礼来--第一家“10000亿美元”医药公司！

Core Viewpoint - Eli Lilly has become the first pharmaceutical company to reach a market capitalization of $1 trillion, driven by strong demand for weight loss and diabetes medications, as well as a sector rotation of funds from technology to healthcare [1][12]. Group 1: Market Performance - Eli Lilly's stock rose by 1.60% on Friday, with a cumulative increase of nearly 40% this year, leading to a market capitalization surpassing $1 trillion [1][2]. - The healthcare ETF in the U.S. has increased by over 2% on Friday and has risen 12% year-to-date, reflecting growing investor enthusiasm for the pharmaceutical sector [4]. Group 2: Product Development and Sales - Eli Lilly's weight loss drug sales more than doubled year-over-year in Q3, generating $10.1 billion in revenue from diabetes treatment Mounjaro and weight loss drug Zepbound [5]. - The company is on the verge of launching its oral weight loss candidate orforglipron in the U.S. market next year, which is expected to significantly expand the target market due to its convenience [8]. - Eli Lilly's next-generation obesity compounds, such as eloralintide and retatrutide, are showing promising results, with eloralintide demonstrating a weight loss of 20.1% in Phase II trials [9][10]. Group 3: Valuation and Investor Sentiment - The largest shareholder, the Lilly Foundation, has been selling shares, with a record $2.4 billion in stock sold in Q4 2025, raising concerns about valuation as the company's forward P/E ratio is 41 times, significantly higher than the industry average of 16 times [11][12]. - Despite valuation concerns, projections indicate that Eli Lilly's two flagship drugs could generate over $40 billion in annual sales by 2026 and approach $60 billion by 2030, potentially justifying the high valuation [12]. Group 4: Competitive Landscape - Eli Lilly's GLP-1 drugs are gaining a significant market share, surpassing competitors like Novo Nordisk's Wegovy in new obesity prescriptions [3]. - The company faces potential competition from other pharmaceutical giants like Amgen and Pfizer as it approaches a significant patent cliff, which could impact future revenue [13].