诺和诺德财报“预告”迎来股价暴跌，“减肥神药”卖不动了，国内药企还要进场吗

Core Viewpoint - Novo Nordisk, a leading multinational pharmaceutical company, has faced significant challenges leading to a drastic decline in its stock price and market value, primarily due to disappointing clinical data and increased competition in the GLP-1 drug market [2][4][5]. Company Summary - Novo Nordisk's stock price has dropped over 60% from its peak of $201.76 per share, with a current market value approximately half of its peak last year [3]. - The company issued a profit warning for its 2025 financials, projecting sales growth of only 8% to 14%, down from a previous estimate of 13% to 21%, and lowered its operating profit growth forecast from 16% to 24% to 10% to 16% [4]. - The company has appointed a new CEO, Maziar Mike Doustdar, to replace the outgoing CEO, with the new leadership expected to take effect shortly before the release of the 2025 half-year report [4][5]. Industry Summary - The GLP-1 drug market, previously dominated by Novo Nordisk and Eli Lilly, is seeing increased competition as many domestic pharmaceutical companies enter the space, with over half of the 100+ GLP-1 drugs in clinical trials originating from China [5]. - The market for GLP-1 drugs is projected to reach $200 billion by 2035, but the entry of more competitors, including generics, poses a threat to the current market share held by Novo Nordisk and Eli Lilly [5][6]. - Novo Nordisk faces additional pressure from the impending expiration of its core drug semaglutide's patent in China in 2026, with at least ten generic versions already in late-stage clinical trials [6]. - The evolving perception of obesity as a clinical disease may influence treatment standards and reimbursement policies, impacting the long-term potential of the obesity treatment market [6].