曾被吹成"躺瘦神器"的司美格鲁肽，现在翻车了。 43 名用过 Ozempic （司美格鲁肽注射液）或 Wegovy （司美格鲁肽减重版）的患者，集体因为一种叫 NAION 的眼病申请赔偿。 这病听起来绕口，后果却堪比晴天霹雳，直接攻击视神经前部，视力下降、视野缺损都是有可能发生。 它不仅能让你拉肚子、吐到怀疑人生，还可能直接夺走你的视力，让你一辈子活在模糊里。 01 视力风险爆发，4名患者赔偿金近90万 就在 11 月 21 日，丹麦患者赔偿协会官网突然爆出猛料。 首批 5 个案件已经宣判， 4 个都拿到了赔偿。 这可不是小打小闹， 4 个人的赔偿金加起来已经快 90 万人民币，要是因为失明丢了工作、没法开车走路，赔偿金额还可能往上涨。 要知道这药全球都卖疯了。 摩根士丹利测算到 2025 年底，全球用过的人都突破 5000 万了，其中近 2000 万人是冲着减肥来的，这背后藏着多少潜在风险？ 而根据丹麦患者赔偿协会的说法，司美格鲁肽每 1 万名使用者中约有 1 人会受 NAION 影响。 5000 万人的基数摆在这里，万分之一就是 5000 个受害者。 事实上，相关风险早有预警。 2025 年 6 月 6 ...

中国GLP-1行业调研简报 | 2025/09 www.leadleo.com 报告标签：GLP-1RA药物、双靶点创新药、减重药 2025年9月 作者：吕佳睿 报告提供的任何内容（包括但不限于数据、文字、图表、图像等）均系头豹研究院独有的高度机密性文件（在报告中另行标明出处者除外）。未经头豹 研究院事先书面许可，任何人不得以任何方式擅自复制、再造、传播、出版、引用、改编、汇编本报告内容，若有违反上述约定的行为发生，头豹研究 院保留采取法律措施、追究相关人员责任的权利。头豹研究院开展的所有商业活动均使用"头豹研究院"或"头豹"的商号、商标，头豹研究院无任何前述名 称之外的其他分支机构，也未授权或聘用其他任何第三方代表头豹研究院开展商业活动。 1 头豹调研简报 | 2025/09 GLP-1行业 Q1：GLP-1药物是什么？ 可以治疗哪些疾病？ 图表1：GLP-1药物分类 | 药物种类 | 分子结构类别 | 半衰期 | 代谢及消除方式 | | --- | --- | --- | --- | | 短效制剂 | | | | | 贝那鲁肽 | GLP-1 | 11min | 肾脏为主 | | 艾塞那肽 | Exend ...

在破产企业财产快速解封等方面取得首创突破 11月26日，北京市第十六届人大常委会第二十次会议听取市人民政府关于北京市优化营商环境工作情况 的报告（书面）。据报告介绍，《全面优化营商环境打造国际一流"北京服务"工作要点（2025年）》提 出的228项具体任务进展顺利，预计年底前全部完成。 此外，持续推进柔性执法。动态调整消防、住建等领域首违不罚和轻微免罚清单，进一步规范行政处罚 裁量适用，让执法既有力度又有温度。 报告介绍，北京制定《全面优化营商环境打造国际一流"北京服务"工作要点（2025年）》，提出46方 面、228项具体任务，实行"清单式管理、项目化推进、闭环式督查"，目前全年改革任务进展顺利，预 计年底前全部完成。 推动《北京市优化营商环境条例》新修订条款落实，配套出台近50项政策措施，在非资金信托财产登 记、破产企业财产快速解封等方面取得一系列首创突破。 同时，北京持续完善营商环境监测评价制度，及时了解全市营商环境整体情况，推动以评促优、以评促 改。坚持问计于企、问需于企，通过市人大市政协直通车、"12345"企业服务热线等渠道，持续收集企 业共性问题，加强与行业商协会沟通，深入了解企业关切，在市场监 ...

Core Insights - Eli Lilly has become the first pharmaceutical company to surpass a market capitalization of $1 trillion, currently valued at $1,044 billion, marking a significant milestone in the biopharmaceutical industry [3][6] - The company's stock has seen substantial growth, with a 28.64% increase in the past month, a 43.77% rise over the past year, and an impressive 744.51% increase over the last five years [3][6] - Eli Lilly's market capitalization exceeds the combined total of seven other pharmaceutical companies valued over $100 billion, highlighting its dominance in the sector [3] Financial Performance - For the first three quarters of 2025, Eli Lilly reported revenues of $45.887 billion, surpassing the total revenue of $45.04 billion for the entire year of 2024, indicating strong growth [5] - The net profit for the same period reached $14.012 billion, a 32.31% increase compared to $10.590 billion in 2024 [5] Product Development and Market Position - Eli Lilly has launched 19 new drugs over the past nine years, with tirzepatide being a key product that has significantly contributed to its growth [6][10] - The company’s products, Mounjaro and Zepbound, have generated substantial revenues, with Mounjaro expected to reach $11.5 billion in 2024 and Zepbound projected at $4.9 billion [6][8] - In Q3 2025, Mounjaro generated $6.515 billion and Zepbound $3.588 billion, with the combined revenue of these products for the first three quarters totaling $24.837 billion [7][8] Market Outlook - Eli Lilly's upcoming GLP-1R/GIPR/GCGR triple agonist, Retatrutide, is currently in Phase III clinical trials, which could further enhance its competitive position against other leading products in the market [10] - The global obesity population exceeds 650 million, presenting a significant market opportunity for Eli Lilly's innovative treatments [10]

Overall Viewpoint - The core viewpoint of the report emphasizes that demand is the source of strength and innovation is the light that breaks the deadlock in the pharmaceutical industry. The continuous demand for pharmaceuticals and the increasing unmet needs drive pharmaceutical companies to invest in research and development, leading to explosive revenue and stock price growth [5][7][13]. Innovation Drugs - China has become a significant participant in global innovative drug research and development, with a high-quality growth rate of therapies in development far exceeding the global average. The domestic innovative drug sector is entering a revenue era driven by innovation, creating a positive dynamic between traditional pharmaceutical companies and emerging players [5][7][27]. - The number of domestic new drug overseas authorizations has surpassed $10 billion since 2021, indicating a sustained increase in overseas authorization activity, which continues to propel China's innovative drugs into the global market [5][7][27]. Pharmaceutical Industry - The report indicates that the innovative layout in the pharmaceutical industry is beginning to yield results, with performance expected to accelerate. Many companies are transitioning to a growth phase driven by innovation, suggesting that the current period is just the beginning of a more significant performance acceleration [5][7][27]. CXO Sector - Starting in the second half of 2024, global pharmaceutical research and development demand is expected to gradually recover, with strong demand for new molecular types such as peptides and ADCs driving growth in the CDMO segment. The value of leading CRO companies is anticipated to further highlight as the difficulty and barriers in drug development increase [5][7][27]. API Sector - The core business of API companies is primarily focused on non-U.S. exports (to Europe and India), with current demand remaining strong. Leading companies are achieving positive results in expanding into CDMO businesses, and many have integrated local market formulation businesses, which are expected to benefit from the easing of centralized procurement policies [5][7][27]. Medical Devices - The high-value consumables sector is experiencing a reduction in procurement pressure, with performance expected to return to a high growth trajectory. The report highlights that the bidding for medical devices is recovering, indicating an upcoming turning point for the sector, with optimism for domestic equipment technology upgrades and international expansion [5][7][27]. Traditional Chinese Medicine - The report expresses optimism for the recovery of the traditional Chinese medicine sector in 2026, with upward factors outweighing downward ones. The expected recovery sequence for sub-sectors includes hospital-based traditional Chinese medicine, four categories of drugs, OTC common drugs, and high-value consumer traditional Chinese medicine [5][7][27]. Medical Services - The report anticipates that with the introduction of several positive macro policies, consumer expectations are likely to recover. If favorable local fiscal policies are implemented, the bad debts and payment cycles for private hospitals will also see substantial relief, alleviating market concerns [5][7][27]. Pharmaceutical Retail - The pharmaceutical retail sector has faced continuous pressure since Q3 2024, primarily due to declining demand for four categories of drugs, consumption downgrading, intensified competition, and fluctuations in medical insurance policies. However, as high baselines are gradually digested, the revenue growth of leading chains is expected to stabilize and improve [5][7][27]. Blood Products - Despite short-term performance pressures, the essential nature of blood products indicates that supply and demand are expected to rebalance. The diversity of products among companies is rapidly increasing, with high-value new products like immunoglobulin expected to drive industry growth [5][7][27]. Life Sciences Services - The life sciences services sector is experiencing a demand recovery, coupled with deepening domestic substitution and ongoing overseas expansion, leading to a positive quarterly revenue growth starting from Q4 2024. The net profit margin of the sector has been gradually improving, indicating sustained profitability [5][7][27].

Core Insights - Novo Nordisk's oral semaglutide failed to show significant efficacy in treating early symptomatic Alzheimer's disease in its Phase III trials, leading to a stock drop of over 10% [1][3] - This marks the first setback for semaglutide, a drug that has gained significant attention for various indications including diabetes and weight management [1][3] Company Summary - Novo Nordisk's recent clinical trials aimed to reduce cognitive decline in Alzheimer's patients by at least 20%, but results showed no significant improvement in the primary endpoint, CDR-SB [3][4] - The company announced the termination of the one-year extension phase of the trials, with preliminary results to be presented at upcoming conferences in December 2025 and March 2026 [3][4] - Despite the failure in Alzheimer's treatment, semaglutide continues to benefit patients with type 2 diabetes and obesity, as highlighted by the company's Chief Scientific Officer [4][5] Industry Summary - The Alzheimer's disease (AD) treatment market is projected to exceed $60 billion globally by 2030, with significant growth expected in China [7] - Despite setbacks, many pharmaceutical companies are actively pursuing AD drug development, with over 140 drugs currently in clinical stages [8] - Notable approved therapies that have shown efficacy in slowing Alzheimer's progression include Lecanemab and Donanemab, which have demonstrated a 20-35% reduction in cognitive decline over 18 months [7][8]

整理 | GLP1减重宝典内容团队 ▍ 关于司美格鲁肽和替尔泊肽你需要知道的事 司美格鲁肽、替尔泊肽这些药物的作用是 减缓胃排空 ，让你更长时间保持饱腹感。它们通过模仿小肠L细胞产生的胰高血糖素样肽-1 (GLP-1) 来靶向肠道激素受体。这些药物还会改变大脑受体，以 减少进食冲动。 这通常可以帮助人们减肥，但代价是什么呢？胃肠道运输速度减慢会引起一些反应——一些反应让人不舒服，另一些反应则有潜在危险。 "我们看到越来越多的副作用， 因为人们想要更快地达到目标并且不遵循适当的协议 ，" Strom 博士说。 潜在的副作用包括：恶心、呕吐、抽筋、胃灼热、便秘、腹泻、疲劳。 ▍ 安全使用减肥药的秘诀——Strom 博士就如何在不造成损害的情况下缩小规模提供了七条建议： 按适当的节奏服药 ：保健医生或健康顾问开的司美格鲁肽通常使用一次性注射器在家中注射。耐心至关重要。最好的方法是逐渐增加每周剂 量以避免后遗症。 保持适当的营养： 如果没有适当的营养，您可能会出现心悸、维生素缺乏、神经损伤和脱发等风险。医生可以监测您的血糖、维生素水平和 电解质，以确保您获得所需的营养，从而保持心脏、肾脏和其他器官的正常运转。 "可能 ...

Core Viewpoint - The collaboration between AstraZeneca and Hengrui Medicine has been deepened through a revised agreement to jointly discover and develop next-generation biotherapies, including antibody-drug conjugates (ADC) and T-cell engagers (TCE) [2][3]. Group 1: Collaboration Details - AstraZeneca has previously engaged with Hengrui Medicine through multiple agreements, including a global license for Claudin18.2/CD3 bispecific antibody with a total deal value of $325 million, and a preclinical monoclonal antibody project with a total deal value of $575 million [3]. - The revised collaboration agreement expands the scope to include ADCs and TCEs, indicating a strong recognition of Hengrui's R&D platform by AstraZeneca [3][4]. Group 2: TCE Technology Advantages - TCE technology, developed by Hengrui, has shown significant advantages over traditional ADCs and CAR-T therapies, including lower preparation costs, better safety profiles, and ease of administration [8]. - TCEs are expected to achieve tumor clearance comparable to CAR-T therapies while expanding indications to autoimmune diseases, thus promoting accessible immunotherapy [8]. Group 3: Market Activity and Trends - The TCE technology has become a popular direction for business development (BD) in the industry, with a total of $4 billion in BD deals since the second half of 2024 [8]. - Hengrui has successfully completed several BD transactions involving TCEs, including a $470 million deal with Otsuka Pharmaceutical for HBM7020 [6].

Core Viewpoint - Eli Lilly has successfully entered the trillion-dollar market capitalization club, surpassing Walmart, while Novo Nordisk's stock has plummeted nearly 50% this year, indicating a significant shift in investor sentiment between the two companies in the weight loss drug sector [1][2]. Group 1: Market Performance - Eli Lilly's stock has increased by over 35% this year, leading to a market capitalization exceeding one trillion dollars, making it the first pharmaceutical company to achieve this milestone [2]. - In contrast, Novo Nordisk's stock has dropped nearly 50% year-to-date, resulting in a market capitalization loss of approximately $190 billion [2]. Group 2: Competitive Landscape - Novo Nordisk was previously the leader in the weight loss drug market with its semaglutide, while Eli Lilly has emerged as a strong competitor with the introduction of tirzepatide [4][5]. - The competition has intensified, with Eli Lilly's tirzepatide showing superior efficacy in clinical trials compared to Novo Nordisk's semaglutide, leading to a shift in market dynamics [8][9]. Group 3: Clinical Trials and Efficacy - Eli Lilly's SURMOUNT-5 trial demonstrated that tirzepatide resulted in a 20.2% average weight loss at 72 weeks, significantly outperforming semaglutide, which achieved a 13.7% average weight loss [8]. - The trial results have coincided with a growing demand for effective weight loss solutions, as early users of semaglutide face challenges such as drug tolerance and weight regain [8]. Group 4: Future Prospects - The market for Alzheimer's treatment is projected to grow significantly, with Eli Lilly's donanemab positioned to capture a substantial share, contrasting with Novo Nordisk's reliance on GLP-1 therapies [11][12]. - Novo Nordisk is under pressure to diversify its product pipeline beyond GLP-1 drugs, as evidenced by its attempts to expedite the approval of oral semaglutide and its interest in acquiring new drug candidates [12][13].

Core Viewpoint - The global financial market is witnessing a shift as investors reassess their positions in technology stocks closely tied to AI, particularly in light of concerns over an "AI bubble" and are increasingly favoring value stocks with stable cash flows and lower valuations compared to high-profile AI stocks like Nvidia and AMD [1][18]. Group 1: Value Stocks and Market Trends - Value stocks are characterized by low price-to-earnings (P/E) and price-to-book (P/B) ratios, stable earnings, and high dividend yields, often belonging to established companies [2]. - The healthcare sector has emerged as a significant beneficiary in the current market rotation towards value stocks, outperforming other sectors with a 10% increase in the S&P 500 Healthcare Index [2][3]. - The S&P 500 index has seen a decline of 1.1% during the same period, while companies like Eli Lilly have experienced substantial gains, highlighting the contrasting performance between value and growth stocks [3][15]. Group 2: Fund Flows and Investor Behavior - Hedge funds have been aggressively buying into the healthcare sector, marking it as the largest net buying segment among value stocks for four consecutive weeks, with the most significant inflow in over five years [6][7]. - Mutual funds have also increased their allocation to healthcare stocks, reflecting a broader trend of investors seeking undervalued opportunities amid fears of an AI bubble [7]. - The healthcare sector's strong performance is attributed to positive clinical trial results, accelerated AI-driven research, and a resurgence in merger and acquisition activities [10][12]. Group 3: Performance Metrics and Valuation - The healthcare sector's earnings have exceeded expectations, making it the best-performing sector in over four years, with a current P/E ratio of approximately 18.7, compared to the S&P 500's 22.1 [15][12]. - Notable individual stock performances include Merck, which rose 23% in November, and Regeneron, which increased by 21% following positive regulatory news [11][12]. - The shift towards healthcare stocks is seen as a response to the overvaluation of tech stocks and the search for more stable investment opportunities [18][17].