Core Insights - Major pharmaceutical companies are intensifying their efforts in the next-generation weight loss drug market, with Eli Lilly announcing new data on its weight loss drug and Pfizer acquiring a Chinese company for a next-generation GLP-1 drug [1][2]. Group 1: Eli Lilly's Developments - Eli Lilly's new GLP-1 weight loss drug, retatrutide, has shown nearly 29% weight loss in late-stage clinical trials, while its existing drug, tirzepatide, helps patients lose between 15% to 21% [2]. - Retatrutide targets three mechanisms: GLP-1, GIP, and glucagon, which may enhance weight loss efficacy by suppressing appetite, controlling blood sugar, and increasing calorie expenditure [2]. - Eli Lilly's oral weight loss drug has been submitted for FDA approval and is expected to launch next year, intensifying competition with Novo Nordisk [2]. Group 2: Pfizer's Strategic Moves - Pfizer has entered a global exclusive collaboration with Shanghai Fosun Pharmaceutical's subsidiary, Yaoyou Pharmaceutical, to develop a GLP-1 drug currently in Phase I clinical trials, with an agreement worth over $2 billion [3][4]. - The collaboration includes an upfront payment of $150 million and potential milestone payments of up to $1.935 billion [3]. Group 3: Market Dynamics in China - Key events in 2026 will reshape the Chinese weight loss drug market, including Eli Lilly's tirzepatide being included in the medical insurance list and Novo Nordisk's semaglutide patent expiration [5][6]. - The inclusion of tirzepatide in insurance is expected to significantly lower its price, potentially reshaping the pricing structure of GLP-1 drugs in China [5]. - Analysts predict that the market will see a surge in demand for tirzepatide, with expectations of increased market share at the expense of Novo Nordisk's semaglutide [6]. Group 4: Competitive Landscape - As of now, eight domestic semaglutide products have been accepted for listing, with 52 GLP-1 receptor agonists in clinical development in China [7]. - The anticipated influx of generic semaglutide drugs is expected to lead to a price war in the GLP-1 drug market by 2026 [6].

礼来在研的新一代GLP-1类减重药retatrutide在一项后期临床试验中帮助患者减重近29%，还有改善膝关 节疼痛的额外好处。 年底临近，跨国制药巨头布局下一代减重药的步伐没有放缓迹象。日前，礼来公布了一项新型减重药的 最新数据；而辉瑞也再次出手收购中国公司的下一代GLP-1类药物。 另一方面，随着礼来的替尔泊肽将于2026年纳入医保，以及诺和诺德的司美格鲁肽在中国的核心专利即 将到期，国内的GLP-1类代谢药市场的整体格局也将"变天"。 巨头押注"三重靶点"减重药 当地时间12月11日，礼来发布数据称，该公司在研的新一代GLP-1类减重药retatrutide在一项后期临床试 验中帮助患者减重近29%。目前礼来的替尔泊肽不同剂量可帮助患者减重15%至21%。此外，最新临床 试验结果还显示，retatrutide有改善膝关节疼痛的额外好处。 礼来的retatrutide拥有GLP-1、GIP和胰高血糖素三个靶点。三重靶点机制的减重药有望通过抑制食欲、 控制血糖和增加卡路里消耗来达到减重疗效，被认为是下一代疗效更高的GLP-1类代谢药物，这也是目 前多个制药巨头正在卷入的减重药热门赛道。就在本月初，reta ...