中证报中证网讯（王珞）11月25日，甘李药业（603087）宣布，与拉丁美洲知名制药企业Productos Científicos S.A. de C.V.（以下简称：PC）达成独家许可与商业化供应协议，授权其在拉丁美洲地区（包 括墨西哥、巴西等重点国家）开发及商业化甘李自主研发的胰高血糖素样肽-1受体激动剂（GLP-1RA） 双周制剂博凡格鲁肽（GZR18）。此次合作标志着甘李药业首次实现了自主创新药的国际化输出，也开 启了甘李创新药在拉美的全新商业化布局。 拉美GLP-1市场潜力巨大 双周制剂优势显著 此次合作将甘李药业的创新研发能力与合作伙伴的本地优势相结合，共同开拓快速增长的市场。公开资 料显示，拉美地区糖尿病与肥胖患病率长期处于高位，对相关治疗方案的需求持续攀升。2024年，拉丁 美洲GLP-1受体激动剂市场规模达到13.23亿美元。根据行业预测，到2030年该市场规模有望突破35亿美 元，2025-2030年复合年增长率高达16.8%。 在拉美地区对用药便捷性和治疗依从性要求不断提升的背景下，双周给药的GLP-1RA制剂因给药频次 更低、治疗体验更佳而展现出明显优势。合作方PC公司计划将在墨西哥、 ...

Core Insights - Novo Nordisk China announced a strategic organizational restructuring aimed at optimizing resource allocation and focusing on core business growth, effective from January 1, 2026 [5] - The restructuring aligns with the global strategy of shifting resources towards high-growth businesses [5] Group 1: Insulin Division Restructuring - The Emerging Business Division (EBD) will be renamed the Insulin Business Division (IBD), focusing exclusively on the innovative insulin product line [6] - This division will divest from GLP-1 related businesses and will leverage Novo Nordisk's century-long experience in the insulin sector to accelerate the introduction of innovative products [6] Group 2: Diabetes and Obesity Division Focus - The Diabetes and Obesity Division (DOD) will concentrate on the full product line of semaglutide for diabetes and obesity [8] - Key initiatives include solidifying the market leadership of Novo Nordisk's brand in type 2 diabetes blood sugar control, enhancing the brand influence of oral GLP-1 formulation, and accelerating the competitive advantage of weight loss drug Novo Nordisk [8] - These products, while all based on semaglutide, will cater to different patient needs through varying formulations and indications [8] Group 3: Sales Network Enhancement - The Commercial and Retail Division (DRD) will strengthen channel cooperation and build a comprehensive sales network [9] - This division will collaborate deeply with distributors to handle sales tasks in grassroots hospitals and will further penetrate the retail market, including partnerships with online pharmaceutical platforms [9] - The restructuring aims to eliminate business overlaps and clarify core responsibilities among divisions, reinforcing business barriers ahead of the potential generic competition following the expiration of semaglutide's core patent in 2026 [9]

Core Viewpoint - The article discusses the recent developments in the GLP-1 drug market, particularly focusing on the approval and clinical trials of semaglutide for weight loss and diabetes management by Four Rings Pharmaceutical and its subsidiary Huisheng Biotech [2][4]. Company Overview - Four Rings Pharmaceutical is a comprehensive pharmaceutical company involved in research, production, sales, and medical aesthetics, evolving through four stages to establish a dual-engine model of "pharmaceuticals + medical aesthetics" [6]. - The company has a history of significant growth, with a compound annual growth rate (CAGR) that has outpaced the industry from 2001 to 2010, and has expanded its operations through acquisitions and upgrades [6]. - As of now, Four Rings has over 600 research personnel and more than 120 new drugs in development, with over 300 patents granted [7]. Product Development - Semaglutide, a new long-acting GLP-1 receptor agonist, has shown dual effects in lowering blood sugar and controlling weight by promoting insulin secretion and suppressing appetite [4]. - The "weight loss version" of semaglutide has completed its Phase III clinical trial enrollment and is now in the follow-up stage [2]. - The core component patent for semaglutide in China will expire in March 2026, with seven companies having their related applications accepted, focusing primarily on Type 2 diabetes treatments [5]. Market Competition - Novo Nordisk has been an early player in this market, with its diabetes injection product, Ozempic, approved in April 2021, followed by oral and weight loss versions in 2024 [5]. - The competitive landscape includes various companies pursuing different registration classifications and technical routes for semaglutide-related products [5].

Group 1 - The core viewpoint of the articles highlights Novo Nordisk's strong financial performance in Q1 2025, with significant sales growth driven by its diabetes and obesity treatment products, particularly in the Greater China region [1] - In Q1 2025, Novo Nordisk's sales increased by 19% in Danish kroner and 18% at constant exchange rates (CER), reaching 78.1 billion Danish kroner, while operating profit grew by 22% in Danish kroner and 20% at CER, totaling 38.8 billion Danish kroner [1] - Sales in the Greater China region saw a remarkable increase of 25% in Danish kroner and 22% at CER, primarily driven by the growth in obesity and diabetes treatment products [1] Group 2 - The sales of GLP-1 products for type 2 diabetes in mainland China grew by 28% in Danish kroner and 26% at CER, reflecting strong performance of the product NovoTide® [1] - Novo Nordisk holds a leading position in the GLP-1 market for diabetes treatment in China, with a market share of 80.9% [1] - The sales in the rare disease segment in the Greater China region surged by 157% at CER, mainly due to growth in the rare blood disease sector [1] Group 3 - For the full year 2025, the company projects a sales growth rate of 13-21% at CER and an operating profit growth rate of 16-24% [1] - The company anticipates that the growth rates in Danish kroner will be 3 and 5 percentage points lower than those at CER, respectively [1] Group 4 - In the U.S. market, the penetration of branded GLP-1 drugs has been lower than expected, prompting Novo Nordisk to combat illegal drug compounding and expand product accessibility [2] - There are approximately 1 billion individuals with obesity globally, yet only a few million are receiving treatment, indicating a significant market opportunity for Novo Nordisk as it continues to pursue the global launch of Wegovy® [2]