2026.03. 23 本文字数：1454，阅读时长大约2分钟 刚刚过去的这一周，阿斯利康接连宣布要在华建立两个基地，一是在上海建立细胞疗法商业化生产供 应基地与创新中心；二是在广州建设放射性偶联药物生产供应基地。 作者 | 第一财经 林志吟 3月22日，诺华公司宣布将持续加大在华投资，扩大在中国研发、生产及运营布局，预计将投入金额 超过33亿元。 从诺华公司发布的消息看，这项大规模的投资计划将在今年启动。 诺华方面介绍称，诺华昌平工厂始建于1987年，具备年产30亿片（粒）制剂及5.5亿盒包装的最大产 能，是诺华全球制造供应网络中的重要生产基地。当前，工厂已启动新一轮厂区扩建升级项目，并规 划未来持续投入约15亿元，用于建设新厂房及配套设施，引入无菌制备工艺、液体灌装及包装等全 新生产技术和设备。 此外，诺华中国总部所在地——上海园区将在今年迎来投入运营十周年的里程碑。诺华已计划联合投 资人共同出资18亿元人民币，启动上海园区二期项目建设。 今年以来，密集有跨国药企宣布在华启动大规模投资计划。 同样在3月份，礼来宣布，计划未来十年累计投资30亿美元全面扩展在华供应链产能，打造口服固体 制剂本土生产与供应体系 ...

Core Insights - Eli Lilly and Company is recognized as a strong investment opportunity, particularly with the launch of its weight-loss drug Zepbound, which will be available for self-pay at $299 per month for the 2.5 mg dose [1] Group 1: Product Launch and Pricing - Zepbound, a once-weekly injectable for adults with obesity or overweight-related conditions, will be available for self-pay starting at $299 per month [1][2] - A new savings card will allow eligible adults with a valid prescription to access the same pricing nationwide, although it is limited to the KwikPen format [2] Group 2: Access and Cost Reduction Initiatives - Eli Lilly received a boost from new Medicare and Medicaid services implementation details aimed at enhancing access to medications at lower costs [3] - With the new Medicare and Medicaid Services details, Zepbound and other medications will be available through Medicare Part D plans, capping out-of-pocket costs for beneficiaries at $50 a month, with cost-sharing limited to $245 a month before reaching the deductible [4] Group 3: Company Overview - Eli Lilly is a global pharmaceutical leader focused on developing medicines for diabetes, obesity, cancer, and immunological disorders, with notable products including Mounjaro and Zepbound [5]

Core Insights - Eli Lilly has experienced significant growth, particularly due to its weight loss drug portfolio, which includes tirzepatide marketed as Mounjaro and Zepbound [1][2] - The company has seen over 100% stock growth in the past three years, despite a dip in the current year [3] - A potential catalyst for further growth is the upcoming FDA decision on orforglipron, an oral weight loss candidate, expected on April 10 [6][9] Company Overview - Eli Lilly's tirzepatide has generated over $11 billion in revenue, with triple-digit growth reported for both Mounjaro and Zepbound in the latest quarter [5] - The drug is part of the GLP-1 class, aiding in appetite control and blood sugar management [4] - Orforglipron offers a more convenient oral option compared to injectable drugs, which may enhance its market appeal [7][8] Market Position - Eli Lilly holds a 60% share of the U.S. weight loss drug market, positioning it well for future growth as the market is projected to reach nearly $100 billion by the end of the decade [11] - The convenience of orforglipron could lead to higher margins for the company due to easier manufacturing and storage [8] Investment Considerations - Analysts suggest that the current valuation of Lilly stock is more attractive than in previous months, making it a potentially good investment opportunity [9] - Long-term investment in quality stocks like Lilly is emphasized, regardless of short-term fluctuations [12]

证券研究报告 | 2026年03月22日 美股市场速览 弱于大市 资金加速流出，盈利显著上修 价格走势：多数行业回撤，能源与银行较强 本周，标普 500 指数-1.9%（上周-1.6%），纳斯达克综指-2.1%（上周-1.3%）。 风格：大盘价值（罗素 1000 价值-1.3%）＞小盘价值（罗素 2000 价值-1.5%） ＞小盘成长（罗素 2000 成长-1.8%）＞大盘成长（罗素 1000 成长-2.4%）。 3 个行业上涨，21 个行业下跌。上涨的主要有：能源（+2.8%）、银行（+1.7%）、 综合金融（+0.1%）；下跌的主要有：汽车与汽车零部件（-5.4%）、公用事 业（-5.0%）、食品与主要用品零售（-4.7%）、食品饮料与烟草（-4.6%）、 材料（-4.4%）。 资金流向：整体加速流出，少量流入能源 本周，标普 500 成分股估算资金流（涨跌额 x 成交量）为-155.5（亿美元， 下同），上周为-27.1，近 4 周为-313.9，近 13 周为-464.9。 4 个行业资金流入，19 个行业资金流出，1 个基本持平。资金流入的主要有： 能源（+6.6）、银行（+2.1）、运输（+1.4 ...

Eli Lilly’s experimental weight-loss drug retatrutide met the primary and key secondary endpoints in a trial, showing significant reductions in weight loss and blood sugar levels. https://t.co/OFBUzypgGt ...

Core Viewpoint - Eli Lilly has experienced a decline in share price since reaching a $1 trillion market valuation, with concerns about its valuation and potential competition in the weight management market [1] Group 1: Market Position and Competition - Eli Lilly maintains a strong lead in the anti-obesity market, with new product launches expected to solidify its position and expand its market reach [2] - The company is preparing to launch orforglipron, an oral GLP-1 candidate, which could attract new patients who prefer oral therapies over subcutaneous options [2] - Orforglipron has shown strong clinical trial performance, positioning it as a potential best-in-class medicine in diabetes and obesity treatment [3] Group 2: Product Pipeline and Revenue Sources - Eli Lilly is targeting patients with high body mass indexes with retatrutide, which has demonstrated a remarkable 28.7% mean weight loss in a phase 3 study [3][4] - The company has a diverse portfolio beyond weight management, including billion-dollar drugs like Verzenio, which generated $5.7 billion in sales last year, and Taltz, which grew sales by 9% to $3.6 billion [6][7] - Eli Lilly's aggressive expansion into various therapeutic areas, including pain management, oncology, and immunology, supports its revenue growth strategy [7] Group 3: Valuation and Growth Potential - Eli Lilly trades at a forward earnings multiple of 27x, significantly higher than the healthcare sector average of 17.1x, reflecting its faster revenue and earnings growth compared to peers [8] - The company's deep pipeline of candidates is expected to drive growth in the medium term, making the stock attractive despite its premium valuation [8]

Eli Lilly’s experimental drug retatrutide met trial endpoints, showing significant weight loss and blood sugar reductions. https://t.co/t4a97OCbBI ...

Core Insights - Eli Lilly is well-positioned to attract future investments in India due to its strong scientific base, academic resources, and skilled workforce [1][10] - The company emphasizes the importance of regulatory data protection and a streamlined regulatory review process to enhance India's competitiveness in attracting high-value research [2][11] - Lilly's performance has been robust, driven by innovative medicines addressing significant unmet medical needs, with a positive outlook for future growth [7][8] Regulatory Environment - Regulatory data protection is crucial for the pharmaceutical industry, allowing companies to recoup investments made in clinical efficacy and safety data [2][5] - The regulatory review process in India involves three steps and can take up to one and a half years, which could be improved for faster approvals [2][11] - Harmonization with international guidelines for clinical trials is necessary to strengthen India's scientific capabilities and enable earlier access to innovative therapies [2][11] Market Dynamics - The affordability of medicines in India reflects the country's GDP per capita, ensuring that prices are significantly lower than in markets like Germany or the U.S. [6][11] - The innovative pharmaceutical industry is essential for the existence of generics, highlighting the interdependence between innovative and generic drug markets [5][11] Product Pipeline - Eli Lilly is expanding its product pipeline with significant developments in areas such as type 2 diabetes, obesity, Alzheimer's disease, and oncology [7][9] - The company plans to launch Donanemab for Alzheimer's in India by 2026, subject to regulatory approvals, and has an oral GLP-1 under review outside India [9][11] - Retatrutide, a triple agonist, has shown promising results with over 28% weight loss in studies, indicating strong potential in the obesity treatment market [9][11]

Eli Lilly has a R&D presence in India. What is the scale of Lilly's financial commitment to India going forward?India is well positioned to attract future investments. You look at the science, look at academia, look at the workforce, the talent, you know, I think you are super well positioned. Can it be improved further? Yes.I think there are also some additional things that could make India even more attractive for future investments. We saw some positive signs now with the announcement to increase accredi ...

2026.03. 22 应基地。阿斯利康表示，两个基地的协同将进一步增强阿斯利康在新型药物及疗法领域的本地化生产 能力，并成为其持续扩展多元化全球供应网络中的关键支柱。 上周，礼来公司也宣布了一项未来十年在中国累计投资30亿美元的计划，此举将全面扩展该公司在 华供应链产能，打造口服固体制剂本土生产与供应体系，为未来推向市场的口服小分子GLP-1受体 激动剂的生产能力提前做好布局。 中国持续火爆的减重药需求也是跨国医疗公司争夺的下一个重要市场。3月21日，礼来中国发布的一 项超重与肥胖经济负担研究显示，我国因超重与肥胖症带来的年度经济负担已达1万亿元人民币。礼 来CEO戴文睿表示，提升有效治疗手段的可及性，加快完善肥胖症管理体系，有望从源头上减轻社 会面临的长期慢病管理压力。 本月，辉瑞从中国生物药企先为达授权而来的一款GLP-1受体激动剂埃诺格鲁肽注射液也在中国获 得国家药品监督管理局正式批准上市，此举意味着辉瑞将正式入局中国减重药市场。 另一方面，随着跨国制药公司的多个重磅药物近年来将陆续迎来专利到期，这些企业也希望通过收购 中国的创新药物来充实研发管线。"中国早期研发如今已具备全球竞争力。"瑞银医药分析师 ...