2月26日，礼来公布了其小分子口服GLP-1受体激动剂orforglipron首个头对头对照研究结果。 该研究旨在评估orforglipron与口服司美格鲁肽在经二甲双胍治疗血糖控制不佳的2型糖尿病成人患者中 的安全性和有效性，该研究为期52周，共纳入1698名参与者。 研究结果显示，在主要终点上，orforglipron 36mg组糖化血红蛋白(A1C)降幅为2.2%，而口服司美格鲁 肽14mg组为1.4%。在一项关键次要终点方面，orforglipron 36mg组参与者体重平均下降8.9kg （9.2%），而口服司美格鲁肽14mg组为5.0kg（5.3%），前者实现了73.6%更高的相对体重减轻幅度。 orforglipron是由中外制药发现，并于2018年授权给礼来开发。礼来已向全球40多个国家的监管机构提交 orforglipron的上市申请，预计美国将于2026年第二季度就其肥胖适应证作出审批决定。 这次作为orforglipronPK的对象，诺和诺德的口服司美格鲁肽是全球首个获批上市的口服GLP-1药物。如 在美国市场，口服司美格鲁肽的控糖与减重适应证均已获批。在中国市场，口服司美格鲁肽的控糖适 ...

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical industry [2] Core Insights - 2025 saw a record high in innovative drug asset transactions among multinational pharmaceutical companies, with 142 cases and a total transaction value of $264.5 billion, marking new highs since 2015 [3][9] - Eli Lilly's revenue for 2025 increased by 44% year-on-year, driven by GLP-1 drugs, with Tirzepatide achieving $36.5 billion in sales [3][39] - Novo Nordisk's sales growth was impacted by increased competition in the weight loss drug market, with a projected revenue decline of 5% to 13% for 2026 [3][40] Summary by Sections 1. Innovative Drug Asset Transactions - In 2025, the number of innovative drug transactions reached 142, with mergers and acquisitions (M&A) and collaborations at 36 and 106 respectively, both setting new records since 2015 [3][9] - The total transaction value was $264.5 billion, with M&A accounting for $106 billion and collaborations for $158.4 billion, also new highs since 2015 [3][9] 2. Performance Review of Pharmaceutical Companies - Eli Lilly's total revenue for 2025 was $65.2 billion, with a guidance for 2026 revenue between $80 billion and $83 billion, indicating a projected growth of 25% [3][39] - Novo Nordisk's total revenue for 2025 was 309.1 billion Danish Kroner, with a guidance for 2026 indicating a decline of 5% to 13% [3][40] - Other companies like AbbVie, AstraZeneca, and Roche reported single-digit growth, while JNJ and Gilead faced challenges due to patent expirations [3] 3. Factors Influencing M&A Decisions - Demand for acquisitions is driven by the need to address revenue gaps from expiring patents and declining R&D efficiency [3][19] - Financial capacity for M&A is supported by free cash flow after shareholder returns, allowing for smaller acquisitions [3][20] - Pricing considerations are crucial, as the valuation of innovative drug assets significantly impacts the internal rate of return (IRR) for acquisitions [3][21]

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical industry [2] Core Insights - 2025 saw a record high in innovative drug asset transactions among multinational pharmaceutical companies, with 142 cases and a total transaction value of $264.5 billion, marking new highs since 2015 [3][9] - Eli Lilly's revenue for 2025 increased by 44% year-on-year, driven by GLP-1 drugs, with Tirzepatide achieving $36.5 billion in sales [3][39] - Novo Nordisk's sales growth was impacted by increased competition in the weight loss drug market, with a projected revenue decline of 5% to 13% for 2026 [3][40] Summary by Sections 1. Innovative Drug Asset Transactions - In 2025, the number of innovative drug transactions reached 142, with mergers and acquisitions (M&A) and collaborations at 36 and 106 respectively, both setting new records since 2015 [3][9] - The total transaction value was $264.5 billion, with M&A accounting for $106 billion and collaborations for $158.4 billion, also new highs since 2015 [3][9] 2. Performance Review of Pharmaceutical Companies - Eli Lilly's total revenue for 2025 was $65.2 billion, with a guidance of $80 billion to $83 billion for 2026, indicating a projected growth of 25% [3][39] - Novo Nordisk's revenue for 2025 was 309.1 billion Danish Krone, with a guidance for 2026 indicating a decline of 5% to 13% [3][40] - Other companies like AbbVie, AstraZeneca, and Roche reported single-digit growth, while JNJ and Gilead faced challenges due to patent expirations [3] 3. Factors Influencing M&A Decisions - Demand for acquisitions is driven by the need to address revenue gaps from expiring patents and declining R&D efficiency [3][19] - Financial capacity for M&A is supported by free cash flow after shareholder returns, allowing for smaller acquisitions [3][20] - Pricing considerations are crucial, as the valuation of innovative drug assets significantly impacts the internal rate of return (IRR) for acquisitions [3][21]

礼来口服新药PK口服司美格鲁肽胜利。 2月26日，礼来公布了其小分子口服GLP-1受体激动剂orforglipron首个头对头对照研究结果。 该研究旨在评估orforglipron与口服司美格鲁肽在经二甲双胍治疗血糖控制不佳的2型糖尿病成人患者中 的安全性和有效性，该研究为期52周，共纳入1698名参与者。 研究结果显示，在主要终点上，orforglipron 36mg组糖化血红蛋白(A1C)降幅为2.2%，而口服司美格鲁 肽14mg组为1.4%。在一项关键次要终点方面，orforglipron 36mg组参与者体重平均下降8.9kg （9.2%），而口服司美格鲁肽14mg组为5.0kg（5.3%），前者实现了73.6%更高的相对体重减轻幅度。 orforglipron是由中外制药发现，并于2018年授权给礼来开发。礼来已向全球40多个国家的监管机构提交 orforglipron的上市申请，预计美国将于2026年第二季度就其肥胖适应证作出审批决定。 这次作为orforglipronPK的对象，诺和诺德的口服司美格鲁肽是全球首个获批上市的口服GLP-1药物。如 在美国市场，口服司美格鲁肽的控糖与减重适应证均已获 ...

6. Alphabet将机器人软件子公司Intrinsic重新划归至谷歌旗下，加码物理AI布局。 美股时段值得关注的事件： 1. 美国三大股指期货小幅上涨，纳指期货涨0.04%，标普500指数期货涨0.1%，道指期货涨0.11%。 2. 欧股主要指数齐涨，德国DAX指数涨0.51%，英国富时100指数涨0.12%，法国CAC指数涨0.95%，欧 洲斯托克50指数涨0.42%。 3. 英伟达Q4营收同比增长73%至681亿美元创新高，Q1业绩指引强劲；预期芯片收入将超越5000亿美元 的目标。 4. 英伟达CFO：公司获准向中国出口少量H200芯片，但尚未获得任何收入。 5. 据报苹果为iPhone 17系列敲定三星DS部门LPDDR5X订单，价格提高100%。 21:30 美国至2月21日当周初请失业金人数 (格隆汇) 7. 特斯拉中国"变相降价"，推出五年零息购车方案。 8. 礼来：在2型糖尿病试验中，Orforglipron在血糖控制和减重方面均优于司美格鲁肽。 9. AMD和Nutanix联合开发一个开放的全栈人工智能(AI)基础设施平台。 10. SK海力士携手闪迪启动高频宽快闪记忆体全球标准化进程。 ...

礼来公司：Orforglipron在Achieve-3研究中表现优于口服司美格鲁肽，达成所有主要及关键次要终点。 ...

Key TakeawaysEli Lilly (LLY) reported that its oral GLP-1, orforglipron, achieved a 9.2% weight loss in Phase 3 trials, significantly outperforming Novo Nordisk's oral semaglutide.Toronto-Dominion Bank (TD) beat Q1 earnings estimates with an adjusted EPS of CAD 2.44, supported by adjusted revenue of CAD 16.63 billion.Danish Prime Minister Mette Frederiksen officially called for a parliamentary election on March 24, citing ongoing conflicts regarding Greenland and new wealth tax proposals.Stellantis (STLA) i ...

Core Insights - Eli Lilly released new data from a head-to-head trial comparing its experimental weight-loss pill orforglipron with Novo Nordisk's oral semaglutide in diabetes patients, highlighting the competitive landscape in the weight-loss medication market [1] Group 1: Trial Results - The trial demonstrated that orforglipron led to a greater percentage of weight loss compared to semaglutide, with patients on orforglipron losing an average of 15% of their body weight over a 16-week period [1] - Eli Lilly's orforglipron showed a favorable safety profile, with fewer gastrointestinal side effects reported compared to semaglutide [1] Group 2: Market Implications - The results position Eli Lilly to potentially capture a significant share of the growing weight-loss medication market, which is increasingly competitive with the presence of established players like Novo Nordisk [1] - Analysts suggest that the positive trial outcomes could enhance Eli Lilly's market valuation and investor interest in its pipeline of weight-loss treatments [1]

In a key secondary endpoint, participants on orforglipron 36 mg lost 19.7 lbs (9.2%) compared to 11.0 lbs (5.3%) with oral semaglutide 14 mg, representing a 73.6% greater relative weight loss Lilly has submitted orforglipron to regulators in over 40 countries, with potential U.S. action for obesity in Q2 2026 1,2 For the primary endpoint, orforglipron 36 mg lowered A1C by 2.2% vs. 1.4% with oral semaglutide 14 mg in ACHIEVE-3 INDIANAPOLIS, Feb. 26, 2026 /PRNewswire/ -- Eli Lilly and Company (NYSE: LLY) toda ...

2026年春节后，全球代谢病药物研发领域显得格外躁动。 2月24日，辉瑞中国与杭州先为达生物共同宣布达成战略合作，辉瑞获得新一代偏向型GLP-1受体激动 剂埃诺格鲁肽注射液在中国大陆的独家商业化权益，交易总额最高可达4.95亿美元。仅仅一天之后的2 月25日，丹麦巨头诺和诺德宣布与美国生物科技公司Vivtex达成一项价值高达21亿美元的合作协议，旨 在开发用于肥胖症和糖尿病的下一代口服药物。 两天内两笔重磅交易，背后是两个截然不同的战略逻辑，却共同指向了火热的GLP-1赛道。随着司美格 鲁肽与替尔泊肽"双王之战"2025年度胜负揭晓，中国本土药企的仿制药大军也已兵临城下。这两笔几乎 同时发生的BD（商务拓展）案，绝非偶然的新闻拼凑，而是全球GLP-1市场格局裂变的关键信号—— 旧格局松动，新战争已然打响。 谈及当下GLP-1领域的竞争态势，有券商医药行业分析师向21世纪经济报道记者透露，近日两大跨国药 企（MNC）的密集举措，为火热的GLP-1赛道投下两枚重磅"探路石"，映射出产业在高速发展后的深度 调整与战略再平衡。 一方面，为"王座"寻找新引擎。面对礼来替尔泊肽在销售榜首的"登顶"及CagriSema在关 ...