每周聚焦：欧盟医药数据包

IndustryEU PharmaceuticalsS0BI Q2'25 results - call @13:00 UK - LINKJNJQ225results-call@13:00UK-LINKNOVN Q2'25 results - call @13:0g U- LINKeBienrep ADcOM for multiple fiyeloma [GSK] - 17th July 7 Wednesday 16th July:Thursday 17th July: Emmanuel Papadakis, Ph.D., CFAResearch Analyst+44-20-754-18522Niall AlexanderResearch Analyst+44-20-754-12185Shashindra SeresinheResearchAssociateHenrietta BoegResearch Associate+44-20-754-10119Supun UkwattaResearch Associate 11July2025PharmaceuticalsEU PharmaceuticalsTable Of ContentsDB Pharma research published in the past week.European pharmaceutical valuation summary...Global pharmaceuticals valuation summary ..Sector price performance summaryQuarterly BEAT/MISS table.Share price performance (absolute/relative).Company share price performance.Index share price performance..Index PE vs. Dividend yield.....Relative valuation performance..P/E performance - sector....P/E performance - individual stocks.Price vs. EPS - individual stocks ......PE - Individual stocks.EV/EBITDA performance - individual stocks.US gov bond performance.US prescription drug trends (updated weekly)..Diabetes..Heart disease.Respiratory..Eye disease....HIV.Rheumatoid arthritis...Vaccination...Migraine...InjectablebiosimilarsInsulin biosimilarsHumira biosimilars...Remicade biosimilars..EU Large cap patent expiryCompany catalyst calendarsLarge Cap companies.Mid-Cap Companies...Page 2 3.5.67.9.9.16.192731..37..43.46..49.53..55.56..58.58....59.60.62..62 11July2025PharmaceuticalsEU PharmaceuticalsDB Pharma researchpublished in the past weekAZN : Weekly retail rx tracker (07/07/25)GSK: Weekly retail rx tracker (07/07/25)NOVN : Weekly retail rx tracker (07/07/25)Weekly EU Pharma US hospital/Roche tracker (IQVIAI (07/07/25)NOVO: Weekly retail rx tracker (07/07/25)SAN: Weekly retail rx tracker (07/07/25)SAN: Weekly retail rx tracker (07/07/25)EU Pharma : Q2 preview: things have got a little slipperier; may presentopportunities (08/07/25)AZN : DB R&D call series feedback + TROP2/AS/ x-reads (08/07/25)NOVO : Diabesity dynamics: poll and MASH X-reads (+ZEAL/AZN)(08/07/25)EU Pharma: Weekly SMID Tracker (08/07/25)IPN: Q2 Preview: An attractive outlook, with more beauty expected..(10/07/2025)EU Pharma: Reviewing latest US healthcare policy developments (HHS/AC/P/OBBBetc)(10/07/2025)LUN: Q2 preview: All eyes on PTSD adcom (10/07/2025)Deutsche Bank AG European pharmaceutical valuation summaryFigure 1: European pharmaceutical Valuation SummaryupsidelCtypriceUKuk.NOVN.SNOvob.coDENRocheROG.SSWIaverage7.4EU smid-eap Pharma/BiotecAlmirallALM.MCBE51.0ArgenxBEL10.019.55.831.1CL0.0%2.7%4.5%0.0MAR.EEDKK58%27%6622BNTX.OQ31%CVAC.OQUS-2.7-8.180%berg Finance LP, Prices as of 10/07/2025 Global pharmaceuticalsvaluation summaryFigure 2: Global pharmaceutical Valuation Summary.T213Deutsche Bank AG Sector price performance summaryFigure 3: Global summary valuation comparison11 July 202512m fwd PE% Local currency-12m202020212022Energy2.913.9-0.46.414.915.426.88'L6--83.48°68-Chemicals0.211.01.28.722.619.218.1-89.6-81.7-89.0Construction Material1.819.925.218.716.916.216.8-92.2-75.5-85.5Metals & Mining12.6-2.116.914.611.614.18"v6--77.8-86.3Capital Goods4.724.126.021.923.519.417.9-91.6-79.6-87.3Commercial svs & supplies-2.10.210.69.629.728.525.3-95.6-89.29.8Transportation15.83.818.320.919.1-96.6-78.6-87.5Automobiles-3.117.98.3-15.922.916.213.0-96.7-88.2-91.8Cons. Durables & Apparel3.89.60.10.721.620.719.5-92.8-87.1-92.1HotelsRestsLeis17.924.99.625.852.942.4-99.3-79.9-87.4Retail14.813.73.525.528.727.2-87.1-61.1-75.5Food Retail'0-4.616.96.927.822.120.2-94.9-91.7-95.1FoodBev/Tob-1.41.76.311.817.018.819.4-89.0-82.8-90.0HPC-1.0-1.11520.723.122.6-90.1-85.6-91.7HCare Eq. & Svs-0.4-6.2-1.519.020.719.6-78.9-62.6-77.3Pharma & Biotech09.0-10.01.815.616.916.5-90.39'c8--90.1Banks5.625.832.823.511.810.410.7-95.2-87.5-92.7Div Financials15.628.610.920.517.015.78'26--87.0-92.0Insurance-0.55.618.812.712.712.112.0-93.5-84.5-90.7Software & Services3.525.820.914.535.431.827.48°68--78.9-86.2Technology HW6.412.1-2.3-9.226.124.520.1-89.9-77.1-86.8Semiconductors11.945.814.819.930.324.920.3-82.9-42.0-57.9Media & Ent'ment23.319.410.220.922.020.3-93.5-77.6-86.9Telecoms0.44.420.616.714.512.112.9-96.2-94.9-97.2Utilities2.19.017.314.416.716.516.38'66--89.4886-MSCI Europe0.213.36.08.715.314.614.7-95.1-88.7-93.2Stoxx 600-0.612.65.58.015.214.614.8-85.8-65.7-79.3Large Cap3.517.112.59'621.018.917.7-48.114.5-30.1Mid Cap3.016.714.110.218.117.917.9-59.48.2-33.0[Small Cap4.320.411.79.018.118.819.4-89.5-68.7-79.7Source: Deutsche Bank, Bloomberg Finance LP, Prices as of 11/07/2025 Quarterly BEAT/MISS tableThe following table shows quarterly company reported revenue and net income vs DB estimatesFigure 4: Quarterly BEAT/MISS table (Reported vs DB estimates)Reported vs DB estimatesRevenue202520242023Q1Q4Q3Q2Q1Q4Q3Q2Q1AZN-4%+3%+3%+1%+7%-1%-2%+4%+5%GSK+1%+3%-1%+6%+2%+6%+6%+4%+2%NOVN+1%+1%-2%in-line+6%+2%+9%+4%+4%NOVO-4%+8%-5%-1%-3%+6%in-line-4%in-lineROGin-line-1%+1%+3%-5%-3%-