2026.02.27 来源：第一财经 相较于国内厂商，跨国企业在中国电商渠道方面"先天不足"，这与企业文化制度以及决策流程等多方面因素相关。据投资银行杰富瑞（Jefferies）最近的 一份报告，2025年，司美格鲁肽减重药在阿里巴巴旗下天猫电商平台和京东平台的销售额预计为2.6亿元人民币，而其本土竞争对手信达生物的减重药玛 仕度肽的销售额预计将超过4亿元人民币。 本文字数：922，阅读时长大约2分钟 作者 | 第一财经 钱童心 随着减重药巨头诺和诺德重磅GLP-1类药物司美格鲁肽在中国的核心分子专利即将于3月到期，一大批中国本土的司美格鲁肽仿制药正在获批路上。 2月27日港股开盘后，九源基因（2566.HK）股价一度上涨超过4%。该公司日前公告称，司美格鲁肽生物类似药吉可亲上市申请已获中国国家药监局正式 受理，本次申报的适应症为肥胖或超重人群的体重管理。 据公开信息，目前国内市场上包括九源基因、丽珠集团、华东医药、齐鲁制药、正大天晴在内的十多家本土制药公司的司美格鲁肽仿制药有望在不久的将 来上市，还有十余款处于三期临床，一场价格大战即将席卷。 针对市场关注的仿制药疗效，九源基因表示，基于一项370多名肥胖患 ...

Group 1 - Novo Nordisk's new weight loss drug CagriSema showed a weight reduction of 23% over 84 weeks, which is less effective than Eli Lilly's drug tirzepatide, which achieved a 25.5% reduction [2] - Following the announcement, Novo Nordisk's stock plummeted over 16%, marking its lowest point since June 2021 and erasing all gains from the launch of its previous weight loss drug, semaglutide [2] - The year 2026 is critical for Novo Nordisk as its semaglutide patent is set to expire in China, leading to the potential entry of numerous generic competitors [2] Group 2 - Analysts indicate that CagriSema is expected to contribute significantly to Novo Nordisk's growth, with estimates suggesting it could account for 60% of the company's future growth [3] - The failure of the clinical data for CagriSema is viewed as a major setback that may dampen demand and weaken long-term sales expectations for Novo Nordisk [3] - CagriSema combines the components Cagrilintide and semaglutide, administered via weekly injections [3] Group 3 - Since reaching its peak market value in 2024, Novo Nordisk has seen a decline of over $470 billion, losing all gains from the launch of semaglutide [4] - Eli Lilly's stock surged following the weak clinical data from Novo Nordisk, bringing its market value close to $1 trillion, with expectations of continued growth in demand for tirzepatide [4] - Eli Lilly plans to launch an oral weight loss drug, orforglipron, in the second quarter of this year, intensifying competition with Novo Nordisk's oral semaglutide [4]

Core Insights - 2026 is a critical year for Novo Nordisk as its semaglutide market share faces pressure from competitors led by Eli Lilly [1][2] - Novo Nordisk's new weight loss drug CagriSema showed a weight loss of 23% in a head-to-head trial against Eli Lilly's tirzepatide, which achieved 25.5% [1] - Following the disappointing trial results, Novo Nordisk's stock plummeted over 16%, erasing all gains since the launch of semaglutide [1][3] Company Developments - CEO Mike Doustdar aims to navigate the company through this "crisis" by pushing the new generation weight loss therapy to market [2] - Analysts indicate that CagriSema is crucial for Novo Nordisk's growth, with expectations that 60% of the company's future growth will come from this drug [2] Market Dynamics - CagriSema combines Cagrilintide and GLP-1 component semaglutide, administered weekly [3] - Since reaching its peak market value in 2024, Novo Nordisk has lost over $470 billion in market capitalization, erasing all gains from the launch of semaglutide [3] - Eli Lilly's stock surged following Novo Nordisk's weak clinical data, bringing its market value close to $1 trillion, with expectations for continued growth in tirzepatide demand [3]

发明了胰岛素的丹麦百年制药巨头诺和诺德，近年来因明星减重药司美格鲁肽的走红一度成为欧洲市值 最高的公司。但今年以来，该公司在资本市场上的"司美格鲁肽光环"褪色。上周，诺和诺德在宣布了新 CEO的任命后，公司一周股价暴跌三分之一，市值蒸发超过千亿美元。 "市场的恐慌主要由于对新任命高管的失望，加之公司下调了业绩预期，未来的发展前景不明朗。"一位 生物医药投资人对第一财经记者表示。 他是一位挑战者 在诺和诺德102年的历史上，这家胰岛素巨头只更换过5名CEO，而且全部是丹麦人。今年5月，诺和诺 德意外宣布Lars Fruergaard Jørgensen将不再担任CEO，并称将物色新人选。 Jørgensen曾一手主导了司美格鲁肽在全球的上市。在他的带领下，诺和诺德于去年6月创下接近7000亿 美元的市值新高。但由于过去一年以来，减重药全球市场环境的迅速变化，司美格鲁肽在美国市场面临 复杂的挑战，导致该公司股价从去年6月的高位已下跌超过三分之二。在这一背景下，诺和诺德做出更 替CEO的艰难决定，以安抚资本市场。 当地时间7月29日，诺和诺德公布了备受市场关注的CEO任命——一位从公司内部成长起来并不断受到 提拔的 ...

Group 1 - Novo Nordisk has appointed Maziar Mike Doustdar as the new CEO, marking the first aggressive CEO change in 60 years, following a profit warning [3] - The market reacted negatively to the announcement, with Novo Nordisk's stock price dropping nearly 30% at one point and closing down about 22%, resulting in a market value loss of over $50 billion [1][3] - Year-to-date, Novo Nordisk's stock has fallen over 44%, with its current market value approximately half of its peak last year [1][3] Group 2 - Doustdar, who has been with Novo Nordisk since 1992 and currently serves as the Vice President of International Business, will officially take over on August 7 [3] - The appointment of an internal candidate has been interpreted by the market as insufficient for the necessary transformation, with expectations for a CEO with U.S. pharmaceutical experience [3] - Doustdar acknowledged the challenges ahead, emphasizing the need for increased urgency and different execution strategies [3] Group 3 - Novo Nordisk's semaglutide, the first innovative GLP-1 weight loss drug, faces market share pressure following the approval of a competing weight loss drug by Eli Lilly [3] - The company has revised its sales growth forecast for semaglutide in the U.S. from 13%-21% down to 8%-14% for 2025 due to declining growth expectations [3] Group 4 - The U.S. is the largest and most profitable market for weight loss drugs, making it a critical battleground for Novo Nordisk and Eli Lilly, as well as for Chinese pharmaceutical companies [4] - In China, Novo Nordisk will face pressure from the expiration of semaglutide's patent in 2026, with at least ten generic versions already in late-stage clinical trials [4] Group 5 - Goldman Sachs estimated that if generics prove to be as safe and effective as Novo Nordisk's semaglutide, the drug may be forced to drop in price by about 25% in China [5] - Novo Nordisk has emphasized its commitment to innovation despite the challenges posed by generics entering the market after patent expiration [5]