【GLP-1 专题深度】产品迭代驱动市场扩容，关注靶点、 剂型及联合疗法研发进展 20251201 摘要 GLP-1 市场快速扩张，龙头企业礼来市值五年内增长近六倍，突破万亿 美元。新药迭代周期短，市场规模快速增长，替尔泊肽正替代司美格鲁 肽，口服制剂 Ofev 等将进一步扩容市场。 GLP-1 领域热门迭代方向包括 GIP、GCGAR、Emily 及口服制剂等，多 家企业进入临床后期。报告梳理了这些细分方向领先药物的疗效和安全 性数据，为投资者提供参考。 2015 年至 2024 年，GLP-1 药物市场规模从 29 亿美元增长到近 500 亿美元，年增速高达 47%。替尔泊肽处方量已接近并超过司美格鲁肽， 预计未来增长动力主要来自单纯或轻度肥胖人群。 全球二型糖尿病 GLP-1 药物处方占比约为 7%，美国为 19%，而减重适 应症全球渗透率不足 0.5%。美国 Medicare 政策调整，覆盖肥胖患者 用药，将显著降低患者负担，促进市场放量。 差异化优势可通过靶点叠加或提高剂量提升疗效，或开发口服制剂延长 半衰期改善依从性。诺和诺德提交了 7.2 毫克版本注射司美，多家公司 探索双周或月度给药方案。 Q ...

Eli Lilly announcing it will cut the prices for introductory doses of Zep found if you pay cash. This is just the latest move in the price war with Novo Nordisk that's getting more and more confusing in terms of pricing for these weight loss drugs. Joining us now to talk about it is someone who understands everything, at least in regards to this industry health.Bloomberg health reporter Madison Miller. So what do we know about Zep. LB Now it's what the five mg doses, the starter doses are going to be even c ...

The pharmaceutical giant and Novo Nordisk said they would lower the prices of their popular weight loss drugs to expand access.Eli Lilly on Monday lowered the cost of Zepbound after the pharmaceutical giant and Ozempic maker Novo Nordisk announced a deal with the Trump administration to slash the prices of the popular weight-loss drugs.The out-of-pocket monthly price for the lowest single-dose vial of Zepbound is now $299 when purchased through Eli Lilly’s platform LillyDirect, a 14% decrease from $349, whi ...

智通财经APP获悉，随着与竞争对手诺和诺德(NVO.US)的竞争日趋激烈，礼来(LLY.US)再次下调其减 肥药Zepbound入门剂量的价格。 礼来在一份声明中表示，自周一起，现金自费购药者购买最低剂量的Zepbound每月费用为299美元，较 之前价格优惠约50美元。次高剂量的价格将降至每月399美元，较此前现金自费价格下调约20%。礼来 未调整更高剂量的价格，该系列仍维持每月499美元的售价。 礼来与诺和诺德在利润丰厚的全球肥胖症治疗市场中展开正面竞争，分析师预计该市场规模到本十年末 将达到1000亿美元。两家公司一直在寻找竞争优势，包括与管控美国药品福利的机构达成协议、为现金 自费客户提供折扣，以及近期推出的直接面向雇主的新计划。 与此同时，长期备受关注的减肥药价格正面临来自特朗普政府降低美国民众用药成本行动所带来的更大 压力。 周二，白宫宣布已通过谈判为联邦老年医保计划患者争取到Ozempic和Wegovy高达71%的折扣。该降价 措施将于2027年生效。 此外，诺和诺德与礼来均在与政府达成的协议中同意降低其在美国的价格，该协议同时适用于联邦医保 患者和现金自费客户。根据协议，礼来将下调Zepbou ...

本文字数：970，阅读时长大约2分钟 作者 | 第一财经 钱童心 诺和诺德的GLP-1药物司美格鲁肽口服版减重药有望今年年内获得美国FDA批准上市，目前全球范 围都还没有任何一款用于减重适应症的GLP-1类口服药上市，包括日本在内，美格鲁肽口服片剂在 全球获批的适应症均用于治疗2型糖尿病。 然而，在国内的一些大型电商平台上，充斥着大量打着"口服""减重""瘦身""司美"标签的在售商 品。这些商品大部分来自日本，从香港发货。 11月30日，第一财经记者在某大型电商平台上搜索"口服司美格鲁肽"发现，"司美瘦身版片服 3mg"以及"司美瘦身版片服7mg"两种剂量占大多数，且标注"拆盒"，配图为"日本索马鲁肽 片"（即司美格鲁肽），药盒上显示诺和诺德与MSD两家公司商标。 价格方面，以"万淘医药海外旗舰店"为例，7mg剂量口服司美格鲁肽20片售价638元，3mg剂量售 价为100片1498元。 记者还注意到，部分相关产品销售达数千件，提供此类产品的相关店铺大部分为海外商店，几乎所有 此类商品介绍均为"日本原装""香港直邮"。 2025.12. 01 12月1日，在第一财经记者向诺和诺德中国公司就相关电商平台的此类销售 ...

A promising obesity and diabetes drug stumbles in Alzheimer's trials, rattling markets. Did investors overreact, or is this a reset for long-term opportunity?Novo Nordisk (NVO +1.31%) is a Danish pharmaceutical company that's been around for about a century. It specializes in developing medications for metabolic diseases, such as diabetes and obesity treatment. Most of us have probably heard of their primary products, which include Ozempic and Wegovy. Both of these treatments contain an active ingredient ca ...

从价格上来看，日本司美格鲁肽口服片剂售价几乎是全球最低。 诺和诺德的GLP-1药物司美格鲁肽口服版减重药有望今年年内获得美国FDA批准上市，目前全球范围都还没有任何一款用于减重适应症的GLP-1类口服药上 市，包括日本在内，美格鲁肽口服片剂在全球获批的适应症均用于治疗2型糖尿病。 然而，在国内的一些大型电商平台上，充斥着大量打着"口服""减重""瘦身""司美"标签的在售商品。这些商品大部分来自日本，从香港发货。 11月30日，第一财经记者在某大型电商平台上搜索"口服司美格鲁肽"发现，"司美瘦身版片服3mg"以及"司美瘦身版片服7mg"两种剂量占大多数，且标注"拆 盒"，配图为"日本索马鲁肽片"（即司美格鲁肽），药盒上显示诺和诺德与MSD两家公司商标。 价格方面，以"万淘医药海外旗舰店"为例，7mg剂量口服司美格鲁肽20片售价638元，3mg剂量售价为100片1498元。 记者还注意到，部分相关产品销售达数千件，提供此类产品的相关店铺大部分为海外商店，几乎所有此类商品介绍均为"日本原装""香港直邮"。 12月1日，在第一财经记者向诺和诺德中国公司就相关电商平台的此类销售行为是否合规进行询问后，截至发稿，所有平台 ...

整理 | GLP1减重宝典内容团队 ▍礼来：新晋"减肥药之王"的崛起 2025年第三季度，礼来报告替尔泊肽（糖尿病用Mounjaro＋肥胖症用Zepbound）季度销售额突破100亿美元，进入全球最畅销药物之 列。截至2025年9月，礼来在美国GLP-1药物处方份额达到58%，诺和诺德为42%。替尔泊肽因显著优于司美格鲁肽的减重幅度与代谢 改善效果，被视为"下一代减肥药"的代表。 过去几年，GLP-1受体激动剂的代表药物——诺和诺德的司美格鲁肽（Ozempic/Wegovy）掀起全球减肥与糖尿病治疗热潮，推动公司 成 为 欧 洲 市 值 最 高 的 医 药 企 业 之 一 。 然 而 随 着 礼 来 的 加 入 ， 行 业 格 局 迅 速 变 化 。 礼 来 的 双 靶 点 激 动 剂 替 尔 泊 肽 （Mounjaro/Zepbound）凭借更强的控糖与减重效果正在快速蚕食市场份额。在此背景下，诺和诺德股价近期出现明显回落，而礼来 则迎来新一轮估值上升。 ▍诺和诺德：昔日霸主的滑落 截至2025年底，诺和诺德股价显著下行，单日跌幅曾超过9%–12%。核心原因是其旗舰减肥与糖尿病药物需求不及预期，同时公司下 ...

Group 1: Stock Movements and Market Reactions - Hengdeli (03389) resumed trading and rose over 10% after announcing a voluntary cash offer at HKD 0.14 per share for all issued shares, excluding those already owned by the offeror and Mr. Feng Jiaqiao [1] - Anjuke Food (02648) increased nearly 5% following a report from Huachuang Securities after attending its 2025 first extraordinary general meeting, where management addressed operational and product channel strategies [1] - Copper stocks collectively surged, with Jiangxi Copper (00358) up 8.08%, China Daye Nonferrous Metals (00661) up 8.6%, and others, driven by a significant rise in LME copper futures, which exceeded USD 11,200, marking a historical high [1] Group 2: Industry-Specific Developments - Lichun Resources (02245) rose over 3% as reports indicated a major Chinese-controlled nickel smelter in Indonesia is cutting production due to tailings management issues [2] - Yuhua Education (06169) saw a nearly 1.89% increase after reporting a revenue of RMB 2.497 billion for the year ending August 31, 2025, a 5.4% year-on-year increase, with adjusted net profit rising 95.6% to RMB 914 million [2] - Jiantao Laminates (01888) increased nearly 7% as AI-driven demand for high-end PCBs surged, leading to price increases for key materials [2] Group 3: Strategic Partnerships and Collaborations - ZTE Corporation (00763) rose over 11% following reports of an upcoming AI phone launch in collaboration with ByteDance [2] - JD Health (06618) increased nearly 4% as demand for respiratory disease testing kits surged with the flu season, indicating a growing market for health-related products [3] - Xindong Company (02400) rose over 3% after announcing a strategic cooperation agreement with Golden Arc, including a financing agreement for USD 40 million [3] Group 4: Financial Performance Highlights - Bawang Tea (CHA.US) rose 6.09% after reporting Q3 results with a total GMV of RMB 7.93 billion and net income of RMB 3.208 billion, with overseas GMV increasing by 75.3% year-on-year [7]

Investment Rating - The report indicates a positive investment outlook for the oral FXIa inhibitor asundexian, particularly following its successful Phase III trial results for preventing recurrent strokes [21][25]. Core Insights - The oral FXIa inhibitor asundexian has shown significant efficacy in reducing the risk of ischemic stroke in patients with non-cardioembolic ischemic stroke or high-risk transient ischemic attack, achieving its primary efficacy and safety endpoints in the OCEANIC-STROKE study [21][25]. - The report highlights the potential of FXI inhibitors to provide safer anticoagulation options with lower bleeding risks compared to traditional anticoagulants [9][10]. - The report discusses the diverse potential indications for FXI/XIa inhibitors, including prevention of venous thromboembolism (VTE) in orthopedic surgeries, stroke prevention in atrial fibrillation patients, and treatment of cancer-associated VTE [13][10]. Summary by Sections Section 1: Focus on Innovative Drugs - The report reviews the recent advancements in innovative drugs, particularly in the anticoagulant space, emphasizing the role of FXI inhibitors [4][5]. Section 2: Mechanism of Action - FXIa plays a crucial role in pathological thrombus formation while having a limited role in hemostasis, making it an ideal target for developing safer anticoagulants [9][10]. Section 3: Clinical Development Progress - Asundexian has successfully completed Phase III trials, while other FXIa inhibitors like milvexian have faced challenges, including trial terminations due to efficacy concerns [30][33]. - The report details the ongoing clinical trials for various FXI inhibitors, including those by companies like Bayer, BMS, and Regeneron, highlighting their respective stages of development and potential applications [20][39][45]. Section 4: Market Potential - The report underscores the significant market potential for FXI inhibitors, given the high incidence of stroke and VTE, with approximately 12 million people affected by stroke annually worldwide [25][21].