国金证券主要观点如下： GLP-1市场规模仍处于快速增长阶段 诺和诺德及礼来占据全球GLP-1领域绝大多数份额，2015年至2024年其GLP1板块收入从约29亿美元增 长至约494亿美元。从增长趋势看，存量药物的整体市场规模仍未达峰，2024年上述四款药物全球合计 销售额增长47%。其中替尔泊肽2025年第二季度在减重及2型糖尿病两个适应症分别实现33.81亿/51.99 亿美元，同比增长68%/172%，并已实现对司美格鲁肽对应剂型的销售额超越。 肥胖适应症渗透率仍有较大提升空间，药物迭代升级为市场扩容核心驱动 目前GLP-1类药物T2DM渗透率约7%，而肥胖症不足1%，美国1.15亿肥胖患者中剔除掉2型糖尿病、 ASCVD、CKD后，仍有8400万的肥胖患者。司美格鲁肽、替尔泊肽23Q1-25Q2减重适应症销售额在整 体销售额中占比迅速从14%提升至37%，从趋势看占比仍将进一步提升。现有GLP-1减重药物患者持续 使用率低，药物不良反应率、给药依从性仍有较大的改善空间;新一代药物对上一代药物的销售额超越 会在5年左右完成，并带动整个GLP-1市场扩容。 药物迭代路径明确，关注疗效/依从性差异化优势 智 ...

Core Insights - Pfizer is making significant moves in the weight management market, which is expected to grow rapidly in the next decade, potentially rewarding leading companies handsomely [1][2] - The acquisition of Metsera for $7 billion, with potential milestone payments bringing the total to $10 billion, positions Pfizer as a strong contender in the weight management space [3][4] - Pfizer's CEO, Albert Bourla, expressed confidence in the company's ability to succeed in the obesity market, drawing parallels to past successes with drugs like Lipitor and COVID products [7] Company Developments - Pfizer's acquisition of Metsera indicates its commitment to entering the weight management market, especially after competing with Novo Nordisk for the deal [3][4] - Metsera's leading candidate, MET-097i, has shown promising results in clinical trials, indicating potential for substantial weight loss and good tolerability [6] - Pfizer plans to launch its first anti-obesity drug by the end of 2028, although Eli Lilly currently holds a significant lead with existing products on the market [8] Competitive Landscape - Eli Lilly is currently the leader in the weight management market with its product Zepbound, which has seen exceptional sales growth [8][11] - Eli Lilly has several promising candidates in its pipeline, including orforglipron and retatrutide, which are expected to enhance its competitive position [9][10][11] - Despite Pfizer's efforts, Eli Lilly's established presence and upcoming product launches may allow it to maintain its leadership in the anti-obesity market for the foreseeable future [11] Financial Outlook - Pfizer's recent financial performance has been underwhelming, with concerns about the impending patent cliff for its top growth driver, Eliquis [13] - However, the acquisition of Metsera and the potential success in the weight management sector could help Pfizer rebound [14] - The company also has a strong dividend program, which may attract investors despite current challenges [15]

Researchers monitoring the brain activity of a patient with a severe binge-eating problem reported that Eli Lilly's GLP-1 weight-loss drug appeared to temporarily suppress food-craving signals in the ... ...

Core Insights - Novo Nordisk has reduced the cash price of its drugs Wegovy and Ozempic to $349 per month, down from $499, aiming to enhance access to its products [1][2] - The price reduction comes in the context of a deal with the Trump administration to lower drug costs on the new direct-to-consumer website, TrumpRx [2] - Novo's drugs generated $7.89 billion in sales in the third quarter, indicating their profitability and market demand [3] Pricing Strategy - Novo Nordisk's competitive pricing includes an introductory offer of $199 per month for the first two months, followed by $349 thereafter [4] - This pricing strategy may exert pressure on competitors like Hims & Hers Health, which is known for its compounded semaglutide offerings [4][5] Market Impact - The reduced pricing is expected to positively impact companies like CVS Health and GoodRx, as these platforms will provide access to the new self-pay options [3] - Hims & Hers Health's stock fell by 3.1% following the announcement, reflecting market reactions to increased competition [5]

Signs of a weight loss price war appeared to worry investors early Monday, and Lilly and Novo stocks were down. ...

South Korea’s newest billionaire is Lee Sang-hoon, founder of Seoul-based ABL Bio, after it struck a $2.6 billion licensing and joint research deal with Eli Lilly for its bispecific antibody technology. https://t.co/AsPJpFZ2pp (Photo: Getty Images) https://t.co/9tdgfIBfXX ...

ToplineNovo Nordisk on Monday lowered the direct-to-consumer prices of its weight loss drug Wegovy and diabetes treatment Ozempic in a challenge to Eli Lilly’s Zepbound after President Donald Trump announced a deal with the pharmaceutical firms to reduce the U.S. price tag of the popular drugs. Trump announced popular weight loss treatments would be offered directly on a new “TrumpRx.gov” website at lower prices.Copyright 2023 The Associated Press. All rights reserved.Key FactsThe out-of-pocket monthly pric ...

It's game on! Healthcare stocks ( XLV ) are having a laudable revival, as the market rotation has also benefited the previous stragglers. We also saw pharma stocks (JR Research is an opportunistic investor. He was recognized by TipRanks as a Top Analyst. He was also recognized by Seeking Alpha as a "Top Analyst To Follow" for Technology, Software, and Internet, as well as for Growth and GARP. He identifies attractive risk/reward opportunities supported by robust price action to potentially generate alpha we ...

Core Points - Novo Nordisk has reduced the direct-to-consumer prices of its weight loss drug Wegovy and diabetes drug Ozempic, making them more accessible to patients [1][3] - The new price for existing cash-paying patients is set at $349 per month, down from $499, while the highest dose of Ozempic remains at $499 [1] - A temporary introductory offer allows new cash-paying patients to access the two lowest doses of Wegovy and Ozempic for $199 per month for the first two months [2] Pricing Strategy - The introductory offer will end on March 31, after which patients will transition to the new standard monthly price [2] - The Trump administration has facilitated agreements with Novo Nordisk and Eli Lilly to lower drug prices and introduce Medicare coverage for obesity drugs [3][4] - Starting doses of Wegovy and Eli Lilly's Zepbound will be priced at $350 per month on the new TrumpRx platform, with a planned decrease to $245 over two years [4] Partnerships and Accessibility - Novo Nordisk aims to expand access through partnerships with telehealth providers and major retailers, as well as by working with the administration to lower costs for chronic disease patients [4] - The new cash-pay offers are available through Wegovy.com, Ozempic.com, and various participating organizations and telehealth providers [6] - Eli Lilly has also announced a price reduction of $50 on its direct-to-consumer platform, LillyDirect, for its weight loss drug Zepbound [5]

2025 年 11 月 17 日 证券研究报告 行业周报 行业评级： weiyuqi@gwgsc.com 执业证书编号：S0200525060001 联系电话：010-68099389 公司地址：北京市丰台区凤凰嘴街 2 号院 1 号楼中国长城资产大厦 16 层 医药生物行业双周报 2025 年第 23 期总第 146 期 | 报告期：2025.11.3-2025.11.16 | | | --- | --- | | 投资评级 | 看好 | | 评级变动 | 维持评级 | 分析师： huchenxi@gwgsc.com 执业证书编号：S0200518090001 联系电话：010-68085205 创新为源，临床为鉴，效率为盾 聚焦三大投资方向 行业回顾 本报告期医药生物行业指数涨幅为 0.81%，在申万 31 个一级行业中 位居第 21，跑赢沪深 300 指数（-0.27%）。从子行业来看，医药流 通、体外诊断涨幅居前，涨幅分别为 7.61%、5.32%；医疗研发外包、 医疗设备跌幅居前，跌幅分别为 3.49%、1.76%。 行业走势： 估值方面，截至 2025 年 11 月 14 日，医药生物行业 PE（T ...