Core Viewpoint - In Q1 2025, Novo Nordisk's semaglutide surpassed Merck's Keytruda in global sales, temporarily claiming the title of "King of Drugs" with a sales figure of approximately $7.864 billion, marking a year-on-year growth of 32.17% [2][3]. Group 1: Sales Performance - In Q1 2025, semaglutide achieved global sales of 55.776 billion Danish Krone (approximately $7.864 billion), accounting for about 71% of Novo Nordisk's total revenue [2]. - Semaglutide's sales outperformed Keytruda by $664 million in Q1 2025, with Keytruda generating $7.2 billion in the same period, reflecting a year-on-year growth of 4% [3][4]. Group 2: Product Breakdown - The sales breakdown for semaglutide in Q1 2025 includes: - Ozempic (injectable version) at 32.721 billion Danish Krone (approximately $4.613 billion), a year-on-year increase of 15% [5]. - Rybelsus (oral version) at 5.695 billion Danish Krone (approximately $803 million), a year-on-year increase of 13% [5]. - Wegovy (weight loss version) at 17.36 billion Danish Krone (approximately $2.448 billion), a significant year-on-year increase of 83% [5]. Group 3: Market Dynamics - Novo Nordisk faces increasing competition from Eli Lilly's dual agonist tirzepatide, which has a cumulative sales figure of $6.15 billion across its indications, although semaglutide still leads in total sales [5]. - Eli Lilly holds a 53.3% share of the U.S. GLP-1 market in terms of total prescriptions, indicating a competitive landscape for semaglutide [6]. Group 4: Company Outlook - Novo Nordisk has revised its full-year sales growth forecast for 2025 from an initial estimate of 16% to 24% down to 13% to 21%, alongside a reduction in operating profit expectations from 19% to 27% to 16% to 24% [6].

Core Insights - Novo Nordisk and Eli Lilly continue to show strong performance growth in Q1 2025, driven by their GLP-1 drugs [1][2][3] - The global GLP-1 drug market is expected to exceed $60 billion by 2025, with both companies competing aggressively for market share [2][6] Financial Performance - Novo Nordisk reported total revenue of 78.087 billion Danish Krone (approximately $11.216 billion) in Q1 2025, a year-on-year increase of 18% [1] - Eli Lilly's Q1 2025 revenue reached $12.729 billion, reflecting a 45% year-on-year growth [2] - Novo Nordisk's semaglutide generated a total revenue of 56.934 billion Danish Krone (approximately $8.011 billion), a 31% increase [1][3] - Eli Lilly's tirzepatide contributed $6.15 billion to its revenue, accounting for about 48% of its total Q1 revenue [2] Market Dynamics - The GLP-1 drug class has emerged as a significant market player, with semaglutide and tirzepatide leading the way [3][6] - Novo Nordisk holds a 55.3% share of the global GLP-1 market, but faces increasing competition from domestic companies in China as its patents expire in 2026 [7][10] - The number of patients treated with obesity medications in major markets is expected to grow significantly, indicating a large untapped market [5] Research and Development - Novo Nordisk has submitted a marketing application for semaglutide for treating liver fibrosis and has terminated the development of a weekly oral formulation [4] - Eli Lilly plans to submit a marketing application for orforglipron for type 2 diabetes in H1 2026 and is expanding research into hypertension and obstructive sleep apnea [4] Competitive Landscape - The competition in the GLP-1 market is intensifying, with numerous domestic companies entering the space and developing new formulations [7][10] - The rise of domestic GLP-1 drugs is expected to disrupt the current market dynamics, with potential for a significant increase in market share for local players [10] - Companies are focusing on enhancing drug efficacy, oral formulations, and cost-effectiveness to attract consumers in a saturated market [6][10]

智通财经5月7日电，2025年第一季度，司美格鲁肽全球销售额终于超过K药，暂时坐上了全球"药王"宝 座。诺和诺德在一季报中表示，全球约有10亿人患有肥胖症，但只有数百万人接受治疗，公司继续在全 球推广Wegovy。不过，司美格鲁肽仍要直面与礼来的GLP-1/GIP双重激动剂替尔泊肽的竞争，且两者的 竞争日趋白热化。 司美格鲁肽全球销售额超过抗癌药物K药 暂时坐上了全球"药王"宝座 ...

Group 1 - In Q1 2025, sales of semaglutide surpassed Merck's Keytruda by $664 million, marking semaglutide as the temporary global "king of drugs" [1][2] - Novo Nordisk reported Q1 2025 global sales of semaglutide at 55.776 billion Danish kroner (approximately $7.864 billion), a year-on-year increase of 32.17%, accounting for about 71% of the company's total revenue [1][3] - Merck's Keytruda reported Q1 2025 global sales of $7.2 billion, with a year-on-year growth of 4%, indicating a slowdown compared to its 18% growth in 2024 [2][3] Group 2 - Semaglutide's growth is driven by its indications for weight loss, with Ozempic sales at 32.721 billion Danish kroner (approximately $4.613 billion, up 15%), Rybelsus at 5.695 billion Danish kroner (approximately $0.803 billion, up 13%), and Wegovy at 17.36 billion Danish kroner (approximately $2.448 billion, up 83%) [3] - Novo Nordisk highlighted that approximately 1 billion people suffer from obesity, but only a few million receive treatment, indicating a significant market opportunity for Wegovy [3] - Competition is intensifying with Eli Lilly's dual agonist tirzepatide, which has cumulative sales of $6.15 billion, although semaglutide's sales still lead [3][4] Group 3 - Eli Lilly holds a 53.3% market share in the U.S. for GLP-1 receptor agonists, indicating strong competition in the market [4] - Novo Nordisk has revised its full-year 2025 sales growth forecast from 16%-24% to 13%-21%, and its operating profit forecast from 19%-27% to 16%-24%, primarily due to lower-than-expected market penetration of semaglutide in the U.S. [4]

Core Viewpoint - Novo Nordisk's Q1 2025 earnings report shows mixed results, with net sales slightly below analyst expectations, while operating profit exceeded expectations, highlighting the competitive landscape in the obesity drug market [1][4][5] Financial Performance - Q1 net sales reached 78.087 billion DKK, a 19% year-over-year increase, but below the expected 78.7 billion DKK [1] - Operating profit was 38.791 billion DKK, up 22% year-over-year, surpassing the forecast of 37.12 billion DKK [1] - Net profit increased by 14% to 29.034 billion DKK [1] Product Sales - Sales of the obesity drug Wegovy were 17.36 billion DKK, an 85% increase year-over-year, but below the expected 18.5 billion DKK [1] - Sales of the diabetes drug Ozempic reached 32.721 billion DKK, an 18% increase, slightly above the expected 32.01 billion DKK [1] Market Competition - Novo Nordisk's Wegovy faces increasing competition from Eli Lilly's Zepbound, leading to a decline in stock performance, with shares down nearly 22% year-to-date [4] - CVS Health announced Wegovy and Saxenda as preferred obesity drugs, removing Zepbound, which may boost Wegovy sales and stock performance [4] Revised Outlook - The company lowered its full-year sales and profit forecasts, now expecting sales growth of 13% to 21%, down from 16% to 24% [5] - Operating profit growth is now projected at 16% to 24%, reduced from 19% to 27% [5] Strategic Focus - The CEO emphasized the need to prevent illegal generics and continue promoting Wegovy globally [5] - The company has completed key trials for the next-generation obesity treatment CagriSema and has applied for approval of oral semaglutide 25mg, aiming to be the first oral GLP-1 treatment for obesity [5]

整理 | GLP1减重宝典内容团队 礼来公司的首席执行官大卫·里克斯（David Ricks）曾量化了服用该公司减肥药替尔泊肽（Zepbound）的患者的进食量减少了多少。 ▍ 服用替尔泊肽后，使用者每天摄入的热量减少了约 800 卡路里，相当于一顿饭的热量 "当我们计算卡路里时，人们会自我监测他们的食物摄入量……服用我们的药物后， 他们每天摄入的热量减少了约 800 卡路里 。这相当 于一顿饭的热量，"里克斯在接受媒体采访时说。"所以，食物摄入量减少了相当多。老实说，这就是你减肥的原因。他们倾向于多运 动。这也是一件好事，他们也倾向于选择更健康的食物。都是好事。" 里克斯的评论加剧了人们日益激烈的争论，即 替尔泊肽等新药将产生广泛影响 ，不仅影响服用者，还会影响整个食品行业——从连锁 杂货店到零食和饮料制造商再到餐馆。 美国食品药品管理局于 2023 年底批准了替尔泊肽，自那时起，该药物的需求量激增，有时导致该国出现供应短缺。尽管如此，4 月至 6 月期间的季度销售额首次超过 10 亿美元。在后期试验中，服用最高剂量药物的肥胖或超重成年人平均减重 22.5%。 2023 年 12 月 11 日，美国纽约市展 ...

诺和诺德Wegovy等畅销药物的活性成分模拟了一种名为GLP-1的肠道激素，这种激素会在进食后立即 由人体产生。 克莱恩称，Ousia的化合物能增强GLP-1调节食欲的效果，意味着达到相同减肥效果可能只需更少药 量，从而减轻副作用。该药物尚未进入临床试验阶段，所获资金将支持未来三年的实验室研究和早期临 床开发。 智通财经APP获悉，美国风险投资公司Omega Funds正押注一家丹麦生物技术初创企业Ousia Pharma， 认为其有望开发出一种新型肥胖症疗法。 总部位于波士顿的投资机构Omega Funds周二宣布，已对Ousia Pharma进行了"可观"的投资，但未透露 具体金额。Omega Funds表示，该公司的研究有望解决现有减肥药物的一些局限性。 Ousia在完成由诺和诺德大股东诺和控股基金会支持的加速器计划后获得了这笔资金。目前诺和诺德与 礼来几乎垄断了减肥药市场，其广受欢迎的注射药物已创造数十亿美元销售额，但众多经验丰富的制药 商正竞相推出竞争产品。 奥胡斯大学科学家于2022年创立了Ousia。该公司首席执行官兼联合创始人安德斯·比厄·克莱恩接受采访 时表示，他们致力于在现有减肥疗法中加入 ...

Core Insights - Johnson & Johnson remains the top revenue-generating pharmaceutical company with projected 2024 revenue of $88.8 billion, a 4% year-over-year increase [1][3] - The CEO compensation landscape has shifted, with Eli Lilly's CEO David Ricks now the highest-paid in the industry, earning $29.2 million in 2024, a 10% increase from 2023 [4][6] - The pharmaceutical industry is facing challenges from biosimilars, particularly affecting sales of established drugs like Humira and Stelara [2][1] Revenue Rankings - Johnson & Johnson leads with $88.8 billion in revenue, followed by AbbVie at $65.3 billion and Merck at $64.2 billion [3] - Other notable companies include Pfizer with $63.6 billion, and AstraZeneca with $54.1 billion, showing varying growth rates [3] CEO Compensation - Eli Lilly's David Ricks has surpassed Johnson & Johnson's Joaquin Duato, whose compensation decreased by approximately 14% to $24.6 million in 2024 [4][6] - Pfizer's CEO Albert Bourla earned $24.6 million, reflecting a 14% increase, while Merck's Robert Davis earned $23.2 million, also up by 14% [5][6] - Notably, Bristol Myers Squibb's CEO saw the highest percentage increase in compensation, rising by 122% [4][6] Market Dynamics - AbbVie's Humira faced a 37.6% decline in sales to $8.9 billion due to biosimilar competition, but its successors Skyrizi and Rinvoq are projected to generate over $17 billion in 2024 [2] - Merck's Keytruda and Gardasil are expected to account for approximately 59% of the company's total sales in 2024, highlighting the importance of these products [2]

戴文睿警告称，对利润率远低于品牌药的仿制药征收关税，可能会迫使一些仿制药企业彻底退出美国市 场，这可能会导致或加剧美国某些仿制药的短缺，例如医院常用的无菌注射剂。 当天特朗普还表示，他将在未来两周内宣布针对药品的关税。对进口药品征收关税可能大幅推高美国药 品的价格。但白宫预计，目前在美国新建的药品生产设施可能需要5到10年时间才有望投产。 一些制药公司开始抵制特朗普的计划。辉瑞公司CEO艾伯乐（Albert Bourla）上周表示，关税威胁正在 阻碍辉瑞进一步在美国进行研发和制造方面的投资。礼来公司CEO戴文睿（Dave Ricks）也表示，他并 不认为关税能解决围绕美国药品供应链的"国家安全"担忧。 近几十年来，美国制药行业的制造规模大幅萎缩。FDA表示，大部分所谓药品活性成分的生产已转移到 中国和其他国家，这主要是因为劳动力和其他生产环节的成本较低。 戴文睿也指出，包括抗生素和升压药等老牌仿制药的生产并不容易，但价格低廉，基本已经不在美国生 产。数据显示，美国约90%的处方药是这类基础药品。 咨询公司安永分析显示，2023年，美国进口了价值超过2000亿美元的药品，其中73%来自欧洲，主要是 爱尔兰、德国 ...

Core Points - Eli Lilly and Company has declared a dividend of $1.50 per share for the second quarter of 2025, payable on June 10, 2025, to shareholders of record by May 16, 2025 [1] Company Overview - Eli Lilly is a pharmaceutical company focused on transforming scientific discoveries into healing solutions, with nearly 150 years of experience in pioneering life-changing medicines [2] - The company addresses significant health challenges, including diabetes care, obesity treatment, Alzheimer's disease, immune system disorders, and difficult-to-treat cancers [2] - Eli Lilly is committed to ensuring the accessibility and affordability of its medicines while conducting innovative clinical trials that reflect global diversity [2]