礼来市值的急剧膨胀，主要得益于其产品替尔泊肽的卓越销售业绩。这款GIP/GLP-1双重受体激动剂在2023年获得减重适应症的批准后，便踏 上了业绩的飞速增长之路。目前，在美国GLP-1类药物的处方量中，替尔泊肽的占比已经超越了其老对手司美格鲁肽。据公开数据显示，截至 2025年第三季度，替尔泊肽在美国市场的处方量占比达到了57.9%，而司美格鲁肽则为41.7%。 21世纪经济报道记者季媛媛一家制药公司市值突破万亿美元大关，礼来刷新了行业纪录。然而，在专利到期、市场竞争加剧以及价格压力之 下，这家行业巨擘能否再创辉煌，寻找下一个媲美替尔泊肽的药品，成为了无法忽视的潜在隐忧。 11月21日，美国制药巨头礼来股价攀升1.59%，收盘报1059.70美元/股，市值成功突破1万亿美元大关，成为全球首个市值跨越万亿美元里程碑 的医药企业。 礼来市值跃升至万亿美元级别，得益于其旗舰产品替尔泊肽(tirzepatide)的强劲表现。据礼来公布的第三季度财务报告显示，当季营收达到176 亿美元，同比增长54%。在此之中，替尔泊肽的降糖版本Mounjaro在第三季度实现了65.15亿美元的销售额，而前三季度的累计销售额高达 15 ...

整理 | GLP1减重宝典内容团队 诺和诺德预计将在下月初发布的研究结果可能为GLP-1药物——目前被数百万患者用于治疗糖尿病和减重——是否能减缓阿尔茨海默 病的进展提供最强的指示。 这两项试验，诺和诺德称其为"彩票"，正在测试其糖尿病药物Rybelsus ，该药物与Ozempic和Wegovy含 有相同的活性成分——司美格鲁肽——在数千名轻度阿尔茨海默病患者中，目标是将患者的认知衰退速度至少降低20%。 阿尔茨海默病专家表示，如果试验成功，这将为缓解这种定义为大脑中毒性淀粉样斑块的病症提供一种新的、方便的治疗方法，而全 球约有5000万人受此疾病影响。无论结果如何，研究人员预计将为未来研究提供重要线索，了解像司美格鲁肽这样的药物，以及礼来 的替尔泊肽和Mounjaro，如何在对抗阿尔茨海默病中发挥作用。 点击关注，追踪最新GLP-1资讯 阿尔茨海默病协会首席科学官Maria Carrillo表示，这项研究"有可能具有变革性。"然而，专家们一致认为，GLP-1类药物如何影响大 脑仍不清楚。进入试验的证据大多支持GLP-1类药物用于治疗与糖尿病和肥胖相关的痴呆症患者。2021年启动的阿尔茨海默病研究基 于动物研 ...

对于未来GLP-1类药物市场的表现，摩根大通相关研报则指出，预计2030年全球GLP-1药物市场年销售 额将超过1000亿美元。派格生物的加入，无疑让原本就火热的国内GLP-1赛道更加沸腾。 不过，在近期举办的第十届医药创新与投资论坛上，多位与会专家在提及GLP-1赛道时表示，尽管其市 场前景广阔，但竞争已异常激烈。北京大学人民医院纪立农教授在论坛上直言："从2021年到现在也就 四年的时间，减重药物很快成为红海。" 自"减肥神药"司美格鲁肽火出圈后，GLP-1赛道新入玩家络绎不绝。目前，全球市场由诺和诺德的司美 格鲁肽和礼来的替尔泊肽两大巨头主导，国内药企盯上GLP-1这块蛋糕的同样不在少数，竞争日趋白热 化。 近日，国家药品监督管理局（NMPA）官网公告显示，派格生物研发的GLP-1受体激动剂「维培那肽注 射液」（商品名：派达康 ）正式获得上市批准，适用于改善成人2型糖尿病患者的血糖控制。 这是继华东医药（000963）利拉鲁肽、仁会生物贝那鲁肽、信达生物玛仕度肽、银诺医药依苏帕格鲁肽 等明星药物之后，中国本土企业在GLP-1赛道上的又一重要突破。 派格生物公告中提到，派达康 (PB-119）为本公司开发 ...

1月2日，礼来中国宣布，其 GLP-1 类明星药替尔泊肽注射液（商品名：穆峰达）正式在中国上市。其在首发当晚 3 秒即告售罄，足见其受追 捧程度之高。据美团显示，在首发前，该药品的预约量日环比增长高达 300%，市场对其期待值持续攀升。替尔泊肽的热度大有超越其竞争对 手司美格鲁肽的态势。 2025年10月30日，礼来发布2025Q3业绩，第三季度营收176.01亿美元，同比增长54%。综合前两个季度的业绩来看，礼来在今年前九 个月的总营收为458.87亿美元（+46%）。从地区分布来看，2025年前9个月美国市场收入306.04亿美元（+43%），中国市场收入14.77 亿美元（+20%）。 整理 | GLP1减重宝典内容团队 值得一提的是，当家品种替尔泊肽（Mounjaro和Zepbound总计）第三季度总计销售101亿美元，前三季度总计248亿美元，预计全年有 望超过350亿美元。在美国市场，礼来的GLP-1市场份额早已超越诺和诺德。 然而， 不同的患者对药物的反应可能存在差异，有些患者可能对司美格鲁肽更为敏感，而有些患者则可能更适合使用替尔泊肽 。第一波用上司 美格鲁肽的人，有的人在使用司美格鲁肽不再那 ...

Core Viewpoint - The article discusses the current landscape of weight loss medications in China, focusing on the differences between new-generation GLP-1 drugs and traditional weight loss medications, highlighting their mechanisms, efficacy, and safety profiles [4][7]. Group 1: Overview of Weight Loss Medications - There are six weight loss drugs currently approved in China, including three new-generation GLP-1 drugs: Semaglutide, Tirzepatide, and Mounjaro, and three traditional drugs: Benaglutide, Liraglutide, and Orlistat [4][7]. - New-generation GLP-1 drugs have longer action times and more significant weight loss effects compared to first-generation drugs [4][6]. Group 2: Mechanisms and Administration - The six weight loss drugs differ in their mechanisms of action and target populations, with new-generation drugs showing better safety and efficacy [7]. - All approved GLP-1 weight loss medications are currently available only as subcutaneous injections, with no oral versions available yet [6]. Group 3: Indications and Contraindications - Weight loss medications should be considered for patients who have not achieved a weight loss of at least 5% after three months of lifestyle intervention, even for those who are merely overweight without complications [9]. - A comprehensive assessment is necessary before starting medication, especially for high-risk populations such as the elderly or those with liver and kidney dysfunction [10]. Group 4: Clinical Application Process - Diagnosis of obesity or overweight should consider BMI, metabolic indicators, and related comorbidities, with obesity defined as BMI ≥ 28 kg/m² [12]. - The selection of medications should prioritize those with additional clinical benefits for patients with comorbid conditions like type 2 diabetes or cardiovascular diseases [13]. Group 5: Monitoring and Management - Regular monitoring of body composition and metabolic indicators is essential, with evaluations occurring monthly during the initial three months and quarterly thereafter [16]. - For elderly patients, careful consideration of muscle mass and potential drug interactions is crucial, with recommendations for dose adjustments based on renal and hepatic function [19].

Core Insights - The global pharmaceutical sales ranking for the first half of 2025 has been released, highlighting the dominance of GLP-1 drugs in the market, with the top three drugs surpassing $10 billion in sales, driving industry growth [1][6][13] - The competition among global pharmaceutical giants is intensifying, particularly in the metabolic drug sector, with companies like Novo Nordisk and Eli Lilly expected to expand their advantages [2][4] Group 1: GLP-1 Drug Market - GLP-1 drugs are leading the market, with Novo Nordisk's semaglutide family generating $16.632 billion in sales, marking its first position in the ranking [6] - Eli Lilly's tirzepatide follows closely with $14.734 billion in sales, showing a remarkable year-on-year growth of 121.3% [6] - The sales dynamics indicate that semaglutide's injection version holds a 61% market share, while the oral version accounts for 29% [6][7] Group 2: Emerging Therapies - New therapies such as bispecific antibodies, antibody-drug conjugates (ADC), and fusion proteins are gaining traction, accounting for over 15% of the market [1][13] - ADC drug Enhertu has entered the top rankings with $3.9 billion in sales [1] - mRNA vaccines have collectively contributed $9.4 billion, showcasing the impact of innovative therapies in the pharmaceutical landscape [1] Group 3: CDK4/6 Inhibitors - The CDK4/6 inhibitor market is experiencing a reshuffle, with Eli Lilly's Abemaciclib leading at $2.648 billion, while Novartis's Ribociclib has surged with a 58.7% growth [10][11] - Pfizer's Palbociclib has seen a decline, dropping to $2.026 billion, marking a significant shift in market dynamics [11] Group 4: Chinese Pharmaceutical Innovations - The entry of Chinese innovation, specifically BeiGene's Zebrutinib, into the global top 50 with $1.742 billion in sales signifies a breakthrough for domestic drugs [12] - Zebrutinib's success reflects the potential for Chinese pharmaceuticals to transition from thematic investments to performance-driven investments in the global market [12]

Core Viewpoint - The World Health Organization (WHO) is set to release new guidelines for the treatment of adult obesity using GLP-1 receptor agonists (GLP-1 RAs), marking a significant shift in its approach to addressing the global obesity crisis [1][3]. Group 1: Guidelines and Recommendations - The guidelines aim to clarify the clinical indications, applications, and management pathways for GLP-1 RAs in treating adult obesity, potentially being the first formal recommendation of weight-loss medications by WHO [1][3]. - An independent development group (GDG) composed of experts from various fields is leading the guideline formulation to ensure high standards of scientific validity and applicability [1]. Group 2: Obesity as a Global Health Crisis - WHO has defined obesity as a global health crisis, with over 1 billion people affected worldwide, and approximately 70% of these individuals living in low- and middle-income countries (LMIC) [5]. - The rising prevalence of obesity is linked to various chronic diseases, with about 90% of obese patients having at least one comorbid condition [1][5]. Group 3: GLP-1 Drugs and Market Potential - GLP-1 drugs are gaining recognition for their dual ability to lower blood sugar and control weight, with a projected increase in potential user coverage from 4% in 2023 to 12% by 2025 [3]. - WHO plans to include GLP-1 receptor agonists in the Essential Medicines List (EML), emphasizing their safety, efficacy, and affordability, particularly for low- and middle-income countries [3][4]. Group 4: Accessibility and Cost Concerns - WHO highlights the need to improve the accessibility of weight-loss medications in LMICs, where most obese patients reside [4]. - The initial high cost of GLP-1 drugs, exceeding $1,000 per month, poses a significant barrier for many patients, despite some price reductions in certain markets [5][7].

Core Viewpoint - Shanghai Xitai Li Biopharmaceutical Technology Co., Ltd. has made significant progress in the Phase I clinical trial of its first-in-class weight loss/metabolic drug XTL6001, marking a key leap for Chinese pharmaceutical companies in the global weight loss sector [1][3]. Group 1: Clinical Trial Progress - The first single ascending dose (SAD) group showed good safety, and the second SAD dose group was successfully administered on July 7, 2025 [1]. - The overall progress of the project is in line with expectations, indicating a successful transition from mechanism innovation to clinical validation [1]. Group 2: Innovative Mechanism - XTL6001 features a unique GLP-1/GCG/novel target three-pathway synergistic mechanism, addressing key limitations of current mainstream GLP-1 drugs [3]. - The drug significantly reduces gastrointestinal side effects, with preclinical data showing an adverse reaction rate related to vomiting close to zero, potentially overcoming the 74% incidence of nausea and vomiting seen with existing therapies [3]. - It offers dual benefits of weight loss and muscle protection, breaking the traditional therapy's issue of muscle loss [3]. - The drug promotes physiological appetite regulation, avoiding excessive suppression of appetite and fostering a more natural balance of appetite and metabolism [3]. Group 3: Inclusion Criteria for Clinical Trial - The trial strictly selected healthy participants aged 18-65 years with a BMI of 18.5-28.0 kg/m², with specific weight requirements for males (≥50.0 kg) and females (≥45.0 kg) [3].

Core Viewpoint - The article discusses the completion of the first patient dosing in a Phase III clinical trial (GLORY-3) for the dual receptor agonist, Masitide, in overweight or obese patients with Metabolic Associated Fatty Liver Disease (MAFLD) in China [1][2]. Group 1: Clinical Study Overview - The GLORY-3 study is a multicenter, randomized, open-label Phase III trial comparing the efficacy and safety of Masitide (9 mg) with Semaglutide (2.4 mg) in approximately 470 overweight or obese participants (BMI ≥ 27 kg/m²) with MAFLD [2]. - The primary endpoints include the percentage change in liver fat content assessed by MRI-PDFF from baseline at 48 weeks and the percentage change in body weight from baseline at 48 weeks [2]. Group 2: Efficacy Results - In a Phase II study involving obese participants (BMI ≥ 30 kg/m²), the Masitide 9 mg group showed a weight reduction of -18.6% compared to the placebo group, with an average weight change of -17.8 kg [3]. - Among participants with a baseline liver fat content exceeding 5%, the Masitide 9 mg group demonstrated a 73.3% average percentage decrease in liver fat content after 24 weeks, which was maintained at 48 weeks [3]. Group 3: Clinical Significance - MAFLD is the most common chronic liver disease globally and has replaced viral hepatitis as the leading chronic liver disease in China, with an MAFLD prevalence of 81.8% among the obese population [4]. - GLP-1 receptor agonists like Semaglutide are recommended for the treatment of obesity with MAFLD, and Masitide, as a dual receptor agonist, is expected to provide significant benefits in reducing liver fat and enzyme levels [4][5].