整理 | GLP1减重宝典内容团队 肥胖已成为全球性的健康挑战，影响着数亿人的生活质量。近年来，抗肥胖药物研发领域取得了突破性进展， 超过100种新型治疗方法正在开 发中 ，旨在为患者提供更安全、更有效的减重方案。其中一些药物有望在未来几年内上市，为肥胖患者带来新的希望。 最近，《Nature》杂志分析了即将上市的新一代减肥药。 | Estimated | Drug | Company | Description | | --- | --- | --- | --- | | year | | | | | 2026 | Orforglipron | Eli Lilly | An oral, small-molecule drug that activates the | | | | | glucagon-like peptide 1 (GLP-1) receptor. | | 2026 | CagriSema | Novo Nordisk | An injectable that activates the amylin and GLP-1 | | | | | receptors. | | 2027 | Surv ...

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 - 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].