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]

整理 | GLP1减重宝典内容团队 致力于创新肽类药物研发的生物技术公司 Zealand Pharma A/S（纳斯达克股票代码：ZEAL）近日宣布，其GLP-1/GLP-2双重受体激动剂 dapiglutide 在I期b阶段多剂量递增（MAD）试验的第二部分中，28周治疗展现出积极的初步结果。此次试验主要评估 dapiglutide 的安全性、 耐受性及临床效果。 在不包含任何生活方式干预（如饮食或运动调整）的前提下，dapiglutide 治疗组参与者在28周后平均体重下降11.6%。试验参与者以男性为主 （约95%），中位体重91.9公斤，起始体重指数（BMI）为28.8 kg/m²。相比之下，安慰剂组平均体重下降仅为0.2%。 "我们对 dapiglutide 在体重管理方面的表现感到鼓舞，特别是在几乎全为男性、且基础体重指数偏低的受试人群中，其效果仍与现有最强效的 GLP-1类药物相当。"Zealand Pharma 首席医疗官 David Kendall 博士表示，"dapiglutide 拥有独特的双机制设计，结合GLP-2活性，或可同时 应对由慢性炎症驱动的肥胖相关共病。我们正在推进一系列差异 ...

整理 | GLP1减重宝典内容团队 礼来公司的一款实验性减重药物在初步研究中显示出良好的效果，副作用较少，这表明该公司在竞争激烈的减肥治疗市场上又迈出了一步。 这款药物名为 eloralintide，根据周五发布的一份摘要，在为期三个月的试验中，有部分参与者的体重下降超过11%。这一摘要是在芝加哥举行 的美国糖尿病协会（ADA）年会前夕公布的。该药物正进入下一阶段的研发，研究人员将在下周的会议上公布有关安全性和剂量的更多数据。 "这些数据看起来非常有前景，有望重新激发投资者对该项目的关注，"Cantor Fitzgerald 分析师 Prakhar Agrawal 在一份客户报告中写道。 此前，礼来对 eloralintide 的信息披露极少，因为该药物仍处于早期试验阶段。它属于一类模拟胰淀素激素的药物。胰淀素可减缓胃排空速度， 让人更长时间感到饱足。相比目前已上市的注射类药物，如 Zepbound 和 Wegovy，这类药物被认为是一种副作用较轻的减肥选择。目前常见 的不良反应包括恶心和呕吐。 版权声明：所有「GLP1减重宝典」的原创文章，转载须联系授权，并在文首/文末注明来源、作者、微信ID，否则减重宝典 ...

从整体来看，几乎所有制药巨头都布局了减肥药管线，赛道已 呈白热化竞争，这些企业从口服、长效、新靶点等各方面进行 创新，寻找下一个减肥重磅药物。 作者： 黄一帆 封图：图虫创意 随着"双雄"再起激战，减肥药市场格局正风云变幻。 5月11日，礼来公司公布的"头对头"研究SURMOUNT-5详细数据引发了市场的高度关注。从礼 来公布的数据来看，在减重效果方面，司美格鲁肽似乎被替尔泊肽击败了。 所谓"头对头"研究，指的是非安慰剂对照的试验，即将临床上已经使用的治疗药物或治疗方法作 为对照进行的临床试验，可以看作是两种药物在有效性和安全性上的直接较量。 根据礼来公司披露的数据，基于治疗方案估计目标的研究数据显示，在第72周时，替尔泊肽实现 平均减重比例达到20.2%，而司美格鲁肽为13.7%。替尔泊肽组平均减重22.8公斤，司美格鲁肽 组平均减重15.0公斤。 在该研究的关键次要终点中，替尔泊肽组实现体重减轻≥15%的参与者比例达64.6%，而司美格 鲁肽组为40.1%。此外，替尔泊肽组平均腰围减少18.4厘米，而司美格鲁肽组为13.0厘米。 对于本次研究，诺和诺德方面告诉记者，在SURMOUNT-5试验中，减重版司美 ...

Core Insights - Novo Nordisk's semaglutide has successfully claimed the title of "king of drugs" in Q1 2024, surpassing Merck's Keytruda in sales [2][3] - The success of semaglutide has sparked a research and development frenzy in the global weight loss market among multinational corporations (MNCs) [1][6] - The competitive landscape in the GLP-1 space is intensifying, particularly with Eli Lilly's strong performance and ongoing clinical trials [4][5] Sales Performance - In Q1 2024, Novo Nordisk's semaglutide products generated a total sales revenue of approximately $8.38 billion, with individual products Wegovy, Ozempic, and Rybelsus contributing $2.63 billion, $4.95 billion, and $0.86 billion respectively [2] - Merck's Keytruda reported Q1 sales of $7.2 billion, indicating that semaglutide has overtaken it in sales for the first time [2] Market Dynamics - Novo Nordisk has lowered its full-year performance outlook due to lower-than-expected penetration rates of its GLP-1 products in the U.S. market, despite achieving an 18% sales growth in Q1 [3] - Eli Lilly's GLP-1 products, Mounjaro and Zepbound, generated combined sales of $6.15 billion in Q1, indicating strong competition in the market [4] R&D Developments - Novo Nordisk is focusing on developing new formulations, with the oral version of Wegovy under FDA review, which could become the first oral GLP-1 treatment for long-term weight management if approved [5] - Pfizer has announced a commitment to weight loss drug development but faced setbacks with the termination of its oral GLP-1 drug Danuglipron due to safety concerns [6] CXO Industry Impact - The surge in GLP-1 research has positively impacted domestic CXO companies, with WuXi AppTec's TIDES business achieving a revenue of 5.8 billion yuan in 2023, a 70.1% increase year-on-year [7] - Notable growth has also been reported by Novotech Biopharma, with Q1 revenue of 566 million yuan, a 58.96% increase, and a projected annual revenue growth of nearly 60% for 2024 [7]

诺和诺德目前的市值自一年前的高位蒸发超过50%。就在两天前，礼来发表了一项"头对头"研究数据，显示该公司的GLP-1药物替尔泊肽的减重疗效全面超 越司美格鲁肽。 诺和诺德正在疯狂斥重资押注减重疗法，以占领新一代药物研发的先机。 欧洲当地时间5月14日，诺和诺德宣布，已与美国生物科技公司Septerna达成合作及授权协议，共同开发用于治疗肥胖症、2型糖尿病和其他心脏代谢疾病的 口服小分子药物，该协议的潜在价值预计高达22亿美元，其中包括2亿美元的预付款。 除了诺和诺德和礼来，罗氏也在大举押注减重药物。今年3月，罗氏宣布将斥资高达53亿美元，与Zealand Pharma公司共同开发并商业化一种被称为"长效胰 淀素类似物"的减重药物petrelintide。 在主要竞争对手礼来的步步紧逼下，诺和诺德目前的市值自一年前的高位蒸发超过50%。就在两天前，礼来发表了一项"头对头"研究数据，显示该公司的 GLP-1药物替尔泊肽的减重疗效全面超越司美格鲁肽。 投资者担心，诺和诺德最先上市的GLP-1类减重药司美格鲁肽将失去先发优势。自今年3月中旬以来，替尔泊肽减重药在美国的处方量不断上升，并超过了 司美格鲁肽。 与此同时， ...

Core Insights - Zealand Pharma has successfully closed a collaboration and license agreement with Roche, which is now effective following the satisfaction of all closing conditions, including regulatory requirements [1] - The partnership is aimed at advancing Zealand Pharma's vision in obesity management, with a focus on the potential of petrelintide to benefit individuals who are overweight or obese [2] Company Overview - Zealand Pharma A/S is a biotechnology company specializing in the discovery and development of peptide-based medicines, with over 10 drug candidates in clinical development, including two that have reached the market and three in late-stage development [3] - Founded in 1998 and headquartered in Copenhagen, Denmark, Zealand Pharma also has a presence in the United States [4]

Core Insights - Zealand Pharma has reported significant progress in its clinical pipeline and has established a transformative partnership with Roche for petrelintide, positioning the company for accelerated growth [1][3]. Financial Performance - For Q1 2025, Zealand Pharma reported revenue of DKK 8.1 million, a decrease from DKK 15.1 million in Q1 2024 [4]. - Operating expenses increased to DKK 393.1 million from DKK 266.3 million year-over-year [4]. - The operating result was a loss of DKK 385.5 million compared to a loss of DKK 255.8 million in the same quarter last year [4]. - The net financial items improved to DKK 70.3 million from DKK 25.8 million [4]. - The cash position as of March 31, 2025, was DKK 8,544.5 million, down from DKK 9,022.0 million at the end of 2024 [4]. Strategic Developments - Zealand Pharma entered a collaboration and license agreement with Roche to co-develop and co-commercialize petrelintide, sharing profits and losses on a 50/50 basis [4][5]. - The partnership aims to establish a leading amylin-based franchise for weight management and related indications [5]. - Zealand Pharma completed enrollment in the Phase 2 ZUPREME-1 trial for petrelintide three months after initiation [5][9]. Corporate Updates - Utpal Singh was appointed as Chief Scientific Officer to lead the next wave of innovative medicines [5][10]. - Steven R. Smith was appointed as Senior Global Medical Advisor in Obesity to support obesity research and clinical development programs [8]. Upcoming Milestones - Zealand Pharma expects to submit a Marketing Authorization Application for glepaglutide in the second half of 2025 and initiate a Phase 3 clinical trial [12]. - The company anticipates reporting topline results from the Phase 2 ZUPREME-1 trial in the first half of 2026 [14]. - Zealand Pharma plans to host a Capital Markets Day in London on December 11, 2025 [17]. Financial Guidance - The financial guidance for 2025 remains unchanged, with net operating expenses expected to be between DKK 2,000 million and DKK 2,500 million [18][19].

Core Viewpoint - Roche has entered a $5.3 billion deal with Zealand Pharma to develop a new obesity treatment, petrelintide, aiming to compete in the growing obesity drug market dominated by Novo Nordisk and Eli Lilly [1][2]. Company Developments - The Roche-Zealand partnership will involve co-development and co-commercialization of petrelintide, with Zealand receiving $1.65 billion upfront and potential milestone payments up to $5.3 billion based on trial outcomes and sales [6][7]. - Zealand Pharma's stock surged by 38% on the announcement day, while Roche's shares increased by approximately 4% [7]. Product Insights - Petrelintide is an amylin analog, a new class of weight loss treatment that may offer comparable weight reduction to GLP-1 drugs but with better tolerability and preservation of lean muscle [3][4]. - Analysts project that petrelintide could achieve a 15-20% weight loss in phase 3 trials as a monotherapy, with Zealand calling it a potential "future backbone therapy" for weight management [5][6]. Competitive Landscape - The obesity drug market is becoming increasingly competitive, with Roche's deal positioning it against established players like Novo Nordisk and Eli Lilly, who are also advancing their own obesity treatments [15][16]. - Zealand's CEO indicated that the partnership with Roche could accelerate the timeline for bringing petrelintide to market, potentially ahead of competitors [14][17]. Strategic Fit - The collaboration was driven by a strong scientific and cultural alignment between Roche and Zealand, with both companies emphasizing the importance of a true partnership in the development process [12][9]. - Roche has been actively expanding its obesity treatment portfolio, including the acquisition of Carmot Therapeutics to enhance its capabilities in this area [10][11].