2025.07. 06 本文字数：5463，阅读时长大约9分钟 作者 | 第一财经 钱童心 伴随着国产GLP-1减重药玛仕度肽（商品名：信尔美）的商业化落地，国内减重药市场格局迎来了 新的变化。全球两大减重药巨头诺和诺德与礼来在中国市场将面临更激烈的竞争环境，减重药未来价 格是否会出现松动也引发关注。 减重药市场迎来"新玩家" 7月3日，信达生物的GLP-1减重创新药玛仕度肽"首方"落地。北京大学人民医院分泌科主任医师纪 立农教授为一名超重合并脂肪肝的患者开出全国首张处方，标志着玛仕度肽正式进入国内公立医院。 这距离该药物获批仅一周之隔。下周起，该药物将陆续进入全国各大公立医院。 相比之下，诺和诺德的司美格鲁肽减重适应症（商品名：诺和盈）从获批到正式商业化开出公立医 院"首方"历时近5个月；礼来的替尔泊肽减重适应症从获批到上市也经历了近半年时间。 "国内厂商没有产能供应限制的问题。"一位业内人士对第一财经记者。另据记者了解，直到目前为 止，司美格鲁肽与替尔泊肽均尚未在国内实现本土化生产。 在信达生物此前召开的产品上市发布会上，信达生物首席财务官由飞表示，对于玛仕度肽的市场潜 力，公司非常有信心。在渠道拓展方面 ...

Core Viewpoint - The combination of Bimagrumab and Semaglutide shows significant efficacy in weight management, with an average weight loss of 22.1% over 48 weeks, primarily from fat reduction, indicating a comprehensive strategy for obesity treatment [2][4]. Group 1: Clinical Trial Results - In a 48-week trial, participants receiving the combination treatment lost an average of 22.1% of their body weight, with 92.8% of this loss attributed to fat reduction, compared to a 15.7% weight loss with Semaglutide alone, where 71.8% was fat loss [2]. - The combination therapy not only resulted in greater weight loss but also preserved more lean body mass, which is particularly important for populations at risk of sarcopenia [4]. Group 2: Significance of the Research - The study addresses a major public health issue, as obesity is linked to various complications such as diabetes, heart disease, and certain cancers, and the combination therapy may improve the quality of life for many patients [4]. - Bimagrumab's development is part of Eli Lilly's ongoing innovation strategy in obesity treatment, focusing on the often-overlooked issue of muscle preservation during weight loss [4]. Group 3: Future Directions - Eli Lilly is also advancing clinical trials for Bimagrumab in combination with Zepbound, a dual-target GLP-1/GIP agonist, expanding treatment options for patients and healthcare providers [5]. - The acquisition of Versanis Bio for approximately $2 billion highlights the company's commitment to exploring new avenues in weight management, particularly targeting ActRII [6]. Group 4: Mechanism of Action - Bimagrumab targets the activin receptor type II (ActRII), which plays a crucial role in muscle growth regulation, and its inhibition may provide a more effective approach to preserving muscle mass during weight loss [12][13]. - The signaling pathway involving ActRII has implications for muscle diseases, and targeting this receptor could lead to advancements in treating conditions like sarcopenia and cachexia [9][13].

医药｜2025ADA 大会：减重药物新进展 20250703 摘要 诺和诺德的 CagriSema，结合 GLP-1 和 Amylin 受体激动剂，在 75 周 观察期内与司美格鲁肽联合治疗使体重下降 22.7%，净效达 20.4%， 但恶心不良反应高于单独使用司美格鲁肽。 AMG133 作为 GLP-1 受体激动剂和 GIP 受体阻滞剂，在肥胖伴糖尿病 患者的二期临床试验中，高剂量组（420 毫克）每月一次或每两个月一 次给药，体重下降接近 20%，扣除 IVG 效应后约为 16%。 Bimagrumab 与司美格鲁肽联合使用，可减少司美格鲁肽引起的肌肉 减少，使体重下降主要来自于脂肪组织，但高剂量联合治疗组腹泻和肌 肉痉挛发生率有所增加。 礼来公司的小分子 GLP-1 受体激动剂在 Achieve One 三期临床试验中， 36 毫克剂量组体重下降接近 8%，但两个高剂量组未显示出明显的剂量 效应关系，不良反应主要是胃肠道问题。 先为达的偏向型 GLP-1 受体激动剂在超重和肥胖人群的三期临床试验中， 2.4 毫克组 48 周时体重大幅下降 15.4%，减重效果高于司美格鲁肽 2.4 毫克，接近替西帕肽。 ...

[Table_Reportdate] 2025年06月30日 超配 [证券分析师 Table_Authors] 杜永宏 S0630522040001 dyh@longone.com.cn 证券分析师 上周（06月23日-06月27日）医药生物板块整体上涨1.60%，在申万31个行业中排第 24位，跑输沪深300指数0.35个百分点。当前医药生物板块PE估值为27.67倍，处于历史 中低位水平，相对于沪深300的估值溢价为124%。子板块涨幅前三的为医疗服务(申万)、 医疗器械(申万)、医药商业(申万)、涨幅分别为2.92%、2.10%、2.08%。个股方面，上周 上涨的个股为397只（占比83.76%），下跌的个股70只（占比14.77%）。涨幅前五的个股分 别为神州细胞（30.45%）、浩欧博（27.08%）、华人健康（25.97%）、华强科技（22.94%）、 迈威生物-U（17.44%）。 ➢ 行业要闻： 2025年6月27日，信达生物发布公告，宣布信尔美®（玛仕度肽注射液）获NMPA批准 上市，用于成人肥胖或超重患者的长期体重控制。信尔美®（玛仕度肽注射液）是本公司 与礼来制药共同推进的一款胰高血糖素 ...

Summary of Conference Call on Weight Loss Target Technologies and Future Prospects Industry Overview - The conference focuses on the weight loss pharmaceutical industry, particularly the development of GLP-1 receptor agonists and multi-target weight loss drugs [1][2][3]. Key Points and Arguments 1. **Potential of Oral Small Molecule GLP-1 Receptor Agonists** - Eli Lilly's oral small molecule GLP-1 receptor agonists show promising results in clinical trials with significant glucose-lowering and weight loss effects, averaging a weight reduction of 7.3 kg [5]. 2. **Multi-Target Weight Loss Drugs** - The industry is shifting towards multi-target drugs, particularly GIP/GLP-1 dual agonists, to enhance efficacy and reduce side effects. Companies like Novo Nordisk and AstraZeneca are actively researching Amylin-related compounds [1][3][6]. 3. **Patient Experience Improvement** - Reducing injection frequency significantly enhances patient experience and treatment adherence. Long-acting formulations are becoming a key focus in development [7]. 4. **Safety and Efficacy of Novo Nordisk's NN1,213** - Novo Nordisk's NN1,213 shows reduced gastrointestinal side effects and demonstrated a 22.7% average weight loss in the Redefine 1 trial, with 40% of participants losing over 25% of their body weight [8]. 5. **Eli Lilly's GLP-1 Modifications** - Eli Lilly's C20 fatty acid-modified GLP-1 receptor agonists exhibit lower gastrointestinal side effects, with diarrhea, nausea, and vomiting rates at 10%, 8%, and 4% respectively, significantly lower than Novo Nordisk's products [9]. 6. **Myostatin and Semaglutide Combination** - The Believe trial indicates that combining Myostatin with Semaglutide can significantly reduce body fat and increase lean mass, with 70% of patients achieving over 20% weight loss [10][11][13]. 7. **Bimagrumab's Efficacy** - Bimagrumab shows significant effects in weight loss and visceral fat reduction, with a maximum dose reducing waist circumference by 21.7 cm and achieving a 45.1% reduction in visceral fat [12][14]. 8. **Amylin's Role in Weight Loss** - Amylin enhances sensitivity to leptin and reduces glucagon secretion, showing potential when combined with GLP-1 for synergistic effects. Companies like Novo Nordisk and AstraZeneca are heavily investing in Amylin research [6]. 9. **FDA's Stance on New Weight Loss Drugs** - The FDA is focusing on safety over weight loss magnitude, welcoming new drugs that can benefit populations not served by existing medications [18]. 10. **Challenges with Bimagrumab** - Bimagrumab faces challenges such as high dosing requirements and gastrointestinal side effects, necessitating the development of new molecular forms to optimize delivery [17]. Other Important Insights - The industry is moving towards differentiated molecular forms to enhance the appeal of new weight loss drugs, as traditional molecules are losing attractiveness [17]. - Current oral peptide technologies are not yet effective, with significant challenges in overcoming digestive enzymes and maintaining intestinal permeability [19]. - Novo Nordisk aims to solidify its position in the weight loss market by exploring multi-target GLP-1 receptor agonists and extending the lifespan of existing products [20].

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" (maintained) [2] Core Insights - The report highlights the emergence of multiple promising weight loss drugs showcased at the 2025 ADA conference, focusing on AMYR and ActRII target drugs, which exhibit excellent clinical data and are expected to become core targets for future weight loss drug development [6][15] - The report emphasizes the potential of oral and ultra-long-acting drugs in the weight loss and glycemic control market, which are anticipated to open new incremental market opportunities [8][31] - The report recommends several pharmaceutical and biotechnology companies as investment targets, including Heng Rui Medicine, East China Medicine, and others across various segments such as CXO, research services, traditional Chinese medicine, raw materials, medical devices, and retail pharmacies [9] Summary by Sections 1. Weight Loss Drug Developments - The 2025 ADA conference showcased several potential pipeline drugs for weight loss, with a focus on AMYR and ActRII target drugs, which are expected to lead future developments in this area [15] - AMYR-targeted drugs, such as eloralintide from Eli Lilly, demonstrated superior efficacy and safety compared to GLP-1 drugs, indicating a promising future for this class of drugs [16][18] - ActRII-targeted drugs, particularly Bimagrumab, showed significant weight loss results, with 100% of weight loss coming from fat, suggesting a new standard for high-quality weight loss therapies [28][29] 2. Oral and Ultra-Long-Acting Drugs - The report identifies oral GLP-1RA drugs as a new trend in the weight loss and glycemic control market, with several companies presenting promising clinical data at the 2025 ADA conference [31][32] - The ultra-long-acting drug Maridebart cafraglutide demonstrated effective weight loss results with extended dosing intervals, enhancing patient compliance and treatment simplicity [33][34] 3. Recommended Investment Targets - The report lists various companies across different segments as recommended investment targets, including pharmaceutical and biotechnology firms, CXO companies, research service providers, traditional Chinese medicine manufacturers, raw material suppliers, medical device companies, and retail pharmacies [9]

In this articleNOVO.B-DKLLYA sign with the company logo sits outside of the headquarters of Eli Lilly in Indianapolis, Indiana, on March 17, 2024.Scott Olson | Getty ImagesA version of this article first appeared in CNBC's Healthy Returns newsletter, which brings the latest health-care news straight to your inbox. Subscribe here to receive future editions.Competition in the blockbuster weight loss drug market is ramping up, as drugmakers share fresh data on new and existing treatments. The annual American D ...

Core Insights - Eli Lilly's experimental drug Bimagrumab, when combined with Novo Nordisk's GLP-1 weight loss drug Wegovy, shows superior weight loss results while preserving muscle mass [1][2] - The combination therapy resulted in a 22.1% weight reduction over 48 weeks, with 92.8% of the weight loss coming from body fat, compared to a 15.7% reduction and 71.8% fat loss with Wegovy alone [1] - Morgan Stanley expresses optimism about the combination therapy's efficacy and safety, noting improvements in various cardiovascular metabolic indicators [2] Company Analysis - Morgan Stanley highlights that the combination therapy's safety and tolerability are better than expected, with mild muscle cramps occurring in about 60% of patients, and transient increases in ALT and lipase levels [2] - Eli Lilly is conducting a Phase II trial for Bimagrumab combined with Tirzepatide for obesity and/or type 2 diabetes, with data expected in April and October 2026 [2][3] - The stock rating for Eli Lilly is "Overweight" with a 12-month target price of $1,133, representing a 46% upside from the closing price of $778.08 on June 24 [3] Industry Insights - The combination therapy may be particularly beneficial for older patients on GLP-1 medications, who are more prone to muscle loss [3] - The concept of "sarcopenic obesity" is identified as a significant indication for the combination therapy, with interest in its application for metabolic-associated fatty liver disease (MASH) and osteoarthritis [3] - Potential upside risks for Eli Lilly's stock include better-than-expected performance of oral GLP-1 drug Orforglipron and positive results from Tirzepatide studies [4]

整理 | GLP1减重宝典内容团队 礼来公司近日公布的一项Ⅱ期临床试验数据显示，将Bimagrumab与司美格鲁肽（商品名Wegovy）联合使用，在体重管理方面取得了显著疗 效。在为期48周的试验中，接受联合治疗的受试者体重平均下降22.1%，其中92.8%的减重来自脂肪减少。相比之下，单独使用司美格鲁肽的受 试者体重减少15.7%，其中71.8%为脂肪减少。这表明Bimagrumab在促进脂肪代谢的同时有助于保留肌肉组织，为肥胖治疗提供了一种更全面 的策略。 这一组合疗法标志着肥胖治疗领域的重要进展。司美格鲁肽是一种由诺和诺德开发的GLP-1受体激动剂，已被广泛用于减重治疗。但GLP-1类 药物一个常见问题是减重过程中可能导致肌肉流失。礼来研发的Bimagrumab是一种靶向活化素II型受体的抗体，该受体在调节肌肉生长和维持 中发挥关键作用。通过抑制该受体，Bimagrumab能够在减重过程中保护肌肉质量，与司美格鲁肽形成互补。 临床数据显示，两药联合使用具有协同效应。接受组合治疗的受试者不仅减重幅度更大，还保留了更多的瘦体重，相较于单用司美格鲁肽者表 现更优。这对于存在肌少症风险的人群尤为重要。肌少症是指 ...

在流行减肥药的基础上增加一种试验性药物，或能解决使用者在快速减重过程中肌肉流失的关键痛点。 6月23日，美国糖尿病协会于芝加哥举行的会议上公布实验数据，礼来公司旗下的试验性药物 bimagrumab与诺和诺德的Wegovy联用，可帮助患者在48周内减轻22.1%的体重，其中高达92.8%的减 重来自脂肪。相比之下，单独使用Wegovy的患者体重减轻15.7%，脂肪减重占比仅为71.8%。 据媒体报道，该发现意味着，通过组合疗法，患者可以在实现有效减重的同时，最大限度地保留宝贵的 肌肉组织。肌肉流失一直是困扰快速减重人群，尤其是65岁以上老年用药者的主要担忧。周一美股收 盘，礼来公司股价一度涨近3.6%，随后回落收涨1%。 尽管前景光明，但药物组合疗法可能带来更多副作用的风险，也引起了一些医生的担忧。 在减肥药市场寻找立足点的再生元公司近期也曾表示，Wegovy与另外两种试验性药物的组合疗法，在 试验中同样促进了更多体重下降并有效保留了肌肉。然而，该试验中约有28%的患者中途退出，且有两 名接受药物的患者死亡。 尽管再生元称"尚未确定药物与死亡之间存在因果关系"，但据分析师称，这一结果"令人不安"。 风险提示及 ...