被礼来压制两年后，诺和诺德如何反攻：“向特朗普低头”换取关税豁免，以利润换速度抢跑新药

Core Viewpoint - After experiencing a significant drop in stock price and losing its title as the "king of weight loss drugs," Danish pharmaceutical giant Novo Nordisk is attempting to regain market dominance through a bold political maneuver and accelerated product strategy [1]. Group 1: Political Deal and Pricing Strategy - Novo Nordisk has reached a crucial agreement with the Trump administration to significantly lower the prices of its flagship weight loss drug under U.S. federal healthcare programs, in exchange for a three-year exemption from import tariffs and expedited FDA review for its high-dose Wegovy injection [1][5]. - The agreement will expand insurance coverage for weight loss drugs, previously limited to patients with specific comorbidities, to include overweight individuals with prediabetes [5]. Group 2: Market Position and Competitive Advantage - The FDA has approved the oral version of Wegovy, which is set to launch in January 2026, allowing Novo Nordisk to lead the oral weight loss drug market ahead of Eli Lilly's similar product, expected to be approved in March 2026 [1][7]. - Novo Nordisk's new CEO, Mike Doustdar, has confirmed that the company is well-prepared for the launch and is negotiating with telehealth platforms to expand sales channels [7]. Group 3: Financial Performance and Valuation - Despite potential short-term sales growth pressure due to price concessions, investors are reassessing Novo Nordisk's valuation, which has dropped significantly, with a projected P/E ratio of about 14 times, half of its five-year average [4][12]. - The company's stock price had previously plummeted over 50% in 2025 due to disappointing clinical trial results and competition from Eli Lilly's Zepbound, but the recent political deal and new drug approvals are seen as a strategic turnaround [4][8]. Group 4: Market Challenges and Strategies - Novo Nordisk faces a significant challenge from a burgeoning market of cheap generic GLP-1 drugs, with over 1 million patients in the U.S. using these alternatives [13]. - To reclaim market share, Novo Nordisk has launched the NovoCare platform, offering substantial discounts to self-paying users, aiming to convert "black market" users into legitimate customers [13].