诺和诺德股价大涨。 口服剂型被普遍认为是减肥药市场的下一个增长引擎。高盛分析师曾在报告中预测，到2030年，口服药可能占据全球减肥药市场24%的份额，规模约220 亿美元。 中概股表现较为疲软，截至发稿，纳斯达克中国金龙指数跌超1%。热门中概股中，阿特斯太阳能跌超8%，小鹏汽车、晶科能源、万国数据、禾赛科技等 跌超3%，小马智行、名创优品、金山云、哔哩哔哩、蔚来、腾讯控股ADR等跌超2%，百度集团、小米集团ADR、京东集团、阿里巴巴等跌超1%。 这份数据远超3.2%的市场预期，令市场担心美联储在2026年初降息的可能性降低。芝加哥商品交易所美联储观察工具的数据显示，报告发布后，联邦基 金利率期货交易员略微增加了押注，认为美联储将在明年1月和3月的议息会议上维持利率不变。 个股方面，诺和诺德大涨，盘中一度涨超10%。消息面上，美国FDA批准了诺和诺德的首款口服GLP-1减肥药。诺和诺德方面表示，这款口服药预计将于 2026年初正式上市，起始剂量的现金价格为每月149美元。公司同时表示，对于拥有保险的患者，在涵盖所有剂量的情况下，每月费用可能低至25美元。 诺和诺德首席执行官Mike Doustdar在声明中表示 ...

周二，诺和诺德(NVO.US)盘前涨超8%，报52.29美元。消息面上，美国FDA批准了诺和诺德的首款口服 GLP-1减肥药，使其在与礼来的竞争中抢得先机。这款Wegovy的口服版本将于明年1月初在美国上市， 起始现金价为每月149美元。临床数据显示其可帮助患者减重高达16.6%，并能降低心血管风险。 据报道，礼来公司自己的口服减肥药预计将在明年3月获批。这意味着诺和诺德拥有了几个月的宝贵窗 口期，以巩固其在口服药市场的首发优势。 ...

美国FDA批准了诺和诺德的首款口服GLP-1减肥药，使其在与礼来的激烈竞争中抢得先机，公司股价盘后一度应声大涨10%。这款Wegovy的口服版本 将于明年1月初在美国上市，起始现金价为每月149美元。临床数据显示其可帮助患者减重高达16.6%，并能降低心血管风险。礼来的同类口服药预计在3 月获批。 抢在礼来之前，诺和诺德在美国的减肥药市场竞争中扳回一局。 12月22日周一，美国食品药品监督管理局（FDA）批准了丹麦制药巨头诺和诺德的首款GLP-1类口服减肥药。这款新药是其明星注射产品Wegovy的口 服版本，为数百万寻求更便捷治疗方案的肥胖症患者带来了新选择。 根据诺和诺德的声明，这款口服新药将于明年1月初在美国上市。公司披露了初步的定价策略， 起始剂量的现金支付价格为每月149美元。公司同时表 示，对于拥有保险的患者，在涵盖所有剂量的情况下，每月费用可能低至25美元。 更高剂量的定价以及更详细的保险覆盖和患者节省计划将在临近上 市时公布。 诺和诺德首席执行官Mike Doustdar在声明中表示："Wegovy口服药为患者提供了一个全新、便捷的治疗选择，可以帮助他们开始或继续他们的减重旅 程。"他强调，目前 ...

责任编辑：张俊 SF065 责任编辑：张俊 SF065 礼来公司（LLY）周五早盘上涨0.7%。该公司表示，在一项三期临床试验中，每日一次的orforglipron在 患者从注射型药物Wegovy和Zepbound转换后，仍能帮助维持此前的减重效果；该药已提交FDA申请， 并获优先审评资格。 礼来公司（LLY）周五早盘上涨0.7%。该公司表示，在一项三期临床试验中，每日一次的orforglipron在 患者从注射型药物Wegovy和Zepbound转换后，仍能帮助维持此前的减重效果；该药已提交FDA申请， 并获优先审评资格。 ...

公司表示，该研究达到了主要终点及所有关键次要终点。安全性和耐受性方面，orforglipron的表现与此 前三期研究结果一致，符合每日一次口服给药的安全特征。 周四，礼来(LLY.US)股价一度涨超3%，截至发稿，该股涨幅缩窄至1.84%，报1061美元。消息面上，该 公司宣布，其口服减肥药orforglipron在一项三期临床试验中显示出优于对照的体重维持效果，适用于此 前已使用注射型减肥药(包括公司自身的Zepbound以及诺和诺德(NVO.US)的Wegovy)的肥胖或超重成年 人。 礼来援引ATTAIN-MAINTAIN试验的顶线数据称，在为期52周的研究中，从Wegovy或Zepbound转换为 orforglipron的患者，基本维持了此前通过注射药物获得的减重成果。数据显示，与对照相比，从 Wegovy转换的患者体重平均差异为0.9公斤，从Zepbound转换的患者体重平均差异为5.0公斤。 ...

Core Viewpoint - Morgan Stanley maintains a positive outlook on Eli Lilly's oral GLP-1 receptor agonist Orforglipron (Orfor) for obesity treatment, following the release of Phase III clinical trial data, with a target price of $1028 and an "overweight" rating [1][2]. Group 1: Clinical Trial Results - The ATTAIN-1 trial demonstrated Orfor's effectiveness in weight loss, cardiovascular metabolic improvements, and safety across multiple dimensions [1]. - Weight loss plateaued between weeks 48 to 72 across all three dosage groups, with results comparable to the Phase II trial at 36 weeks, potentially due to trial design and population differences [1][2]. - In comparison, Novo Nordisk's oral semaglutide 25mg also showed a weight loss plateau between weeks 48 to 64, with a male population percentage of approximately 24% [1]. Group 2: Metabolic and Safety Improvements - Orfor significantly improved multiple cardiovascular metabolic risk factors, including waist circumference, systolic blood pressure, non-HDL cholesterol, and triglycerides, along with other metabolic indicators [2]. - In terms of body composition, 73.1% of weight loss was attributed to fat reduction, while 26.9% was from lean body mass loss [2]. - Safety assessments indicated that Orfor's adverse reactions were consistent with other GLP-1 medications, primarily mild to moderate gastrointestinal events, with no significant drug-related liver injury detected [2]. Group 3: Market Potential - Orfor is particularly suitable for individuals with a lower BMI (<35) and those preferring oral therapies or lacking access to injectable medications, including patients in low to middle-income countries [2]. - The successful market entry of Orfor, along with the expansion of another weight loss drug, tirzepatide, and accelerated supply of auto-injectors, could present upside risks [2].

Group 1 - Eli Lilly announced that its oral weight loss therapy orforglipron achieved primary goals in Phase 3 trials and will proceed with global registration [1] - In the ATTAIN-2 trial, orforglipron demonstrated an average weight loss of 22.9 pounds (10.5%) over 72 weeks at the highest dose, with an intention-to-treat analysis showing a 9.6% weight loss at the 36mg dose [1] - The international study involved over 1,600 adults with obesity or overweight and type 2 diabetes, achieving all primary and key secondary endpoints, including a reduction in A1C levels by 1.3% to 1.8% from a baseline of 8.1% [1] Group 2 - The safety profile of orforglipron is consistent with other GLP-1 receptor agonists, but treatment discontinuation rates due to adverse events ranged from 6.1% to 10.6% across three dosage levels, compared to 4.6% in the placebo group [2] - The overall treatment discontinuation rates for the 6mg, 12mg, and 36mg groups were 19.1%, 22.3%, and 20.5%, respectively, while the placebo group had a rate of 20% [2] - Eli Lilly has completed the clinical data package necessary for the global registration submission of orforglipron, with full study results to be presented at future medical conferences [2]

Core Viewpoint - Viking Therapeutics' oral drug VK2735 has shown positive results in its Phase II VENTURE trial for obesity treatment, achieving its primary endpoint, which may impact Eli Lilly's (LLY.US) market position [1][3]. Group 1: Viking Therapeutics (VKTX.US) - The VENTURE trial reported weight loss ranging from 2.3% (adjusted for placebo) to 12.2% (adjusted for placebo) across different dosage groups of VK2735 [1]. - The trial indicated a higher discontinuation rate due to adverse effects in VK2735 patients (approximately 20%) compared to the placebo group (13%), with gastrointestinal issues being the most common reason for discontinuation [1]. - An exploratory dosing regimen showed that patients who started with a 90mg dose for 6 weeks and then reduced to 30mg for 7 weeks achieved a weight loss of 6.7% at week 6 and 7.9% at week 13, supporting the potential of VK2735 for weight maintenance [1][3]. Group 2: Competitive Landscape - The faster titration schedule in VK2735's Phase II trial may have contributed to its competitive weight loss results, but it also led to a higher rate of adverse reactions compared to oral semaglutide and orforglipron [2]. - The discontinuation rate for VK2735 at week 13 is estimated to be 10%-20% in the high-dose group, which is still higher than the 5%-8% seen in orforglipron's Phase III trial [2]. - The market is reassessing the competitive landscape for oral weight loss drugs, as evidenced by a 19% increase in Viking Therapeutics' stock and a 12% rise in Novo Nordisk (NVO.US) following the release of relevant trial data [3][4]. Group 3: Implications for Eli Lilly (LLY.US) - Eli Lilly's orforglipron is perceived to have better tolerability, and its ongoing ATTAIN-MAINTAIN trial aims to explore maintenance treatment effects, which may differ significantly from VK2735's positioning [3][4]. - The results from VK2735's trial suggest that patients may have a broader capability to maintain weight loss with low-dose medications, a potential that could also apply to orforglipron [4]. - The market reaction to Eli Lilly's stock following the ATTAIN-1 trial data release indicates a rebound of approximately 14%, suggesting that previous market responses may have been exaggerated [4].

Core Viewpoint - Viking Therapeutics Inc. experienced its largest single-day stock drop, falling 42%, primarily due to disappointing mid-stage trial results of its experimental oral weight-loss drug, which led to significant short-seller profits [1][2]. Group 1: Stock Performance and Market Reaction - The stock price of Viking Therapeutics fell by 42%, resulting in a single-day profit of $521 million for short-sellers, reversing their earlier losses of approximately $140 million [1]. - The annual profit for short-sellers reached over $380 million following the stock's decline [1]. Group 2: Clinical Trial Results - The decline in stock price was attributed to adverse side effects from the weight-loss drug, with about 28% of patients dropping out of the trial within three months [1]. - High rates of nausea and vomiting were reported across all treatment groups, overshadowing efficacy data [1]. Group 3: Analyst Outlook - Despite the recent stock drop, nearly 90% of analysts covering Viking Therapeutics maintain a "buy" rating, with an average target price of around $90, indicating over three times potential upside [2]. - Oppenheimer & Co. analyst Jay Olson reiterated a "outperform" rating with a target price of $100, suggesting that the market's concerns regarding the drug's tolerability may be overestimated [2].

Group 1 - Viking Therapeutics Inc. experienced a record stock price drop of 42%, resulting in a significant gain of $521 million for short sellers, reversing earlier losses this year [1][4] - The stock price decline was attributed to adverse mid-stage trial results of an experimental oral weight loss drug, with approximately 28% of patients dropping out due to side effects [4] - This incident marks the second disappointing oral weight loss drug study in recent times, following Eli Lilly's similar results earlier this month, which led to a 14% drop in its stock price [4] Group 2 - Despite the negative news, nearly 90% of analysts maintain a "buy" rating for Viking Therapeutics, with an average target price of around $90, indicating over three times potential upside from current trading levels [4] - Oppenheimer & Co. analyst Jay Olson views the stock's decline as a buying opportunity, suggesting that market concerns regarding tolerance issues are overstated, while reiterating a "outperform" rating and a target price of $100 [4]