Core Insights - Eli Lilly and Company is set to present data on several investigational drugs at the 2025 ASCO Annual Meeting, including imlunestrant, olomorasib, LY4170156, and Verzenio [1] Group 1: Imlunestrant (Investigational Oral SERD) - The company will present patient-reported outcomes from the Phase 3 EMBER-3 trial for patients with ER+, HER2- advanced breast cancer [2] - Expanded safety analyses from the EMBER-3 trial will also be featured in a poster presentation [2] Group 2: Olomorasib (Investigational KRAS G12C Inhibitor) - Updated results from a Phase 1/2 study of olomorasib will be reported, showing preliminary evidence of CNS activity in combination with pembrolizumab for KRAS G12C-mutant advanced NSCLC and with cetuximab for KRAS G12C-mutant colorectal cancer [3] - The presentations will utilize data cut-off dates of January 15, 2025, and November 13, 2024 [3] Group 3: LY4170156 (Investigational ADC Targeting FRα) - Initial results from a Phase 1a/1b study of LY4170156 in patients with platinum-resistant ovarian cancer will be presented [4] - The study involves a humanized monoclonal antibody linked to a topoisomerase I inhibitor [4] Group 4: Verzenio (Abemaciclib) - The impact of body mass index (BMI) on the efficacy and safety of Verzenio in breast cancer patients will be discussed [8] - Verzenio is an approved treatment for certain HR+, HER2- breast cancers and is available in multiple strengths [12][13]

Important News - The U.S. House of Representatives passed a tax reform bill proposed by Trump, which will significantly reduce taxes, cut social spending, and increase federal debt; Democrats criticized the bill as a tax cut for the wealthy and a weakening of social security [1] Company News - TSMC and other manufacturers are advising the U.S. Department of Commerce to exempt semiconductor-related tariffs [2] - Sanofi will acquire clinical-stage biotech company Vigil Neuroscience for $470 million in cash, with the total acquisition price potentially rising to $600 million if subsequent development milestones are met [3] - Cigna announced a new agreement with Eli Lilly and Novo Nordisk to set a cap on out-of-pocket costs for weight loss medications [3] - Google has announced the launch of AI search ad testing for desktop users in the U.S. starting today [3] Economic Indicators - The number of initial jobless claims in the U.S. last week was 227,000, down from the previous value of 229,000 [4] - The yield on the 30-year U.S. Treasury bond rose to 5.15%, marking the highest level since October 2023 [4] - Federal Reserve Governor Waller indicated that if tariffs decrease, the Fed is expected to lower interest rates in the second half of 2025 [4] - Nike is expected to implement widespread price increases on products in the U.S. market as early as this week [4] - Walmart is laying off nearly 1,500 employees in its technology department [4] - Zoom reported a 2.9% year-over-year revenue growth to $1.17 billion for the first fiscal quarter, with adjusted earnings per share of $1.35, exceeding market expectations [4]

特朗普宣称美国的处方药价格将会下降 30%—80% ，他要求美国患者必须有权获得 " 最惠国价格 " ，推 动药企建立直销渠道 Key takeaways: 美东时间5月12日，美国总统特朗普签署了旨在使药价下降的行政令。这项激进的政策如同一颗投入全球医 药市场的深水炸弹，引发资本市场震荡。尽管美股医药板块在政策细则公布后出现短暂反弹，但中国创新 药企的股价仍普遍承压，反映市场对于中国出海药企的盈利前景存在担忧。 根据行政令的核心内容，特朗普要求美国患者必须有权获得"最惠国价格"（Most-Favored-Nation Price，简 称"MFN"），即将美国药价限制在经合组织（OECD）国家中的最低水平，由美国卫生与公众服务部 以美国市场贡献一半以上收入的百济神州为例，其王牌产品BTK抑制剂泽布替尼在美国的定价为120粒 12,935美元（93,255元），这款产品在中国经医保谈判后的定价仅有64粒5,440元，算下来平均每粒药的价格 仅约为美国定价的一成。这种差异化的全球定价体系，意味着百济神州可能会直面MFN政策的冲击，一旦 药价大幅下调，很可能会影响其营收。 （HHS）推动药企建立直销渠道，绕过"中间 ...

全球医药市场正经历一场颠覆性变革。从抗癌药到"减肥神药"，药王桂冠的争夺战已悄然转向GLP-1赛 道。诺和诺德与礼来两大巨头以超300亿美元的年销售额领跑，但仿制药围剿、价格战隐忧与地缘政治 风险，正在重塑这场千亿级市场的游戏规则。 药王易主：GLP-1改写全球药企格局 中国市场的渠道争夺同样激烈。公立医院销售增速放缓至5%以下，线上药店却以30%增速狂飙。诺和 诺德虽手握医保准入，但自费用户仍依赖电商与药店网络。本土药企凭借灵活的渠道布局，正在撕开市 场缺口。 结语： 减肥药赛道的狂欢背后，一场关乎技术、成本与地缘的立体战争已打响。当"神药"走下神坛，真正的赢 家或许不是最快者，而是最能驾驭复杂棋局的人。对于中国药企而言，这既是挑战，更是改写全球医药 版图的绝佳窗口。 本文结合AI工具生成 2024年前三季度，诺和诺德的司美格鲁肽系列狂揽203亿美元，礼来的替尔泊肽紧随其后突破110亿美 元。Evaluate Pharma预测，到2030年，这两家凭借"减肥神药"逆袭的药企将挤掉辉瑞、GSK等传统巨 头，分列全球处方药销售榜前两位。 中国市场的躁动同样显著：5月A股减肥药概念股集体飙升，金凯生科20CM涨停 ...

Evernorth的许多客户目前向员工提供药物，每月的自付费用低至25美元。对于那些因为成本问题而犹豫 不决的人来说，将员工自付费用限制在200美元，这还不到消费者通过礼来或诺和诺德直接面向消费者 的网站购买药品时现金支付价格的一半。 该公司表示，新协议还将包括简化药物的预授权程序，患者将能够在零售药店以相同的价格购买药物， 或者通过Evernorth送货上门服务。这些新的服务和折扣也将提供给已经使用减肥药的Evernorth客户。 Carter说："今天，我们希望那些购买了减肥保险的客户能看到，你知道，他们的成本减少了近20%…… 通过我们与礼来和诺和诺德达成的最新协议，Evernorth能够在保持两种药物保险的同时获得更优惠的价 格。" 智通财经APP获悉，信诺(CI.US)表示，目前只有一半的客户购买了GLP-1减肥药Wegovy和Zepbound， 因为它们的成本很高。但该医疗保险公司表示，其药品福利部门Evernorth已与制药商礼来(LLY.US)和诺 和诺德(NVO.US)达成协议，这将为雇主和工人降低价格。Evernorth新的减肥定价计划将于今年下半年 开始实施，届时雇主们将开始决定明年计划 ...

Core Insights - Cigna's pharmacy benefits unit Evernorth has negotiated a deal with drug manufacturers Ely Lilly and Novo Nordisk to reduce the costs of GLP-1 weight loss drugs Wegovy and Zepbound for employers and employees [1][5] Group 1: Cost Reduction and Accessibility - Currently, only half of Cigna's clients cover the GLP-1 weight loss drugs due to high costs, but the new deal aims to make these drugs more accessible [1] - The arrangement allows for a cap on employee out-of-pocket costs at $200 per month, significantly lower than the cash price without insurance [2][3] - Clients already covering weight loss drugs can expect up to a 20% reduction in their costs with the new pricing agreement [5] Group 2: Simplified Processes and Services - The new deal includes a simplified pre-authorization process for accessing the drugs, enhancing convenience for patients [4] - Patients will have access to the drugs at the same price across retail pharmacies and through Evernorth's home delivery service [4] Group 3: Industry Context - CVS Caremark has announced a deal to make Novo's Wegovy its primary weight loss drug, which may affect the preference for Lilly's Zepbound [6] - Eli Lilly is committed to finding solutions to help individuals with obesity access Zepbound, indicating ongoing collaboration within the industry [6]

Core Insights - Eli Lilly and Company has received marketing authorization for Kisunla (donanemab) in Australia, marking it as the first amyloid-targeting therapy for Alzheimer's registered in the country [1][3] - Kisunla is indicated for adult patients with mild cognitive impairment and mild dementia due to Alzheimer's disease, specifically targeting Apolipoprotein E ε4 heterozygotes or non-carriers [1][6] - The drug has shown significant efficacy in slowing cognitive and functional decline in early symptomatic Alzheimer's disease, with a 35% reduction in decline compared to placebo over 18 months [3][9] Regulatory and Clinical Data - The authorization in Australia is based on data from the TRAILBLAZER-ALZ 2 and TRAILBLAZER-ALZ 6 clinical trials, which demonstrated the drug's effectiveness and safety profile [3][4] - Kisunla has been approved in multiple countries, including the United States, Japan, and the United Kingdom, totaling 13 regulatory authorizations [5][10] - The TRAILBLAZER-ALZ 2 study involved 1,736 participants and showed a 39% reduced risk of progressing to the next clinical stage of Alzheimer's disease [3][7] Patient Population and Impact - Approximately 600,000 Australians are living with Alzheimer's disease, with around 450,000 in early stages eligible for Kisunla treatment [3][4] - Alzheimer's disease is the third leading cause of death in Australia, highlighting the urgent need for effective treatments [3][4] - The earlier patients are diagnosed and treated with Kisunla, the better their response to the therapy, emphasizing the importance of timely intervention [3][10] Safety and Side Effects - Kisunla can cause amyloid-related imaging abnormalities (ARIA), which are generally asymptomatic but can lead to serious complications [4][12] - A modified titration schedule has been approved to reduce the incidence of ARIA while maintaining the drug's efficacy [4][9] - The product information includes warnings about potential serious side effects, including infusion-related reactions and ARIA [12][16]

Investment Rating - The investment rating for the pharmaceutical industry is "Outperform" [2] Core Insights - Overall revenue growth for pharmaceutical companies has slowed down, with Eli Lilly and Novo Nordisk showing significant increases of 45% and 18% respectively in Q1 2025, while other companies like GSK and Merck faced low single-digit growth or declines [3][5] - The U.S. drug price reform and uncertain macroeconomic environment are impacting the industry, with the Trump administration's executive order promoting "Most Favored Nation" pricing potentially reducing the pricing power of large pharmaceutical companies [3][7] - The next five years will see several blockbuster drugs facing patent expirations, prompting pharmaceutical companies to pursue business development (BD) transactions to enhance revenue and fill pipeline gaps [3][13] Summary by Sections 01 Overview of Q1 2025 Performance - The top 15 pharmaceutical companies had a combined R&D expenditure of $31.8 billion in Q1 2025, reflecting a year-on-year increase of 0.6% [8] 02 Revenue and Guidance - Eli Lilly reported Q1 2025 revenue of $12.7 billion, a 45% increase year-on-year, with a full-year guidance of $58.0 billion to $61.0 billion [5] - Pfizer's revenue decreased by 6% to $13.7 billion in Q1 2025, with a full-year guidance of $61.0 billion to $64.0 billion [6] 03 Drug Price Reform and Macro Environment - The Trump administration's executive order aims to provide U.S. patients with "Most Favored Nation" pricing, which could pressure drug prices downward [7] - A proposed budget plan by the Republican party includes significant cuts to Medicaid, potentially impacting pharmaceutical revenues [7] 04 Upcoming Patent Expirations - Several key products are approaching patent expiration, including Eli Lilly's Tirzepatide and JNJ's Invega Sustenna, which could lead to increased competition and revenue challenges [13][14] 05 Recent Business Development Projects - Notable recent BD transactions include JNJ's acquisition of IntraCellular for $14.6 billion to enhance its pipeline in mental health treatments [15][16]

不吃健身的苦，悄悄完成减脂，减肥针正在成为更多人的变瘦捷径。 GLP-1类减肥针突然从糖尿病治疗药，蜕变成了全球现象级的"瘦身神器"。原本属于医疗领域的产品，摇身一变成了电商平台上唾手可得的"轻医美项 目"。 在市场上，即便国内司美格鲁肽的减肥适应症尚未获批，但电商平台却月销量过万；替尔泊肽也在代购市场被炒至4000一盒。在美国，甚至一度陷入减肥 针供不应求的局面。 社交媒体上，#减肥针的话题浏览量高达49.7万次，"无痛瘦身"、"一周见效"、"狂甩20斤"等字眼也在刺激着消费者的神经。 这一切的起点，要追随到2021年，司美格鲁肽因其显著的减重效果，快速从医疗领域破圈。在2023年，替尔泊肽的问世，直接让减肥针市场开启了"竞速 迭代"。 据数据显示，诺和诺德公司凭借减肥针Wegovy市值突破5000亿美元，在2023年销售额暴涨407%。而在同年11月，FDA批准替尔泊肽以来，礼来公司的股 价上涨50%，市值突破8000亿美元。 也因此，减肥针无疑是当前最赚钱的项目之一，而最新研究结果，更是直指减肥针的新一轮"效果内卷"。 替尔泊肽以20.2%的平均减重率显著于司美格鲁肽的13.7%，减重优势全面碾压，使得 ...

Core Viewpoint - The U.S. large biopharmaceutical sector is currently facing significant challenges, leading to a notable underperformance compared to the S&P 500 index, with a gap of approximately 15 percentage points since a key tariff announcement on April 2, 2025 [1][15]. Group 1: Challenges Facing the Biopharmaceutical Sector - The sector is under pressure from multiple factors, including high tariff barriers, drug price negotiation pressures, and an impending patent cliff, creating a murky outlook for the industry [1][2]. - Morgan Stanley analysts categorize these challenges as "overhangs," which are structural issues that have been exacerbated by recent policy changes [2]. Group 2: Tariff and Supply Chain Challenges - Specific tariff policies have been a direct trigger for the recent downturn in the sector, creating significant uncertainty in the market [3]. - Morgan Stanley believes that the impact of tariffs is largely "manageable," with companies able to respond through inventory management and accelerated product shipments [3][5]. - The expected tax rate for companies heavily reliant on U.S. production may rise from approximately 16-17% to 19-20%, similar to Gilead Sciences [3]. Group 3: Drug Price Negotiation Pressures - Drug pricing remains a persistent concern, with the "Most Favored Nation" (MFN) pricing policy posing potential risks, although its widespread implementation faces significant hurdles [6][7]. - The Inflation Reduction Act (IRA) is expected to have an incremental rather than disruptive impact on market expectations regarding drug pricing [8]. - Setser's testimony highlights the disparity in profit reporting between U.S. and overseas operations, with U.S. companies reporting minimal profits domestically while generating substantial profits abroad [9][12]. Group 4: Patent Expiration and Valuation - The upcoming patent expirations for key drugs between 2028 and 2030 are anticipated to suppress sector valuations, but this is viewed as a manageable "profit reset" rather than a crisis [13][14]. - Historical data suggests that the average earnings per share (EPS) erosion following patent expirations is around 15%, with a subsequent rebound often occurring [14]. Group 5: Current Valuation and Market Sentiment - The biopharmaceutical sector's valuation has dropped to a historical low, with a relative discount of 45-50% compared to the S&P 500 index [15][18]. - The sector has seen an overall decline of about 8% since the tariff announcement, while the S&P 500 has increased by approximately 5% [18][20]. Group 6: Potential Catalysts for Recovery - Clarity in policy execution regarding tariffs, MFN, and IRA could alleviate investor concerns and potentially lead to a recovery in the sector [23]. - Setser's recommendations for tax reforms aimed at reducing profit and production outflows could fundamentally alter the industry's profit and production landscape [24]. - The removal of unfavorable terms in the IRA, such as the "pill penalty," could serve as a significant positive catalyst for the sector [23][25].