以下文章来源于港股解码 ，作者毛婷 港股解码 . 香港财华社明星专栏，20年专注港股，金融大咖汇聚，分析投资价值，做一个有态度、有深度、有意思的原创财经新媒体！ 作者 | 毛婷 来源 | Lily 导语： 减肥药"争霸赛"三强竞争。 诺和诺德（NVO.US） 率先宣布，美国药监局（FDA）已批准其口服版Wegovy的商业化，诺和诺德计划于2026年1月初上市该产品，起始剂量现 金定价为每月149美元，若纳入医保，自付费用或更低。 诺和诺德口服减肥药获批 这款口服片剂每天服用一次即可实现与原版Wegovy注射剂相当的减重效果。一般而言，口服药的价格会比注射剂更加亲民，或更能得到消费者的 青睐。 根据诺和诺德上个月与特朗普达成的协议，自费患者也可以相同价格在特朗普明年1月上线的直营网站TrumpRx上购买该产品的起始剂量。 这款GLP-1片剂的有效成分司美格鲁肽（semaglutide）与诺和诺德的注射剂Wegovy（维戈维）和Ozempic（诺和泰）——后者主要用于治疗II 型糖尿病，减重效果为次要适应症，以及2019年获批的II型糖尿病药物Rybelsus（诺和忻）相同，与Rybelsus的区别在于剂量不同， ...

Summary of the Conference Call for 博瑞医药 Company Overview - **Company**: 博瑞医药 (Borui Pharmaceutical) - **Industry**: Metabolic diseases and weight management Key Points and Arguments Product Development and Clinical Trials - 博瑞医药 has developed differentiated treatment strategies for various weight categories, focusing on both rapid weight loss and maintenance phases to meet diverse patient needs [2][4][6] - The company is conducting Phase III clinical trials for its injectable product 0,504 in China and Southeast Asia, with an NDA submission expected in the first half of 2026 [2][12][13] - An oral formulation of 0,504 is also in Phase I clinical trials in the U.S. [2][12] - The company is exploring the balance between fat reduction and muscle preservation, addressing complications like reduced bone density and obesity-related clinical manifestations [2][10] Market Analysis and Competitive Landscape - The market is segmented into small and large weight categories, with small weight loss needs (up to 20%) accounting for approximately 15% of the market, while large weight loss needs (over 20%) represent a larger share [4][6] - Current market offerings are primarily injectable, but oral medications are anticipated to capture about 30% of the market share, potentially increasing with better oral products [4][6] - Competitors like Novo Nordisk and Eli Lilly are also active in this space, with their own product offerings targeting different weight categories [4][5] Clinical Efficacy and Safety - Clinical studies indicate that 0,504 shows significant effects in both glycemic control and weight loss, with good safety profiles and no unforeseen adverse events in high-dose groups [2][12][19] - In blood pressure control, the Phase II trial data for 博瑞医药's products outperformed other similar products on the market [19] Future Directions and Innovations - 博瑞医药 is focusing on long-acting delivery methods and oral convenience, with plans for weekly or monthly dosing to enhance patient compliance [3][8][29] - The company is also developing combination therapies to address weight rebound issues and improve overall treatment efficacy [11][27] - Future product pipelines include additional formulations for diabetes complications and weight management, with plans for IND submissions in 2026 [28][34] Research and Development Strategy - 博瑞医药 is leveraging unique technologies in peptide drug development, particularly in oral formulations, which have shown significantly improved bioavailability compared to existing products [31][32] - The company aims to differentiate itself through innovative delivery methods and combination therapies, enhancing its competitive edge in the metabolic disease management market [29][30] Market Position and Investor Sentiment - Recent stock price adjustments have raised investor interest in the company's R&D pipeline, with a focus on the potential for differentiated products in the next 3-5 years [29][34] - 博瑞医药 is committed to addressing unmet clinical needs and enhancing its market presence through robust clinical data and innovative solutions [32][34] Additional Important Insights - The company emphasizes the importance of long-term weight management strategies and the need for effective maintenance therapies post-weight loss [9][10] - 博瑞医药's research highlights the significance of addressing comorbidities associated with obesity and metabolic disorders, aiming for comprehensive patient care [10][14] This summary encapsulates the key insights from the conference call, focusing on 博瑞医药's strategic initiatives, product developments, and market positioning within the metabolic disease sector.