【深圳商报讯】（记者 钟国斌）11月21日，美国制药巨头礼来股价上涨1.59%，收报1059.70美元/股， 市值突破1万亿美元，成为全球首家市值破万亿美元的医药公司。 据了解，长期以来市值超过1万亿美元的公司几乎都是科技巨头。2018年，苹果成为美股首家万亿美元 的科技巨头，此后进入万亿美元俱乐部的9家企业中，7家均为科技类公司，只有"股神"巴菲特旗下的伯 克希尔·哈撒韦是个例外。如今，礼来成为第二家市值突破万亿美元的非科技类公司。 礼来股价上涨主要得益于旗下减重药物替尔泊肽（Tirzepatide）的热销。作为礼来目前的主力销售产 品，替尔泊肽可细分为治疗糖尿病的Mounjaro和针对肥胖症的Zepbound。数据显示，2023年，礼来公司 糖尿病版本Mounjaro销售额同比暴增970%，肥胖版本Zepbound上市首月即吸金1.76亿美元。 根据礼来上月公布的最新财报，Mounjaro三季度实现收入65.2亿美元，同比大增109%；Zepbound三季 度实现收入35.9亿美元，同比大增184%。三季度两款药物合计收入突破100亿美元，超越默沙东的K药 成为新晋"药王"。 礼来CEO戴夫·里克斯日前表 ...

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 ...

Core Insights - The emergence of dual-target weight loss drugs has created significant market dynamics, with contrasting experiences for Chinese and foreign pharmaceutical companies [2] - Eli Lilly's weight loss drug, tirzepatide, generated $16.4 billion in sales last year due to its dual action on GLP-1 and GIP hormones, effectively suppressing appetite and controlling blood sugar [2] - Chinese company Hansoh Pharmaceutical's HS-20094, also a dual-target drug, was licensed to Regeneron for an upfront payment of only $80 million, highlighting the disparity in financial returns between Chinese and Western firms [4][6] Industry Dynamics - The pharmaceutical industry operates under a "three tens" rule: 10 years of development, $1 billion investment, and a 10% success rate, though actual conditions are more complex [7] - Innovative drugs are categorized into two types: First-in-class, which are groundbreaking, and Fast Follow, which modify existing drugs without infringing patents [9][11] - First-in-class drugs tend to have higher profit potential, while Fast Follow drugs have a higher success rate and quicker market access [11][13] Market Trends - Chinese pharmaceutical companies are increasingly recognized for their innovative capabilities, with their first-in-class drugs accounting for 24% of the global pipeline, second only to the U.S. [13] - The trend of multinational companies seeking to acquire Chinese innovations is driven by the expiration of patents on their main drugs and the high costs of internal R&D [15] - China’s advantages include faster clinical trial patient recruitment and the ability to develop competitive drugs in high-tech fields [16][18] Talent and Infrastructure - The rise of the pharmaceutical outsourcing industry (CXO) has created a large pool of skilled professionals familiar with international standards [20] - The return of Chinese scientists from abroad has brought advanced technology and a global perspective, enhancing the competitive edge of local firms [22][24] Challenges and Strategies - Chinese innovative drug companies often start by developing generics to build cash flow before investing in original research [25][30] - The licensing-out model allows Chinese firms to secure upfront payments for drugs in development, which can fund further R&D [32] - Despite successes, many companies face challenges such as product shortages and financial difficulties, emphasizing the risks inherent in drug development [34]

Group 1 - The core viewpoint of the articles highlights Novo Nordisk's financial performance in Q3 2025, showing a mixed result with sales growth but declines in operating and net profits [1] - Novo Nordisk's Q3 sales reached 74.976 billion Danish Krone, an 11% year-on-year increase, while operating profit fell by 21% to 23.682 billion Danish Krone, and net profit decreased by 27% to 20.006 billion Danish Krone [1] - The diabetes and weight loss drug segment generated sales of 70.26 billion Danish Krone in Q3, with Ozempic sales at 30.74 billion Danish Krone, oral GLP-1 drug Rybelsus at 5.44 billion Danish Krone, and Wegovy at 20.35 billion Danish Krone [1] Group 2 - Novo Nordisk's CEO Mike Doustdar announced aggressive strategies to streamline the organization and refocus on core diabetes and weight loss businesses [2] - The company has raised its acquisition offer for U.S. weight loss startup Metsera to $10 billion, indicating its commitment to expanding its portfolio in the weight loss drug market [2] - Metsera is recognized as one of the most promising companies in the weight loss sector, developing several experimental weight loss drugs, including an innovative drug with potentially lower injection frequency than existing products from Novo Nordisk and Eli Lilly [2]

Core Viewpoint - The article discusses a significant licensing deal between Innovent Biologics and Takeda Pharmaceutical, valued at $11.4 billion, which includes an upfront payment of $1.2 billion and potential milestone payments of $10.2 billion. This deal is seen as a pivotal moment for the Chinese innovative drug sector, particularly in the context of the global oncology market [5][9]. Group 1: Transaction Details - The deal includes three drug candidates: IBI363, IBI343, and IBI3001, with the majority of the payment focused on IBI363 and IBI343. IBI3001 is only sold under an option agreement [7][9]. - IBI363 is a PD-1/IL-2α-bias dual antibody currently in the registration clinical development phase, targeting non-small cell lung cancer (NSCLC) [8]. - IBI343 is an ADC targeting CLDN18.2, with ongoing clinical studies for gastric and pancreatic cancers [8]. - IBI3001 is an ADC targeting EGFR/B7H3, currently in Phase I clinical trials [8]. Group 2: Strategic Implications - The unique "Co-Co" collaboration model allows Innovent to remain deeply involved in the global development of IBI363, sharing both costs and future profits with Takeda, which is a departure from traditional licensing agreements [11][12]. - This partnership is expected to enhance Innovent's capabilities in global clinical development and commercialization, aligning with its goal to become a leading global biopharmaceutical company by 2030 [13][16]. - The collaboration with Takeda, a well-established player in the oncology market, is seen as a strategic move to access the U.S. market and leverage Takeda's expertise [15][16]. Group 3: Product Potential - IBI363 is positioned as a potential cornerstone drug for next-generation cancer immunotherapy, with the ability to address PD-1 resistance and target "cold tumors" [18]. - The market potential for PD-1 resistant therapies is projected to reach billions, with IBI363 showing promising clinical data, including an objective response rate (ORR) of 36.7% in a specific dosage group [19][20]. - The drug's broad-spectrum applicability across various cancers, including colorectal and gastric cancers, further enhances its market potential [21].

Core Insights - The strategic collaboration between Innovent Biologics and Takeda involves three innovative drugs, with a total transaction value exceeding $10 billion, marking a significant milestone for domestic companies in licensing-out agreements [1][3][12] - This partnership is one of the largest licensing deals in China's biotechnology sector to date, highlighting the growing value of Chinese innovative drugs in the global pharmaceutical market [1][12] Summary by Sections Transaction Details - The agreement includes an upfront payment of $1.2 billion (including a $100 million premium for nearly 30% equity stake) and potential milestone payments, bringing the total deal value to a maximum of $11.4 billion, along with sales revenue sharing [3][12] - This transaction sets a new record for licensing deals by Chinese biotech companies and aligns with Takeda's strategic focus on competing in the oncology market, similar to Merck's approach with its K drug [3][12] Drug Pipeline - The collaboration focuses on three key investigational drugs: IBI363 (PD-1/IL-2α-bias), IBI343 (CLDN18.2 ADC), and IBI3001 (EGFR/B7H3 ADC), all of which are at the forefront of tumor immunotherapy and antibody-drug conjugate (ADC) development [3][4] - IBI363 is a globally innovative PD-1/IL-2α-bias bispecific antibody fusion protein, currently undergoing a global Phase III clinical trial for advanced non-small cell lung cancer patients who have failed previous treatments [4][6] - IBI343 has received breakthrough therapy designations for three indications: third-line gastric cancer, second-line pancreatic cancer, and third-line pancreatic cancer, while IBI3001 is the first EGFR/B7H3 ADC currently in Phase I clinical trials [7][9] Market Context - The collaboration reflects a broader trend where global pharmaceutical giants are reassessing the value of Chinese innovative drugs, as evidenced by Merck's success with its K drug, which transformed its oncology business [12] - The partnership between Takeda and Innovent is positioned to compete in the multi-billion dollar global immunotherapy and ADC market, potentially reshaping the global pharmaceutical landscape over the next decade [12]

Core Insights - Novo Nordisk (NVO) is undergoing significant leadership changes, with Chairman Helge Lund and six board members resigning due to disagreements with the controlling shareholder, the Novo Nordisk Foundation, regarding the future composition of the board [1][3][4] - The company has faced challenges in maintaining growth, particularly in the competitive GLP-1 drug market, leading to a series of strategic shifts and management changes throughout the year [7][8] Leadership Changes - On October 21, 2023, Novo Nordisk announced the collective resignation of Chairman Helge Lund and six board members, which will take effect after a special shareholders' meeting on November 14 [1][3] - The board's proposal aimed to maintain continuity while adding new members with specific skills, contrasting with the foundation's desire for a broader restructuring [3][4] - Lars Rebien Sørensen, former CEO from 2000 to 2016, is proposed to be the new chairman, with Cees de Jong as vice-chairman and additional board members suggested [3][4] Financial Performance and Market Challenges - Novo Nordisk's sales of the weight-loss drug semaglutide reached 112.76 billion Danish kroner (approximately $16.63 billion) in the first half of the year, surpassing Merck's Keytruda sales [7][8] - However, the company faces increasing competition from other GLP-1 drugs, particularly from Eli Lilly's tirzepatide, which reported sales of $14.73 billion, narrowing the gap with semaglutide [7][8] - The company has lowered its 2025 sales growth forecast from 13%-21% to 8%-14% and operating profit growth from 16%-24% to 10%-16% due to market pressures [8] Restructuring and Cost-Saving Initiatives - Novo Nordisk announced a global restructuring plan aimed at streamlining operations and reallocating resources to capitalize on growth opportunities in diabetes and obesity treatment [5] - The restructuring is expected to save the company 8 billion Danish kroner (approximately $1.2 billion) annually [5] - Following the appointment of new CEO Maziar Mike Doustdar, the company initiated a significant cost-cutting plan, including a workforce reduction of 9,000 employees, representing about 11.5% of its total workforce [4][5] Stock Performance and Market Capitalization - Novo Nordisk's stock has seen a decline of over 50% in the past year, with its market capitalization dropping from over $500 billion to $236.3 billion, resulting in a loss of approximately $278 billion [8]

Core Insights - Novo Nordisk (NVO) is undergoing significant leadership changes, with Chairman Helge Lund and six board members resigning due to disagreements with the controlling shareholder, the Novo Nordisk Foundation, regarding the future composition of the board [1][3] - The company has faced ongoing management upheaval and strategic shifts throughout the year, indicating a period of "transformation pain" for the pharmaceutical giant [3][4] Leadership Changes - The board's resignation is attributed to a lack of consensus on maintaining continuity while also introducing new members with specific capabilities, contrasting with the foundation's desire for a broader restructuring [3] - A special shareholders' meeting is scheduled for November 14 to elect new board members, with proposals to appoint Lars Rebien Sørensen as chairman and Cees de Jong as vice-chairman [3] Financial Performance and Market Challenges - Novo Nordisk's sales of the weight-loss drug semaglutide reached 112.76 billion Danish Krone (approximately $16.63 billion) in the first half of the year, surpassing Merck's Keytruda sales [7] - However, the company faces increasing competition from other GLP-1 weight-loss drugs, particularly from Eli Lilly's tirzepatide, which reported sales of $14.73 billion in the same period [7] - The company has lowered its 2025 sales growth forecast from 13%-21% to 8%-14% and operating profit growth from 16%-24% to 10%-16% [8] Restructuring and Cost-Cutting Measures - Following the appointment of new CEO Maziar Mike Doustdar, Novo Nordisk announced a global restructuring plan that includes laying off 9,000 employees, approximately 11.5% of its workforce, to streamline operations and focus on growth opportunities in diabetes and obesity [5][6] - The restructuring is expected to save the company 8 billion Danish Krone (approximately $1.26 billion) annually [5] Market Valuation and Stock Performance - Novo Nordisk's market capitalization has significantly declined, dropping from over $500 billion to $236.3 billion, resulting in a loss of approximately $278 billion (around 1.98 trillion RMB) in value over the past year [8]

Core Viewpoint - The announcement by Novo Nordisk regarding the collective resignation of its chairman and six board members has shocked the global pharmaceutical industry, highlighting internal governance issues and increasing competitive pressures in the market [2][4]. Group 1: Leadership Changes - Novo Nordisk's chairman Helge Lund and six board members will not seek re-election at the special shareholders' meeting on November 14 due to a lack of consensus with the controlling shareholder, the Novo Nordisk Foundation, on the future composition of the board [4][5]. - The company has experienced significant leadership changes this year, including the dismissal of CEO Lars Fruergaard Jørgensen in May after over eight years in the role, attributed to market challenges and stock price volatility [5][6]. Group 2: Financial Performance and Market Position - Novo Nordisk's sales of the weight-loss drug semaglutide reached 112.76 billion Danish kroner (approximately 16.63 billion USD) in the first half of the year, surpassing Merck's Keytruda sales [7]. - However, the company faces increasing competition from Eli Lilly's tirzepatide, which generated sales of 14.73 billion USD in the same period, and is expected to face further competition from generic versions of semaglutide after its core patent expires in 2026 [8][9]. Group 3: Restructuring and Cost-Cutting Measures - In response to financial pressures, Novo Nordisk announced a global restructuring plan that includes laying off 9,000 employees, approximately 11.5% of its workforce, marking a rare occurrence in the company's history [9][11]. - The company aims to save 8 billion Danish kroner (about 1.26 billion USD) annually through this restructuring, which is intended to streamline operations and enhance decision-making speed [11]. - Novo Nordisk has revised its 2025 performance expectations downward twice this year, with projected sales growth reduced from 13%-21% to 8%-14% and operating profit growth from 16%-24% to 10%-16% [11].

Core Insights - The global pharmaceutical industry is facing a significant downturn, with a total of 190 layoffs in the biopharmaceutical sector in the first three quarters of 2023, approaching the total of 192 expected for the entire year of 2024 [2][3] - Major companies like Merck and Novo Nordisk are leading this wave of layoffs, with Merck cutting 6,000 jobs and Novo Nordisk planning to lay off 9,000 employees, reflecting a broader industry trend [3][4] - The layoffs are driven by a combination of factors including patent cliffs, market competition, and inefficiencies in research and development [7][10] Layoff Trends - In Q3 2023, there were 62 layoffs in the global biopharmaceutical sector, with over 20,000 jobs cut in the second half of the year alone [2][3] - Merck's layoffs are part of a strategy to save $3 billion by 2027, while Novo Nordisk aims to save $1.26 billion by the end of 2026 [3] - Smaller companies are also affected, with companies like Biogen and Moderna announcing significant layoffs [4][5] Regional Focus: China - The Chinese market is experiencing unique adjustments, with companies like Gilead and Sumitomo Pharma restructuring their resources, while AstraZeneca is increasing its R&D investment by $2.5 billion [2][6] - The layoffs in China reflect a targeted approach, with Gilead confirming layoffs related to the integration of resources for a new HIV drug [4][6] - The Chinese market is becoming a critical area for innovation, with a significant increase in licensing deals for innovative drugs [6][10] Industry Dynamics - The underlying logic of the layoffs is attributed to pressures from patent expirations, low R&D efficiency, and intense market competition [7][10] - Companies are increasingly focusing on core therapeutic areas and optimizing resource allocation to adapt to changing market conditions [3][7] - The Chinese market is seen as a potential solution to these challenges, with lower clinical trial costs and a shift towards local innovation [7][10] Future Outlook - The ongoing layoffs are reshaping the industry landscape, with a notable talent migration from multinational companies to local firms in China [8] - The rise of CDMO (Contract Development and Manufacturing Organization) companies in China is facilitating the outsourcing of production by multinational firms [8] - The transformation of the industry is expected to continue, with China emerging as a core hub for innovation and development in the pharmaceutical sector [10]