作者 | 武月 11月21日，礼来股价上涨1.59%，收于1059.70元/股，全球首家迈入"万亿美元俱乐部"的药企，也终于诞 生了。 一直以来，万亿美元市值是科技巨头的专属领地。2018年，苹果成为美股首家万亿美元的巨头，此后跟 进的8家企业中，6家均为科技公司，仅特斯拉与伯克希尔・哈撒韦两个 例外。 如今礼来的闯入，不仅再次改写了万亿市值俱乐部的行业构成，更彻底捅破了创新药行业的估值天花 板。 市场沸腾背后，是一场关于"价值逻辑"的重构。过去十年，创新药企的市值天花板被锚定在千亿美元， 国内在无数创新药企奋力攀爬，却始终难越雷池。 （来源：氨基观察） 转自：氨基观察 礼来的登顶证明，创新药的天花板，本质是想象力的天花板。当一款药物能撬动千亿美元市场、覆盖近 亿患者，传统估值模型便显得苍白。 并且，万亿美元并非终点。大多数达成这一里程碑的科技巨头，随后都实现了数万亿美元的市值。只不 过，专利周期的诅咒、技术迭代的焦虑、管线断层的风险……制药业的兴衰规律并未改变。 礼来用十年务实主义攀上巅峰，但这才是真正的试炼开端。 减肥药，推开万亿美元大门 礼来的万亿美元之路，始于一款GLP-1双靶点药物替尔泊肽。2023 ...

整理 | GLP1减重宝典内容团队 11月21日，礼来制药在美股收盘时的市值达到了1万亿美元，创下历史新高，成为全球首家市值突破万亿美元的上市制药公司。而同 日，诺和诺德的市值为2114亿美元，默沙东为2426亿美元，诺华为2442亿美元，强生为4912亿美元，辉瑞为1423亿美元。 过去两年里，礼来的市值一路飙升，凭借明显的领先优势，已经远远超过了强生、艾伯维、诺和诺德等众多全球制药巨头。 | 1066.650 今 开 1041.000 1059.700+ 最高 | | | --- | --- | | +16.410 +1.57% | 最低 1038.000 昨 收 1043.290 | | 成交额 | | | 成交量 | 426.57万股 市盈率(静) 90.50 总股本 9.45亿 | | 换手率 | 0.45% 市盈率(动) 38.55 流通值 9994.02亿 | | 52周最高 1066.650 市净率 1 | 42.11 流通股 9.43亿 | | 52周最低 | 621.500 委 比 77.78% 振 幅 2.75% | | 历史最高 1066.650 量 比 | 1.10 股息TTM 5. ...

Summary of West Pharmaceutical Services FY Conference Call Company Overview - **Company**: West Pharmaceutical Services (NYSE: WST) - **Industry**: Life Sciences and Pharmaceutical Services Key Points and Arguments Business Momentum and Growth - The company is experiencing strong momentum, particularly in high-value components, which accounted for **48%** of total revenues in Q3 and grew **13%** organically [6][7] - Expectations for Q4 indicate continued growth in the low to mid-teens range [6] - The recovery of the core business is noted, with destocking largely behind the company [9][11] Market Position and Competitive Advantage - West is recognized as a market leader in primary containment and elastomers, with a competitive moat that supports value creation [2][3] - The company has a **70-75%** market share in elastomers and over **90%** participation in biologics [63] Growth Drivers - Key growth areas include GLP-1s and Annex 1, with the latter representing a multi-year opportunity with **375 active projects** [19][20] - GLP-1s contributed **17%** of total revenues in Q3, split between **8%** from contract manufacturing and **9%** from elastomers [24] Customer Relationships and Demand - The company emphasizes improved visibility and predictable growth due to better customer engagement and understanding of inventory levels [12][10] - A strategic accounts program is in place to maintain close relationships with key customers, ensuring capacity aligns with demand [31] Product Innovations - West launched a new integrated packaging offering called **Synchrony**, which combines multiple components into a single system, streamlining the process for customers [32][33] - Continuous investment in R&D, with **2.5%** of sales allocated to proprietary business innovations [37] Contract Manufacturing Strategy - The contract manufacturing segment, which constitutes **20%** of total revenues, is shifting focus to higher-value services, such as drug handling, which is expected to improve profitability [44][45] - The company is phasing out less profitable contracts, such as a **$80 million** annualized CGM program, to replace them with higher-margin opportunities [49][50] Pricing Strategy - West anticipates a **2-3%** annual price increase, supported by a shift towards higher-value products [51][66] - The company maintains a price premium due to its quality and reliability, rather than competing on price alone [67] Operational Improvements - Investments in automation and capacity are expected to normalize CapEx to **6-8%** of revenue in the coming years [60] - The company has addressed labor capacity issues in its European plants to improve operational efficiency [57][58] Closing Remarks - The leadership team expresses optimism about the company's growth trajectory, emphasizing that West is not solely a GLP-1 story, but has a robust core business with ongoing growth opportunities [62][64] Additional Important Insights - The company is well-positioned to manage potential shifts in tariffs due to its local-for-local manufacturing strategy [55][56] - Continuous improvement initiatives are in place to enhance efficiency and drive margin improvements [64]

Core Viewpoint - The article discusses the recent developments regarding Eli Lilly's drug Tirzepatide, including its current status in the Chinese market and potential future approvals for additional indications [4][6]. Group 1: Drug Approval Status - On November 17, the National Medical Products Administration (NMPA) of China issued a notification regarding Eli Lilly's Tirzepatide injection, indicating that the application has not yet been approved but can still proceed with further data submission [4]. - The notification includes four application numbers: JXHS2400108, JXHS2400109, JXHS2400110, and JXHS2400111, with a date of issuance on November 14, 2025 [5]. Group 2: Current Indications - Tirzepatide has received approval in China for three indications: for adults with type 2 diabetes who have inadequate blood sugar control, for improving blood sugar control in adults with type 2 diabetes when used with insulin, and for long-term weight management in adults with obesity or overweight [6]. - Additionally, Tirzepatide is approved for treating moderate to severe obstructive sleep apnea (OSA) in adults with obesity [6]. Group 3: Speculated Future Indications - Industry insiders speculate that the application may be for the indication of "heart failure with preserved ejection fraction associated with obesity," which is still under registration approval in the United States [5].

Core Viewpoint - The article discusses the ongoing clinical trials of IBI362 (Mastrutide), a dual receptor agonist for GLP-1 and GCG, aimed at treating overweight and obesity in adolescents, highlighting its potential efficacy and safety in this demographic [2][3]. Group 1: Clinical Trials Overview - A Phase III clinical trial (GLORY-YOUNG) is being conducted to evaluate the efficacy and safety of IBI362 in overweight or obese adolescents aged 12 to 18, with a target enrollment of 180 participants across 25 medical institutions [3]. - IBI362 is administered weekly at a dosage of 2 mg (0.5 ml) for a treatment period of 4 weeks [3]. - The drug has already received approval for two indications in adults: long-term weight management for overweight or obese individuals and blood glucose control for adults with type 2 diabetes [3]. Group 2: Ongoing and Completed Studies - IBI362 has completed or is currently involved in eight Phase III clinical studies, including trials for overweight or obese populations and comparisons with other treatments for type 2 diabetes [4][8]. - Notable completed studies include GLORY-1 and DREAMS-3, which have met their primary endpoints, while other studies are still ongoing [6]. - Additional research is being conducted on various conditions, including metabolic-associated fatty liver disease (MAFLD) and heart failure with preserved ejection fraction (HFpEF) [6]. Group 3: Industry Context - The article emphasizes the growing interest in GLP-1 receptor agonists as a new class of diabetes medications that enhance insulin secretion and suppress appetite, thereby aiding in weight loss and blood sugar control [16]. - The GLP-1 industry is supported by a network of professionals and experts, indicating a collaborative effort to advance research and development in this field [12][13].

礼来旗下药物Zepbound已在新增处方药市场占据绝对优势，使其市值飙升至约9700亿美元，而竞争对手诺和诺德则大幅落后，市值滑落至约2000亿美 元。随着与美国政府达成医保覆盖协议、产能瓶颈解决以及更便捷的口服药即将上市，礼来在减肥药市场的领先地位有望进一步巩固。 增长的关键瓶颈正在被打破 此前，供应短缺一度限制了礼来和诺和诺德的增长。但据报道，两家公司目前都已解决了产能问题。更重要的是，礼来正准备推出其减肥药的口服版 本。 花旗医疗保健策略师Traver Davis指出，与注射剂上市时面临的供应和保险覆盖不均等问题不同，口服药更易于规模化生产，且价格更低，将进入一 个"结构上已准备好接纳它"的成熟市场。 礼来的全球扩张似乎也仅处于起步阶段。 数据显示，礼来的药物Mounjaro（与Zepbound成分相同）在2025年第三季度的海外营收从去年同期的7.28 亿美元跃升至29.7亿美元。值得注意的是，其中约75%的销售额来自肥胖症患者的现金支付。 在利润丰厚的减肥药市场争夺战中，天平正发生决定性倾斜，礼来公司（Eli Lilly）正朝着首家万亿美元市值制药企业的目标迈进。 这表明，随着巴西、欧洲等市场准入的 ...

为了与礼来争夺市场份额，诺和诺德开始在美国向自费患者提供较低价格的减肥药司美格鲁肽产品，表明其有意在定价上与礼来展开竞争。在此之前，美国 联邦医保还首次将肥胖症减肥药纳入报销。司美格鲁肽、替尔泊肽等明星药物价格断崖式下跌，更将在全球范围内重塑GLP-1药物定价体系，也表明市场竞 争逻辑发生深层分化。 降价30% 当地时间11月17日，诺和诺德美国官网宣布，其司美格鲁肽产品Wegovy和Ozempic在美国的自费价格降至每月349美元；且即日起至2026年3月31日，美国患 者在疗程前两个月可享受每剂199美元的限时优惠。 诺和诺德的这一新定价较先前的自费价（每月499美元）低了30%，这也令其与礼来减肥针Zepbound的低剂量（0.25毫克）方案相当，并低于礼来高剂量 （0.5毫克）方案的价格。 分析认为，此次降价使诺和诺德的药物更具竞争力，以对抗来自配药药房的仿制版药物。由于此前品牌药供应短缺，来自Hims & Hers Health等远程医疗公 司的低价自制版本受到欢迎。诺和诺德高管Dave Moore在接受采访时说道，大约有120万美国人仍在使用这些仿制版本，"而现在人们可以开始从这些配制的 假冒版本 ...

整理 | GLP1减重宝典内容团队 2025 年 11 月 17 日，翰宇药业发布公告，原董事兼执行总裁 PINXIANG YU女士 因到龄退休，辞去全部职务。同日，公司一次性聘任 两位执行总裁：一位是曾任恒瑞医药副总裁、负责国际业务的沈亚平；另一位是在翰宇任职 20 年、长期负责多肽研发及产业化体系的 唐洋明。 随着原管理层成员退休，公司经营层被重新组合为由一位外部引入高管及一位公司内部技术负责人共同担任执行总裁的"双总裁"架 构。这一调整意味着公司将部分经营环节交由不同背景的管理者分工负责，从而在内部管理格局上形成了新的分布。 如果把视角向前推进，可以看到 11 月的人事调整并非孤立事件。今年 8 月，分管海外营销的副总裁张宝乐因个人原因辞职，任期尚 余两年。当时外界注意到，公司海外营销条线出现提前更替。两个月后，10 月，公司再次公布高管变动：副总裁、非独立董事兼董秘 杨笛离任，其董秘职位由具有十年证券事务经验的李娉娉接任。该调整使公司资本市场沟通相关岗位的人选更新为更年轻的专业人 员。至此，海外业务线、资本事务线与经营层都在年内发生了变更。 从时间线看，2025 年翰宇药业的人事调整呈现出一定连续性： ...

Core Insights - The CDMO industry is experiencing a competitive landscape characterized by "head concentration, niche breakthroughs, and increasing differentiation" with leading companies like WuXi AppTec dominating the market share [1] - The growth of the peptide CDMO sector is significantly driven by the expansion of GLP-1 drugs, which has led to substantial revenue increases for several companies [4][14] - The competition is shifting from cost advantages to technological depth, with companies focusing on specialized areas like peptide CDMO to carve out their niches [1][6] Industry Overview - WuXi AppTec services 8 out of 40 small molecule drugs approved by the FDA from 2024 to the first half of 2025, indicating its irreplaceable value in the global market [1] - Other CDMO companies, such as Kelaiying and Saintno Bio, are focusing on peptide CDMO and achieving above-average growth rates, forming a "high-growth camp" within the industry [1][4] - The CXO sector saw a 12% revenue growth year-on-year in Q1 to Q3 of 2025, with net profit increasing by 58%, highlighting a positive growth trend across the industry [2] Company Performance - Kelaiying reported a total revenue of 4.63 billion yuan in the first three quarters of 2025, with peptide and oligonucleotide segments growing by 72% year-on-year, and peptide revenue increasing by over 150% [4] - Saintno Bio's revenue grew by 54% year-on-year, with net profit increasing by 123%, primarily driven by its peptide business [4] - Notably, the combined sales of GLP-1 drugs from Novo Nordisk and Eli Lilly reached approximately $50.2 billion in the first three quarters of 2025, underscoring the market's potential [4] Technological Advancements - The shift from scale advantages to technological premiums is evident, as companies must innovate to meet the complex demands of new therapies [6] - Kelaiying is leveraging its expertise in small molecule CDMO to expand into peptide and other large molecule areas, enhancing its production capabilities [8] - Companies like Nuotai Bio and Saintno Bio are developing specialized technologies for peptide synthesis, which allows them to maintain competitive advantages in the market [10][11] Market Dynamics - The entry of numerous pharmaceutical companies into the GLP-1 market has rapidly expanded the global peptide market, benefiting the peptide CDMO sector [5] - The competition is expected to evolve as the market transitions from a shortage to an oversupply, necessitating a focus on technological innovation and ecosystem building [16] - Future growth in the peptide sector may be driven by innovations in multi-target peptide drugs and the application of AI in drug design [14][15]

据美国《政治报》11月13日报道，美国国务卿鲁比奥已要求美国外交官将肥胖与多类慢性疾病一并纳入审查范围，作为拒绝外国人签 证申请的潜在依据。 整理 | GLP1减重宝典内容团队 电报同时要求签证官在评估中纳入心血管疾病、癌症与糖尿病等相关因素。 这一做法是对联邦政府"公共负担"规则的更严格解读。该规则规定，若潜在移民被认为未来可能依赖公共援助（如补充保障收入或贫 困家庭临时援助计划），则可被拒绝入境。 电报文件于11月6日发出，其中强调："自给自足长期以来一直是美国移民政策的重要原则，而'公共负担'作为不予准入的理由，已在 美国移民法律体系中存在逾百年。" 鲁比奥发布新指令后，肥胖人士可能面临更严签证审查。 文件指出，成年肥胖会提升患高血压、呼吸困难、胆结石及胆囊疾病等风险。电报引用美国疾病控制与预防中心的数据称，"这些疾病 往往需要长期且成本高昂的治疗。" 国务院发言人汤米·皮戈特表示："政府坚持把美国人民的利益置于优先位置，这一点毋庸置疑。执行相关政策，是为了确保移民体系 不会成为纳税人的额外负担。" 白宫发言人安娜·凯利表示，这项指导方针属于政府将联邦资源优先用于本国公民的总体方向之一。 她指出："过去 ...