周四盘中，默沙东（MRK）股价大幅下跌5.01%，引发市场关注。这一跌幅较早些时候报道的3.01%进一步扩大，反映出投资者对公司前景的担忧加剧。
造成股价下跌的主要原因可能与默沙东的明星产品K药（帕博利珠单抗）面临的多重挑战有关。据报道，K药正面临专利悬崖、药价谈判和新一代疗法的竞争压力。2028年，K药的核心化合物专利将到期，同时《通货膨胀削减法案》的价格谈判结果也将生效，可能导致K药售价大幅下降。此外，新一代疗法如ADC药物和双抗技术正在改写肿瘤治疗的竞争格局，对K药形成直接威胁。
尽管默沙东正采取多项策略延长K药的生命周期，包括开发新剂型、拓展适应症和推进联合用药，但市场似乎对这些措施的长期效果持谨慎态度。作为默沙东近年来业绩增长的主要支柱，K药的未来发展对公司整体表现至关重要。投资者可能正在重新评估默沙东的长期增长前景，导致今日股价的显著下跌。
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