整理 | GLP1减重宝典内容团队 诺和诺德今日公布了其2025年第一季度的财务业绩，报告显示，由于战略投资组合决策， 公司已于4月停止开发每周服用一次的口服司美格鲁 肽片剂。 今年早些时候，多家媒体报道称，诺和诺德已向美国食品药品监督管理局（FDA）提交了一份新的申请，申请25毫克口服司美格鲁肽，用于治 疗超重和肥胖。这使其成为全球首个寻求监管批准的专门用于减肥的口服GLP-1疗法。 然而，该版本采用每日一次的口服给药方式，并在早期临床试验中显示出良好的效果。根据诺和诺德分享的试验数据，参与者的平均起始体重 为105.4公斤。在每日服用50毫克口服司美格鲁肽的组中，68周后平均体重减轻了17.4%，而安慰剂组仅为1.8%，差异具有统计学意义。此外， 治疗组89.2%的患者体重减轻至少5%，而安慰剂组仅有24.5%的患者达到这一阈值。 尽管停用了每周一次的版本，诺和诺德仍继续通过针对代谢疾病和肥胖症的其他给药方案来推进口服司美格鲁肽的开发。 *本文仅供医疗卫生专业人士参考 版权声明：所有「GLP1减重宝典」的原创文章，转载须联系授权，并在文首/文末注明来源、作者、微信ID，否则减重宝典将向其追究法律责 任。部 ...

Group 1 - Li Xiang's reported salary of 639 million yuan is inaccurate; actual compensation is 2.66 million yuan, with the majority being stock-based compensation [1] - The People's Bank of China announced a 0.5% reduction in the reserve requirement ratio and a 0.1% decrease in policy interest rates, providing approximately 1 trillion yuan in long-term liquidity [1] Group 2 - Kweichow Moutai officially announced Zhang Yixing as its first brand ambassador, aiming to attract younger consumers [2] - Skechers announced its decision to go private, clarifying that this does not affect its operations in China [2] - Changan Automobile refuted rumors of merging with Dongfeng Group and is pursuing legal action against those spreading false information [2] Group 3 - The Federal Reserve decided to maintain the federal funds rate between 4.25% and 4.50%, marking the third consecutive meeting without a rate change [3] Group 4 - SpaceX received permission to increase its Starship launch frequency from 5 to 25 times per year [4] - Samsung's Harman International acquired Masimo's audio business for $350 million, aiming to strengthen its position in the consumer audio market [4] Group 5 - Geely Auto proposed to privatize Zeekr at a price of $2.57 per share, representing a premium of approximately 13.6% over the last trading price [7] - Reading Group and Japan's CCC Group established a strategic partnership to co-create IP and open a pop-up store in Japan [8] Group 6 - Uber reported Q1 revenue of $11.533 billion, a 14% year-over-year increase, with a net profit of $1.776 billion [13] - Disney's Q2 revenue grew 7% to $23.621 billion, with adjusted EPS increasing 20% to $1.45 [13] - Novo Nordisk reported Q1 net sales of 78.087 billion Danish kroner (approximately $11.01 billion), with a growth of 18% at fixed exchange rates [14]

Group 1: Pharmaceutical Quality Control - Jiangsu Province achieved a drug inspection pass rate of 99.78% in 2024, with 3,937 varieties and 18,310 batches inspected [1] - Regulatory authorities took immediate actions against non-compliant products, including sealing, halting sales, and requiring recalls [1] Group 2: Healthcare Financing and Efficiency - Lanzhou City launched an instant settlement system for medical insurance funds, reducing the settlement period from 30 days to 1 day, significantly easing financial pressure on medical institutions [2] - As of May 6, 2023, the system processed instant settlements amounting to 3.71 million yuan [2] Group 3: Drug Approvals and Developments - BeiGene's new drug BGB-45035 received clinical trial approval for treating nodular prurigo, targeting IRAK4 [4] - AstraZeneca's BTK inhibitor Calquence, in combination with bendamustine and rituximab, was approved in the EU for treating adult patients with MCL [5] Group 4: Biopharmaceutical Financing - In April 2025, the global biopharmaceutical sector completed 139 financing activities, raising over $3.1 billion, with 20 companies securing individual financing exceeding $50 million [7] Group 5: Market Performance - Novo Nordisk reported Q1 2025 revenue of 78.09 billion Danish kroner (approximately $11.22 billion), an 18% year-on-year increase, with semaglutide generating $8.01 billion [8] - The global GLP-1 drug market is projected to exceed $60 billion in 2025, with Novo Nordisk and Eli Lilly competing for market share [8] Group 6: Strategic Partnerships - Eli Lilly entered a significant licensing agreement with Alchemab Therapeutics for the ALS drug ATLX-1282, valued at up to $415 million [10] Group 7: Market Support Initiatives - Hong Kong Stock Exchange launched a "Tech Innovation Line" to assist tech and biotech companies in the listing process [12]

Market Overview - US stock indices closed higher, with the Dow Jones up 0.7%, Nasdaq up 0.27%, and S&P 500 up 0.43% [1] - The yield on the US 10-year Treasury fell to 4.27%, a decrease of 0.698% [1] - The VIX index dropped 4.89% to 23.55, indicating reduced market volatility [1] - Brent crude oil fell 1.68% to $60.97, while spot gold decreased by 1.93% to $3364.32 per ounce [1] - The US dollar index rose by 0.65% to 99.9 [1] Federal Reserve - The Federal Reserve maintained the federal funds rate target range at 4.25%-4.5%, aligning with market expectations [2] Industry & Stocks - Most sectors in the S&P 500 saw gains, with semiconductors up 1.75%, technology up 1%, and healthcare up 0.77%. However, materials, communications, and real estate sectors declined by 0.55%, 0.18%, and 0.07% respectively [3] - Chinese concept stocks mostly fell, with KWEB down 2.83%, Alibaba down 3.47%, and Pinduoduo down 1.73%. However, TSMC rose 1.31% and Li Auto increased by 2.38% [3] - Major tech stocks had mixed results, with Nvidia up 3.1% and Amazon up 2%. In contrast, Google fell 7.51% and Apple dropped 1.14% [4] Key Focus - US Treasury Secretary Yellen announced that talks with China will begin on Saturday, indicating the discussions are just the starting point and not in-depth negotiations [5] - A report from the Consumer Technology Association predicts that tariffs could increase prices of laptops and smartphones by over 30% if exemptions are not granted [6] - Citic Securities plans to allocate investment banking personnel to Hong Kong in anticipation of a potential influx of Chinese concept stocks returning to the market [7] - The Trump administration is reportedly planning to lift AI chip restrictions imposed during the Biden era, which has faced opposition from major tech companies [8][9] - Apple plans to add AI search functionality to its browser, while also considering partnerships with AI companies [9] - Novo Nordisk reported a 19% increase in Q1 net sales to 78.087 billion Danish Krone, with its weight loss drug Wegovy sales soaring by 85% [10][11] - Disney's Q2 revenue reached $23.62 billion, exceeding expectations, while Uber's Q1 revenue grew 14% to $11.53 billion but fell short of market forecasts [13][14]

Core Viewpoint - Novo Nordisk A/S reported first-quarter 2025 earnings of 92 cents per ADR, matching expectations, but total revenues of $11.02 billion fell short of the consensus estimate of $11.33 billion, leading to a revision of sales growth guidance for 2025 from 16-24% to 13-21% [1][2][11]. Financial Performance - Revenues increased by 19% year over year in Danish kroner (DKK) and 18% at constant exchange rates, driven by higher sales in Diabetes and Obesity Care, particularly from GLP-1 products and Rare disease sales [2][3]. - The Diabetes and Obesity Care segment reported sales of DKK 73.5 billion, a 19% increase, with notable growth in fast-acting insulin Fiasp (up 44%) and Ozempic (up 15%) [5][6]. - Obesity Care sales surged 65% to DKK 18.4 billion, with Wegovy sales alone reaching DKK 17.4 billion, an 83% increase [7]. - Rare disease segment sales rose 3% to DKK 4.6 billion, with mixed performance across product categories [8]. Cost and Investment - Sales and distribution costs increased by 10% to DKK 14.9 billion, attributed to promotional activities for Wegovy and Ozempic [9]. - Research and development costs rose by 19% to DKK 10.3 billion, driven by increased clinical activities related to Diabetes and Obesity Care [10]. Market Outlook - The company anticipates strong sales growth in the U.S. and international markets, driven by rising demand for GLP-1-based treatments, especially following the FDA's resolution of Wegovy shortages [12][14]. - Novo Nordisk is addressing competition from Eli Lilly by developing new obesity treatments and has a regulatory application for oral semaglutide under review [18]. - The company is also focused on expanding access to Wegovy and curbing illegal compounding practices [14][15]. Competitive Landscape - Novo Nordisk's global diabetes market share declined by 0.6% to 33.3% due to increased competition from Eli Lilly's products [16]. - Both Novo Nordisk and Eli Lilly have announced price cuts for their obesity injections to enhance patient access [19].

Group 1 - The article promotes a weekly newsletter focused on stocks in the biotech, pharma, and healthcare industries, aimed at both novice and experienced investors [1] - The newsletter provides insights on key trends, catalysts driving valuations, product sales forecasts, and integrated financial statements for major pharmaceutical companies [1] - The author, Edmund Ingham, has over 5 years of experience in covering biotech, healthcare, and pharma, and has prepared detailed reports on more than 1,000 companies [1]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER Pursuant to rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934 May 7, 2025 NOVO NORDISK A/S (Exact name of Registrant as specified in its charter) Novo Allé DK-2880 Bagsværd Denmark (Address of principal executive offices) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F Form 20-F x Form 40-F o Indicate by check mark ...

Analyst's Disclosure: I/we have a beneficial long position in the shares of NVO either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any in ...

两巨头加速抢市场 通过分析两家医药行业巨头公布的财务报告，可以清晰地看到，GLP-1已经继PD-1之后，成为下一个备 受瞩目的"网红"药。 具体来看，根据财报，诺和诺德降糖版司美格鲁肽注射液Ozempic收入327.21亿丹麦克朗（约47.00亿美 元），同比增长15%；口服司美格鲁肽片Rybelsus收入56.95亿丹麦克朗（约8.18亿美元），同比增长 13%；减肥版司美格鲁肽注射液Wegovy创收173.60亿丹麦克朗（约24.93亿美元），同比增长83%。第一 季度，司美格鲁肽的合计收入已超越默沙东的帕博利珠单抗（K药），有望夺得2025年度"药王"宝座。 21世纪经济报道记者季媛媛 上海报道 凭借其明星产品GLP-1药物，诺和诺德与礼来在2025年第一季度继续展现了强劲的业绩增长态势。 5月7日，诺和诺德公布2025年一季度业绩，总营收780.87亿丹麦克朗（约112.16亿美元），同比增长 18%；研发投入103.08亿丹麦克朗（约14.81亿美元），同比增长19%。按地域分布来看，2025年一季 度，美国市场收入443.16亿丹麦克朗（约63.65亿美元），同比增长17%，中国市场收入达到56. ...

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]