JPM26: Paying cash for obesity drugs, renewed IPO optimism and pharma’s cell therapy view

分组1 - Novo Nordisk is focusing on "commercial execution" and accelerating cash-pay sales for its oral GLP-1 drug for obesity, Wegovy, which was launched in January [1][2] - CEO Mike Doustdar acknowledged a challenging year for Novo, particularly due to Eli Lilly's increasing dominance in the obesity drug market and the company's struggles with Metsera [2] - Novo's strategy includes enhancing cash-pay services to capture market share in the obesity segment, recognizing the significant cash market opportunity that was previously underestimated [2][6] 分组2 - Eli Lilly's CEO David Ricks emphasized the importance of online channels for future product sales, catering to patients willing to pay cash for medications [4] - Novo has relaunched its online pharmacy and formed partnerships with direct-to-consumer channels to meet demand for its products [7] - Doustdar estimated that there are approximately 100 million people with obesity in the U.S., indicating a substantial market opportunity beyond the current patient base of 10-15 million [8] 分组3 - GSK is undergoing a leadership transition and has seen its share price increase by over 50% due to drug approvals and a broader sector upturn [15] - GSK's Chief Scientific Officer highlighted the potential of 15 upcoming drug launches, including an experimental medicine for hepatitis B that could serve as a "functional cure" for over 200 million patients [16][17] - The new hepatitis B treatment, bepirovirsen, has shown promise in late-stage trials, with full data expected to be presented at the EASL Congress in May [16]