记者丨季媛媛 编辑丨张星 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155.56亿美元。同时，替尔泊肽的减重版本Zepbound在第三季度取得了35.88亿美元的销 售额，前三季度累计销售额达到92.81亿美元。 从宏观市场结构审视，现阶段， GLP-1领域显现出鲜明的"双寡头"竞争态势。 面对潜力无限 的市场蓝海，众多国内创新制药公司正从多个维度着手，积极部署下一代GLP-1类药物的研 发。譬如，信达生物近期宣布，其独立研发的 ...

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 ...

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. ...

Core Insights - The article discusses the challenges and new perspectives in the treatment of resistant hypertension, particularly focusing on the potential of GLP-1/GIP receptor agonists in managing blood pressure in patients who do not respond to traditional medications [6][7][12]. Group 1: Resistant Hypertension - Resistant hypertension is defined as a condition where patients cannot achieve effective blood pressure control despite using five or more antihypertensive medications at maximum doses [6]. - This condition significantly increases the risk of cardiovascular and renal complications, highlighting the need for more effective treatment options [6]. Group 2: Case Study - A case study of a 71-year-old female patient illustrates the potential of GLP-1/GIP receptor agonists. Despite being on eight antihypertensive medications, her blood pressure remained uncontrolled until she began treatment with liraglutide in 2013, which reduced her systolic blood pressure from 206 mmHg to 160 mmHg over six years [8][10]. - The treatment was later switched to dulaglutide and then to terzepatide, resulting in further blood pressure reduction to 135 mmHg, demonstrating the effectiveness of these agents in resistant hypertension [9][10]. Group 3: Mechanism of Action - GLP-1/GIP receptors are widely distributed in the hypothalamus, carotid body, vascular endothelium, and kidneys. Animal studies suggest that these receptor agonists may lower blood pressure by inhibiting sympathetic nervous system activity, improving endothelial dysfunction, and/or reducing vascular remodeling [12]. - The findings from the case study indicate that GLP-1/GIP receptor agonists may have broader applications in blood pressure control, especially for patients with resistant hypertension, and emphasize the need for further exploration of their mechanisms [12].

Core Insights - The article discusses the growing interest of Western pharmaceutical companies in China's biopharmaceutical market, highlighting both opportunities and challenges in collaboration with local firms [4][11]. Group 1: Cultural Differences - One of the main challenges in collaborating with Chinese companies is the cultural differences, particularly in communication and decision-making processes [7][8]. - In China, decision-making is often hierarchical, with authority resting with founders or chairpersons rather than operational CEOs, necessitating careful identification of decision-makers by foreign firms [7][19]. - Building trust through informal interactions over 6 to 12 months is crucial, as relationships (guanxi) play a significant role in Chinese business culture [7][19]. Group 2: Decision Dynamics and Collaboration Models - The rapid development of China's biopharmaceutical industry has led to a shift from merely importing Western assets to a more globalized collaboration model, with Chinese firms increasingly focusing on independent R&D [9][11]. - Foreign companies need to understand the importance of "headline numbers" in negotiations, which often reflect high upfront payments or market promotion figures, and adjust contract structures accordingly [9][11]. Group 3: Risk Management and Data Transparency - Data transparency remains a challenge, as the quality of data provided by Chinese biopharmaceutical companies may not always meet FDA or EU standards, necessitating thorough due diligence [10][15]. - Collaborating with local experts can help foreign firms ensure data accuracy and mitigate risks associated with data discrepancies [10][15]. Group 4: Future Outlook - Despite challenges, foreign companies maintain confidence in the Chinese biopharmaceutical market due to its rapid growth, large market demand, and supportive government policies [11][24]. - Partnerships with Chinese firms are essential for cost savings of 40%-70%, and future collaboration models will likely become more diverse, including joint ventures and new business units [11][24].

Core Insights - The article emphasizes that being the "first" in the biopharmaceutical industry does not guarantee long-term commercial success, as evidenced by the rapid evolution and competition in the market [1][3] - There is a growing recognition that "Best in Class" (BIC) products, which are iterations of existing drugs, may offer better commercial viability compared to "First in Class" (FIC) products [1][5] - The article highlights the importance of strategic innovation, particularly in the context of established mechanisms and pathways, to meet clinical needs and market demands [1][7] Group 1: Innovation Dynamics - The rapid iteration of drugs is compressing their lifecycle, forcing companies to maximize the value of new drugs within limited timeframes [1][9] - The success of atorvastatin, which became a blockbuster despite being a later entrant in the statin class, illustrates that FIC advantages can diminish over time as BIC products emerge [3][4] - Companies like Eli Lilly have successfully adopted a strategy focused on "me better" drugs, which are improvements on existing therapies rather than entirely new innovations [5][6] Group 2: Market Trends - The trend towards BIC products is evident in various therapeutic areas, including oncology and autoimmune diseases, where companies are focusing on improving established targets rather than pursuing new ones [7][9] - The competitive landscape is shifting as more Chinese pharmaceutical companies leverage their advantages in speed and cost-effectiveness to innovate rapidly, challenging established players [10] - The urgency to fill gaps left by patent expirations is leading to a preference for iteratively developed products based on validated mechanisms [9][10]

Core Viewpoint - The article discusses the potential benefits of switching from GLP-1 receptor agonists (such as Semaglutide and Dulaglutide) to the GIP/GLP-1 receptor agonist Tirzepatide for better blood sugar control and weight loss in type 2 diabetes patients [7][6]. Group 1: Research Findings - A model was developed to predict the effects of different treatment regimens on blood sugar control and weight loss based on clinical trial data [5]. - The model predicts that switching to Tirzepatide after using Semaglutide or Dulaglutide can lead to further reductions in HbA1c levels and weight loss [6]. - After 66 weeks of switching to Tirzepatide, HbA1c levels are expected to decrease by 1.95% to 2.46%, with weight loss ranging from 6.50 kg to 12.10 kg [6]. Group 2: Comparison of Drugs - Semaglutide and Tirzepatide are both designed for weekly administration, with Semaglutide having a half-life of approximately 165-184 hours and Tirzepatide having a half-life of 116.7 hours [9]. - Tirzepatide, being a dual-target agonist, shows superior weight loss effects compared to Semaglutide [10]. - Semaglutide has drawbacks, including potential weight regain after discontinuation, with patients possibly regaining two-thirds of lost weight within a year [10]. Group 3: Market Dynamics - The GLP-1 market is highly competitive, with major players like Eli Lilly and Novo Nordisk expected to dominate the obesity drug market, potentially capturing 80% of the market share by 2030 [12]. - New combination therapies, such as CagriSema, which combines Semaglutide and Cagrilintide, are being developed to enhance weight loss and blood sugar control [11][12].

Core Viewpoint - The article discusses the safety and recommendations regarding the use of GLP-1 medications during pregnancy and breastfeeding, highlighting the need for caution and further research in this area [4][6][12]. Summary by Sections GLP-1 Medications and Pregnancy - GLP-1 receptor agonists, such as Ozempic (semaglutide) and Trulicity (dulaglutide), are increasingly used for treating type 2 diabetes and weight management, but their safety during pregnancy is uncertain [4]. - Experts recommend that women stop or delay the use of GLP-1 medications if they are pregnant or planning to become pregnant [6]. Research on GLP-1 Use During Pregnancy - A large study published in January 2024 in JAMA Internal Medicine tracked around 50,000 children born to mothers with type 2 diabetes who used GLP-1 or insulin during early pregnancy, finding no increased risk of congenital defects compared to insulin use [7]. - Another study in 2023 reviewed 39 independent studies and suggested that GLP-1 use might affect fetal weight and growth, recommending avoidance during pregnancy due to limited human data [8]. Risks Associated with GLP-1 Use During Pregnancy - Potential risks of GLP-1 medications during pregnancy include miscarriage, low birth weight, and congenital defects, primarily based on animal studies [9]. - Current evidence suggests minimal risk if GLP-1 is used in early pregnancy, but healthcare providers may recommend switching to safer alternatives [9]. Recommendations for Women Planning Pregnancy - It is advised to stop using GLP-1 medications at least two months before attempting to conceive, along with adopting healthy lifestyle measures [11]. - The CDC recommends additional preconception measures for women with diabetes to increase the chances of a healthy pregnancy [11]. Breastfeeding and GLP-1 Medications - There is insufficient research on the safety of GLP-1 medications during breastfeeding, and current recommendations suggest avoiding their use during this period [12].

Core Viewpoint - The article emphasizes the importance of hydration for individuals using GLP-1 medications, highlighting that adequate water intake can enhance the effectiveness of these weight loss drugs and mitigate potential side effects [4][6][7]. Group 1: Importance of Hydration - Water constitutes about 20% of daily total water intake, and using GLP-1 medications may lead to reduced food and water consumption, increasing the risk of dehydration [4]. - Proper hydration is crucial for digestion and drug metabolism, ensuring sufficient digestive fluids are available to aid in food breakdown and nutrient absorption [6]. - Insufficient water intake can lead to constipation and bloating, which may hinder weight loss efforts [6]. Group 2: Symptoms of Dehydration - Users of GLP-1 medications may experience mild dehydration, leading to symptoms such as headaches, muscle cramps, nausea, constipation, fatigue, and dizziness [7]. - Dehydration can exacerbate gastrointestinal side effects like nausea and constipation, making it essential for users to maintain adequate hydration [7]. Group 3: Detoxification and Fat Metabolism - Water aids in the elimination of toxins released during fat breakdown, preventing their accumulation and ensuring effective metabolism [8]. - Sufficient hydration is necessary for the body to metabolize fat efficiently, as dehydration can slow down weight loss progress [9]. Group 4: Energy Levels and Exercise Performance - Fatigue is a common side effect of dehydration and weight loss medications; drinking water can help restore energy levels [11]. - Hydration is vital for muscle function, endurance, and recovery, especially when exercise is part of a weight loss plan [11]. Group 5: Hydration Guidelines - There are no specific guidelines for water intake for GLP-1 users, but general recommendations suggest women should consume about 91 ounces and men about 125 ounces of water daily [12]. - Individual hydration needs may vary based on factors such as body size, other medications, outdoor temperature, and physical activity [12]. Group 6: Monitoring Hydration - A simple method to check hydration levels is by observing urine color; pale yellow indicates adequate hydration, while dark yellow suggests a need for increased intake [13]. - Keeping track of fluid intake and ensuring regular hydration throughout the day can help meet daily liquid goals [13].