随着港股与美股上市的中国生物科技企业本周密集交出2025年上半年成绩单,一幅创新药行业生存图景清晰浮现。百济神州、信达生物、君实生物等头部企业财报数据显示,如今全球化能力、现金流管理、差异化创新成为分水岭,行业正转向效率与价值创造的新阶段,行业洗牌进入深水区。廖木兴/图能否“出海”成关键胜负手PD-1抑制剂作为中国创新药首个“内卷红海”,其销售表现成为检验企业商业化能力的试金石。百济神州近日披露的...
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