Eli Lilly and Novo Nordisk may want to enjoy their duopoly while they can.Eli Lilly's (LLY +10.33%) obesity drug, Zepbound, generated sales of $13.5 billion in 2025. Its Type 2 diabetes drug Mounjaro, which is also marketed for treating obesity outside of the U.S., Canada, and Japan, raked in nearly $23 billion last year. Meanwhile, Novo Nordisk's (NVO 6.22%) obesity franchise made the Denmark-based drugmaker 82.3 billion Danish krone (roughly $13 billion). What was Pfizer's (PFE +4.08%) revenue in the obes ...

2026 年 2 月 5 日 招银国际环球市场 | 市场策略 | 招财日报 每日投资策略 公司点评 全球市场观察 公司点评 辉瑞（PFE US，买入，目标价：35.46 美元） - 减重管线数据推动估值重估 潜力 中国股指收涨，港股能源、地产与原材料领涨，信息科技、可选消费与医疗 跑输。南下资金净买入133.73亿港元，腾讯、阿里巴巴与小米净买入居前， 中芯国际、华虹半导体与钧达股份净卖出最多。A 股煤炭、建材与地产领涨， 传媒、通信与计算机跑输。马斯克团队考察光伏产业链，上市公司密集回应。 中国光伏行业协会表示太空光伏技术仍处于探索和验证的初期阶段。 美股指数下跌，信息技术、通讯服务与可选消费领跌，能源、材料与地产领 涨。美股市场软件股抛售潮继续蔓延至半导体、AI 概念股等领域，宏观数据 喜忧参半未能给市场提供支撑。资金从科技股、成长股与高估值板块向能源、 材料股、价值股与低估值板块切换。AMD 疲弱指引后暴跌 17%，拖累半导 体板块下挫，Palantir、Snowflake、Datadog 等软件与 AI 相关个股继续承压。 谷歌All in AI，第4季度云收入猛增48%，今年支出指引接近翻倍大超预期 ...

2026年2月5日 CMB国际 | 全球市场 | 股权研究 | 公司更新 辉瑞公司（PFE美国） 肥胖领域风险降低推动重估潜力 辉瑞公布了强劲的2025年第四季度业绩，收入为176亿美元（基本符合我们180亿美元 的预估），调整后净收入为38亿美元（超出我们33亿美元的预估）。尽管2025财年收入 达到626亿美元（同比下降2%），但排除COVID-19产品（Comirnaty和Paxlovid）的经 营收入同比增长6%，凸显了公司业务的强劲基础。2025财年调整后摊薄每股收益同比 增长4%至3.22美元，反映了成本削减举措的成功实施。管理层重申了2026年收入预期 为595亿美元至625亿美元，调整后每股收益为2.80美元至3.00美元。我们预计2026财年 预期将充满催化剂，包括长效GLP-1和长效胰淀素项目的关键数据公布，肥胖产品组合 和PF'4404（PD-1/VEGF）的积极临床进展，以及2L+非小细胞肺癌中SV的III期数据和 Elrexfio在复发/难治性多发性骨髓瘤中的数据。我们认为这些里程碑有望推动显著的价 值重估。 VESPER-3读数验证了每月剂量区分。 辉瑞公布了其长效GLP-1（PF ...

Market Performance - The Hang Seng Index closed at 26,847, with a slight increase of 0.05% for the day and a year-to-date increase of 4.75% [1] - The Hang Seng Technology Index decreased by 1.84% for the day and is down 2.71% year-to-date [1] - The US stock market saw the Dow Jones increase by 0.53%, while the S&P 500 and Nasdaq fell by 0.51% and 1.51%, respectively [1] Sector Performance - In the Hong Kong market, the financial sector increased by 0.66% and is up 8.51% year-to-date, while the industrial sector decreased by 0.48% [2] - The real estate sector in Hong Kong saw a significant increase of 1.99% for the day and is up 17.13% year-to-date [2] Capital Flows - Southbound funds recorded a net inflow of 13.373 billion HKD, with Tencent, Alibaba, and Xiaomi being the top net buyers [3] - In contrast, SMIC, Hua Hong Semiconductor, and Jun Da Co. were the most sold stocks [3] US Market Trends - The US stock market experienced a sell-off in technology stocks, particularly in software and semiconductor sectors, with AMD's weak guidance leading to a 17% drop [3] - The S&P 500 software sector has seen an average decline of 25% since reaching a historical high last October [3] Company Analysis: Pfizer (PFE US) - Pfizer reported strong Q4 2025 earnings with revenue of 17.6 billion USD, slightly below the expected 18.1 billion USD, but adjusted net income exceeded expectations at 3.8 billion USD [4] - The company anticipates 2026 revenue between 59.5 billion to 62.5 billion USD, with adjusted EPS guidance of 2.80 to 3.00 USD [4] - Key upcoming milestones include data readouts for long-acting GLP-1 and Amylin projects, which are expected to drive significant valuation re-evaluation [4] Clinical Developments - Pfizer's VESPER-3 study showed a 12.3% weight loss effect at the 28-week mark for its long-acting GLP-1 candidate, with a potential 15.8% weight loss projected for a higher dose [5] - The company plans to initiate a Phase 3 study for the higher dose later this year, with detailed data expected at the ADA conference in June [5] Oncology Pipeline - Pfizer is advancing its PD-1/VEGF and ADC combination therapies, with ongoing Phase 3 trials for PF'4404 in colorectal cancer and additional trials planned for 2026 [6] - The market narrative is shifting towards pipeline execution strength, with obesity products and PF'4404 clinical progress expected to drive stock price increases [6]

智通财经APP获悉，2月3日，辉瑞(PFE.US)宣布，其超长效注射用GLP-1受体激动剂(RA)PF'3944(MET- 097i)在2b期VESPER-3研究中取得积极顶线结果。该研究针对肥胖或超重、不合并2型糖尿病的成人患 者，评估每月一次维持给药方案。 PF'3944是一款超长效、完全偏向性的GLP-1受体激动剂，是辉瑞通过近期收购Metsera所获得的管线， 具有每月注射1次的给药潜力。目前正被开发为每周(QW)单药治疗及每月治疗方案，并探索与多种肽类 药物联合应用，包括胰淀素类似物PF-08653945(PF'3945；MET-233i)以及葡萄糖依赖性促胰岛素多肽受 体(GIPR)激动剂PF-08654696(MET-034i)。 结果显示，治疗第28周，第1组和第3组患者的体重分别较安慰剂组降低了10%和12.3%。这些数据表 明，在改为每月1次用药后，患者的体重下降稳健且持续，第28周时仍未见平台期，预计到第64周之前 体重仍会持续下降。 在第28周期间，PF'3944也保持了良好且有利的安全性特征，与GLP-1RA类药物的特征一致。观察到的 胃肠道治疗期间不良事件(TEAEs)以轻度或中度 ...

整理 | GLP1减重宝典内容团队 辉瑞近期发布的PF'3944（月度注射版GLP-1受体激动剂）在减重的IIb期临床试验结果为该公司在Metsera药物上的100亿美元投资提供了初步 验证。在名为Vesper-3的试验中，约250名不伴2型糖尿病的肥胖或超重成人被随机分配接受PF'3944的四种给药方案或安慰剂。所有接受 PF'3944治疗的患者最初接受12周的每周剂量治疗，随后切换为每月一次的注射方案，而每月剂量是每周剂量的四倍。 在第28周时，辉瑞报告了PF'3944低剂量和中剂量月度维持方案的安慰剂调整减重效果分别为10%和12.3%。辉瑞指出，在切换到每月给药后， 患者体重减轻表现稳定且持续，第28周时仍未见减重平台期，预计体重将在接下来的几周内继续下降。这些数据表明，PF'3944每月注射的方 案可与现有的GLP-1类药物提供相媲美的减重效果，并且为患者提供了每月一次注射的便利。 尽管数据具有吸引力，BMO资本市场的分析师对此数据表示谨慎欢迎，指出"12.3%的减重效果在28周时看起来具有竞争力，尤其是在与辉瑞的 其他项目—例如与美克萨（Metsera）合作的AMY-233i—的组合研究中"，但他 ...

On Tuesday, Pfizer Inc. (NYSE:PFE) shared topline data from a mid-stage study for a weight loss drug and reported fourth quarter earnings that beat consensus estimates.Weight Loss DataPfizer released data from the Phase 2b VESPER-3 study of monthly maintenance dosing of PF'3944 (MET-097i) in adults with obesity or overweight without type 2 diabetes.The U.S. drug giant added the ultra-long-acting, injectable GLP-1 receptor agonist via a massive $10 billion Metsera, Inc. deal.The ongoing 64-week study demonst ...

Core Insights - Pfizer's experimental obesity drug, acquired through Metsera, demonstrated significant weight loss in a mid-stage trial, with patients losing up to 12.3% of their weight compared to placebo at week 28 [1] - The injection's weight loss efficacy was noted to be 10.5% when considering all patients, regardless of discontinuations [1] Group 1 - The data suggests that the injection can be administered less frequently than existing treatments without losing efficacy, positioning Pfizer favorably in a market currently led by Eli Lilly and Novo Nordisk [2] - Pfizer plans to initiate 10 phase three trials for the injection, named PF'3944, within the year [2] Group 2 - Dr. Jim List, Pfizer's chief internal medicine officer, stated that the topline results support the potential of PF'3944 as a monthly treatment with competitive efficacy [3] - The trial involved patients transitioning from weekly to monthly injections, with no plateau in weight loss observed after the switch [3]