Summary of Key Points from the Conference Call on Emerging Oral GLP-1 Pipelines Industry Overview - The global oral GLP-1 market is projected to peak at **$45-75 billion** with significant opportunities for emerging players, particularly from China biopharma innovators [9][13][24] - The obesity therapeutics market could reach approximately **$150 billion** by **2035**, with oral therapies expected to capture **30-50%** of the GLP-1 market share [13][9] Core Debates and Insights Debate 1: Leading Contenders and Partnership Opportunities - Over **20 oral GLP-1 candidates** are being developed by Chinese biopharma companies, with most retaining global rights [16] - Hengrui/Kailera, Huadong, and Regor are identified as having the most advanced assets, with key clinical data expected in **2H25-1H26** [24][26] - The evolving business development environment suggests further out-licensing and partnership opportunities for candidates demonstrating differentiated clinical profiles [18] Debate 2: Efficacy and Tolerability Profiles - **Orforglipron** and **oral semaglutide** set benchmarks for follow-on pipelines, with Orfor's Phase 3 data showing **11.5%** placebo-adjusted weight loss at **72 weeks** [20][21] - Notable differences in baseline characteristics and titration schedules complicate direct cross-trial comparisons, as Chinese trials generally involve healthier populations [21][28] Debate 3: Factors Influencing Market Adoption - Tolerability profiles are crucial for oral candidates, especially for "mildly obese" patients. Adverse event-related discontinuation rates were low across Chinese trials [28] - Emerging candidates like Hengrui/Kailera's **HRS-7535** and **HRS-9531** show competitive efficacy, with HRS-7535 under Phase 3 trials in China [26][27] Key Players and Their Developments - **Hengrui**: HRS-7535 and HRS-9531 are in advanced stages, with global development through Kailera [17][26] - **Huadong**: HDM1002 is the most advanced small molecule GLP-1 candidate domestically, with Phase 3 interim data expected by **1H26** [26] - **Regor**: RGT-075 is progressing in the US with Phase 2 trials, with readouts expected in **4Q25** [26][33] Market Dynamics and Future Outlook - The oral GLP-1 market is becoming more fragmented, creating opportunities for emerging pipelines as leading candidates face challenges [14] - The potential for strategic partnerships remains high, especially as major US biopharma companies seek exposure to this asset class [18] Additional Considerations - The report highlights the importance of understanding the clinical trial designs and data comparisons for accurate market assessments [33] - A catalyst-rich period is anticipated over the next **6-12 months**, with significant trial readouts expected [33] This summary encapsulates the critical insights and developments within the emerging oral GLP-1 market, emphasizing the potential for growth and the competitive landscape shaped by both established and emerging players.