美股开盘，三大指数集体上涨，纳指涨0.73%，标普500指数涨0.5%，道指涨0.6%。 苹果涨2.1%，追加1000亿在美投资额并启动"美国制造计划"，缓解市场对关税影响的担忧。 英伟达涨1.1%，高盛将英伟达的目标价从185美元上调至200美元，维持"买入"评级。 台积电涨5.8%，美国总统特朗普宣布将对进口半导体芯片"征收100%关税"，台积电有望获豁免。 英特尔跌超2%，美国总统特朗普称英特尔首席执行官存在严重的利益冲突，必须立即辞职。 礼来跌9.8%，口服减肥药Orforglipron在后期试验中使受试者体重下降近12%，低于华尔街预期的 13%-15%。 (格隆汇) ...

Financial Data and Key Metrics Changes - Revenue grew 38% compared to Q2 2024, driven by key products including Evglis, Jaypirca, Kisunla, Mounjaro, Omvoh, Verzenio, and Zepbound [9][19] - Gross margin as a percentage of revenue was 85% in Q2, an increase of three percentage points year-over-year, primarily due to improved production costs and a favorable product mix [19] - Earnings per share increased 61% to $6.31, including a negative impact of $0.14 from acquired IPR&D charges [21] Business Line Data and Key Metrics Changes - Mounjaro posted $5.2 billion in global sales and became the U.S. market leader in total prescriptions within the type 2 diabetes incretin market [28][29] - Zepbound contributed significantly to sales, with over 1 million TRX in Q2, and accounted for approximately 20% of total U.S. prescriptions [32][86] - Eplis showed strong performance in atopic dermatitis, with total prescriptions nearly doubling since Q1 [23] Market Data and Key Metrics Changes - U.S. revenue increased 38%, driven by strong volume growth of Zepbound and Mounjaro, partially offset by an 8% decline in price [22] - Revenue in Europe grew 77% in constant currency, reflecting strong uptake of Mounjaro [22] - Japan revenue grew 7% in constant currency, driven by Mounjaro and Eplis, while China saw a 19% increase in revenue [22] Company Strategy and Development Direction - The company aims to submit orforglipron for regulatory approval globally to address the obesity challenge [8] - Continued investment in R&D is emphasized, with a focus on expanding the pipeline and increasing manufacturing capacity [11][14] - The company is committed to addressing drug pricing reform while ensuring patient access to medications [16][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong performance and growth outlook for the company, raising revenue and earnings guidance for 2025 [12][35] - The management highlighted the importance of addressing patient safety concerns related to compounding and emphasized the need for regulatory action [72] - The company anticipates continued growth in the incretin market, with a focus on maintaining pricing strategies that reflect the value of their products [75] Other Important Information - The company announced the acquisition of SiteOne Therapeutics and Verve Therapeutics, expanding its portfolio in pain management and genetic medicines [14][54] - Manufacturing capacity has increased significantly, producing more than 1.6 times the amount of saleable incretin doses compared to 2024 [14][37] Q&A Session Summary Question: Context for orforglipron's weight loss profile compared to Wegovy - Management highlighted the efficacy of orforglipron, noting significant weight loss and improvements in key biomarkers, emphasizing its potential as a convenient oral option [61][66] Question: Pricing environment and compounding concerns - Management discussed the importance of addressing patient safety regarding compounding and indicated expectations for single-digit net pricing erosion while maintaining value [69][75] Question: Discontinuation rates and GI adverse events for orforglipron - Management confirmed that GI side effects were consistent with GLP-1 agonists, typically decreasing over time, with no significant differences noted [78][80] Question: Impact of Canadian generics on the market - Management indicated that the U.S. market remains strong, with continued growth in prescriptions despite potential competition from generics [83][86] Question: Evolution of U.S. employer coverage for anti-obesity medicines - Management confirmed that employer coverage has been steady, with ongoing efforts to improve access and simplify benefit designs [90][94] Question: Expectations for ATTAIN-two Phase III data - Management expressed confidence in the upcoming ATTAIN-two results, anticipating similar positive outcomes as seen in previous trials [97][100] Question: Differences in side effect profiles between studies - Management noted that side effect profiles can vary between populations, but overall confidence in the GLP-1 monotherapy profile remains high [103][106] Question: Gender split in the orforglipron study - Management reported a balanced gender split in the study population, with no notable differences impacting the results [111]

Group 1: Earnings Performance - Eli Lilly reported quarterly earnings of $6.31 per share, exceeding the Zacks Consensus Estimate of $5.61 per share, and up from $3.92 per share a year ago, representing an earnings surprise of +12.48% [1] - The company posted revenues of $15.56 billion for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 5.48%, compared to year-ago revenues of $11.3 billion [2] - Over the last four quarters, Eli Lilly has surpassed consensus EPS estimates two times and topped consensus revenue estimates three times [2] Group 2: Stock Performance and Outlook - Eli Lilly shares have declined approximately 3.3% since the beginning of the year, while the S&P 500 has gained 7.9% [3] - The company's earnings outlook, including current consensus earnings expectations for upcoming quarters, will be crucial for investors [4] - The current consensus EPS estimate for the coming quarter is $6.22 on revenues of $15.74 billion, and for the current fiscal year, it is $22.05 on revenues of $60.43 billion [7] Group 3: Industry Context - The Large Cap Pharmaceuticals industry, to which Eli Lilly belongs, is currently in the top 36% of over 250 Zacks industries, indicating a favorable industry outlook [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact stock performance [5]

数据显示，6月在印度上市的Wegovy7月销量增长超一倍，达5000支，销售额为7000万卢比(约合79.823 万美元)。Mounjaro的销量同样环比翻倍，达15.7万支，销售额为4.7亿卢比。 Pharmarack商业副总裁希塔尔·萨帕尔在声明中表示："尽管依托Rybelsus的基础，Wegovy已拥有坚实的 处方医生群体，但要在注射剂市场触及Mounjaro的患者规模，可能还需要大规模推广。" 自2022年起，诺和诺德就在印度以Rybelsus为品牌名销售口服司美格鲁肽药片，用于治疗2型糖尿病。 而Mounjaro自今年3月在印度上市以来，销售额已飙升15倍。 智通财经APP获悉，研究公司Pharmarack周四发布的数据显示，丹麦制药商诺和诺德(NVO.US)的 Wegovy与美国竞争对手礼来(LLY.US)的Mounjaro7月在印度的销售额较上月环比翻倍。 这两款重磅抗肥胖药物的需求在这一全球人口最多的国家正持续攀升，它们不仅能帮助控制血糖，还可 延缓消化过程。 本周三，诺和诺德公布第二季度财报，公司Q2销售额为768.57亿丹麦克朗，同比增长13%，净利润为 265.03亿丹麦克朗，同比增长3 ...

Core Viewpoint - Eli Lilly reported strong Q2 earnings with revenue of $15.56 billion, a 38% year-over-year increase, exceeding market expectations of $14.7 billion, and raised its full-year revenue guidance to $60-62 billion [1][2][10] Financial Performance - Q2 revenue reached $15.56 billion, driven by sales growth of Zepbound and Mounjaro [2] - Reported EPS was $6.29, a 92% increase year-over-year, while non-GAAP EPS was $6.31, up 61% from the previous year [3][2] - Gross margin improved to 84.3%, up 3.5 percentage points due to better production costs and product mix [2] Key Product Developments - Mounjaro generated global revenue of $5.2 billion, a 68% increase, with U.S. sales of $3.3 billion and international sales of $1.9 billion [8][9] - Zepbound saw U.S. revenue of $3.38 billion, a 172% increase, although facing pricing pressure [8][9] - Verzenio revenue was $1.49 billion, reflecting a 12% year-over-year growth [8] Market Dynamics - Despite strong revenue growth, pricing pressures were evident, contributing to a 6% decline in growth due to an 8% price drop in the U.S. market [9] - The competitive landscape for GLP-1 drugs is changing, with increased pressure from insurance companies and government programs [9] R&D and Future Outlook - R&D expenses rose to $3.34 billion, a 23% increase, indicating continued high investment in pipeline development [10] - The company raised its 2025 revenue guidance by $1.5 billion to a range of $60-62 billion, reflecting management's confidence in business prospects [10] Orforglipron Clinical Trial Results - The experimental weight loss pill orforglipron showed only an 11% weight reduction in Phase III trials, below Wall Street expectations, leading to a significant drop in stock price [6][11] - The drug is expected to provide a cheaper oral option in the weight loss market projected to grow to $95 billion by 2030 [11][12] - Common side effects include nausea and vomiting, similar to existing GLP-1 drugs, but orforglipron did not cause liver issues, a concern with other weight loss drugs [11][12]

Financial Performance - Total revenue reached $15.6 billion, a 38% increase compared to Q2 2024[12] - Key product revenue grew by 80% to $10.4 billion[12] - Non-GAAP earnings per share (EPS) increased by 61% to $6.31[12] - The company raised the midpoint of its revenue guidance by $1.5 billion for the full year[10] Product Performance - Lilly's U.S. incretin analogs market share increased to 57.0% of total prescriptions, with the market growing 41% year-over-year[10] - Mounjaro U.S. sales were $3.3 billion and international sales were $1.9 billion[65] - Zepbound U.S. sales were $3.4 billion and international sales were $1.5 million[68] - Verzenio U.S. sales increased 8% and international sales increased 19%[71] - Jaypirca Q2 2025 sales reached $123 million, with TRx increasing 85% compared to Q2 2024[25] Clinical Development - Orforglipron delivered weight loss of more than 27 lbs (12.4%) in ATTAIN-1[16] - Mounjaro demonstrated cardiovascular protection in SURPASS-CVOT, showing an 8% lower rate of MACE-3 events compared to Trulicity[16, 43]

礼来(LLY.US)一项后期研究显示，从统计结果来看，其实验性口服减肥药orforglipron帮助患者成功减重约11%，该结果低于华尔街 的预期。投资者原本期望礼来的这种药物能与诺和诺德(NVO.US)生产的畅销减肥注射药物Wegovy具有同等效果。消息公布后，截 至发稿，礼来美股盘前下跌7%，诺和诺德上涨7%，此前两者幅度均一度超过12%。与此同时，礼来还公布了超预期的二季度业 绩，并上调了全年营收与盈利指引。 上周，诺和诺德公司再次下调了今年的利润预期，原因在于美国市场的增长低于预期，以及Wegovy廉价的仿制药品来自药房的配 制而对其构成竞争。 新竞争领域：口服减肥药 就试验本身而言，服用orforglipron最高剂量在72周内帮助患者平均减重12.4%。至少有三位分析师表示，市场原本期待orforglipron 能像2021年试验中诺和诺德Wegovy那样，在68周内实现14.9%的减重效果，甚至还有一些分析师则预计这种药物的效果将超过诺和 诺德的热门产品。 礼来Q2业绩超预期，上调全年业绩指引 第二季度，礼来公司实现营收156亿美元，同比增长约38%。其肥胖症药物系列表现尤为出色，该系列以糖尿病 ...

礼来交出了一份亮眼的Q2财报，但与此同时公布的减肥口服药效果不及预期，引发股价盘前重挫12%。 核心业务进展： 周四，礼来公布了Q2业绩， 具体财务表现： 消息公布后，礼来股价在周四纽约盘前交易中暴跌超12%。如果这种跌势持续到开盘，那么这将是自2000年8月9日暴跌29%以来的最大单日跌幅。 相比之 下，竞争对手诺和诺德股价在哥本哈根交易所大涨8.4%，创近四个月来最大涨幅。 营收增长强劲，但价格压力显现，上调全年指引 155.6亿美元的季度营收确实令人印象深刻，38%的同比增长主要得益于42%的销量增长。然而，价格因素拖累了6个百分点的增长，在美国市场，这种价格 压力更加明显，价格下降了8个百分点。 Q2营收155.6亿美元，同比增长38%，超出市场预期的147亿美元，主要由Zepbound和Mounjaro销量增长驱动 报告EPS为6.29美元，同比增长92%；非GAAP EPS为6.31美元，上年同期的3.92美元，同比增长61% 毛利率84.3%，同比提升3.5个百分点，受益于生产成本改善和产品结构优化 基于强劲的业绩表现，公司上调全财年营收预期至600亿-620亿美元，此前预期为580亿-610亿 ...

Drug Development & Clinical Trials - Eli Lilly's oral weight loss drug trial results met internal expectations, despite market disappointment, with an average weight loss of 27 pounds [2][3] - The company plans to submit the oral weight loss drug to regulators by the end of the year, anticipating potential approvals around the same time next year [4] - Safety risks associated with orforglipron have been largely addressed, paving the way for its potential as a mass-market obesity treatment [8][9] - Dropout rates in the study were comparable to placebo, alleviating concerns about the drug's tolerability [12][16] - Seven phase three studies are underway for the medicine [14] Market Position & Financial Performance - The pharmaceutical sector's price-to-earnings multiples have compressed in the last year, affecting stock prices across the industry [6] - Eli Lilly's sales increased by 38% year-over-year in the second quarter [7] - Tirzepatide (Mounjaro and Zepbound) is projected to become the best-selling drug in the industry within its third year on the market [7] - The company emphasizes its focus on increasing value for patients and investors [7] Obesity Market & Treatment Landscape - The current obesity treatment market only addresses approximately 2-3% of the global population [9] - There are an estimated 1 billion people worldwide who are overweight or obese, highlighting the significant market potential for effective treatments [9]

news uh that we've I guess been waiting for from Eli Liy. Got a look at the stock. Uh although we'll show you that Angelica Peeles that's here and joins us now, but uh as you're talking, we should take a quick look at the uh early morning action in the shares.But take it away. >> Yeah, that early morning action not good. The stock down about 6% right now and that's after we got this highly anticipated data on its obesity pill and clearly there's some disappointment.So let's go through the numbers. people lo ...