My previous bullish call on Eli Lilly (NYSE: LLY ) hasn’t quite worked out as I’d hoped. Since March, the stock has dropped 10%, which is frustrating. Nevertheless, I believe the short-term price moves aren’t a true reflectionComing from an IT background, I have dived into the U.S. stock market seven years ago by managing portfolio of my family. Starting managing real money has been challenging for the first time, but long hours of mastering fundamental analysis of public companies paid off and now I feel v ...

PGIM, an investment management company, released its “PGIM Jennison Health Sciences Fund” second-quarter 2025 investor letter. A copy of the letter can be downloaded here. Equities in the second quarter of 2025 experienced significant volatility, as the steep sell-off that initiated at the beginning of the quarter ultimately led to a strong recovery. The S&P 1500 Health Care Index declined 6.9% in the second quarter, underperforming the S&P 500’s 10.9% return. Health care providers & services, life science ...

一个曾被遗忘近20年的来靶点，正在成为搅动千亿减重市场的新爆点。 9月16日，诺和诺德在欧洲糖尿病研究协会大会（EASD）上公布了Amylin类似物cagrilintide（卡格列 肽）的3期REDEFINE 1研究最新数据。结果显示：治疗68周后，cagrilintide单药治疗实现了11.8%的平 均体重减轻。 更引人瞩目的是，其与司美格鲁肽组成的复方制剂CagriSema，平均减重效果达20.4%，显著优于单药 治疗。与此同时，CagriSema组的胃肠道副作用明显低于司美格鲁肽，做到了控糖与安全性的兼顾。 诺和诺德的布局远不止于此。9月22日，诺和诺德在Clinicaltrials.gov网站上注册了NNC0662-0419用于减 重的2期临床试验，该药物是GLP-1/GIP/Amylin三靶点激动剂（NN9662）。 同日，辉瑞宣布以49亿美元现金以及24亿美元里程碑付款的方式收购Metsera公司，此举动意在强化自 身的减重管线。消息一出，Metsera股价大幅飙升，一度暴涨超63%。 在此之前，罗氏、阿斯利康、礼来、艾伯维等多家国际药企已纷纷通过BD合作或重金收购等方式，加 速押注Amylin。 ...

Summary of Eli Lilly FY Conference Call - September 25, 2025 Company Overview - **Company**: Eli Lilly (NYSE: LLY) - **Industry**: Pharmaceuticals Key Highlights 1. **Revenue Growth**: Eli Lilly reported a revenue growth of 38% in Q2 and 40% in the first half of the year, significantly outpacing the industry. Key products generated over $10 billion in Q2, growing 80% [3][4] 2. **Key Products**: Tirzepatide, marketed as Mounjaro and Zepbound, is leading the growth, alongside advancements in immunology, oncology, and neuroscience [3][4] 3. **Manufacturing Progress**: The company has ramped up production, achieving a goal of 1.6 times in the first half of the year and targeting 1.8 times for the second half. The company is also expanding manufacturing facilities globally [5][6] 4. **R&D Advancements**: Significant progress in R&D across various therapeutic areas, including cardiometabolic health, oncology, immunology, and neuroscience. New products like Immunestra and Orforglipron are in the pipeline [7][8] 5. **Investment Strategy**: Eli Lilly employs a thorough bottom-up review process for investment decisions, balancing short-term and long-term strategies. The focus is on maintaining discipline while leveraging AI and automation [10][12] 6. **API Manufacturing**: Recent announcements include new API sites in Virginia and Texas, focusing on monoclonal antibodies and small molecules. The decision to invest in U.S. manufacturing is driven by long-term demand projections and supply chain resilience [14][15] 7. **Orforglipron Launch**: The company is preparing for the launch of Orforglipron, with significant inventory built up valued at $850 million. The product is expected to cater to a large patient population, with ongoing studies to support its profile [22][25] 8. **Pricing Strategy**: Eli Lilly plans to price Orforglipron based on value, considering market insights and previous pricing strategies. The company aims to balance price sensitivity with volume [42][45] 9. **Long-term Growth**: Eli Lilly is focused on innovation to navigate potential patent cliffs, with a strategy to continue growing through the 2040s by expanding its therapeutic areas and investing in R&D [50][54] 10. **Disruption and Innovation**: The company is actively seeking to disrupt the market through initiatives like Lilly Direct and Catalyze 360, which aim to improve patient experience and engage with biotech firms [75][77] Additional Insights - **Market Resilience**: The company emphasizes the importance of flexibility and resilience in its supply chain, learning from past shortages [16][17] - **Gross Margin Expectations**: Eli Lilly anticipates gross margins to remain competitive, projecting a decline from record highs due to new product introductions and pricing pressures [31][70] - **Therapeutic Area Expansion**: The company is expanding its focus from diabetes to cardiometabolic health, including cardiovascular assets, and exploring new areas in oncology and immunology [54][55] This summary encapsulates the key points discussed during the conference call, highlighting Eli Lilly's strategic focus on growth, innovation, and market positioning.

Group 1 - Eli Lilly has halted an experimental drug study aimed at preventing muscle loss in obese patients due to strategic business considerations [1] - The trial was terminated on June 10, less than a month after its initiation, while a similar study for non-diabetic obese patients remains active [1] - The experimental injection was central to Eli Lilly's strategy for addressing muscle loss in patients undergoing rapid weight loss [1] Group 2 - The terminated trial was intended to follow 180 patients with type 2 diabetes who are obese or overweight for approximately 13 months, focusing on weight loss and fat reduction [1] - Eli Lilly had previously committed around $2 billion to acquire Versanis Bio to obtain bimagrumab, which was to be used in conjunction with its blockbuster drug Zepbound [1] - In a June study, Eli Lilly indicated that bimagrumab could help patients maintain muscle mass while using Novo Nordisk's weight loss drug Wegovy [2] Group 3 - Bimagrumab works by blocking a receptor that typically regulates muscle growth, and it was previously tested by Novartis in a small study involving diabetic patients [2] - In Novartis' early research, one out of 37 patients treated with bimagrumab developed pancreatitis and was hospitalized, raising concerns about the risk of pancreatitis in diabetic patients [2]

Eli Lilly has halted a study of an experimental drug, which is designed to prevent obesity patients from losing too much muscle, due to strategic business reasons, according to a U.S. registry of clinical trials. ...

Lilly halts a study of an experimental drug designed to prevent obesity patients from losing too much muscle, citing strategic business reasons https://t.co/isjH65RANR ...

Market Analysis by covering: Eli Lilly and Company, Pfizer Inc, Novo Nordisk A/S, Metsera Inc. Read 's Market Analysis on Investing.com ...

Core Insights - Pfizer's acquisition of Metsera for $4.9 billion marks a significant entry into the $100 billion weight loss drug market, indicating a shift in the competitive landscape as traditional pharmaceutical giants join the fray [1][2] - The deal includes a contingent value right (CVR) that could increase the total transaction value to $7 billion, linking payments to Metsera's clinical and regulatory milestones [2] - Metsera's key assets include four clinical-stage projects, notably MET-097i, which supports both weekly and monthly dosing, enhancing patient compliance and treatment convenience [3] Strategic Considerations - The acquisition aligns with Pfizer's strategy to focus on impactful opportunities, leveraging its expertise in cardiovascular metabolic diseases and strong commercialization infrastructure to accelerate product development [5] - The timing of the acquisition is strategic, as the weight loss drug market is experiencing rapid growth but faces supply shortages, allowing Pfizer to quickly enter the market without lengthy development cycles [5] Market Dynamics - The global weight loss drug market is characterized by a duopoly, primarily dominated by Novo Nordisk and Eli Lilly, creating high entry barriers for new competitors [6] - Novo Nordisk's products, including Ozempic and Wegovy, generated significant revenues, with Wegovy alone achieving $5.458 billion in sales, reflecting a 78% year-over-year increase [6][9] - Eli Lilly's Mounjaro and Zepbound also performed well, with combined sales reaching $14.734 billion in the first half of 2025, indicating strong market demand [6] Supply and Demand Challenges - The current supply-demand imbalance in the market has led to shortages, with some regions experiencing months-long stockouts, highlighting the vulnerabilities of the existing duopoly [9] - High treatment costs, exceeding $13,000 annually for Wegovy in the U.S., pose significant barriers to market accessibility, further complicating the competitive landscape [9] Innovation and Future Trends - The weight loss drug sector is witnessing a wave of innovation, with hundreds of companies conducting clinical trials across various mechanisms, including GLP-1/GIP dual agonists and amylin analogs [11] - Key innovation areas include improved safety and tolerability, enhanced weight loss efficacy, oral dosing options, and muscle-sparing therapies, which could redefine market competition [12][15] - The future of weight loss drugs is expected to focus on personalized and precision medicine, moving towards comprehensive metabolic health management rather than solely weight reduction [15]

Summary of Key Points from the Asia CDMO Day Conference Industry Overview - **Industry Focus**: The conference centered on the Contract Development and Manufacturing Organization (CDMO) sector within the healthcare industry, particularly in Asia, including companies from mainland China, India, Taiwan, Korea, and Singapore [7][8]. Core Insights - **Current Demand and Future Outlook**: - Resilient demand is noted currently, driven by CMO projects and emerging modalities such as GLP-1/peptide capacity and Antibody-Drug Conjugates (ADCs) [7]. - The demand for obesity drugs is significantly influencing manufacturing orders, with ADCs and bispecific antibodies (BsAbs) identified as growth areas [7]. - A mixed recovery is expected for early-stage R&D in 2025 due to weak funding in 2024 and the first half of 2025, but a positive outlook is anticipated for 2026, especially among Chinese players [7][8]. - **Geopolitical Impact**: - Investors are less concerned about geopolitical uncertainties, focusing instead on tangible deliverables like earnings and order momentum [2]. - CDMOs are implementing strategic measures to mitigate risks, such as offshore facilities and M&A plans in the US, with business operations largely unaffected by geopolitical issues [2][9]. - **Performance of Chinese CDMOs**: - Chinese CDMOs have outperformed global peers with a 47% re-rating over the past six months, attributed to positive investor sentiment and strong earnings [3][6]. Capital Expenditure Trends - **Capex Execution**: - Capital expenditure (capex) is on track for FY25, with a focus on expanding peptide and ADC capabilities, as well as strategic offshore sites despite higher costs [7][44]. - Chinese CDMOs typically allocate a higher percentage of revenue to capex (average 20% of sales) compared to Indian counterparts (13%) [12]. - **Diverging Strategies**: - There is a notable divergence in capex strategies between Chinese and Indian CDMOs, with Indian firms adopting a more conservative approach tied to visible demand [12][44]. Demand Dynamics - **Recovery Variability**: - The industry is experiencing uneven recovery across the value chain, particularly in early-stage services, with a noted decline in small molecule projects due to funding challenges [14][15]. - High-quality and emerging modalities, especially peptides for obesity and ADCs, continue to see strong demand [14][15]. - **Emerging Opportunities**: - The GLP-1 market is expected to grow significantly, with projections indicating a potential increase in the total addressable market (TAM) in India from Rs13 billion in FY26 to Rs126 billion by FY31 [18]. ADC Market Insights - **Expansion in ADC Capabilities**: - CDMO players are expanding their ADC capabilities to capture growth opportunities, with WuXi XDC reporting a backlog of US$1,329 million in 1H25, reflecting a 48% year-on-year increase [23][25]. - The global ADC market is projected to grow at a CAGR of 31% from 2024 to 2030 [26]. Conclusion - The Asia CDMO sector is poised for growth, driven by resilient demand for innovative therapies and strategic investments in capacity expansion. The geopolitical landscape is less of a concern for investors, who are focusing on operational performance and future growth potential. The divergence in capex strategies between Chinese and Indian CDMOs highlights differing approaches to market opportunities and risk management.