医药生物行业海外制药企业2026Q2业绩回顾：MNC在自免赛道布局更新

请务必阅读正文之后的免责声明及其项下所有内容证券研究报告 | 2026年8月18日行业研究 · 行业专题 医药生物投资评级：优于大市（维持评级）证券分析师：马千里010-88005445maqianli@guosen.com.cnS0980521070001证券分析师：陈曦炳0755-81982939chenxibing@guosen.com.cnS0980521120001证券分析师：彭思宇0755-81982723pengsiyu@guosen.com.cnS0980521060003海外制药企业2026Q2业绩回顾——MNC在自免赛道布局更新请务必阅读正文之后的免责声明及其项下所有内容MNC在自免赛道布局更新01海外制药企业2026Q2业绩回顾02目录请务必阅读正文之后的免责声明及其项下所有内容MNC在I&I赛道布局（1）表：MNC在I&I赛道布局（1）Eli LillyJNJAbbvieNovartisRocheAstraZenecaMerckAmgenPfizerSanofiGSKRegeneronTotal sales$65.2bn$60.4bn$61.2bn$54.5bnCHF 47.7bn$58.7bn$58.1bn$35.1bn$62.6bn€43.6bn£32.3bn$14.3bnI&I sales~$5.2bn (~8%)~15.7bn (~26%)~$30.4bn (~54%)~$14.7bn (~27%)~CHF 12.9bn (~27%)~$9.6B (~18%)~$0.2bn (~0.3%)~$6.2bn (~18%)~$2.6bn (~4%)~€16.5bn (~38%)£10.8B (~34%)~$5.9bn (~41%)*Asthma1st GenXolair (anti-IgE; US 03Q2; 2025 OUS sales $1.7bn, collaboration with Roche);Xolair (anti-IgE; US 03Q2; 2025 US sales CHF3.1bn) ;Fasenra (IL-5R; US 17Q4; 2025 sales $2.0bn); Tezspire(TSLP; US 21Q4; 2025 AZ revenue $673m; AZ/Amgen collaboration 2012);Tezspire (TSLP; US 21Q4; 2025 sales $1.5bn; AZ/Amgen collaboration 2012); Dupixent (IL-4Rα; US 18Q4; 2025 sales €15.7bn);Nucala (IL-5; US 15Q4; 2025 sales £2.0bn);Dupixent (IL-4Rα; US 18Q4, Sanofi Alliance);ultra-long acting / inhaledZumilokibart (ultra-long acting IL-13, Ph1b mild-moderate asthma positive ro, Apogee acq);APG333 (ultra-long acting TSLP, Ph1 HV positive ro);Sunakiment (inhaled TSLP FAb; Ph2b LAVANTE finished 26Q2, AZ/Amgen collaboration);AZD4604 (inhaled JAK1; Ph2 finished, discontinued due to efficacy); Sunakiment (inhaled TSLP FAb; Ph2b LAVANTE finished 26Q2, AZ/Amgen collaboration)Dupixent (IL-4Rα; US 18Q4; 2025 sales €15.7bn);Exdensur (ultra-long acting IL-5; US 25Q4); GSK5784283 (ultra-long acting TSLP; Ph2 NAZARE onging; Aiolos acq $1.0bn+400m, 24Q1);Dupixent (IL-4Rα; US 18Q4, Sanofi Alliance);bisAbJNJ-95597528/PX128(IL-13×TSLP; Ph1 ongoing; Proteologix acq $850m cash + potential milestone, 24Q2);APG273 (Zumilokibart+ APG333 combination, clinical trial plans to be announded 26H2);RG6981 (IL-33×TSLP; Ph1 ongoing FPI 26Q1; BD from Qyuns , ) Tilrekimig (IL-4×IL-13×TSLP, Ph2 recruiting, PCD 27Q3);Lunsekimig (IL-13×TSLP Nanobody; Ph2b moderate to severe asthma AIRCULES positive 26Q2; asthma high-risk AIRLYMPUS Ph2 ongoing ro in 2027; Ablynx acq €3.9bn, 18Q1);long acting IL-4×IL-13 bispecific;OthersBrenipatide (GLP-1R/GIPR agonist, Ph2 uncontrolled moderate to severe asthma Ph2 recruiting, PCD 28Q2);Tozorakimab (IL-33; Ph2 UMBRIEL ongoing, ro in 27H2);AMG 691(undisclosed mAb; asthma Ph1);SAR449028/BLU-808(inflammatory mechanism; asthma Ph2);资料来源：各公司公告，国信证券经济研究所整理3请务必阅读正文之后的免责声明及其项下所有内容MNC在I&I赛道布局（2）表：MNC在I&I赛道布局（2）Eli LillyJNJAbbvieNovartisRocheAstraZenecaMerckAmgenPfizerSanofiGSKRegeneronTotal sales$65.2bn$60.4bn$61.2bn$54.5bnCHF 47.7bn$58.7bn$58.1bn$35.1bn$62.6bn€43.6bn£32.3bn$14.3bnI&I sales~$5.2bn (~8%)~15.7bn (~26%)~$30.4bn (~54%)~$14.7bn (~27%)~CHF 12.9bn (~27%)~$9.6B (~18%)~$0.2bn (~0.3%)~$6.2bn (~18%)~$2.6bn (~4%)~€16.5bn (~38%)£10.8B (~34