n<li>\ucc9c\uc2dd\u00b7COPD \uacb0\uacfc\ub294 2028~2029\ub144<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>PCV25 (\uc18c\uc544 \ud3d0\ub834\uad6c\uade0 \ubc31\uc2e0)<\/strong>\n<ul class=\"wp-block-list\">\n<li>2\uc0c1 \uc6b0\uc218. \ubbf8\uad6d 5\uc138 \ubbf8\ub9cc \uce68\uc2b5\uc131 \uc9c8\ud658\uc758 84%\ub97c \ucee4\ubc84 (\ud504\ub9ac\ubca0\ub09820 \ub300\ube44 \uc57d +25%p)<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>\uba54\ube0c\ub85c\uba54\ud1a0\uc2a4\ud0ef (\uc804\ub9bd\uc120\uc554, EZH2 \uc5b5\uc81c\uc81c)<\/strong>\n<ul class=\"wp-block-list\">\n<li>MEVPRO-1 \uacb0\uacfc <strong>2027\ub144 1\ubd84\uae30(2\uc6d4\uacbd)<\/strong>, MEVPRO-2 \uacb0\uacfc 2027\ub144 4\ubd84\uae30<\/li>\n\n\n\n<li>\uc5d1\uc2a4\ud0c4\ub514\uc640 \ub2ec\ub9ac <strong>\ubbf8\uad6d\u00b7\ud574\uc678 \ud310\uad8c\uc744 \ubaa8\ub450 \ubcf4\uc720<\/strong><\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>\ub77c\uc784\ubcd1 \ubc31\uc2e0<\/strong>\n<ul class=\"wp-block-list\">\n<li>\uc720\ub7fd \ud5c8\uac00 \uc2ec\uc0ac \uc2dc\uc791, CHMP(\uc720\ub7fd \uc758\uc57d\ud488 \uc2ec\uc0ac\uc704\uc6d0\ud68c) \uc758\uacac\uc740 2027\ub144 \uc608\uc0c1<\/li>\n\n\n\n<li>\uce90\ub098\ub2e4 \uc2e0\uccad \uc644\ub8cc, \ubbf8\uad6d FDA \ud611\uc758 \uacb0\uacfc\ub294 4\ubd84\uae30 \uacf5\uc720<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>\uc911\uad6d GLP-1 \uc5d0\ud06c\ub178\uae00\ub8e8\ud0c0\uc774\ub4dc<\/strong>\n<ul class=\"wp-block-list\">\n<li>4\uc6d4 \ucd9c\uc2dc, 10\uc6d4 \ub9d0 \ub2f9\ub1e8 \uc801\uc751\uc99d \uc2b9\uc778<\/li>\n\n\n\n<li>\uc911\uad6d \uad6d\uac00 \uac74\uac15\ubcf4\ud5d8 \uc758\uc57d\ud488 \ubaa9\ub85d(NRDL) \ub4f1\uc7ac \ucd5c\uc885 \uc2ec\uc0ac \uc911<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">6. \uc8fc\uc8fc\ud658\uc6d0\/\uc7ac\ubb34<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>1~9\uc6d4 R&amp;D \ud22c\uc790 <strong>$92\uc5b5<\/strong>, <strong>\ubc30\ub2f9\uc73c\ub85c $73\uc5b5 \ud658\uc6d0<\/strong><\/li>\n\n\n\n<li>\uc790\ubcf8 \ubc30\ubd84 \uc6b0\uc120\uc21c\uc704\ub294 \uadf8\ub300\ub85c: \uc0ac\uc5c5 \ud22c\uc790, \ubc30\ub2f9 \uc720\uc9c0\u00b7\ud655\ub300, \uc7ac\ubb34 \uac74\uc804\uc131<\/li>\n\n\n\n<li>\uc790\uc0ac\uc8fc \ub9e4\uc785\uc740 \ud2b9\ud5c8 \ub9cc\ub8cc \uc2dc\uae30 \uc774\ud6c4 \ub2e4\uc2dc \uac80\ud1a0<\/li>\n\n\n\n<li>\uc774\ub178\ubca4\ud2b8 \uac70\ub798 \ud6c4 \uc0ac\uc5c5\uac1c\ubc1c(BD) \uc5ec\ub825 <strong>\uc57d $60\uc5b5<\/strong>. \ub300\ud615 \uc778\uc218\ubcf4\ub2e4 <strong>\uae30\uc874 \uc0ac\uc5c5\uc744 \ubcf4\uc644\ud558\ub294 \uc911\uc18c\ud615 \uc778\uc218(bolt-on)<\/strong> \uc911\uc2ec<\/li>\n\n\n\n<li>\ubd80\ucc44\ube44\uc728\uc740 \ud2b9\ud5c8 \ub9cc\ub8cc \uae30\uac04 \ub3d9\uc548 \uc9c0\uae08 \uc218\uc900\uc774\uac70\ub098 \uc57d\uac04 \ub192\uc544\uc9c8 \uc804\ub9dd<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">7. \uc9c8\uc758\uc751\ub2f5 \ud575\uc2ec<\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\uc9c8\ubb38\uc790<\/th><th>\uc9c8\ubb38<\/th><th>\ub2f5\ubcc0 \uc694\uc57d<\/th><\/tr><\/thead><tbody><tr><td>Chris Schott (JP\ubaa8\uac74)<\/td><td>\ud2f8\ub808\ud0a4\ubbf9 \ud3ec\uc9c0\uc154\ub2dd\uacfc \uc77c\uc815, \uc544\ubc00\ub9b0 \ubcd1\uc6a9 \ub370\uc774\ud130 \uae30\ub300\uce58<\/td><td>\uc544\ud1a0\ud53c 3\uc0c1 2\uac74(\ub4c0\ud53c\uc820\ud2b8 \uc9c1\uc811 \ube44\uad50 \ud3ec\ud568), COPD\u00b7\ucc9c\uc2dd\uc740 2028~2029\ub144 \uacb0\uacfc.<br>\uc544\ubc00\ub9b0 2b\uc0c1(SOLIS-1)\uc740 \ubaa8\uc9d1 \uc644\ub8cc, \ud6a8\ub2a5 \uacb0\uacfc\ub294 2027\ub144 \ud558\ubc18\uae30.<br>\uc5f0\ub9d0 1\/2a\uc0c1\uc740 \uc548\uc804\uc131\u00b7\uc57d\ub3d9\ud559 \uc704\uc8fc<\/td><\/tr><tr><td>Dave Risinger (Leerink)<\/td><td>3\ubd84\uae30 \ubbf8\uad6d \uc21c\uac00\uaca9, \ud5a5\ud6c4 \uc804\ub9dd<\/td><td>\uc5d8\ub9ac\ud034\uc2a4 1\uc6d4 \uac00\uaca9 \uc778\ud558 \uc678\uc5d0 \ud070 \ubcc0\ud654 \uc5c6\uc74c.<br>\uc131\uc7a5\uc740 \ud310\ub9e4\ub7c9 \ub355\ubd84.<br>2027\ub144\uc5d0\ub294 IRA, 340B, MFN \uc601\ud5a5\uc744 \uac00\uc774\ub358\uc2a4\uc5d0 \ubc18\uc601<\/td><\/tr><tr><td>Umer Raffat (\uc5d0\ubc84\ucf54\uc5b4)<\/td><td>\uc601\uc5c5\ube44\uc6a9\uc774 2022\ub144\uacfc \ube44\uc2b7\ud55c \uc218\uc900\uc778\ub370 \ube44\uc6a9 \uc808\uac10 \ud6a8\uacfc\ub294<\/td><td>$72\uc5b5 \uc808\uac10\uc744 \ub2ec\uc131 \uc911\uc774\uace0 R&amp;D\uc5d0 \uc7ac\ud22c\uc790\ud568.<br>2026\ub144 \ud310\uad00\ube44\ub294 \uc804\ub144 \ub300\ube44 \uac10\uc18c.<br>2\ub2e8\uacc4 $25\uc5b5 \uc808\uac10\uc73c\ub85c \ud2b9\ud5c8 \ub9cc\ub8cc\uc5d0 \ub530\ub978 \ub9c8\uc9c4 \ud558\ub77d\uc744 \uc644\ud654<\/td><\/tr><tr><td>Akash Tewari (\uc81c\ud504\ub9ac\uc2a4)<\/td><td>STAT6 \uc5c5\ub370\uc774\ud2b8, \uc544\ubc00\ub9b0 1\/2\uc0c1 \uaddc\ubaa8 \ucd95\uc18c<\/td><td>STAT6\ub294 \ucd94\uac00 \uc57d\ubb3c \uc0c1\ud638\uc791\uc6a9 \uc2dc\ud5d8\uc744 \ubc18\uc601\ud574 \uc5f0\ub0b4 \uacb0\uacfc \uacf5\uac1c.<br>1\/2a\uc0c1\uc740 \uc57d\ub3d9\ud559 \uc2dc\ud5d8 \uc870\uc815\uc774\uace0 \uc911\uc694\ud55c \ubcc0\ud654 \uc5c6\uc74c<\/td><\/tr><tr><td>Vamil Divan (\uad6c\uac90\ud558\uc784)<\/td><td>PI3K \uc5b5\uc81c\uc81c \uc804\ub7b5, AZ VOLGA \ub370\uc774\ud130\uac00 \ud30c\ub4dc\uc138\ube0c\uc5d0 \ubbf8\uce60 \uc601\ud5a5<\/td><td>\uc720\ubc29\uc554\uc758 \ucd5c\ub300 40%\uac00 PI3K\u03b1 \ubcc0\uc774 \ubcf4\uc720. \uc544\ud2f0\ub974\ubaa8\uc2dc\ud074\ub9bd\uacfc \ubcd1\uc6a9\ud558\uba74 \uc57d\ubb3c \uc0c1\ud638\uc791\uc6a9\uc774 \uc5c6\ub294 \uc7a5\uc810.<br>VOLGA \uacb0\uacfc\ub294 \uc624\ud788\ub824 \ud30c\ub4dc\uc138\ube0c+PD-1 \ubcd1\uc6a9 \uadfc\uac70\ub97c \uac15\ud654\ud568<\/td><\/tr><tr><td>Evan Seigerman (BMO)<\/td><td>\uc2e0\uc784 CFO\uc758 \uc790\ubcf8 \ubc30\ubd84 \ubc29\ud5a5<\/td><td>\uc6b0\uc120\uc21c\uc704\ub294 \uadf8\ub300\ub85c.<br>\ud2b9\ud5c8 \ub9cc\ub8cc \uae30\uac04\uc5d0\ub294 \ud22c\uc790\uc640 \ubc30\ub2f9 \uc720\uc9c0.<br>\uadf8 \uc774\ud6c4\uc5d0 \uc790\uc0ac\uc8fc \ub9e4\uc785 \uc7ac\uac1c\ub97c \uac80\ud1a0<\/td><\/tr><tr><td>Steve Scala (TD Cowen)<\/td><td>MEVPRO \uc77c\uc815, \ub300\ud615 \uc778\uc218\ub97c \uc65c \uc6b0\uc120\ud558\uc9c0 \uc54a\ub294\uc9c0<\/td><td>MEVPRO-1\uc740 2027\ub144 2\uc6d4\uacbd, MEVPRO-2\ub294 4\ubd84\uae30.<br>\ucd5c\uadfc \ub300\ud615 \uc778\uc218(Seagen \ub4f1) \uc2e4\ud589\uc5d0 \uc9d1\uc911\ud558\uace0 \uc911\uc18c\ud615 \uc778\uc218 \uc911\uc2ec.<br>\uba54\ube0c\ub85c\uba54\ud1a0\uc2a4\ud0ef\uc740 \uae00\ub85c\ubc8c \ud310\uad8c\uc744 \uac00\uc9c4 \ub2e4\uc911 \uc801\uc751\uc99d \uc81c\ud488<\/td><\/tr><tr><td>Geoff Meacham (\uc528\ud2f0)<\/td><td>2027\ub144 MFN \uc815\ucc45 \ub9ac\uc2a4\ud06c, \ubca0\ub85c\ubca0\ub098\ud0c0\uc774\ub4dc \uc801\uc751\uc99d \ud655\uc7a5<\/td><td>\ubd84\ud560 \uc815\ubd80\ub77c \uc785\ubc95 \ubcc0\ud654\ub294 \uc5b4\ub835\uace0, MFN\uc740 \uc774\ubbf8 \ud569\uc758\uac00 \ub05d\ub098 \ubcc0\ud654 \uc5c6\uc74c.<br>\ubb34\ub98e \uace8\uad00\uc808\uc5fc\u00b7\uc218\uba74\ubb34\ud638\ud761 \uc784\uc0c1 \uc2dc\uc791.<br>\uba74\uc5ed\u00b7\ud56d\uc554\uc73c\ub85c\uc758 \ud655\uc7a5\ub3c4 \uac80\ud1a0<\/td><\/tr><tr><td>Alex Hammond (\uc6b8\ud504)<\/td><td>\uc911\uad6d GLP-1 \ucd9c\uc2dc \uc0c1\ud669, \ub77c\uc784\ubcd1 \ubc31\uc2e0 \uc77c\uc815<\/td><td>\ube44\ub9cc \uc2dc\uc7a5\uc740 \ubbf8\uc6a9 \ubaa9\uc801\uacfc \uace0\ub3c4\ube44\ub9cc\uc73c\ub85c \ub098\ub258\uc5b4 \uc81c\ud488 \ud3ec\ud2b8\ud3f4\ub9ac\uc624\uac00 \ud544\uc694\ud568.<br>\ub2f9\ub1e8 \uc2b9\uc778\uc73c\ub85c \ubcd1\uc6d0\u00b7\uc628\ub77c\uc778 \ucc44\ub110\uc774 \uc5f4\ub838\uace0 \ubcf4\ud5d8 \ub4f1\uc7ac \uc2ec\uc0ac \uc911.<br>\ub77c\uc784\ubcd1 \ubc31\uc2e0\uc740 \uc720\ub7fd \uc2ec\uc0ac \uc911\uc774\uace0 FDA \uacb0\uacfc\ub294 4\ubd84\uae30<\/td><\/tr><tr><td>Michael Yee (UBS)<\/td><td>\uba54\ube0c\ub85c\uba54\ud1a0\uc2a4\ud0ef \uc81c\ud615 \ubcc0\uacbd, \ud2f8\ub808\ud0a4\ubbf9 \ud56d\uc57d\ubb3c\ud56d\uccb4<\/td><td>\uc2dd\uc0ac\uc640 \ud568\uaed8 \ubcf5\uc6a9\ud558\ub294 \uc81c\ud615\uc73c\ub85c \ucd5c\uace0 \ud608\uc911\ub18d\ub3c4\ub97c \ub0ae\ucd94\uba74\uc11c \ub178\ucd9c\ub7c9\uc740 \uc720\uc9c0.<br>\ud2f8\ub808\ud0a4\ubbf9\uc740 \uc9c0\uae08\uae4c\uc9c0 \ud6a8\ub2a5\uc5d0 \uc601\ud5a5\uc744 \uc8fc\ub294 \ud56d\uc57d\ubb3c\ud56d\uccb4\uac00 \uc5c6\uc74c<\/td><\/tr><tr><td>Asad Haider (\uace8\ub4dc\ub9cc\uc0ad\uc2a4)<\/td><td>2027\ub144 \ubcc0\uc218, \uc99d\uad8c\uac00 \uc804\ub9dd\uacfc\uc758 \uad34\ub9ac<\/td><td>2027\ub144 \uac00\uc774\ub358\uc2a4\ub294 12\uc6d4 \uc911\uc21c.<br>\uc2e0\uaddc \uc81c\ud488, \uc2e0\uaddc \uc801\uc751\uc99d, \ud30c\uc774\ud504\ub77c\uc778 \uc804\ubc18\uc758 \uc131\uc7a5\uc774 \uc99d\uad8c\uac00\uc5d0 \ub35c \ubc18\uc601\ub410\ub2e4\ub294 \uc785\uc7a5.<br>\uc608: \ub108\ud14d\uc740 \uc774\ubbf8 \uc5f0\ud658\uc0b0 \uc57d $20\uc5b5\uc778\ub370 \uc99d\uad8c\uac00\ub294 2030\ub144 $25\uc5b5\uc73c\ub85c \uc608\uc0c1.<br>\uc5d8\ub809\uc2a4\ud53c\uc624\ub294 \uacbd\uc7c1 \uc81c\ud488 $50\uc5b5 \uc608\uc0c1 \ub300\ube44 $6\uc5b5\uc73c\ub85c \uacfc\uc18c\ud3c9\uac00<\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>1. \ud575\uc2ec \uc774\uc288: \ucf54\ub85c\ub098 \uc678 \uc81c\ud488 \uc131\uc7a5\uc73c\ub85c \uc5f0\uac04 \uac00\uc774\ub358\uc2a4 \uc0c1\ud5a5 \ud56d\ubaa9 \ub0b4\uc6a9 \uc870\uc815 \ub9e4\ucd9c\ucd1d\uc774\uc775\ub960 77% (\uc81c\ud488 \uad6c\uc131 \uac1c\uc120, \uc6d0\uac00 \uad00\ub9ac) \uc870\uc815 \uc601\uc5c5\ube44\uc6a9 $68\uc5b5. \ud310\uad00\ube44 +2%, R&amp;D +18% \uc778\uc218 R&amp;D \ube44\uc6a9 $6.5\uc5b5 (\uc774\ub178\ubca4\ud2b8 \uac70\ub798, \uc804\ub144\uc5d0\ub294 3SBio \uac70\ub798\ub85c $13.5\uc5b5) \uc870\uc815 \uc601\uc5c5\uc774\uc775\ub960 36% 1~9\uc6d4 \uc601\uc5c5\ud604\uae08\ud750\ub984 $88\uc5b5 \ubd80\ucc44\ube44\uc728 2.6\ubc30 (2026\ub144 \ubaa9\ud45c 2.7\ubc30\ubcf4\ub2e4 \ub0ae\uc74c) 2. CEO \ubc1c\ud45c (Albert Bourla) 3. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","footnotes":""},"categories":[38],"tags":[94,100,113],"class_list":["post-404","post","type-post","status-publish","format-standard","hentry","category-38","tag-94","tag-100","tag-pfizer"],"uagb_featured_image_src":{"full":false,"thumbnail":false,"medium":false,"medium_large":false,"large":false,"1536x1536":false,"2048x2048":false,"blogsy-small":false,"blogsy-small-tall":false,"blogsy-small-square":false,"blogsy-small-masonry":false,"blogsy-medium":false,"blogsy-medium-masonry":false,"blogsy-large":false,"blogsy-wide":false},"uagb_author_info":{"display_name":"Arphile","author_link":"https:\/\/www.arphile.net\/?author=1"},"uagb_comment_info":0,"uagb_excerpt":"1. \ud575\uc2ec \uc774\uc288: \ucf54\ub85c\ub098 \uc678 \uc81c\ud488 \uc131\uc7a5\uc73c\ub85c \uc5f0\uac04 \uac00\uc774\ub358\uc2a4 \uc0c1\ud5a5 \ud56d\ubaa9 \ub0b4\uc6a9 \uc870\uc815 \ub9e4\ucd9c\ucd1d\uc774\uc775\ub960 77% (\uc81c\ud488 \uad6c\uc131 \uac1c\uc120, \uc6d0\uac00 \uad00\ub9ac) \uc870\uc815 \uc601\uc5c5\ube44\uc6a9 $68\uc5b5. \ud310\uad00\ube44 +2%, R&amp;D +18% \uc778\uc218 R&amp;D \ube44\uc6a9 $6.5\uc5b5 (\uc774\ub178\ubca4\ud2b8 \uac70\ub798, \uc804\ub144\uc5d0\ub294 3SBio \uac70\ub798\ub85c $13.5\uc5b5) \uc870\uc815 \uc601\uc5c5\uc774\uc775\ub960 36% 1~9\uc6d4 \uc601\uc5c5\ud604\uae08\ud750\ub984 $88\uc5b5 \ubd80\ucc44\ube44\uc728 2.6\ubc30 (2026\ub144 \ubaa9\ud45c 2.7\ubc30\ubcf4\ub2e4 \ub0ae\uc74c) 2. CEO \ubc1c\ud45c (Albert Bourla) 3.&hellip;","_links":{"self":[{"href":"https:\/\/www.arphile.net\/index.php?rest_route=\/wp\/v2\/posts\/404","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.arphile.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.arphile.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.arphile.net\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.arphile.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=404"}],"version-history":[{"count":1,"href":"https:\/\/www.arphile.net\/index.php?rest_route=\/wp\/v2\/posts\/404\/revisions"}],"predecessor-version":[{"id":405,"href":"https:\/\/www.arphile.net\/index.php?rest_route=\/wp\/v2\/posts\/404\/revisions\/405"}],"wp:attachment":[{"href":"https:\/\/www.arphile.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=404"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.arphile.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=404"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.arphile.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=404"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}