诺和诺德年内股价下跌43.10%！礼来替尔泊肽证明自己是真正的“减肥药之王”

GLP1减重宝典12-01

整理 | GLP1减重宝典内容团队过去几年，GLP-1受体激动剂的代表药物——诺和诺德的司美格鲁肽（Ozempic/Wegovy）掀起全球减肥与糖尿病治疗热潮，推动公司成为欧洲市值最高的医药企业之一。然而随着礼来的加入，行业格局迅速变化。礼来的双靶点激动剂替尔泊肽（Mounjaro/Zepbound）凭借更强的控糖与减重效果正在快速蚕食市场份额。在此背景下，诺和诺德股价近期出现明显回落，而礼来则...

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Eli Lilly Tilpotide proves itself to be the real \"king of weight loss pills\"","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"LLY":1.5,"NVO":1.5},"content_text":"整理 | GLP1减重宝典内容团队过去几年，GLP-1受体激动剂的代表药物——诺和诺德的司美格鲁肽（Ozempic/Wegovy）掀起全球减肥与糖尿病治疗热潮，推动公司成为欧洲市值最高的医药企业之一。然而随着礼来的加入，行业格局迅速变化。礼来的双靶点激动剂替尔泊肽（Mounjaro/Zepbound）凭借更强的控糖与减重效果正在快速蚕食市场份额。在此背景下，诺和诺德股价近期出现明显回落，而礼来则迎来新一轮估值上升。▍诺和诺德：昔日霸主的滑落截至2025年底，诺和诺德股价显著下行，单日跌幅曾超过9%–12%。核心原因是其旗舰减肥与糖尿病药物需求不及预期，同时公司下调全年销售与利润指引，削弱投资者信心。2025年上半年诺和诺德两度下调年度预期，销售增长从13–21%降至8–14%，运营利润从16–24%降至10–16%，市值蒸发数百亿美元。此外，公司寄望的新一代减肥药组合CagriSema及其口服版本仍存在监管和市场不确定性，在礼来强劲竞争下未来增长前景趋于保守。诺和诺德减肥药和糖尿病药物在美国市场销量不如预期，其潜在重磅适应症司美格鲁肽用于阿尔茨海默病的临床也接连失败，使市场对其长期护城河的信心下降。同时，GLP-1药物价格下行、报销政策变动、仿制药风险等多重因素，都对其营收和利润前景造成压力，使其增长动力减弱且市场份额面临挤压。点击关注，追踪最新GLP-1资讯▍礼来：新晋“减肥药之王”的崛起2025年第三季度，礼来报告替尔泊肽（糖尿病用Mounjaro＋肥胖症用Zepbound）季度销售额突破100亿美元，进入全球最畅销药物之列。截至2025年9月，礼来在美国GLP-1药物处方份额达到58%，诺和诺德为42%。替尔泊肽因显著优于司美格鲁肽的减重幅度与代谢改善效果，被视为“下一代减肥药”的代表。在替尔泊肽的带动下，礼来股价一路上涨，市值突破1万亿美元，成为全球首批迈入该规模的医疗公司。资本市场普遍认为，礼来已成为GLP-1与肥胖代谢药物领域的新霸主。除了药物疗效领先外，礼来在供应链、市场覆盖、医保策略等方面也表现亮眼，使其竞争优势进一步稳固。▍政策与定价变化：压力与机会并存2025年底，美国推动GLP-1药物的定价协议，要求诺和诺德的Wegovy与礼来的Zepbound/Mounjaro在医保和自费市场大幅降价。从每月500–1000美元降至149–350美元，未来可能稳定至约245美元。这一政策对两家公司产生“短期受压，中长期利好”的双重影响。短期而言，价格下降使毛利受压，诺和诺德已在财报中提示这一不利因素。长期来看，价格下降将显著扩大患者基数，释放更多需求。由于礼来在市场份额和供应能力上更具优势，因此降价政策被认为对礼来更有利。综合疗效、市场表现、资本认可度与政策环境，替尔泊肽在多个关键维度领先：减重与控糖效果显著优于司美格鲁肽；在主要市场的处方份额快速上升；替尔泊肽带动礼来跻身万亿美元市值；价格下调后潜在用户群进一步扩大。相较之下，诺和诺德新品推进缓慢、市场份额下滑、价格压力增大、研发挫折频发，因此在当前竞争格局中处于相对被动位置。尽管面临压力，诺和诺德仍在推进多项策略试图重拾增长势头，包括研发更强效的组合疗法CagriSema及其口服版本；加速口服GLP-1药物布局以满足非注射需求；推动降价与订阅式分销以扩大可及性；拓展肝病、心血管等领域以降低对单一产品线依赖。但这些举措能否在短期内恢复市场信心仍存在不确定性。*本文仅供医疗卫生专业人士参考","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"dataReport","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.35.11","shortVersion":"4.35.11","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2588090743","isCrawlerRequest":true}