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2025年5月20日，辉瑞以12.5亿美元首付款，最多达60.5亿美金的总交易金额，宣布引进将三生制药PD-1/VEGF双抗SSGJ-707的中国外全球权益(辉瑞终出手：60.5亿美金引进三生PD-1/VEGF双抗，刚刚启动三期)。

在2025年6月9日举行的Goldman Sachs全球健康医疗会议上，辉瑞首次回应了这笔交易，并对未来的BD策略进行了进一步分析。尽管手握150亿美金，基于高溢价，其将不会用于单笔超额交易，而是进行几笔规模较小的交易。

Asad Haider - Goldman Sachs - Analyst

Just on M&A and BD, just maybe your updated view, Albert, in the context of the deal that you recently did with 3SBio to license that PD-1 VEGF bispecific. Obviously, there's been a tremendous amount of excitement about this class as potentially disrupting the standard of care.

There's been a flurry of recent news flow. You're going to be paying all in about $6 billion for this asset. So talk us through how you landed on this asset specifically and that price tag.

就并购和业务拓展而言，Albert，请您结合您最近与三生制药达成的PD-1 VEGF双特异性抗体许可协议，谈谈您最新的观点。显然，人们对这类药物的潜力非常看好，认为它可能会颠覆现有的治疗标准。

最近有很多新闻报道。您将为这项资产支付约60亿美元。请您具体谈谈您是如何获得这项资产的，以及当时的价格。

Albert Bourla - Pfizer Inc - Chairman of the Board, Chief Executive Officer 

 We paid $1.2 billion. I hope we will pay $6 billion. Because we will pay $6 billion if the whole thing is very successful and sells a lot because there are milestones over there, right? But the $1.2 billion is what right now, we put at risk plus all the development costs. 

I think, first of all, this is a fabulous asset. It is in a class that is highly promising. It is the only class that has demonstrated benefits against PD-1s in the decade that these PD-1s are there and dominating the landscape. There's nothing else like that. 

And the data that this company had were very good. But of course, there were data in China. So you need to know the company, and you need to make -- to be very careful in China how you do the due diligence. 

We sent teams in China that they spent weeks, that they went to the sites. They viewed the scans one after the other. They interviewed the physicians that they run the study. So you didn't do due diligence in a data room. We sent people on site, and we feel very comfortable. 

I met the CEO. They are credible guys. So we feel very good about this asset. Now, why this asset is strategic for us is not only because on itself, it can represent, as a standalone, a very big opportunity. because that's better than PD-1s, if that continues to be the case and will be proven; but also because we have the largest ADC portfolio. 

And our ADC portfolio is based on a payload that's called the vedotin. And the vedotin has been proven. But because it creates immunogenic cell death, it has synergistic effects with PD-1s. So all these parts of results are together with the Keytruda, right?

 So with any PD-1s, you put together this ADC with a PD-1 and you have much better results than if they are standalone. So for us to have the new, let's say, standard of immunotherapy as part of our portfolio is very strategically important, given that we have all the ADCs.

我们支付了12亿美元。我希望我们能支付60亿美元。因为如果整个项目非常成功，销量很高，我们就会支付60亿美元，因为那里有里程碑，对吧?但目前我们承担的风险是12亿美元，加上所有的开发成本。

我认为，首先，这是一笔极好的资产。它属于一个非常有前景的类别。它是过去十年中唯一一个显示出优于PD-1的类别，因为PD-1已经存在并占据了市场主导地位。没有其他药物能与之相比。

这家公司拥有的数据非常好。当然，他们在中国也有数据。所以你需要了解这家公司，你需要非常谨慎地在中国进行尽职调查。

我们派团队在中国待了数周，深入研究现场。他们逐一查看了扫描结果，并采访了负责这项研究的医生。所以，我们不需要像在数据室那样进行尽职调查。我们派人到现场，我们感到非常安心。

我见到了首席执行官。他们都是值得信赖的人。所以我们对这项资产非常满意。这项资产对我们具有战略意义，不仅因为它本身就代表着一个巨大的机遇，因为它比PD-1更好，如果这种情况持续下去并得到证实的话;还因为我们拥有最大的ADC产品组合。

我们的ADC产品组合基于vedotin(笔者注：MMAE为代表微管抑制剂)的有效载荷。vedotin已被证实有效。由于它能够诱导免疫原性细胞死亡，因此它与PD-1具有协同作用。所以所有这些结果都与Keytruda相关，对吗?

因此，对于任何PD-1药物，将ADC与PD-1组合使用，其效果会比单独使用效果好得多。鉴于我们拥有所有ADC，将新的、可以说是标准的免疫疗法纳入我们的产品组合具有重要的战略意义。

Asad Haider - Goldman Sachs - Analyst

How does it affect the Summit partnership, that announcement that you had earlier this year?

您今年早些时候宣布的与Summit的合作关系有何影响?

Albert Bourla - Pfizer Inc - Chairman of the Board, Chief Executive Officer

The Summit partnership was research collaboration. So it was not -- we didn't have any financials on their molecule, and they didn't have any financials on our molecule. It is exactly because the ADCs and the PD-1, PD-L1s, they have seen logistic effects, they wanted and we wanted to do a study between their molecule and one of our ADCs.

And so they are giving the product, we are running the study. And that is there. It's not the discussion right now, but it was not that we had an economic interest on there.

Summit 的合作是研究合作。所以，我们和他们都没有关于他们分子的任何财务投入。正是因为他们看到了 ADC、PD-1 和 PD-L1 的逻辑效应，所以他们想要，我们也想在他们的分子和我们的某个ADC之间进行一项研究。

所以他们提供产品，我们进行研究。就是这样。目前还没有讨论，但我们并没有在这方面有经济利益。

Asad Haider - Goldman Sachs - Analyst

I was a little surprised actually to see an oncology deal before we saw something in cardiometabolic or even I&I, just given the vocabulary of the company recently has been almost deemphasizing BD in oncology and vaccines versus I&I and cardio. So maybe just talk through like any updated thinking there?

事实上，在心脏代谢领域，甚至免疫与免疫治疗领域，看到BD在肿瘤学领域的交易之前，我有点惊讶，因为公司最近的宣传几乎都在淡化BD在肿瘤学和疫苗领域的业务，而更看重免疫与免疫治疗和心脏领域。所以，能否简单聊聊BD在这方面有什么新的想法?

Albert Bourla - Pfizer Inc - Chairman of the Board, Chief Executive Officer

Yes. The truth is that for oncology for us, the bar is much higher because we have plenty of assets. So we are operating in full capacity right now with R&D organizations. So it's not that we are looking to get it.

Clearly, in other areas, we have higher interest. And cardiometabolic, obesity -- let's say the internal medicine is clearly an area that we have very high interest, and we are looking. Obesity, for example -- we do believe that obesity is a very big area and a high unmet medical need. We do think there is a lot of risk with pricing, so we are looking at it very quickly. And all calculations and valuations that we may do or not for deals include the stress test of pricing should go down and what happens in that case, right -- MFN or non-MFN prices, I think, because of competition.

There is also a lot of players that are right now emerging. Particularly in China, there are -- there is tremendous science on obesity, et cetera. So we are looking all of that -- but one thing, it is very clear that we don't want to overpay. And sometimes in valuations, it's already embedded a premium, but it's really very, very high.

So we will only do it if we think that we can find promising asset that valuations -- disciplined approach could make sense. And the reason why we go and do it, it is because we have such a big expertise in legacy in metabolic diseases in-house, but really -- and it's primary care.

So it plays both commercial and reserves on the strengths of this company. This company was built on this type of assets, right? So yeah, we will go for it. But we are not going to overpay. And right now, there are a lot of crazy demands.

是的。事实上，对于我们来说，肿瘤学的门槛要高得多，因为我们拥有充足的资产。因此，我们目前正全力以赴地与研发机构合作。所以，我们并非有意收购。

显然，我们对其他领域更感兴趣。比如心脏代谢和肥胖——比如内科，显然是我们非常感兴趣并且正在关注的一个领域。例如肥胖——我们确实认为肥胖是一个非常大的领域，并且存在着巨大的未满足医疗需求。我们确实认为定价存在很大的风险，所以我们正在快速评估。我们为交易进行的所有计算和估值，无论是否进行，都包含定价压力测试，以及在这种情况下会发生什么——我认为，最惠国价格或非最惠国价格，都是因为竞争。

现在也有很多新兴的参与者。尤其是在中国，有大量关于肥胖等方面的科学研究。所以我们正在考虑所有这些因素——但有一点非常明确，我们不想支付过高的价格。有时估值中已经包含溢价，但溢价确实非常高。

所以，只有当我们认为能够找到有前景的资产，并且估值合理，我们才会这么做。我们之所以这么做，是因为我们内部在代谢疾病领域拥有丰富的专业知识，而且实际上，这涉及的是初级保健领域。

所以，这笔交易既能发挥这家公司的商业优势，也能发挥其储备优势。这家公司就是建立在这类资产之上的，对吧?所以，是的，我们会争取。但我们不会出价过高。目前，有很多疯狂的需求。

Asad Haider - Goldman Sachs - Analyst

In terms of your M&A firepower, you put bands of $10 billion to $15 billion as the ballpark. Is that still the consideration in the context.

就您的并购火力而言，您预计的并购规模在100亿美元到150亿美元之间。在这种情况下，这仍然是一个考虑因素吗?

Albert Bourla - Pfizer Inc - Chairman of the Board, Chief Executive Officer

Yeah, it is still the consideration in the context. And already, we did $1 billion of that. And I don't think we would like -- I mean, we never say never on anything. But probably, I would prefer not to do one of $15 billion, but to do a few of smaller deals. But it needs to be strategic and at good value for the shareholders.

是的，这仍然是一个背景考虑的问题。我们已经完成了10亿美元的交易。我认为我们不会……我的意思是，我们从来不会说“永不放弃”。但我可能不想做一笔150亿美元的交易，而是做几笔规模较小的交易。但这笔交易必须具有战略意义，并且对股东来说具有良好的价值。

Asad Haider - Goldman Sachs - Analyst

And then I guess I have to ask you on the dividend. There still seems to be some investor debate. You and I have talked about this. Recognizing that this is a core part of your stated capital allocation strategy, is that -- what is any other circumstances in which you may reconsider that view?

然后我想问一下您关于股息的问题。投资者似乎仍然存在一些争议。您和我已经讨论过这个问题。考虑到这是您所述资本配置策略的核心部分，那么在什么情况下您可能会重新考虑这一观点呢?

Albert Bourla - Pfizer Inc - Chairman of the Board, Chief Executive Officer

Only if there's something catastrophic. There is no way that -- right now, we are very clear. We are going to maintain our dividend, and we are going to maintain a growing dividend. And is it going to be an MFN that kills the industry?

It's a very different story. But under normal circumstances, of which it includes known and unknown competition, costs, investments in other areas, et cetera, our deleveraging is a very high priority. Our dividend is a very high priority.

And we -- because we were able to delever very nicely -- because if you saw, our cash flows last year were very, very good. So, we went way below our stated target for the end of the year. We went already last year, right?

So it went really, really well. So that's why we are now, suddenly -- for this year, we can have $10 billion to $15 billion also on BD, while maintaining our dividend, while maintaining our R&D, and while continuing delevering. So I think we are good on that front.

除非发生灾难性事件。目前，我们非常清楚，我们不会这样做。我们会维持股息，而且会保持股息的增长。这会不会成为扼杀行业的最惠国待遇?

这完全是另一回事。但在正常情况下，包括已知和未知的竞争、成本、其他领域的投资等等，我们的去杠杆化是重中之重。股息是我们非常重视的。

因为我们能够很好地去杠杆化，因为如果你看到的话，我们去年的现金流非常非常好。所以，我们远低于我们设定的年底目标。去年我们就已经达到了，对吧?

所以一切进展非常顺利。这就是为什么我们现在突然——今年，我们可以在BD上投入100亿到150亿美元，同时维持股息，维持研发投入，并继续去杠杆化。所以我认为我们在这方面做得很好。