在安全性方面，公司指出orforglipron的耐受性特征与GLP-1受体激动剂类其他药物一致。但三个剂量水 平因不良事件导致的治疗中止率为6.1%-10.6%，而安慰剂组为4.6%。与此同时，6mg、12mg和36mg剂 量组的总体治疗中止率分别为19.1%、22.3%和20.5%，安慰剂组为20%。"随着ATTAIN-2试验的完成， 礼来现已具备启动orforglipron全球注册申报所需的完整临床数据包，"公司声明称，并补充说完整研究 结果将在未来的医学会议上公布并提交发表。 本月初，礼来曾宣布该实验性疗法在其ATTAIN-1三期试验中达到主要终点和所有关键次要终点，最高 剂量组72周内实现平均减重12.4%(27.3磅)。但由于该读数未达到华尔街的高预期，礼来股价应声下跌。 礼来(LLY.US)周二宣布，其口服减肥疗法orforglipron在第三阶段3期试验中达到了主要目标，该公司将 就此推进这款每日一次GLP-1受体激动剂的全球注册申报。 礼来援引其ATTAIN-2三期试验的顶层数据称，根据方案集分析，orforglipron在最高剂量下实现了主要 终点，72周内平均减重达22.9磅(10.5%) ...

高盛本周发布关于Viking Therapeutics(VKTX.US)近期试验结果的评论报告并提及对礼来(LLY.US)的影 响。近日，Viking Therapeutics宣布，其口服药物VK2735用于治疗肥胖症的Ⅱ期VENTURE口服给药试 验达到主要终点，顶线结果积极。高盛基于估值分析，给予33美元目标价。 此次结果显示，在15mg至120mg的剂量组中，报告的平均减重幅度为2.3%(经安慰剂调整后为1%)至 12.2%(经安慰剂调整后为10.9%)。安慰剂组中有13%的患者因不良反应停药，而接受口服VK2735治疗 的患者中这一比例约为20%。停药的最常见原因是胃肠道相关不良反应。 该行认为，快速滴定可能是口服VK2735在第13周实现具有竞争力减重效果的原因之一。需注意的是， 与口服司美格鲁(semaglutide)和口服奥格列龙(orforglipron)的Ⅲ期研究相比，口服VK2735的Ⅱ期试验采 用了更快的滴定节奏。更快的滴定可能加快了减重速度，但代价是更高的不良反应率。 高胃肠道不良反应率和停药率可能源于高安慰剂效应和快速滴定。经安慰剂调整后，该行估计到第13周 时，高剂量组(60mg至 ...

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].

周二，Viking Therapeutics Inc.(VKTX.US)创下史上最大股价跌幅，让做空该公司的交易员获得巨额收 益，一举扭转了今年以来的亏损局面。 根据S3 Partners LLC董事总经理Matthew Unterman的数据，这家生物技术公司周二股价暴跌42%，使空 头单日实现5.21亿美元的账面收益。这使得其年初至今的盈利超过3.8亿美元，而截至周一收盘时还亏损 约1.4亿美元。 此次股价暴跌源于其一款实验性口服减肥药的中期研究结果：该药产生的副作用导致约28%的患者在三 个月内退出试验。这打破了市场关于该口服药物可能能与礼来(LLY.US)和诺和诺德(NVO.US)旗下热门 减肥注射产品展开竞争的预期。 "药物耐受性问题盖过了疗效数据"，Piper Sandler分析师Biren Amin牵头撰写的研究报告指出，并补充 称该研究中所有治疗组均出现较高比例的恶心和呕吐症状。 据悉，这是近段时间第二项未达预期的口服减肥药研究。本月初礼来公布实验性减肥药后期研究结果未 达华尔街预期后，其股价单日暴跌14%，创2000年以来最大跌幅。 尽管如此，分析师仍看好Viking Therapeutic ...

Market Overview - The U.S. stock market showed mixed results with the Dow Jones up by 0.64%, while the S&P 500 and Nasdaq fell by 0.01% and 0.66% respectively as investors await Federal Reserve Chairman Jerome Powell's speech at the global central bank conference [1][3]. Federal Reserve Insights - The upcoming Jackson Hole conference from August 21 to 23 focuses on "Labor Market Transformation: Demographics, Productivity, and Macroeconomic Policy," reflecting recent significant changes in the U.S. labor market [3]. - Powell faces a challenging economic situation with signs of a cooling labor market indicating potential economic slowdown, while tariffs from the Trump administration are exacerbating inflation, complicating interest rate decisions [3]. - Market expectations suggest an 83% probability of a 25 basis point rate cut in September, with Powell likely to emphasize the Fed's independence from the administration during his final Jackson Hole appearance [3]. Intel's Stock Surge - Intel's stock price surged by nearly 12% after receiving substantial investments from the Trump administration and SoftBank Group, ultimately rising over 8% [5]. - The Trump administration is expected to acquire approximately 10% of Intel's shares, potentially providing around $10 billion to support Intel's revival strategy led by CEO Pat Gelsinger [7]. - SoftBank Group has agreed to purchase $2 billion in Intel shares, aiming to leverage Intel's chip manufacturing technology for artificial intelligence applications, while also increasing its stake in Nvidia [8]. Viking Therapeutics' Stock Decline - Viking Therapeutics' stock plummeted over 41% following disappointing mid-stage trial results for its experimental oral weight loss drug, VK2735, which showed only a 12.2% weight reduction in patients [10]. - Approximately 28% of participants dropped out of the trial within three months, raising concerns about the drug's competitiveness against products from Eli Lilly and Novo Nordisk [10]. - Other pharmaceutical companies have also faced stock declines due to underwhelming results from weight loss drug trials, highlighting the significant scientific challenges in this emerging market [11].

智通财经APP获悉，由于Viking Therapeutics(VKTX.US)旗下实验性口服减肥药的中期试验数据不及预 期，截至发稿，该股周二美股盘前暴跌近34%。Viking在一份声明中表示，其口服GLP-1R/GIPR双重激 动剂VK2735帮助患者减重最多可达12.2%。然而，在短短三个月内，约28%的患者退出了试验。这打击 了人们对该药物能够与礼来(LLY.US)、诺和诺德(NVO.US)的药物竞争的信心。瑞穗证券的分析师Jared Holz表示："需要注意的是，患者在13周内停药的比例如此之高。" 这是近几周来第二项备受关注的减肥药物试验结果令人失望。在本月早些时候，礼来一项后期研究显 示，从统计结果来看，其实验性口服减肥药orforglipron帮助患者成功减重约 11%，该结果低于华尔街的 预期。就试验本身而言，服用orforglipron最高剂量在 72 周内帮助患者平均减重 12.4%。至少有三位分 析师表示，市场原本期待orforglipron能像 2021 年试验中诺和诺德Wegovy那样，在 68 周内实现 14.9% 的减重效果，甚至还有一些分析师则预计这种药物的效果将超过诺和诺德 ...

Summary of Conference Call on Weight Loss Drug Development Industry Overview - The conference call focused on the weight loss drug industry, discussing current trends, challenges, and future directions in drug development. Key Points and Arguments Current Challenges in Weight Loss Drug Development - Existing weight loss drugs often lead to simultaneous loss of fat and muscle, which can lower the basal metabolic rate and cause rebound weight gain upon discontinuation [1][3] - Future research should prioritize reducing fat without affecting muscle mass, potentially by increasing energy metabolism [1][3] Market Dynamics - Cost-effective, safe, and efficient drug targets are crucial for market success, with short-acting peptide drugs like Semaglutide and Tirzepatide being relatively inexpensive [1][4][5] - The Chinese market faces stricter cost controls from the National Medical Products Administration, impacting the sales of weight loss drugs compared to overseas markets [2][23] Drug Mechanisms and Safety - Weight loss drugs primarily function by either reducing appetite or increasing energy expenditure, with appetite suppressants often causing side effects like nausea and vomiting [8][11] - New drug targets, such as cannabinoid compounds, may offer safety advantages but require careful evaluation due to potential risks of mental health issues [10][12] Clinical Trials and Market Positioning - Head-to-head clinical trials are essential for assessing the competitiveness of new weight loss drugs against established treatments like Semaglutide and Tirzepatide [12][13] - The effectiveness of new drugs must be compared with existing therapies in terms of side effects to determine their market positioning [12] Oral vs. Injectable Drugs - Oral weight loss medications are more appealing to patients, especially those who have never undergone injection therapy, and may capture a larger market share in the future [15][23] - Recent clinical trials show that oral drugs can achieve efficacy close to that of injectable counterparts while maintaining acceptable side effects [15] Emerging Drug Candidates - Multi-target weight loss drugs, such as GLP-1/GIP receptor agonists, show stronger effects but still face challenges in preventing muscle loss [14][20] - Single-target drugs that significantly reduce fat without affecting muscle may also have strong market potential [14][19] Domestic Drug Pipeline - Notable domestic weight loss drug candidates include Goli's ALMAC 300 and 230, and Hongrui Pharmaceutical's HRS 9,531, which have shown promising clinical results [21] - The reputation and reliability of companies are critical when evaluating their drug pipelines, as some may have questionable data integrity [21] Future Considerations - The balance between drug efficacy and side effects is crucial, and new drugs must demonstrate clear advantages over existing treatments to gain market acceptance [12][19] - As production capacity increases and generic drugs enter the market, patients in China may have more opportunities to purchase weight loss drugs independently [2][23] Additional Important Insights - The development of weight loss drugs should focus on maintaining metabolic health by minimizing muscle loss while effectively reducing fat [19] - The competitive landscape is influenced by the ability of companies to innovate and adapt to market demands, particularly in the context of pricing and regulatory challenges in different regions [23]