围绕司美格鲁肽在中国的核心专利，诺和诺德赢了，但依然逃不掉核心专利到期的挑战。 除了仿制药，诺和诺德司美格鲁肽还有更多竞争对手，包括礼来的替尔泊肽。此前，替尔泊肽的电商价 格给出了两折的优惠，而诺和诺德司美格鲁肽在四川的价格主动降价近五成。加上信达生物 （1801.HK）的玛仕度肽以及恒瑞医药（600276）等其他处于审批环节的国产GLP-1减肥药，可以预见 的是，2026年国内减肥药赛道的竞争将十分激烈。 2025年前三季度，司美格鲁肽整体收入达到255亿美元，有望成为全球医药行业的"销冠"。国内来说， 司美格鲁肽有三款产品，包括超重和肥胖症治疗药物诺和盈，成人2型糖尿病治疗药物诺和泰，以及口 服降糖药诺和忻。 虽然赢得与华东医药的专利诉讼，但诺和诺德依然面临着专利到期的挑战。公司在宣布上述"有利判 决"的同时也强调，司美格鲁肽化合物专利在国际运营部的部分市场到期，预计将对2026年公司全球销 售增长产生低个位数的负面影响，此项判决并未改变这一预期。 国内已经有多款司美格鲁肽生物类似药的上市申请获受理。Insight 数据库2025年12月11日发布的数据显 示，目前国内已有10款国产司美格鲁肽申报上市，分 ...

当诺和诺德、礼来、信达生物在GLP-1减重市场厮杀、一众国产司美格鲁肽生物类似药蓄势待发，业内 感慨激战将至时，人用药外，已有药企在宠物减肥药上先行一步。 12月29日，华东医药官宣其HDM7006项目普瑞泊肽注射液一类新兽药上市注册申请获农业农村部受 理，申报适应证为成年肥胖猫的体重管理。 12月31日，华东医药向智通财经表示，根据国内新兽药注册的法规及流程，预计整个审评周期大约为一 年，同时公司也将积极争取可能的优先审评机会，以缩短审批时间。 据华东医药介绍，HDM7006是一款GLP-1R/GIPR双靶点激动剂，每周皮下注射一次。用于肥胖猫体重 管理的临床3期研究结果显示，推荐剂量组给药6周后，肥胖试验猫体重相对基线下降9.26%，体重相对 基线下降超过5%的动物占比为72.31%。试验结果证实该药在推荐剂量组下对肥胖猫具有显著的减重效 果。且推荐剂量组受试猫耐受性良好，未见与给药相关的不良反应。 值得一提的是，降糖减重领域的老玩家华东医药在GLP-1药物上个布局颇多。智通财经在丁香园insight 数据库检索到，其还有一款同靶点新药Poterepatide处于临床3期阶段，研发代号为HDM1005。 ...

导语 替尔泊肽的研发厂家是礼来，替尔泊肽的降糖适应证将于明年1月1日正式纳入医保报销范围。礼来方面尚未披露替尔泊肽的具体医保支付价。 行业竞争日趋激烈。两折、五折，进口减肥药比拼降价，行业正在告别超额利润 曾经一支难求的进口GLP-1减肥药，现在已进入降价通道了。 近日，在云南省药品集中采购平台和四川省药械招标采购服务中心上，都出现了进口减肥药司美格鲁肽（商品名：诺和盈）注射液降价信息。 此次涉及的是司美格鲁肽这两种规格产品，即"2.27mg/ml,3ml"和"3.2mg/ml,3ml"，原来每支价格分别是1893.67元、2463元，降价后变为987.48元、1284.36 元，相当于是原来价格一半。 这是厂家诺和诺德主动调价后的结果。一些电商平台，也在跟进调整相关产品价格。 诺和诺德方面对第一财经记者表示，此次报销方案的调整，将进一步切实帮助患者减轻治疗负担，助力提升治疗依从性。 几乎在同一时间，一些电商平台也出现了另外一款进口GLP减肥药替尔泊肽降价信息。 不过，一些电商平台已在启动替尔泊肽在院外市场的降价预售活动，这里面也涉及减肥适应证。 肥胖是一种复杂的慢性疾病，是心血管疾病、2型糖尿病及部分癌症等 ...

Group 1 - The 2025 National Games women's synchronized 10m diving final was held in Guangzhou, where the Shanghai team won with a score of 350.22 points [1] - The 8th China International Import Expo opened on November 5, featuring a technology equipment exhibition that attracted many visitors, including a robot boxing event by Yushu Technology [1] Group 2 - The World Internet Conference 2025 opened in Wuzhen, Zhejiang, with 20 young leaders from 20 countries and regions recognized, the youngest being 19 years old [3][4] - The popularity of ginkgo trees in the Forbidden City has surged on social media during late October to early November, highlighting their historical significance and beauty [4] Group 3 - The first coffee shop in Beijing's subway system opened at the Guomao station, allowing passengers to order via a mobile app [6] - A press conference at the White House announced an agreement between the U.S. government and two pharmaceutical companies to lower the prices of GLP-1 weight loss drugs [7] Group 4 - Typhoon "Seagull" caused catastrophic flooding in Cebu Province, Philippines, with over 100 reported deaths, marking one of the worst floods on record for the region [9] - The 2025 World Press Photo Exhibition in Barcelona showcased award-winning works focusing on global armed conflicts, environmental crises, immigration, and political polarization [11]

Core Insights - Eli Lilly is strengthening its position in the weight loss drug market through new drug development and policy collaboration [1][3] - The experimental weight loss drug eloralintide has shown promising results, with patients losing an average of 20.1% of their body weight in mid-stage trials [2] - A potential pricing agreement with the White House could expand coverage for GLP-1 weight loss drugs under Medicare and Medicaid, benefiting Eli Lilly [1][3] Group 1: Drug Development - Eli Lilly's eloralintide, a new weight loss drug, demonstrated a 20.1% weight reduction in patients receiving the highest dose over 48 weeks [2] - The study included 263 overweight adults with at least one obesity-related complication, excluding type 2 diabetes [2] - The drug also showed improvements in waist circumference, blood pressure, lipid levels, blood sugar control, and inflammation markers [2] Group 2: Market Position and Pricing Strategy - Eli Lilly and Novo Nordisk are negotiating with the White House to lower the prices of their GLP-1 weight loss drugs in exchange for broader insurance coverage [1][3] - The pricing framework could favor Eli Lilly, as analysts believe it may catalyze growth by increasing drug accessibility for up to 15 million Americans [3][4] - Eli Lilly's Zepbound is rapidly gaining market share against Novo Nordisk's Wegovy, both priced over $1,000 per month but offering a $499 option for self-pay patients [3] Group 3: Future Prospects - Eli Lilly is also developing an oral version of its GLP-1 drug, Orforglipron, which is expected to be submitted for regulatory approval by the end of 2025 [5] - The competition for oral formulations is intensifying, with both Eli Lilly and Novo Nordisk aiming to launch their oral GLP-1 drugs soon [5] - The market for GLP-1 weight loss drugs is undergoing significant changes, with pricing and direct-to-consumer channels becoming central to the healthcare distribution model in the U.S. [5]

Core Viewpoint - The announcement by Novo Nordisk regarding the collective resignation of its chairman and six board members has shocked the global pharmaceutical industry, highlighting internal governance issues and increasing competitive pressures in the market [2][4]. Group 1: Leadership Changes - Novo Nordisk's chairman Helge Lund and six board members will not seek re-election at the special shareholders' meeting on November 14 due to a lack of consensus with the controlling shareholder, the Novo Nordisk Foundation, on the future composition of the board [4][5]. - The company has experienced significant leadership changes this year, including the dismissal of CEO Lars Fruergaard Jørgensen in May after over eight years in the role, attributed to market challenges and stock price volatility [5][6]. Group 2: Financial Performance and Market Position - Novo Nordisk's sales of the weight-loss drug semaglutide reached 112.76 billion Danish kroner (approximately 16.63 billion USD) in the first half of the year, surpassing Merck's Keytruda sales [7]. - However, the company faces increasing competition from Eli Lilly's tirzepatide, which generated sales of 14.73 billion USD in the same period, and is expected to face further competition from generic versions of semaglutide after its core patent expires in 2026 [8][9]. Group 3: Restructuring and Cost-Cutting Measures - In response to financial pressures, Novo Nordisk announced a global restructuring plan that includes laying off 9,000 employees, approximately 11.5% of its workforce, marking a rare occurrence in the company's history [9][11]. - The company aims to save 8 billion Danish kroner (about 1.26 billion USD) annually through this restructuring, which is intended to streamline operations and enhance decision-making speed [11]. - Novo Nordisk has revised its 2025 performance expectations downward twice this year, with projected sales growth reduced from 13%-21% to 8%-14% and operating profit growth from 16%-24% to 10%-16% [11].

Core Insights - Novo Nordisk's board, including Chairman Helge Lund and six directors, will collectively resign after failing to reach an agreement with the controlling shareholder, the Novo Nordisk Foundation, regarding the future composition of the board [1][2][3] - The company has faced significant challenges, including a stock price decline of over 50% in the past year, resulting in a market capitalization drop from over $500 billion to $237 billion, equating to a loss of approximately $278 billion [2][3] - The company has announced a major restructuring plan, including a workforce reduction of 9,000 employees, which represents about 11.5% of its total workforce, as part of efforts to improve operational efficiency and cost management [7] Company Developments - The resignation of the board members is part of a broader governance issue, with the board advocating for continuity and the foundation pushing for a more extensive reorganization [2][3] - The former CEO, Lars Fruergaard Jorgensen, was dismissed in May 2023 after over eight years in the role, with his compensation for 2023 reported at approximately 68.2 million Danish Kroner (around $9.52 million) [3][4] - The new CEO, Mike Doustdar, took over in August 2023, following the leadership change [3] Market Challenges - Novo Nordisk's flagship weight loss drug, semaglutide, has faced increasing competition from Eli Lilly's tirzepatide and other emerging products, leading to pressure on sales and market share [4][5] - The company reported sales of semaglutide totaling 112.76 billion Danish Kroner (approximately $16.63 billion) in the first half of the year, surpassing Merck's Keytruda sales [5][6] - The expiration of key patents and the anticipated entry of generic competitors in 2026 are expected to further intensify competition in the market [5][6] Financial Outlook - Novo Nordisk has revised its 2025 sales growth forecast down from 13%-21% to 8%-14%, and its operating profit growth forecast from 16%-24% to 10%-16% [7] - The company aims to save approximately 8 billion Danish Kroner (around $1.26 billion) annually through the restructuring efforts [7]

Core Insights - Novo Nordisk's chairman Helge Lund and six board members will collectively resign after failing to reach an agreement with the controlling shareholder, the Novo Nordisk Foundation, regarding the future composition of the board [2][3] - The company has faced significant challenges this year, including the dismissal of its CEO Lars Fruergaard Jorgensen, a hiring freeze, and plans to lay off 9,000 employees, which is approximately 11.5% of its workforce [2][4][8] - The company's stock price has dropped over 50% in the past year, with its market capitalization shrinking from over $500 billion to $237 billion, resulting in a loss of more than $27.8 billion [2][6] Company Developments - The upcoming special shareholder meeting on November 14 will propose new board members, including Lars Rebien Sørensen as chairman and Cees de Jong as vice chairman [3] - The company has been under pressure due to increased competition from Eli Lilly's tirzepatide and the impending expiration of key patents for its blockbuster drug semaglutide [6][7] - Novo Nordisk's sales of semaglutide reached 112.76 billion Danish Krone (approximately $16.63 billion) in the first half of the year, surpassing Merck's Keytruda sales [6] Market Challenges - The competitive landscape for GLP-1 drugs is intensifying, particularly in China, where local manufacturers are expected to launch generic versions of semaglutide after its patent expiration in 2026 [7] - The company has revised its 2025 sales growth forecast down from 13%-21% to 8%-14%, and operating profit growth from 16%-24% to 10%-16% [8] - Novo Nordisk aims to save 8 billion Danish Krone (approximately $1.26 billion) annually through its restructuring plan [8]

Core Viewpoint - Novo Nordisk's announcement of the collective resignation of its chairman and six board members has shocked the global pharmaceutical industry, attributed to a failure to reach consensus with the controlling shareholder regarding the future composition of the board [1][4]. Group 1: Management Changes - The chairman Helge Lund and six board members, including five independent directors, will not seek re-election at the special shareholders' meeting on November 14 [4]. - The resignation follows the dismissal of CEO Lars Fruergaard Jørgensen in May, who had been in charge for over eight years, amid market challenges and stock price volatility [5]. - The new CEO Mike Doustdar took over in August, indicating a significant leadership transition within the company [5]. Group 2: Financial Performance and Market Position - Novo Nordisk has faced increasing competition, particularly from Eli Lilly's tirzepatide, which has led to a decline in its stock price by over 50% in the past year, reducing its market capitalization from over $500 billion to $237 billion [2][6]. - The company reported sales of 112.76 billion Danish Krone (approximately $16.63 billion) for its GLP-1 drug semaglutide in the first half of the year, surpassing Merck's Keytruda [6][8]. - However, the company is under pressure as its core patent for semaglutide is set to expire in 2026, leading to anticipated competition from generic versions [8]. Group 3: Restructuring and Cost-Cutting Measures - Novo Nordisk announced a significant restructuring plan, including the layoff of 9,000 employees, which constitutes about 11.5% of its workforce, aimed at streamlining operations and reallocating resources [9]. - The company expects to save 8 billion Danish Krone (approximately $1.26 billion) annually through this restructuring [9]. - Following two downward revisions of its 2025 earnings forecast, the company now anticipates sales growth of 8% to 14% and operating profit growth of 10% to 16% [9].

Core Viewpoint - Novo Nordisk announced a significant restructuring plan involving the layoff of 9,000 employees, approximately 11.5% of its total workforce, as part of a strategy to streamline operations and enhance decision-making speed in response to competitive pressures in the diabetes and obesity markets [1][2]. Group 1: Restructuring and Financial Impact - The restructuring plan aims to save 8 billion Danish kroner (approximately 1.26 billion USD) annually [1]. - The company has implemented a global hiring freeze for non-critical positions [1]. - Novo Nordisk's operating profit growth is now projected to be between 4% and 10%, down from a previous estimate of 10% to 16%, due to restructuring costs [6]. Group 2: Market Performance and Competition - Novo Nordisk's stock price has dropped nearly 60% over the past year, with a market capitalization decrease of over 350 billion yuan (approximately 50 billion USD) [2]. - The company reported total revenue of 78.087 billion Danish kroner (approximately 11.216 billion USD) for Q1 2025, an 18% year-over-year increase, with sales of the weight-loss drug semaglutide accounting for about 71% of total revenue [2]. - The competitive landscape for GLP-1 drugs is intensifying, with multiple domestic competitors in China expected to launch generic versions of semaglutide after its core patent expires in 2026 [7][9]. Group 3: Leadership Changes - Novo Nordisk replaced its CEO Lars Fruergaard Jorgensen in May 2023, appointing Maziar Mike Doustdar as the new CEO [5]. - The new CEO emphasized the need for a performance-oriented culture and effective resource allocation in response to market changes [6]. Group 4: Future Outlook - The domestic GLP-1 weight-loss drug market in China is projected to exceed 37.852 billion yuan by 2030, with increasing competition from local manufacturers [7]. - Novo Nordisk is focusing on enhancing its commercial execution and cost efficiency while continuing to invest in future growth opportunities [9].