Lilly(US:LLY) 经济观察报·2025-12-04 13:14Core Viewpoint - The popularity of GLP-1 drugs continues to rise, with significant sales growth observed, particularly for the drug Tirzepatide, which has become a leading product in the market [1][4]. Group 1: Market Performance - During the "Double Eleven" shopping festival in 2025, the transaction volume of GLP-1 drugs on JD Health's platform increased by over six times, with Tirzepatide ranking first [1][4]. - Tirzepatide generated sales of $10.103 billion in the third quarter of 2025, making it the top-selling drug globally for that quarter [4]. - In the first three quarters of 2025, Tirzepatide contributed 60% to Eli Lilly's revenue, with total pharmaceutical revenue reaching $45.887 billion, ranking first among multinational pharmaceutical companies [9]. Group 2: Competitive Landscape - Eli Lilly's CEO acknowledged that the company's market capitalization is four times higher than that of competitors like Pfizer, primarily due to the success of GLP-1 drugs [3]. - The GLP-1 market remains unsaturated, with 830 million people worldwide suffering from diabetes and over 890 million adults classified as obese [11]. - Eli Lilly's Tirzepatide is designed to outperform competitors like Semaglutide by targeting both GLP-1 and GIP receptors, showing superior efficacy in clinical trials [8]. Group 3: Future Prospects - Eli Lilly is developing an oral version of GLP-1, Orforglipron, which is expected to alleviate production capacity issues and expand market reach [12]. - The company has already produced over 1 billion oral tablets and anticipates regulatory approval for Orforglipron in early 2026, potentially increasing revenue by $5 billion to $10 billion [14]. - Eli Lilly is exploring additional therapeutic indications for Tirzepatide, including sleep apnea, cardiovascular diseases, and various mental health disorders, indicating a broadening of its application beyond weight loss [17][18].