医药生物 G [Table_ReportDate] 2025 年 08 月 25 日 [Table_Author] 分析师：王俐媛 执业证书号：S1030524080001 电话：0755-83199599 邮箱：wangly1@csco.com.cn 研究助理：徐伊琳 电话：0755-23602217 邮箱：xuyl@csco.com.cn 公司具备证券投资咨询业务资格 证券研究报告 MRD 有望成为新的免疫伴随诊断 [Table_ReportType] 医药生物行业周报（8 月第 4 周） [Table_S 行业ummary 观点：] 请务必阅读文后重要声明及免责条款 [Table_Industry] [Table_BaseData] 1) 周度回顾。上周（8 月 18 日-8 月 22 日）医药生物板 块收涨 1.05%，跑输 Wind 全 A（3.87%）和沪深 300 （4.18%）。从板块来看，医疗设备（4.49%）、疫苗 （4.41%）和中药（2.86%）涨幅居前，医疗研发外包 （-3%）、原料药（-1.44%）和医疗耗材（-0.01%）跌幅 居前。从个股来看，香雪制药（40.4%）、欧林生物 ...

Core Viewpoint - Eli Lilly's obesity pill, orforglipron, has shown disappointing trial results compared to expectations, leading to a significant drop in stock price, although it has since recovered somewhat [2][3]. Drug Efficacy and Comparison - In a late-stage trial, orforglipron resulted in less weight loss (12.4% at the highest dose) and higher side effects than anticipated, while Novo Nordisk's oral semaglutide showed greater efficacy (up to 16.6% weight loss) [13][14]. - Analysts believe that orforglipron could still be a viable competitor in the weight loss market, especially due to its easier absorption and manufacturing advantages over Novo Nordisk's peptide-based drug [5][6]. Market Potential and Projections - Goldman Sachs analysts project that daily oral weight loss pills could capture 24% of the $95 billion global weight loss drug market by 2030, with Eli Lilly's orforglipron expected to hold a 60% share of the daily oral segment, translating to approximately $13.6 billion [7][8]. Manufacturing and Pricing Considerations - Eli Lilly's orforglipron is a small-molecule drug, making it easier and potentially cheaper to manufacture compared to Novo Nordisk's oral semaglutide, which is a peptide medication [5][22]. - Pricing strategies for both drugs remain uncertain, but analysts suggest that orforglipron could be priced lower than Novo Nordisk's offering, which may provide a competitive edge in a market where many health plans do not cover obesity treatments [6][23]. Side Effects and Tolerability - The side effects of orforglipron, primarily gastrointestinal, led to a 10.3% discontinuation rate at the highest dose, which is higher than the placebo group [17][19]. - Comparatively, Novo Nordisk's oral semaglutide had a higher incidence of gastrointestinal side effects, with 30.9% reporting vomiting and 46.6% reporting nausea [19]. Competitive Landscape - The obesity drug market is competitive, with other companies like Pfizer and Viking Therapeutics also developing oral medications, but Eli Lilly and Novo Nordisk are currently leading the race [9][27]. - Viking Therapeutics recently reported disappointing trial results, indicating that its drug may not be as effective as Eli Lilly's orforglipron [27][28].

Ozempic and other weight-loss drugs may be a promising solution to the growing problem of obesity, but they’ve got a surprising foe: fat activists. https://t.co/wdC7XHm73J ...

智通财经APP获悉，根据本周发表在《美国医学会杂志·肿瘤学》上的研究结果，GLP-1受体激动剂，例 如礼来(LLY.US)的减肥和糖尿病疗法Mounjaro以及诺和诺德(NVO.US)的Ozempic，能够降低患癌风险。 在研究了8万多名此前无癌症病史的肥胖患者的电子健康记录后，研究人员发现，使用GLP-1药物的患 者与未使用该药物的患者相比，总体癌症风险在统计学上显著下降。 该研究基于健康研究网络OneFlorida+的EHR数据，涵盖2014年至2024年期间43,315名不使用GLP-1类药 物的用户以及43,317名使用GLP-1类药物的用户，这些GLP-1类药物包括诺和诺德的Ozempic以及礼来的 Mounjaro。 研究结果表明，在每年使用GLP-1类药物的患者中，14种癌症的发病率(其中包括13种与肥胖相关的癌 症，如子宫内膜肿瘤)为每千人13.6例，而不使用者的发病率则为每千人16.4例。 不过，这项研究进一步表明，GLP-1药物与肾癌风险的轻微但不显著的增加有关。 鉴于该研究的回顾性质以及没有GLP-1药物适用于治疗癌症的事实，研究人员呼吁进行长期随访，以评 估其研究结果背后的临床意义和原 ...

Core Insights - Eli Lilly and Company (LLY) is a significant player in the diabetes and obesity drug market, primarily due to the success of its GLP-1 therapies, Mounjaro and Zepbound, which are facing competition from Novo Nordisk's semaglutide medicines [1][2] - The obesity market is projected to grow to $100 billion by 2030, leading to intense competition among key players [2] - Lilly is actively investing in obesity treatments, with several new molecules in clinical development, including orforglipron and retatrutide [3][9] Company Developments - Lilly has reported positive data from two phase III studies on orforglipron, showing significant reductions in A1C and weight among participants [4] - Despite the promising data, the weight loss results from orforglipron fell short of investor expectations, leading to concerns about its market potential [5][6] - Lilly plans to file regulatory applications for orforglipron in obesity by Q4 2025 and for type II diabetes in H1 2026 [7] Competitive Landscape - Other companies, such as Amgen and Viking Therapeutics, are also developing GLP-1-based candidates, intensifying competition in the obesity treatment space [12][16] - Novo Nordisk is advancing its pipeline with an oral version of Wegovy and other next-generation candidates [16] Financial Performance - Lilly's stock has declined by 7.6% this year, contrasting with a 0.2% increase in the industry [17] - The company's stock is currently trading at a price/earnings ratio of 25.29, higher than the industry average of 14.64, but below its 5-year mean of 34.54 [19] Earnings Estimates - Earnings estimates for Lilly have increased for 2025 and 2026, indicating positive market sentiment despite recent setbacks [21]

Novo's slower growth will crimp employee bonuses in the Ozempic maker’s home market of Denmark as it ramps up a cost-cutting push https://t.co/MTA6McKGST ...

Core Narrative - The healthcare sector is experiencing a decline, presenting potential investment opportunities for those willing to take on individual stock risks, particularly with the rise of Ozempic, a weight loss treatment that has gained significant traction in American households [1][2]. Group 1: Investment Opportunities - Companies like Hims & Hers Health Inc. and Eli Lilly and Co. are positioned to benefit from the Ozempic trend, with Hims & Hers focusing on a subscription model that provides stable growth and downside protection [4][10]. - The Health Care Select Sector SPDR Fund offers a diversified investment approach for those hesitant to invest in individual stocks, showing a performance gap of approximately 26% compared to the S&P 500 [6][7]. Group 2: Company Analysis - Hims & Hers Health - Hims & Hers has a gross profit margin of 76.2%, comparable to software companies, and is viewed positively by some institutions, including Nomura Holdings, which invested $8 million [11][12]. - The stock is currently priced at $43.48, with a price target of $38.92, indicating potential for growth despite being primarily associated with weight loss [8][9]. Group 3: Company Analysis - Eli Lilly - Eli Lilly has a market capitalization of $663 billion, providing it with the resources to scale effectively in the competitive landscape of weight loss products [13]. - Analysts have a consensus view of a Moderate Buy for Eli Lilly, with a price target of $950.17, suggesting a potential rally of 35.8% from its current trading price [14][15].

SAN DIEGO, Aug. 20, 2025 /PRNewswire/ -- Robbins LLP reminds stockholders that a class action was filed on behalf of investors who purchased or otherwise acquired Novo Nordisk A/S (NYSE: NVO) securities between May 7, 2025 and July 28, 2025. Novo Nordisk is a healthcare company, focused on the research, development, manufacturing, and distribution of pharmaceutical productions globally.For more information, submit a form, email attorney Aaron Dumas, Jr., or give us a call at (800) 350-6003.The Allegations:  ...

Data to highlight the impact of Wegovy® (semaglutide 2.4 mg) on atrial fibrillation – a common heart rhythm condition – in people living with obesity (SELECT study)Additional Rybelsus® and Ozempic® data demonstrate new cardiometabolic benefits (improvements in heart and metabolic health) in people living with type 2 diabetes (SOUL and STRIDE studies)New insights into the role of inflammation in cardiovascular disease on mortality and major cardiovascular events in people living with inflammation in the hear ...

Ozempic and other weight-loss drugs may be a promising solution to the growing problem of obesity, but they’ve got a surprising foe: fat activists. https://t.co/U4SjywQpBC ...