【双语阅读】默沙东回应暂停向中国市场供应HPV疫苗

CaixinGlobal财新国际 · 公众号 · · 2025-02-06 18:15

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American pharmaceutical giant Merck Sharp & Dohme, known as MSD, said Tuesday it is suspending supplies of its human papillomavirus vaccine (HPV) Gardasil to the Chinese market from this month. The suspension is expected to last until at least mid-2025.

2月4日，默沙东宣布将从本月开始暂停向中国市场供应HPV疫苗“佳达修”(英文商品名:Gardasil)，此次供应暂停将至少持续到2025年年中。

Rob Davis, MSD chairman and CEO, said the move came in response to sluggish demand, rising inventory levels and financial challenges faced by its Chinese distributor, Chongqing Zhifei Biological Products Co. Ltd.

Speaking during his company’s quarterly earnings call, Davis acknowledged difficulties in promoting Gardasil in China, citing increasing pressures on discretionary consumer spending.

“Overall inventory levels remain higher than normal,” he said. MSD told Caixin that the suspension was a “phased adjustment” to align supply with market conditions. Starting in February, the company plans to gradually adjust shipments based on evolving demand, with full resumption expected by mid-year.

该消息由默沙东董事长兼首席执行官Rob Davis在2024年四季度财报电话会议上透露。Rob Davis承认，当下，佳达修的推广在中国市场充满挑战。“与许多其他公司一样，我们看到可自由支配的消费支出（包括更广泛的疫苗领域）压力增大，对佳达修的需求并未恢复到预期水平。因此，整体渠道库存仍然高于正常水平。”他说。

The decision takes into account the financial strain Zhifei Biological is under. According to its earnings forecast, the company anticipates a 67% to 77% drop in net profit for 2024. Davis said reducing inventory now would help stabilize Zhifei’s financial position. Zhifei did not comment on the MSD suspension.

除不利的销售环境外，暂停供货的决定还考虑到代理商的财务情况。Rob Davis提到，该决定已与佳达修中国商业化代理公司智飞生物进一步讨论，讨论尤其涉及智飞生物最近披露的财务状况和营运资本水平。

据智飞生物业绩预告，公司预计2024年归母净利润为18.56亿元至26.63亿元，比上年同期下降67%至77%；扣非净利润18.21亿元–26.12亿元，同比下降67%-77%。

China has five approved HPV vaccine products: GSK’s Cervarix, MSD’s Gardasil and nonavalent Gardasil 9, as well as two domestically developed bivalent vaccines. Despite increasing local competition, MSD remains the dominant player in the high-end HPV vaccine segment.

中国上市的HPV疫苗共5种，分别为2016年获批的英国葛兰素史克二价疫苗希瑞适，2017年和2018年获批的美国默沙东四价疫苗佳达修和九价疫苗佳达修—9，以及两款国产二价疫苗万泰生物馨可宁和沃森生物沃泽惠。默沙东独霸高价苗市场。

Zhifei Biological, MSD’s exclusive distributor for Gardasil in China, has seen its fortunes tied closely to vaccine sales since their partnership began in 2017. The company struggled last year, however, with first half revenue falling 25% year-on-year, while net profit dropped nearly 48%. The third quarter saw an even steeper decline, with revenue plunging 69% and the company reporting its first quarterly loss since 2017.

While Zhifei does not disclose sales figures by product, its earnings report shows that 96% of its revenue comes from distributed products.

智飞生物并未披露单一产品销售情况，但从半年报收入结构看，智飞生物九成收入来自代理产品：代理产品营业收入为175.92亿元，占总营收96.35%；自主产品营业收入为5.51亿元，不足总营收的5%。智飞生物代理产品主要包括HPV疫苗、轮状疫苗、23价肺炎疫苗、灭活甲肝疫苗、重组带状疱疹疫苗等。

【双语阅读】默沙东回应暂停向中国市场供应HPV疫苗

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