There are a lot of healthcare companies that are investing in GLP-1 weight loss drugs. Today, the leaders in that space are Eli Lilly and Novo Nordisk. But it could get much more crowded in the future. And it's little wonder why, given analysts project that the obesity drug market could be worth $200 billion by 2031. It's a mammoth growth opportunity that can jump-start a company's sales and profits. Before drugs are approved, investors can gain insights into just how promising a GLP-1 drug is from the resu ...

[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 ...

Group 1: Apple - Apple faces challenges due to potential tariffs from China, which could increase costs and reduce margins and earnings [3] - The company generated significant free cash flow of $98.5 billion over the trailing-12-month period, allowing for production shifts and domestic manufacturing enhancements [4] - Apple's strong brand name enables it to pass on higher manufacturing costs to consumers without losing market share [5] - The services segment, with over 2 billion devices and more than 1 billion paid subscriptions, is a key growth area that generates higher margins than hardware [6] - Apple is investing in fintech initiatives like Apple Pay, which are expected to yield returns in the future [7] - Despite a 19% decline in shares this year, Apple remains attractive for long-term growth investors due to its competitive advantages and culture of innovation [8] Group 2: Amgen - Amgen is pursuing new blockbuster medicines, but faced a setback with its weight management drug MariTide in a phase 2 clinical trial [9] - MariTide showed an average weight loss of about 20% after 52 weeks, with a convenient monthly dosing schedule that could appeal to patients [10] - The company reported a 9% year-over-year revenue growth to $8.1 billion in the first quarter, with adjusted earnings per share rising 24% to $4.90 [11] - Amgen has a robust pipeline with several dozen programs that are expected to lead to new approvals and label expansions [12] - The company has increased its dividend by 750% since initiating payouts in 2011, with a current forward yield of over 3.4% [12] - Despite recent underperformance, Amgen's solid underlying business could provide strong returns and consistent dividend growth for long-term investors [13]

Core Viewpoint - Amgen is competing in the rapidly growing obesity drug market, which is projected to reach $100 billion by 2030, with its drug MariTide being a key focus in this race [1]. Company Overview - Amgen is developing MariTide, a GIPR/GLP-1 receptor agonist, designed for convenient monthly dosing via an autoinjector, distinguishing it from competitors' weekly injection options [2]. - In phase II studies, MariTide demonstrated an average weight loss of approximately 20% over 52 weeks in obese or overweight individuals without type II diabetes, although this was at the lower end of investor expectations [3]. - Amgen has initiated two phase III studies for MariTide as part of its MARITIME program, with additional studies planned for 2025 targeting various cardiovascular conditions [4]. Competitive Landscape - The obesity drug market is becoming increasingly competitive, with companies like Viking Therapeutics developing their own candidates, such as VK2735, which is being evaluated in late-stage studies [6]. - Other major pharmaceutical companies, including Roche, Merck, and AbbVie, are also entering the obesity space, potentially challenging the market positions of Novo Nordisk and Eli Lilly [7]. Financial Performance - Amgen's stock has increased by 8.9% year-to-date, outperforming the industry average decline of 0.7% [8]. - The company's shares are currently trading at a price/earnings ratio of 13.26, which is lower than the industry average of 14.87 and below its five-year mean of 13.77 [10]. - Earnings estimates for 2025 and 2026 have seen upward revisions, with the consensus for 2025 rising from $20.57 to $20.82 per share and for 2026 from $21.13 to $21.29 per share [11].

MariTide Update Our results may be affected by our ability to successfully market both new and existing products domestically and internationally, clinical and regulatory developments involving current and future products, sales growth of recently launched products, competition from other products including biosimilars, difficulties or delays in manufacturing our products and global economic conditions, including those resulting from geopolitical relations and government actions. In addition, sales of our p ...

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 ...

整理 | GLP1减重宝典内容团队 根据周一公布的一项新的中期试验结果，安进公司实验性肥胖症治疗药物MariTide必须从低剂量开始治疗，以减少呕吐等副作用。该研究结果 在一次医学会议上公布，导致安进公司股价下跌近6%。 为了提高患者的耐受性，安进公司宣布，其正在进行的72周III期试验将把超重或肥胖的受试者分配到三种给药方案中的一种。每组都将从较低 的起始剂量开始治疗，并在八周内逐渐增加剂量。 此前，安进报告称，在一项为期一年的2期临床试验中，MariTide帮助患者减重高达20%。该药物每月或每隔一个月给药一次，均显示出良好的 减重效果。完整数据已在芝加哥举行的美国糖尿病协会会议上分享，并发表在《新英格兰医学杂志》上。 MariTide 是一种结合抗体和两种肽的新型疗法。这些肽靶向由 GLP-1（一种已知能够抑制食欲和调节血糖的激素）激活的受体，同时还能阻断 另一种参与消化功能的激素——胃肠道活性肽 (GIP)。 安进公司表示，试验中未发现新的安全问题。其副作用与其他 GLP-1 类药物一致。 安进公司研发执行副总裁杰伊·布拉德纳表示："MariTide是一种长效药物，但其副作用通常较短。这让我们对进入I ...

Core Insights - Amgen Inc announced full results from Part 1 of the Phase 2 study of MariTide, a long-acting peptide-antibody conjugate administered subcutaneously [1] Efficacy Results - In the Phase 2 study, MariTide demonstrated an average weight loss of approximately 20% in individuals with obesity without Type 2 diabetes (T2D), compared to 2.6% in the placebo group, and about 17% in individuals with obesity with T2D, compared to 1.4% in the placebo group [2] - Weight loss had not plateaued by 52 weeks, indicating potential for further reduction [2] - MariTide also showed a reduction in hemoglobin A1c (HbA1c) of up to 2.2% in obese and T2D patients [3] - Improvements were noted in cardiometabolic measures, including waist circumference, blood pressure, high-sensitivity C-reactive protein (hs-CRP), and select lipid parameters [4] Safety and Tolerability - No new safety signals were identified, and tolerability was consistent with the GLP-1 class, with gastrointestinal (GI) related adverse events being the most frequently reported, mostly mild to moderate [5] Study Progression - Complete results from the Phase 1 pharmacokinetics low dose initiation study were presented, showing an overall incidence of vomiting of 24.4% for one dose group and 22.5% for another, with no discontinuations due to GI adverse events [6][7] - The Phase 3 MARITIME program has been initiated, which is a 72-week chronic weight management study evaluating safety, efficacy, and tolerability in participants with obesity or overweight, with and without T2D [8] Future Studies - Amgen plans to initiate additional Phase 3 studies for atherosclerotic cardiovascular disease, heart failure, and obstructive sleep apnea in 2025 [9] Analyst Insights - Analysts express mixed views on the treatment policy estimand weight loss data, with some believing that reducing discontinuations through additional titration could yield Phase 3 results near 20% [9] - Questions remain regarding the potential for increased GI adverse events with expanded dosing intervals beyond every four weeks [10] Stock Performance - Following the announcement, Amgen's stock rose by 1.96% to $277.78 [10]

与此同时，安进的实验性减肥疗法MariTide的安全性将成为关注焦点。该公司将于6月23日公布一项关 于这种注射剂的二期临床试验的全部数据。 安进的股票在11月份出现了下跌，原因是该公司报告称，MariTide在为期52周的试验中使受试者的平均 体重减轻了多达20%。该试验招募的对象为患有肥胖症或超重症但未患有2型糖尿病的个体。 减肥药巨头礼来(LLY.US)、诺和诺德(NVO.US)以及安进(AMGN.US)计划在6月20日至23日于芝加哥举 行的美国糖尿病协会(ADA)第85届科学会议上公布其重大临床试验的结果。 礼来将于6月21日在由ADA主办的研讨会上公布其针对2型糖尿病成年患者的在研口服减肥疗法 (orforglipron)的3期临床试验结果。这家制药公司于4月公布了ACHIEVE-1试验的最终数据，指出这项全 球性试验(orforglipron的七项3期临床试验中的第一项)达到了主要目标，即这种每日服用一次的药物在 40周的试验期内使患者平均减重约8%。 诺和诺德也将于6月22日参加研讨会，公布其下一代减肥疗法CagriSema的REDEFINE1和REDEFINE2三 期临床试验的数据。这家丹麦 ...

为提高患者依从性，目前主要从口服GLP-1RA类药物与超长效药物两类技术路径进行布局。目前在研 阶段的口服管线主要包括小分子类与多肽类，其中化药类进度较快的有礼来的Orforglipron，多家其他 MNC也均有在研管线;多肽类口服药主要由诺和诺德布局。作为长效制剂，司美格鲁肽与替尔泊肽已实 现每周给药，相较于每日给药的利拉鲁肽，给药间隔已大幅延长。超长效制剂的体内半衰期相对更长， 能够实现每2周给药甚至每4周给药，减少患者的用药频率，简化治疗流程的同时提升患者依从性。目前 在研阶段进度较快的超长效减肥药有安进的MariTide(Q4W)，Metsera的MET-097i(Q4W)与MET- 233i(Q4W)。 以司美格鲁肽与替尔泊肽为代表的GLP-1RA类药物正在彻底改变糖尿病与肥胖症的治疗范式，根据 Jefferies等数据统计，2031年预计GLP-1RA类药物全球销售规模有望超过1500亿美元规模。诺和诺德与 礼来两大MNC旗下产品目前患者市占率已接近97%，形成双巨头垄断市场格局;默沙东、罗氏、安进、 阿斯利康与再生元等正快速进入该赛道中，在一个或多个细分方向上布局潜力品种;其余MNC目前尚未 完 ...