GLP1减重宝典·2025-07-22 07:56Core Viewpoint - Novartis' stock price has increased by 32% since the beginning of the year, with a market capitalization exceeding $240 billion, reaching a historical high. However, the company has not participated in the PD-1 craze or engaged in fierce competition in popular fields like GLP-1 or ADC [2] Group 1: Market Position and Strategy - Novartis has conducted an in-depth evaluation regarding entering the obesity treatment market but believes that the current GLP-1, GIP, and GIPR drug market will continue to be dominated by Eli Lilly and Novo Nordisk, who are rapidly advancing new generation drug development [4] - The CEO of Novartis, Vas Narasimhan, stated that even with slightly differentiated new products, it would be challenging to break through in the current competitive landscape, as high rebate barriers and mature product portfolios will be established by the time follower drugs are launched [4] - Despite not fully abandoning the obesity treatment direction, Novartis is advancing early-stage research projects exploring truly differentiated new pathways, including evaluating longer-acting drug forms such as biologics or siRNA drugs [4] Group 2: Market Potential and Competitors - The obesity drug market is expected to reach $130 billion, with many pharmaceutical companies actively entering the field. Evaluate's latest report indicates that Novo Nordisk's CagriSema project is currently regarded as the most valuable R&D project in the industry [5] - Following closely is Eli Lilly's orforglipron, a new generation oral GLP-1 agonist. Although Novo Nordisk and Eli Lilly have first-mover advantages, Evaluate believes that new entrants with sufficient differentiation still have opportunities to establish a foothold in this field [5]