核心提示： 1 、有用户在打完司美格鲁肽减肥针后，出现肠胃不适、发冷、月经不调、甚至是心率加快等副作用。 2 、减肥针并不适合所有有人，以司美格鲁肽为例，是针对体重 BMI>30 的，或者 BMI>27 且同时伴有胰岛素抵抗或高血糖或高血脂之类疾病的人 群，且未成年，以及甲状腺、胰腺有问题人群不能使用。 3 、减肥针不是 " 神药 " ，医生也会反复叮嘱饮食 + 运动是瘦身的根本，减肥针只是辅助。 4 、虽然减肥针虽然有各式各样的副作用，但多家药企已经靠此赚得盆满钵满。 01 打了三针，就赶紧停了 "还是停针吧。"医生的话让王艳松了一口气。 只是去医院检查的王艳，在医生的推荐下，花费 1900 元购买了一支 1.7mg 剂量的司美格鲁肽。 按照医嘱，她需要每周注射一次，连续六周。"配合控制饮食，三个月预计能减 20 斤"——医生的承诺让她心动不已。 然而第一针下去，不良反应就出现了。 她记得很清楚，第一针是在晚饭前注射的，第二天她就感受到了明显的胃胀，食欲大减。"吃一点就饱了，到了饭点也没啥饿的感觉。"更难受的是接 踵而来的腹泻和腹胀，这些症状持续了 5-6 天才逐渐缓解。 2025 年 3 月，她怀着期待将 ...

Core Viewpoint - The U.S. federal government has officially terminated the sale of compounded non-branded weight loss and diabetes medications, impacting patients reliant on these drugs for access to treatment [1][3]. Group 1: Regulatory Changes - The FDA has resolved the supply shortage of widely used GLP-1 medications, including semaglutide (Ozempic and Wegovy) and tirzepatide (Mounjaro and Zepbound) [1][4]. - The FDA no longer permits the production or sale of compounded formulations of these drugs without agency approval, which were typically produced by small pharmacies during shortages [1][3]. Group 2: Patient Impact - Compounded semaglutide was a cheaper alternative for many patients, with Olympia Pharmaceuticals providing medication to over 70,000 patients weekly [3]. - Patients like Michelle Pierce from Texas express concern over losing access to affordable medication, highlighting the financial burden of out-of-pocket costs [3][10]. Group 3: Safety Concerns - Medical professionals have raised safety concerns regarding compounded GLP-1 medications, citing lack of reliable regulation and unknowns about composition and interactions with other drugs [3][6]. - The production and sale of unapproved compounded formulations are deemed illegal and potentially hazardous to patient safety [6]. Group 4: Supply and Insurance Issues - Manufacturers like Novo Nordisk express confidence in their production capabilities to meet current and anticipated demand [4][5]. - Despite improvements in supply, insurance coverage for these medications has worsened, complicating access for patients [7].

Industry Overview - The obesity market is rapidly expanding, driven by the success of GLP-1 therapies Wegovy and Zepbound, and is projected to reach $100 billion by 2030 [1] - There is a growing interest in cannabinoid (CBD)-based therapies as companies seek to innovate beyond GLP-1s for weight management [2] - The cannabis industry is also experiencing significant growth, expected to surpass $200 billion by 2032, although direct investments in cannabis companies have been challenging due to regulatory issues [3] Company Analysis Novo Nordisk - Novo Nordisk is a leader in obesity treatments with its semaglutide products, Wegovy and Ozempic, but faces increasing competition from Eli Lilly [5] - The company entered the CBD space by acquiring Inversago Pharmaceuticals in 2023, adding monlunabant, an investigational oral cannabinoid drug for metabolic diseases [6] - A phase IIa study on monlunabant showed statistically significant weight loss compared to placebo, but higher doses had diminishing returns; a phase IIb study is planned to find an optimal dose [7] - EPS estimates for 2025 have increased from $3.81 to $3.84, while 2026 estimates have slightly decreased from $4.66 to $4.64; the stock has declined about 21% year to date due to competition and regulatory challenges [8] Corbus Pharmaceuticals - Corbus' lead CBD candidate, CRB-913, targets the same CB1 receptor as monlunabant and is currently in phase I studies, with results expected in Q3 2025 [9] - Preclinical data suggest CRB-913 may have advantages over previous therapies, with a significantly lower brain-to-plasma ratio, indicating reduced neuropsychiatric side effects [10] - Corbus is also developing two oncology drugs, CRB-701 and CRB-601, with CRB-701 in phase I/II studies [11] - Loss per share estimates for 2025 have increased from $5.47 to $6.34, and for 2026 from $5.30 to $5.39; the stock has declined 36% year to date, reflecting regulatory volatility [12][13] Skye Bioscience - Skye Bioscience is developing nimacimab, a monoclonal antibody targeting the CB1 pathway, currently in a phase II study evaluating its efficacy as a monotherapy and in combination with Wegovy [14] - Nimacimab is designed to minimize brain penetration while maintaining metabolic effects, with early studies showing no adverse psychiatric events [15] - Loss per share estimates for 2025 have widened from $1.27 to $1.31, and for 2026 from $1.48 to $1.52; the stock has lost 27% year to date due to financial concerns and lack of commercial revenues [16]

Group 1 - Novo Nordisk has entered the 18th and final phase of its long-term Weekly Adhishthana Cycle, indicating a potentially transformative period for the stock [1][2] - The stock has shown an 88.5% alignment with the Adhishthana Principles on the weekly timeframe since the cycle began on December 23, 2013, with Phase 18 expected to run until November 8, 2026 [2] - The trajectory of Phase 18 is influenced by the previous phases, particularly Phases 14, 15, and 16, which exhibited bullish characteristics [5][8] Group 2 - The Guna Triads indicate that the chances of the stock reaching its Nirvana are high due to the SSR formation, which consists of two Satoguna phases followed by a Rajoguna phase [7][8] - However, the monthly charts present a contrasting view, showing that Novo is currently in Phase 11, which typically leads to a peak followed by a correction [11][13] - The monthly alignment is only around 60-65%, significantly lower than the weekly alignment, which raises concerns about the reliability of the monthly signals [14] Group 3 - The Nirvana target on the weekly chart is nearly 129% above current levels, suggesting significant potential for growth [15] - The conflicting signals between the weekly and monthly cycles create a high-risk, high-reward scenario for investors [15][16] - The stock is technically bullish on the weekly chart but structurally unresolved on the monthly chart, indicating a pivotal juncture for Novo Nordisk [16]

新华社北京5月23日电 韩国是肥胖率最低的国家之一。然而，在以瘦为美的潮流影响下，不少体重 正常的韩国人也服用减肥药，而不考虑它可能对身体造成的伤害。医学专家为此呼吁对减肥药的使用加 强监管。 据韩国《中央日报》23日报道，丹麦诺和诺德公司出品的一款减肥药自去年10月15日在韩国上市以 来热销，为这家药企贡献了至少2.7亿美元收入。然而，经济合作与发展组织2023年发布的一份健康报 告显示，韩国15岁以上人口中只有大约4.3%的人身体质量指数（BMI）不低于30，属于肥胖人群。 诺和诺德公司提示，该药副作用包括可能引起腹痛、低血糖和胰腺炎等症状，可能增加肠道、关节 和肾脏受损害的风险。韩国食品和药物安全部门建议医生只给BMI不低于30的患者以及达到27且患有并 发症的患者开具处方。然而，不少医生开药时把关不严，使不符合条件的人也能轻松买到这种药。 《中央日报》援引韩国内分泌学专家李才赫（音译）的话报道，一些诊所开这种药的处方"不是为 了治疗肥胖，而是为了赚钱"。这种药不在韩国全国医疗保险范围内，患者一个月药费平均为37.2万韩 元（约合1949元人民币）。 李才赫认为，减肥药在肥胖人口很少的韩国大行其道，深层 ...

值得关注的是，数字健康企业LifeMD(LFMD.US)同步推出捆绑销售计划，将Wegovy使用与其虚拟体重 管理课程组合，以299美元的限时优惠价面向新患者开放，有效期同样截至2025年6月底。 此前，Hims & Hers Health(HIMS.US)与LifeMD已相继宣布，将其线上诊疗平台与诺和诺德的NovoCare 药房系统完成技术对接。 此次诺和诺德主动调整自费渠道定价策略，既是对仿制药监管收紧的积极回应，也旨在巩固其在GLP-1 类药物市场的领先地位。随着FDA对原料药合规生产监管趋严，诺和诺德正通过"官方渠道保障+数字化 服务延伸"的组合拳，强化对消费端市场的掌控力。 智通财经APP获悉，丹麦制药巨头诺和诺德(NVO.US)周四宣布，即日起面向自费患者推出Wegovy专项 推广计划，以应对美国仿制药生产禁令生效后的市场变化。根据美国食品药品监督管理局(FDA)5月22 日发布的最终禁令，所有外包工厂已停止生产司美格鲁肽仿制药，标志着持续至今年2月的GLP-1类药 物短缺危机正式终结。 "未经授权合成司美格鲁肽原料药既违法又危险，必须立即终止。"诺和诺德美国业务负责人在声明中强 调，"我们将全 ...

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]

Core Viewpoint - The article discusses the implications of President Trump's executive order aimed at reducing prescription drug prices in the U.S., which could lead to significant price reductions of 30% to 80% for American patients, while raising concerns for Chinese pharmaceutical companies operating in the U.S. market [1][2][6]. Summary by Sections Executive Order Details - On May 12, Trump signed an executive order requiring U.S. patients to have access to "Most-Favored-Nation Price" (MFN), limiting U.S. drug prices to the lowest levels among OECD countries [2][4]. - The Department of Health and Human Services (HHS) is tasked with implementing this policy, which includes establishing direct sales channels for drug companies and considering importing drugs from countries with lower prices [2][4]. Market Reactions - Following the announcement, large multinational pharmaceutical companies saw their stock prices rebound, with companies like Merck, Eli Lilly, and Pfizer experiencing gains of 5.87%, 2.86%, and 3.64% respectively [4]. - In contrast, Chinese innovative drug companies like BeiGene and Hutchison China MediTech faced stock declines prior to the announcement, reflecting market concerns about their profitability in the U.S. [2][4]. Long-term Implications - Analysts suggest that the executive order may face significant implementation challenges, and the long-term trend of reducing drug prices in the U.S. is unlikely to change [4][6]. - A study indicated that the price of brand-name drugs in the U.S. was 4.22 times higher than in other OECD countries, with these drugs accounting for 87% of U.S. prescription drug spending [6]. - The pricing disparity poses risks for Chinese companies like BeiGene, whose flagship product is priced significantly higher in the U.S. compared to China, potentially impacting their revenue if U.S. prices are forced down [6][7]. Risks for Chinese Pharmaceutical Companies - Chinese pharmaceutical firms that rely on overseas partnerships may face increased policy risks, as seen with Junshi Biosciences and its PD-1 product entering the U.S. market [7]. - The potential for reduced drug prices in the U.S. could lead to lower profit margins for these companies, affecting their valuation and revenue streams from international markets [7].

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 ...