【华鑫医药|行业周报】原料药供给节奏变化加速 投资要点：1.原料药供给变化加速，关注后续量价变化；2.全球GLP-1格局持续变化，中国企业出海之路仍在继 续；3.头部企业逐步布局小核酸领域，市场进程加速有望带动配套产业链发展；4.药品零售市场2025年Q4向好， 连锁药店定位提升；5.重视口服自免药物的市值价值 关注原料药周期触底反转的品种，推荐【川宁生物】，关注【联邦制药】、【国邦医药】、【普洛药业】，合成 生物学赋能，关注【富祥药业】、【金城医药】。 CXO订单趋势向好，安评订单价格上涨，关注【益诺思】、【昭衍新药】，推荐【维亚生物】、【普蕊斯】。 小核酸持续突破，关注中国企业对外授权持续进展，推荐【悦康医药】、【阳光诺和】，关注【瑞博生物】、 【前沿生物】、【迈威生物】，推荐小核酸上游配套产业链公司，关注【奥锐特】、【东富龙】、【凯莱英】、 【蓝晓科技】。 自免领域，关注口服方向以及UC/IBD等难治领域的突破，推荐【亚虹医药】，【益方生物】，关注【荃信生 物】、【诺诚健华】。 【华鑫医药|行业周报】原料药供给节奏变化加速 投资要点：1.原料药供给变化加速，关注后续量价变化；2.全球GLP-1格局持续变 ...

美国食品药品监督管理局（FDA）表示，诺和诺德为其新上市的减肥药 Wegovy 投放的电视广告，就该 药物的疗效及对患者的益处作出了 "虚假或误导性" 宣传。 在 2 月 5 日致诺和诺德的函件中，FDA 指出该广告对这款口服药进行了错误标识，其流通已违反联邦 法律。FDA 要求药企立即采取行动整改，包括停播所有含误导内容的广告。 诺和诺德在周一的声明中确认已收到该函件，并澄清该广告自片剂上市以来一直在播出，但并非其超级 碗广告。 诺和诺德美国媒体与利益相关方关系主管莉兹・斯克布科娃在声明中表示： "我们严肃对待所有监管反馈，正就 FDA 对广告表述的关切进行回应。" 在火爆的 GLP-1 市场中，这家丹麦药企正全力从主要竞争对手礼来及廉价复方仿制药手中夺回市场份 额，此次广告风波无疑让其面临的困境雪上加霜。 该公司的 Wegovy 片剂是其核心发力产品。今年 1 月，它成为全球首款获批上市的 GLP-1 口服减肥 药。诺和诺德上周表示，已有超过 17 万名美国患者在使用该药。 FDA 在函件中指出，诺和诺德的广告误导性暗示其片剂效果优于其他已获批的 GLP-1 减重药物。广告 中使用的 "活得更轻松""全新 ...

• Hims & Hers Health stock is at significant support. What’s pressuring HIMS?What HappenedLast Thursday, Hims & Hers Health announced an expansion of its weight loss specialty by enabling providers to prescribe a Compounded Semaglutide Pill with the same active ingredient as Novo Nordisk’s Wegovy, at a special introductory offer starting at just $49 for the first month.Novo Nordisk said that Hims & Hers will unlawfully mass-market an unapproved, inauthentic, and untested knockoff semaglutide pill.On Friday ...

Core Insights - Equity markets are showing potential for more stocks to join the $1 trillion club, supported by strong fundamentals and market optimism [1][2] Group 1: Eli Lilly (NYSE: LLY) - Eli Lilly is the closest candidate to reach the $1 trillion market capitalization, currently at approximately $948.6 billion, needing a gain of about 5.4% [3] - The growth is driven by increasing demand for its GLP-1 portfolio, particularly Mounjaro for diabetes and Zepbound for obesity, with revenue growth exceeding 40% year over year [3][4] - Management has provided a 2026 revenue guidance of $80 billion to $83 billion, significantly above market expectations, supported by expanded supply and improved manufacturing capacity [4][6] Group 2: JPMorgan Chase (NYSE: JPM) - JPMorgan Chase, with a market capitalization of about $877.7 billion, requires a gain of roughly 14% to reach the $1 trillion milestone, making it a credible contender in the financial sector [7] - The bank's latest earnings reflect strength across investment banking, trading, and consumer businesses, despite increased technology spending and balance sheet adjustments [9] - Management anticipates easing expense pressures and stable revenues, with expectations for U.S. interest-rate cuts later in 2026 alleviating concerns over net interest income volatility [9][10]

Core Viewpoint - Novo Nordisk's recent earnings report revealed both negative guidance for 2026 and positive early adoption of its new GLP-1 weight-loss pill, suggesting a complex outlook for the company moving forward [1][2][3]. Negative Aspects - The company provided disappointing guidance for 2026, with sales and earnings expected to decline between 5% and 13% [2]. - A significant factor contributing to this decline is the lower pricing of GLP-1 drugs in the U.S. market, resulting from an agreement with the U.S. government [3]. Positive Aspects - Despite the negative guidance, the company reported a higher-than-expected adoption rate for its new GLP-1 pill, with 170,000 patients using it within just four weeks [3]. - The preference for pills over injections among consumers could expand the market for Novo Nordisk's GLP-1 products, supported by lower prices from the government deal [4]. - The early success of the pill indicates potential for volume growth that may eventually counterbalance the pricing pressures expected in 2026 [6]. Long-term Perspective - Novo Nordisk's stock has lost two-thirds of its value since its peak in 2024, but it remains a key player in the emerging GLP-1 market [5]. - The company's internal expectations suggest that after 2026, the outlook may improve significantly as volume growth could offset pricing declines [6].

整理 | GLP1减重宝典内容团队 当全球资本市场仍在反复讨论GLP-1是否被高估时，答案已经被一组 一场围绕口服GLP-1减重药物的正面冲突，在美国医药市场只持续了短短48小时，却清晰勾勒出一个正在收紧的监管边界。 2月6日，远程医疗平台 Hims & Hers Health 宣布，已在其平台上线一种"复方司美格鲁肽口服片"，允许医生为患者开具与诺和诺德最 新推出的口服 Wegovy 具有相同活性成分的治疗方案。这款产品被纳入其整体减重服务中，首月价格低至49美元，后续每月约99美 元，明显低于诺和诺德与美国政府达成协议后约149美元/月的官方定价。 Hims 在公告中强调，该口服制剂虽然同样使用司美格鲁肽，但在配方和递送方式上有所不同，目的是在消化过程中更好地保护活性成 分，从而实现口服吸收。而这是对诺和诺德口服Wegovy商业模式的直接挑战。 点击关注，追踪最新GLP-1资讯 ▍ 原研药企迅速反击，法律与监管并行 诺和诺德几乎在同一时间做出强硬回应。公司发言人公开表示，Hims 的做法属于非法的大规模复方生产和误导性营销，其销售的是未 经批准、未经测试的仿制药，存在明确的患者安全风险。诺和诺德同时警告， ...

Post Holdings (NYSE:POST) Q1 2026 Earnings call February 06, 2026 09:00 AM ET Speaker9Welcome to the Post Holdings First Quarter 2026 Earnings Conference Call and Webcast. At this time, all participants have been placed on a listen-only mode, and the floor will be open for your questions following the presentation. If you would like to ask a question at that time, please press star one on your telephone keypad. If at any point your question has been answered, you may remove yourself from the queue by pressi ...

过去一年，全球最大食品公司 Nestlé 持续推进组织重组与成本削减，累计涉及岗位规模接近1.5万至1.6万人。相关调整并非一次性裁员，而是 通过自然流失、岗位合并和业务重组在全球多地逐步完成。在GLP-1类减重药物快速普及的背景下，这一轮瘦身被外界解读为雀巢对食品消费 结构变化的提前应对。 雀巢正在开发专门针对GLP-1使用者的营养补充剂——因为当药物抑制了食欲，使用者摄入的食物总量减少，他们对每一口食物的营养密度 （蛋白质、维生素）的要求就会急剧上升。 这预示着2026年食品创新的新方向：从"好吃的垃圾食品"转向"高密度的功能食品"。谁能最先解开"在更小的胃容量里提供更多营养"这道难 题，谁就能赢得下一个十年。 整理 | GLP1减重宝典内容团队 对食品行业而言，这意味着零食频率下降、单次摄入量减少，以及对蛋白质和功能性营养的需求上升。雀巢的应对路径并非进入药物研发，而 是加速向医疗营养和功能性营养倾斜。旗下 Nestlé Health Science 被定位为关键增长引擎，重点覆盖体重管理、糖尿病营养及老龄化相关产 品。 在这一逻辑下，GLP-1并非雀巢的竞争对手，而是一个加速器。随着使用人群扩大，蛋白 ...

Core Viewpoint - The collaboration between Nvidia and Eli Lilly aims to revolutionize drug discovery through AI, addressing the long-standing challenges of lengthy and costly drug development cycles in the biopharmaceutical industry [10][11]. Group 1: Industry Challenges and Innovations - The biopharmaceutical industry has been plagued by the issue that innovation cycles often exceed return cycles [5][16]. - Eli Lilly's research and development speed is approximately 40% faster than that of other pharmaceutical companies of similar size across nearly all therapeutic areas [22]. - The industry faces structural challenges, including long drug development timelines, high costs, and low success rates, which AI is expected to help overcome [11][12]. Group 2: AI Integration in Drug Discovery - The partnership will establish a pioneering AI joint innovation lab in the San Francisco Bay Area, with a planned investment of up to $1 billion over five years to integrate AI into drug discovery and biomedical research [10][11]. - The collaboration will also open up to biopharmaceutical startups, allowing for joint model training without sharing raw data, thus enhancing innovation efficiency [12]. Group 3: Financial Performance and Market Impact - Eli Lilly reported a revenue of $65.179 billion for the year, a 45% increase year-over-year, with projections for 2026 revenue between $80 billion and $83 billion [13]. - The sales of Tirzepatide reached $36.507 billion, making it the top-selling drug, surpassing competitors [13]. Group 4: Future Directions and Goals - The focus is on transforming drug discovery from a "craft-like" process to an engineering problem, which could significantly impact human health by eliminating diseases [55]. - The goal is to extend human lifespan by addressing chronic diseases, with a focus on managing obesity and its related health issues [8][57]. - Eli Lilly aims to develop a more effective and continuously improving set of tools for weight management, potentially alleviating over 200 chronic diseases [57][59]. Group 5: AI in Healthcare Services - The most actionable area for AI currently is in healthcare services, which is seen as a low productivity sector ripe for AI integration [97]. - Eli Lilly operates one of the largest direct pharmacy platforms, achieving nearly $4 billion in annual sales, indicating a strong market presence [98].

365.07亿美元。 随着礼来公布2025年财报，替尔泊肽以这一惊人销售额，正式加冕为新一代全球药王。 不得不再次感慨GLP-1的吸金实力。曾经的热门选手司美格鲁肽（361亿美元）也仅以4亿美元之差，与 药王失之交臂。而随着药王竞争的空前白热化，曾经的"王者"修美乐曾蝉联十年，而K药仅在位两年便 黯然退场。 / 01 /GLP-1时代正式加冕 药王的每一次更迭，都标志着一个治疗时代的开启。2025年，这个时代属于GLP-1，更具体地说，属于 礼来的替尔泊肽。 根据礼来财报，替尔泊肽在2025年狂揽365.07亿美元，其中降糖版Mounjaro贡献229.65亿美元，减肥版 Zepbound贡献135.42亿美元。其第四季度表现尤为炸裂，Mounjaro单季营收74亿美元，同比增长 110%，远超此前66亿美元的预期；Zepbound同样超出预期，营收达43亿美元，同比增长123%。 基于替尔泊肽的强劲增长，礼来为2026年给出了800亿至830亿美元的全年营收指引，尽管增速相比2025 年的41%有所放缓，但依然是一条颇为陡峭的增长曲线。这也预示着，替尔泊肽已提前预定了2026年全 球药王的宝座。 替尔泊肽的 ...