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The patent cliff is coming for Merck's $31.7 billion drug

专利悬崖，正在逼近默沙东那支 317 亿美元的药
2026 年 10 月 29 日 · 星期四 本期：医药专利 · 单品依赖 · 专利悬崖（CEFR B2）
Blister packs of pills on a pale blue surface
A protected medicine: for a few more years, only one company may sell it.
Photo: Unsplash (royalty-free library image; not the original article's photography)

30 秒速读

先建立框架，再进原文。默认只给英文，点摘要段落（或右上角「译」）出中文对译，点数字卡展开中文。

Merck reports third-quarter results on Thursday with half of its sales coming from one drug, Keytruda. Its main US patent expires in December 2028, and every defence now has a deadline.

默沙东周四公布第三季度业绩，一半的销售额来自同一支药 Keytruda。这支药在美国的主专利将于 2028 年 12 月到期，而它的每一道防线都有自己的期限。

$8.4bn
Keytruda and Qlex in the second quarter — slightly more than half of Merck's $16.6bn in sales.
第二季度的 Keytruda 与 Qlex——略高于默沙东 166 亿美元销售额的一半。
$31.7bn
Keytruda sales in 2025 — the company's largest product by a wide margin.
Keytruda 2025 年销售额——公司最大的产品，且遥遥领先。
Dec 2028
The US patent on the molecule expires; European protection runs to 2031.
该分子在美国的专利到期；欧洲的保护延续到 2031 年。
$463m
Qlex sales in the second quarter, against $128m in the first — about 5.5% of the franchise.
Qlex 第二季度销售额，第一季度为 1.28 亿美元——约占该产品线的 5.5%。
9
European markets where the injectable is blocked — eight from a Dutch ruling, plus Germany.
注射剂型被禁售的欧洲市场——荷兰裁决涉及八个，加上德国共九个。
5.3x
Price-to-sales, against 3.2 for the S&P 500 — the multiple already assumes the new drugs arrive.
市销率，标普 500 为 3.2 倍——这个估值已经假设新药会按时到位。

原文精读 · Full Text

27 段（含标题）。点每段右上角的「译」展开中文翻译与结构配色；配图已就近排在相关段落之后。
颜色 = 句子成分，中英同色表示对应
主语 Subject 谓语 / 动词 Verb 宾语 · 表语 Object 从句 · 非谓语 Clause 状语 Adverbial 插入语 · 引述 Attribution
TITLE
The patent cliff is coming for Merck's $31.7 billion drug — and it will not be late
专利悬崖，正在逼近默沙东那支 317 亿美元的药——而且它不会迟到。
PARA 01
Merck today reports third-quarter results, and one drug still decides the story, for better and for worse, while the rest of the company is read through it.
默沙东今天公布第三季度业绩，而决定故事走向的仍是一支药，成也它、败也它，其余业务都要透过它来看。
PARA 02
Keytruda, together with its new injectable version, produced $8.4 billion in the second quarter. That was slightly more than half of Merck's $16.6 billion in sales.
Keytruda，连同它的新注射剂型，贡献了第二季度 84 亿美元。这相当于默沙东 166 亿美元销售额的略多于一半。
PARA 03
The drug, whose scientific name is pembrolizumab, generated $31.7 billion in 2025, making it the world's biggest cancer medicine. It is the company's largest product by far, and it funds nearly half of everything Merck does.
这支药的学名是帕博利珠单抗，创造了 2025 年 317 亿美元，是全球销售额最高的抗癌药。它是公司目前最大的产品，支撑着默沙东近一半的业务。
PARA 04
A patent is a legal monopoly with an expiry date. In the United States, the main patent on the Keytruda molecule runs out in December 2028, while Europe keeps protection until 2031, and that is the date the industry counts down to.
专利是一种带到期日的合法垄断。在美国，Keytruda 分子的主专利到期时间是 2028 年 12 月，而欧洲的保护延续到 2031 年——这就是整个行业倒数的那个日子。
PARA 05
The trade-off is deliberate: a twenty-year monopoly rewards a decade of trials that may fail. The clock starts at filing, not at launch, so the years of protection are fewer than they look, and the fall at the end is the patent cliff.1
这个交换是刻意设计的：二十年的垄断回报的是长达十年、可能失败的临床试验。而计时从提交申请开始，不是从上市开始，所以真正受保护的年份比看上去要少，最后那一下跌落就是专利悬崖。
One molecule, two clocksA twenty-year patent is mostly spent before the first sale1Patent filedthe clock starts2Trials10-12 years, most fail3Exclusive salesabout 8 years left4Copies arriveprice and volume fall
Chart 1 | The clock starts at filing, not at launch: by the time a drug reaches patients, half the patent term is already gone. Editor's schematic. Term is 20 years from filing; development and approval typically take 10-12 years.
PARA 06
After that date, rivals can sell copies. For a biologic, the copy is a biosimilar:2 similar but not identical, approved on its own trials, and usually sold at a discount, which payers reward because they push patients toward the cheaper version.
那一天之后，竞争对手就可以卖仿制版本。对生物药来说，这个仿制版本叫生物类似药：相似但并非相同，需凭自己的试验获批，而且通常更便宜，付款方也乐于采用——他们会把患者推向便宜的那一个。
Copies do not arrive all at once. First a few makers, then the whole market.
Copies do not arrive all at once. First a few makers, then the whole market. 仿制品不会一次到来，而是一板一板地来：先是少数厂商，然后是全市场。 Photo: Unsplash (royalty-free library image; not the original article's photography)
PARA 07
The industry calls the result the patent cliff — loss of exclusivity, in the language of the filings.3 Revenue does not slide gently; it drops as doctors switch prescriptions, quarter after quarter, which is why analysts watch the first down quarter so closely.
行业把结果称为专利悬崖——用申报文件的话说，是独占期届满。收入不会平缓下滑，而是坠落，随着医生一个季度接一个季度地切换处方——这也是分析师紧盯第一个下滑季度的原因。
PARA 08
Merck prefers a softer metaphor. It describes the transition as “more of a hill than a cliff”, with a shallow dip and a fast return to growth. It is a marketing argument as much as a medical one.
默沙东更喜欢一个温和的说法。它把这次转变描述为「更像缓坡而不是悬崖」，先浅跌一下，然后迅速恢复增长。这既是医学判断，也是营销说法。
PARA 09
Its first defence is a subcutaneous version, sold as Qlex.4 It is injected under the skin in under two minutes, instead of dripping into a vein for half an hour, which is easier for clinics to schedule.
它的第一道防线是一个皮下注射版本，商品名 Qlex。它两分钟内打进皮下，而不是往静脉里滴半小时，对门诊排班也更友好。
A treatment room. Moving patients from the infusion chair to a two-minute injection is the core of the defence.
A treatment room. Moving patients from the infusion chair to a two-minute injection is the core of the defence. 治疗室。把患者从输液椅换到两分钟的皮下注射，是默沙东防线的核心动作。 Photo: Unsplash (royalty-free library image; not the original article's photography)
PARA 10
Qlex carries its own patents on the formulation and the delivery device, and a device patent can outlast the molecule. So if patients switch before 2028, a maker of the old infusion cannot simply move them onto a copy.
Qlex 带着自己在配方和给药装置上的专利——装置专利可以比分子专利活得更久。所以只要患者在 2028 年前换过来，做旧输液的厂商就不能把他们简单转到仿制品上。
PARA 11
The switch is working, slowly: Qlex sold $128 million in the first quarter and $463 million in the second, a line that is rising from a very low base. That is about 5.5% of the franchise.5
这种转换正在起效，但很慢：Qlex 第一季度卖了 1.28 亿美元，第二季度 4.63 亿美元——这条线在上升，但基数极低。这约占该产品线的 5.5%。
PARA 12
Merck wants 30% to 40% of US patients on the injectable by the end of 2027. It says penetration is already in double digits, a big shift for a drug usually given in hospitals.
默沙东希望 30% 到 40% 的美国患者用上注射剂型，时间点是 2027 年底。它说渗透率已达两位数——对一支通常在医院给药的药来说，这是不小的变化。
PARA 13
On 7 October, a Dutch court found that the injectable infringed a patent owned by Halozyme, and blocked it in eight European markets; Germany had already done so in December 2025, and Merck says it is evaluating next steps.
10 月 7 日，荷兰一家法院认定该注射剂型侵犯了 Halozyme 的专利，并禁止它在八个欧洲市场销售；德国此前已在 2025 年 12 月禁售，默沙东表示正在研究下一步。
PARA 14
Merck says it “strongly disagrees”, and argues that the patent is invalid. The intravenous version is unaffected, so European patients can still be treated. It is also the version that will face biosimilars first.
默沙东表示「强烈不同意」，并主张该专利无效。静脉版本不受影响，欧洲患者仍可接受治疗。而它也是最先面对生物类似药的那个版本。
PARA 15
The money at stake in Europe is small, and Europe is a smaller market than the United States. The damage is to timing: the company cannot lock in patients there before the copies arrive.
欧洲涉及的钱并不多，而且欧洲市场比美国小。真正的损失在时间上：公司无法在仿制品到来之前锁定那里的患者。
PARA 16
The second defence is a portfolio of new drugs. Winrevair, for a rare lung disease, sold $588 million, up 75%, and Welireg rose 67% to $271 million, both far faster than the company overall.
第二道防线是一组新药。治罕见肺病的 Winrevair 卖了 5.88 亿美元，增长 75%，Welireg 增长 67%，达到 2.71 亿美元，两者都远快于公司整体增速。
PARA 17
On paper, the growth looks impressive until you compare the bases. Each new drug sells less than a tenth as much as Keytruda in a single quarter, and no single product can fill the gap.
纸面上，这些增长看起来很亮眼，直到你比较基数。每支新药一个季度的销售额都不到 Keytruda 的十分之一，没有哪个单品能填上这个缺口。
The replacement gap, in one quarter Quarterly sales, $ billion, Q2 2026 Keytruda + Qlex $8.37bn Winrevair $0.59bn Welireg $0.27bn Capvaxive $0.18bn
Chart 2 | Four products, one quarter: the fastest-growing new drug is still about a fourteenth of the franchise it must replace. Source: Merck second-quarter 2026 results. Figures are reported sales, not annualised.
PARA 18
The third defence is to buy growth. Merck spent about $16 billion on acquisitions in six months, including $6.8 billion for Terns Pharmaceuticals, partly funded with debt. That is a lot to pay for assets that are not yet on the market.
第三道防线是买增长。默沙东六个月内花了约 160 亿美元收购，其中包括 68 亿美元收购 Terns，部分靠举债。为还没上市的项目付这个价，不算便宜。
PARA 19
Those deals explain a strange set of numbers. Merck reported a GAAP loss of $0.54 a share, while its adjusted loss, the company's own measure, was only $0.13.
这些交易解释了一组奇怪的数字。默沙东报告的 GAAP 每股亏损是 0.54 美元，而调整后亏损——公司自己的口径——只有 0.13 美元。
PARA 20
The gap is an acquired research charge of $5.7 billion, or $2.31 a share, booked when Terns was bought. Accountants call it in-process research and development, or IPR&D.6
差额是一笔 57 亿美元、合每股 2.31 美元的收购研发费用，在收购 Terns 时计提。会计上称为「在研项目研发费用」，简称 IPR&D。
PARA 21
Such charges involve real cash, but they do not recur like rent. So companies present adjusted earnings,7 and investors must judge how adjusted is too adjusted; the direction of travel matters more than any single year.
这类费用涉及真金白银，但不像房租那样反复发生。于是公司会给出「调整后利润」，而投资者要判断：调整到什么程度算过头；趋势比任何单一年份都重要。
PARA 22
Competition is not waiting for 2028. In September, India's Cipla said that its US unit would license a Keytruda biosimilar from China's Qilu Pharmaceutical, more than two years before the US patent ends.
竞争并没有等到 2028 年。9 月，印度西普拉表示其美国子公司将从中国齐鲁制药获得 Keytruda 生物类似药的授权，比美国专利到期还早两年多。
PARA 23
Policy adds pressure from another side. US Medicare can now negotiate prices on some drugs, which lowers the net price even before a patent expires — a second clock, and a faster one.8
政策从另一个方向施压。美国联邦医保现在可以就部分药品谈价，这会在专利到期前就压低净价——这是第二只钟，而且走得更快。
PARA 24
Investors have noticed both the risk and the growth, and for now they are pricing the growth. The stock returned 66.9% in the year to 27 October, against 15% for the S&P 500.
投资者已经注意到风险，也注意到了增长——而目前市场定价的是增长。截至 10 月 27 日的一年里，股价回报 66.9%，而标普 500 为 15%。
PARA 25
It trades at 5.3 times sales, against 3.2 for the index. That price-to-sales multiple already assumes the new drugs arrive on time, which is the whole bet.9
它目前的估值是销售额的 5.3 倍，而指数为 3.2 倍。这个市销率已经假设新药会按时到位——这就是全部的赌注。
PARA 26
Today's report will be read for one number above all: US growth of Keytruda, now that penetration is close to its peak. The patent date, by contrast, cannot be negotiated, while everything else buys time.
今天的财报会被解读，首先看一个数字：Keytruda 在美国的增长——如今渗透率已接近顶峰。相比之下，专利到期日是谈不下来的，其余一切都是在争取时间。

核心术语 · Glossary

编号与正文上标一一对应，点正文里的数字可跳到对应卡片。默认只显示英文解释（练阅读）；想看中文，点卡片标题。
1Patent cliff/ˈpeɪtnt klɪf/ 点击看中文解释 ↓

The sharp fall in a drug's sales when its patent expires and cheaper copies reach the market.

Why it matters here ▸ Keytruda's main US patent runs out in December 2028, and the drug is half of Merck's revenue.

专利悬崖：药品专利到期、廉价仿制品进入市场后，销售额出现的陡降。

Where a twenty-year patent goesTrials and approvalExclusive salesfilingabout 12 yearsabout 8 yearsexpiryThe clock starts at filing, so half the term is spent before the first sale.Every extra year of protection is a year of pricing power.
拓展知识：「悬崖」的重点不是降幅，而是速度。独占期内没人能合法复制，药可以按远高于成本的价格卖；到期后同类产品几个月内涌入，医生按医保规则自动替换，收入曲线接近垂直。所以制药业把研发管线当作续命工具，一款药的有效销售期往往只有八到十年。
Extended note: The metaphor is about speed, not size: substitution happens prescription by prescription, and payers do the switching.
2Biosimilar/ˌbaɪəʊˈsɪmɪlə/ 点击看中文解释 ↓

A copy of a biologic drug that is highly similar but not identical, and needs its own clinical data to be approved.

Why it matters here ▸ Keytruda is a biologic, so its copies will be biosimilars rather than exact generics.

生物类似药：生物药的仿制版本，与原药高度相似但不完全相同，需凭自己的临床数据获批。

拓展知识：化学小分子药的仿制叫 generic，只要证明成分相同、生物等效即可；生物药由活细胞生产，做不到分子级完全一致，所以叫 biosimilar。美国给生物药 12 年数据保护期，欧洲是 10 年——这就是「专利到期」与「仿制品上市」之间常有一段时间差的原因。
Extended note: Generics are copies; biosimilars are near-copies. That difference is why the cliff often arrives a little after the patent date.
3Loss of exclusivity/lɒs əv ˌekskluːˈsɪvəti/ 点击看中文解释 ↓

The end of the period when only one company may sell a medicine; the industry shortens it to LOE.

Why it matters here ▸ Merck's filings use the phrase for what happens after December 2028.

独占期届满：只有一家公司可以销售某种药的时期结束，业内简称 LOE。

拓展知识：LOE 是法律事件，专利悬崖是商业结果，两者不是同一天。LOE 之后，仿制厂商还要拿到批准、谈好医保准入、铺开渠道，收入下滑通常分几个季度完成。读制药公司财报时，看它披露的 LOE 时间表，比数专利数量有用得多。
Extended note: LOE is the legal date; the cliff is the commercial process. Between them sit approval, reimbursement and habit.
4Subcutaneous/ˌsʌbkjuˈteɪniəs/ 点击看中文解释 ↓

Injected under the skin rather than into a vein; the abbreviation is SC.

Why it matters here ▸ Qlex is the subcutaneous form of Keytruda, given in under two minutes instead of a 30-minute infusion.

皮下的：注射到皮肤下面，而不是打进静脉，缩写 SC。

拓展知识：静脉输注需要护士、输液椅和一两个小时的就诊时间；皮下注射几分钟完成，患者甚至能在家自我给药。对药厂更要紧的是：新剂型通常能拿到新专利，等于给老分子续了一段受保护的销售期。这就是「剂型转换」成为专利悬崖标准防线的技术原因。
Extended note: A new route of delivery is a new patent, and a new patent is more time at a price the market already accepts.
5Franchise/ˈfræntʃaɪz/ 点击看中文解释 ↓

A family of products built around one brand or one molecule, reported together by the company.

Why it matters here ▸ Merck reports Keytruda and Qlex as one franchise worth $8.4 billion a quarter.

产品线（franchise）：围绕同一品牌或同一分子的一组产品，公司合并披露。

拓展知识：制药公司说的 franchise 不是「加盟」，而是「同一分子衍生出的一系列适应症与剂型」。只要分子还在保护期内，新增适应症就能扩大适用人群，不必再走一遍新药审批的全部成本。所以「Keytruda 有 40 多个适应症」本身就是一道护城河。
Extended note: In pharma, a franchise is a molecule plus its indications — growth without a new molecule.
6IPR&D/ˌaɪ piː ɑːr ənd ˈdiː/ 点击看中文解释 ↓

In-process research and development: the value of unfinished drug projects bought in an acquisition, written off at once.

Why it matters here ▸ A $5.7 billion IPR&D charge from the Terns deal turned a $0.13 adjusted loss into a $0.54 GAAP loss.

在研项目研发费用（IPR&D）：收购来的、尚未完成的研发项目的价值，收购当期一次性计入费用。

拓展知识：买下一家公司时，已上市的药记成无形资产、逐年摊销；还没上市的在研项目被要求立即费用化，理由是它能否成功无法可靠计量。结果是：越爱买早期管线的公司，账面利润越难看，而现金流不受影响。这是制药股「GAAP 与调整后差距大」的主要来源。
Extended note: It is a rule about uncertainty, not about cash: projects that may fail cannot sit on the balance sheet as an asset.
7Adjusted earnings/əˈdʒʌstɪd ˈɜːnɪŋz/ 点击看中文解释 ↓

A profit figure that leaves out items the company calls one-off, such as acquisition charges and restructuring.

Why it matters here ▸ Merck guides on adjusted EPS, and its 2026 range was cut to $2.66–$2.76 from $5.04–$5.16 after the deals.

调整后利润：剔除公司认为属一次性的项目（如收购费用、重组费用）后的利润。

拓展知识：调整后利润合法也常用，但它是公司自己定义的。判断办法有三个：看剔除项是否年年出现、看调整后数字是否只升不降、看现金流跟不跟得上。若一家公司连续五年都有「一次性」收购费用，那它其实是一项常规成本。
Extended note: A one-off that happens every year is not a one-off; it is a business expense with better public relations.
8Net price/net praɪs/ 点击看中文解释 ↓

What a drugmaker actually receives after rebates and discounts, as opposed to the list price on the label.

Why it matters here ▸ Medicare negotiation lowers the net price before any patent expires — a second, quieter cliff.

净价：药厂扣除返利与折扣后实际收到的价格，与标价（list price）相对。

拓展知识：美国药价的讨论常把标价与净价混为一谈。标价上涨不等于收入上涨：中间商拿走的返利可能同步增加，药厂到手反而更少。读财报时，销量、标价、净价是三个变量，只有净价乘销量才是收入。
Extended note: List price is a negotiation opening; net price is the settlement. Only one of them reaches the income statement.
9Price-to-sales/praɪs tə ˈseɪlz/ 点击看中文解释 ↓

A company's market value divided by its annual revenue; useful when profits are distorted by one-off charges.

Why it matters here ▸ Merck trades at 5.3 times sales, against 3.2 for the S&P 500.

市销率：公司市值除以年营收；利润被一次性费用扭曲时特别好用。

拓展知识：市销率的缺点是忽略利润率：两家都是 5 倍市销率，一家净利率 30%、一家 3%，估值含义完全不同，所以要和毛利率、净利率一起看。制药公司适合用市销率，因为利润受并购与专利周期扰动大，而收入相对稳定。
Extended note: Sales multiples flatter low-margin businesses. Divide by margin before comparing across industries.

俚语与短语 · Slang & Phrases

文中出现的口语化表达与固定搭配，共 9 条。默认只给英文解释（练阅读），点标题看中文；每条都能一键加入生词本。
have a date with/hæv ə deɪt wɪð/

to be certain to meet something, usually something unpleasant, at a fixed time

The patent cliff has a date with Merck's best-selling drug.

注定要面对：在某个固定时间一定会遇上某件事，通常是坏消息

专利悬崖和默沙东最畅销的那支药，注定要碰面。
more of a hill than a cliff/mɔːr əv ə hɪl ðæn ə klɪf/

a way of saying that a fall will be gentler than people fear

Executives describe the transition as more of a hill than a cliff.

更像缓坡而不是悬崖：用来安抚说跌幅没有大家担心的那么陡

高管把这次转变描述为更像缓坡而不是悬崖。
lock in/lɒk ɪn/

to fix something in place so that it cannot be taken away later

The company cannot lock in patients before the copies arrive.

锁定：把事情定下来，之后不容易被拿走

公司无法在仿制品到来前锁定患者。
buy time/baɪ taɪm/

to delay something bad so that you have more time to prepare

Everything else buys time; nothing changes the date.

争取时间：把坏事往后拖，好腾出时间准备

其余一切都是在争取时间；没有一个能改变那个日期。
on paper/ɒn ˈpeɪpə/

judged from the numbers alone, before real conditions are taken into account

On paper, the growth looks impressive until you compare the bases.

纸面上：只看数字，还没考虑实际情况

纸面上，这些增长很亮眼，直到你比较基数。
fill the gap/fɪl ðə ɡæp/

to supply what is missing in order to close a difference

No single product can fill the gap.

填补缺口：把差的那一块补上

没有哪个单品能填上这个缺口。
close to its peak/kləʊs tə ɪts piːk/

near the highest level something is likely to reach

Penetration in the United States is now close to its peak.

接近顶峰：接近它能达到的最高水平

美国的渗透率如今已接近顶峰。
a tenth as much as/ə tenθ æz mʌtʃ æz/

one part in ten compared with something else; used to show a very large size gap

Each new drug sells less than a tenth as much as Keytruda.

只有……的十分之一：用来显示两者规模差得很远

每支新药的销售额都不到 Keytruda 的十分之一。
quarter after quarter/ˈkwɔːtə ɑːftə ˈkwɔːtə/

repeatedly, one three-month period following another

Revenue drops as doctors switch prescriptions, quarter after quarter.

一个季度接一个季度：连续不断地

收入随着医生切换处方而下滑，一个季度接一个季度。

读后测验 · Check Your Understanding

3 道题。点选项立即判分；解析需要单独点开。
Q1Which figure best describes Merck's dependence on Keytruda in the second quarter of 2026?
正确答案：B
文章把口径写得很直：Keytruda 与 Qlex 合计 84 亿美元，而公司当季营收 166 亿美元，「略多于一半」。A 把「一半」记成「十分之一」，是把新药与老药的规模搞反了；C 混了季度与年度，也没有「三分之一」这个数；D 文中从未用利润口径描述依赖度。B2 的第一题考的是数字的准确定义，不是大概印象。
Keytruda, together with its new injectable version, produced $8.4 billion in the second quarter. That was slightly more than half of Merck's $16.6 billion in sales. Read the base: $8.4bn against $16.6bn. Change either number and the sentence stops being true.
Q2Why does the subcutaneous version matter so much for the coming patent expiry?
正确答案：D
关键句是「Qlex 带着自己在配方和给药装置上的专利」，所以换过来的患者不能被简单转到旧分子的仿制品上——这是「剂型转换」作为防线的全部逻辑。A 文中没有成本比较，事实上生物药换剂型并不更便宜；B 错在分子没变，仍是帕博利珠单抗；C 与事实相反，新剂型同样需要审批。B2 的第二题考概念辨析：剂型专利不是分子专利，但它能起到争取时间的作用。
Qlex carries its own patents on the formulation and the delivery device. So if patients switch before 2028, a maker of the old infusion cannot simply move them onto a copy. The defence is legal, not chemical: same molecule, different patents.
Q3What does the Dutch ruling most likely cost Merck?
正确答案：C
文章明说「欧洲涉及的钱并不多，真正的损失在时间上」，因为公司无法在仿制品到来前锁定那里的患者。A 夸大：禁令只涉及皮下剂型，静脉版本不受影响，且欧洲只占全球收入的一部分；B 与原文冲突，默沙东明确说静脉版本仍可供患者使用；D 混淆了两件事——美国分子专利 2028 年到期是既定的，与荷兰判决无关。B2 的第三题考推断：读到「钱少、时间贵」，要能推出真正的代价。
The money at stake in Europe is small. The damage is to timing: the company cannot lock in patients there before the copies arrive. The sentence sets up its own contrast: small money, large timing. The answer follows the second half.
财经外刊精读 · 互动版 · 2026-10-29 · 由 WorkBuddy 自动生成 · 仅供个人英语精读学习使用，版权归原作者与出版方所有
英文正文：Trefis; Reuters; Halozyme Therapeutics; Merck Q2 2026 results。正文按精读节奏切分为 27 段（含标题），直接引语取自路透社与公司公告，未作改动；不同来源的段落按叙事顺序重排，金额与日期一律按各公司披露的原始口径标注。
转载源与交叉核对：主干：Trefis《How Much Should One Number Worry Merck Stock Holders?》（2026-10-28，Q2 数字、全年指引、荷兰判决、Cipla 授权、估值倍数与「more of a hill than a cliff」原话）；法院禁令与默沙东回应：Reuters《Halozyme wins court order to block Merck's injected Keytruda in select European markets》（2026-10-07，Christy Santhosh，经 Yahoo Finance UK、Investing.com 转载）；八个市场名单、EP622 专利与技术背景：Halozyme Therapeutics 投资者关系公告（2026-10-07）；GAAP 与调整后口径、Terns 减值：Merck 2026 年第二季度业绩（经 Zacks、Kalkine 整理）；专利到期日与 Qlex 季度拆分：FinanceTracked《Dutch court shuts Keytruda SC out of eight more markets》（2026-10-08）。配图：Unsplash 无版权图库素材（非新闻原图），图表按公开数据自绘；本材料不构成任何投资建议。
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