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, with its stock price rising nearly 40% this year [2][18]. Group 1: Market Performance - Eli Lilly's stock rose by 1.60% on Friday, contributing to a year-to-date increase of nearly 40% [2][3]. - The healthcare ETF in the U.S. has seen a rise of over 2% on Friday and a cumulative increase of 12% this year, reflecting growing investor enthusiasm for the pharmaceutical sector [5][6]. Group 2: Competitive Advantage - Eli Lilly is rapidly distancing itself from competitors due to the overwhelming advantage of its GLP-1 class drugs, with its weight loss drug Zepbound expected to dominate the market despite only launching at the end of 2023 [4][9]. - The company is on the brink of a significant new product cycle in biopharmaceuticals, with its oral weight loss candidate orforglipron being highlighted as one of the most important new product cycles in the industry [9][10]. Group 3: Future Prospects - Eli Lilly's management has indicated that global regulatory submissions for orforglipron are imminent, with expectations for a U.S. market launch next year [10]. - The company is also advancing in next-generation obesity compounds, with promising data from the second phase of the selective incretin agonist eloralintide, which showed a weight loss of 20.1% [11][12]. Group 4: Financial Considerations - Eli Lilly's 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 [16][17]. - The company’s forward P/E ratio for 2026 is projected at 41 times, significantly higher than the pharmaceutical industry average of 16 times, leading to debates about its valuation [19]. - Forecasts suggest that Eli Lilly's two flagship drugs could generate annual sales exceeding $40 billion by 2026, potentially justifying the high valuation [20].