> 数据图表请问一下2025年创新药板块复盘2025-12-22025年创新药板块复盘 2025前三季度美股前15公司研发费用共计1091.1亿美元，同比+1.8%，研发费用率19.8%，同比-1.1pp。美股前15名医药公司研发费用/ 研发费用率-按市值排序数据来源：Wind，西南证券整理59单位：亿美元公司简称研发费用2022/12同比研发费用率 研发费用默克强生公司阿斯利康礼来艾伯维诺华制药百时美施贵宝辉瑞制药葛兰素史克赛诺菲-安万特诺和诺德安进吉利德科学再生元制药福泰制药135.5146.097.671.965.1100.095.1114.354.967.134.544.349.838.525.4美股前15总计1139.910.6%-0.8%0.3%2.3%-8.1%4.8%-16.2%-17.4%4.0%17.8%27.3%-8.0%-7.2%32.3%-16.7%-1.2%22.9%15.4%22.0%25.2%11.2%19.3%20.6%11.4%18.7%14.8%16.1%16.8%18.2%31.6%28.4%17.4%305.3150.9109.493.176.8113.793.0106.862.267.348.347.857.246.331.61,409.62023/12同比125.4%3.3%12.0%29.5%17.9%13.8%-2.2%-6.6%13.4%0.3%40.0%7.9%14.9%20.2%24.5%23.7%研发费用率 研发费用2024/12同比 研发费用率2025/9研发费用同比 研发费用率50.8%17.7%23.9%27.3%14.1%24.4%20.7%18.3%20.5%14.5%14.0%17.0%21.1%35.3%32.0%22.8%179.4172.3135.8109.9127.9100.2111.6108.264.073.967.459.659.152.336.31458.1-41.2%14.2%24.2%18.0%66.7%-11.9%20.0%1.3%2.9%9.9%39.7%24.7%3.3%13.1%14.8%3.4%28.0%19.4%25.1%24.4%22.7%19.4%23.1%17.0%20.4%16.7%16.6%17.8%20.5%36.8%32.9%21.6%119.0104.1103.795.465.280.473.786.369.665.158.851.347.042.229.41,091.1-10.9%-14.1%16.4%19.7%8.3%11.9%-7.6%10.9%18.8%10.8%14.8%21.0%-44.4%13.6%11.6%1.8%24.5%15.0%24.0%20.8%14.6%18.8%20.6%19.2%21.5%16.1%16.3%19.1%21.8%40.4%33.3%19.8%西南证券健康医疗
