GLP—1 下半场生变：辉瑞抢跑诺和诺德与药王渐行渐远？

华夏时报网02-26

全球GLP—1 赛道格局生变，曾经的行业霸主诺和诺德正遭遇重大危机。作为胰岛素领域巨头，诺和诺德全力研发的新一代减重药CagriSema，在头对头试验中数据不敌礼来的替尔泊肽，引发其股价狂泄，美股单日暴跌超16%，创下2021年6月以来的最低收盘纪录。　　更为严峻的是，双雄并立的GLP—1赛道又切入新玩家辉瑞。在国内市场，辉瑞获得杭州先为达生物埃诺格鲁肽注射液的中国大陆独家商业化权益。国际市场上，...

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赛道格局生变，曾经的行业霸主诺和诺德正遭遇重大危机。作为胰岛素领域巨头，诺和诺德全力研发的新一代减重药CagriSema，在头对头试验中数据不敌礼来的替尔泊肽，引发其股价狂泄，美股单日暴跌超16%，创下2021年6月以来的最低收盘纪录。　　更为严峻的是，双雄并立的GLP—1赛道又切入新玩家辉瑞。在国内市场，辉瑞获得杭州先为达生物埃诺格鲁肽注射液的中国大陆独家商业化权益。国际市场上，...</p>\n\n<a href=\"http://finance.eastmoney.com/a/202602263655208077.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"SG9999011175.SGD","symbol_name":"Nikko AM Global Dividend Equity Dis 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Novo Nordisk and drifted away from the drug king?","themeId":"ce51f37ae94576c950abf1f04bdd80f4","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"PFE":1.87,"NVOH":0.6,"NVO":1.96,"NVOX":0.6},"content_text":"全球GLP—1 赛道格局生变，曾经的行业霸主诺和诺德正遭遇重大危机。作为胰岛素领域巨头，诺和诺德全力研发的新一代减重药CagriSema，在头对头试验中数据不敌礼来的替尔泊肽，引发其股价狂泄，美股单日暴跌超16%，创下2021年6月以来的最低收盘纪录。　　更为严峻的是，双雄并立的GLP—1赛道又切入新玩家辉瑞。在国内市场，辉瑞获得杭州先为达生物埃诺格鲁肽注射液的中国大陆独家商业化权益。国际市场上，辉瑞在与诺和诺德竞价中胜出，以总价可达100 亿美元（含现金对价与里程碑付款）的价格收购了核心资产为下一代GLP—1 受体激动剂的Metsera公司，强势切入GLP—1赛道。　　强敌环伺，司美格鲁肽又面临全球专利悬崖，诺和诺德与药王桂冠渐行渐远？　　市值蒸发，定价腰斩　　2月23日，诺和诺德公布了下一代核心减重产品CagriSema与礼来替尔泊肽的头对头3期临床试验REDEFINE 4结果，这一结果成为压垮诺和诺德股价的“最后一根稻草”。试验数据显示，经过84周的治疗后，CagriSema组患者平均减重比例为23.0%，未能达到预设的非劣效终点；而礼来替尔泊肽组患者平均减重比例达到25.5%。这款诺和诺德寄予厚望的关键产品临床失利，击碎了市场对其管线布局的乐观预期。消息发布当日，诺和诺德美股股价迎来暴跌，单日跌幅超16％，市值瞬间蒸发数百亿美元，创下近五年以来的最低收盘纪录。　　截至目前，诺和诺德的市值较2024年巅峰时期已跌去超4000亿美元，这一蒸发规模相当于整个阿斯利康的市值，其行业龙头地位岌岌可危。　　面对前所未有的市场压力，诺和诺德CEO公开表示，当前GLP—1市场的定价压力“前所未有且痛苦”。为了应对礼来的竞争、响应美国医保支付政策的要求，2月24日，诺和诺德正式宣布，自2027年1月1日起，司美格鲁肽核心产品在美国的月度标价统一降至675美元，其中减重版降幅高达50%，降糖版的降幅约为35%。　　这一降价幅度堪称“腰斩”。和君咨询高级咨询师史天一向《华夏时报》记者表示，这标志着市场进入以价换量的厮杀模式。　　这场价格战不仅在美国市场上演，在中国市场同样如火如荼。依托2026年1月1日正式落地的新版国家医保药品目录，叠加院外电商平台的让利促销，国内GLP—1市场的价格竞争进入白热化阶段。　　以自费市场为例，京东大药房数据显示，礼来替尔泊肽注射液的月费为599元，诺和诺德的诺和盈月费为634元，两款产品价格与上市初期相比，降幅高达八成。在院内市场，替尔泊肽针对2型糖尿病的每月治疗费用最低已降至324.1元，而多个省份的药品招标平台显示，降糖版司美格鲁肽的挂网价已降至每支约329元人民币，较上市初期的价格降幅超过50%。　　价格战的背后，是诺和诺德盈利压力的持续增大。公司在最新发布的业绩指引中明确预计，2026年集团销售额将同比下降5%–13%，这将是诺和诺德九年来首次出现销售额负增长。　　从双寡头到群雄逐鹿　　如果说新药临床失利是诺和诺德遭遇的“短期危机”，那么即将到来的专利悬崖，则是其面临的“长期威胁”。2026年，司美格鲁肽的核心化合物在全球多个主要市场陆续迎来专利到期日，其中中国市场的专利于今年3月正式到期，这意味着国内企业可以生产销售司美格鲁肽仿制药，低价替代潮一触即发。　　据不完全统计，国内已有10家企业提交司美格鲁肽注射液生物类似药上市申请，如九源基因、丽珠集团、华东医药、齐鲁制药、复星万邦、正大天晴等，仿制药将凭借价格优势，快速抢占市场份额，进一步压缩盈利空间。　　更严峻的是，全球制药巨头辉瑞强势切入GLP—1赛道。　　辉瑞在GLP—1赛道的自研之路并不顺利，甚至缺席了这个千亿级赛道的上半场。不过，这个赛道足够有吸引力，让其斥资100亿美元的总价打败诺和诺德，收购专注于肥胖与代谢疾病的初创公司Metsera，快速补齐自身在GLP—1领域的管线短板。Metsera 核心产品优势在于每月一次超长效、偏向性高安全、双靶点联用潜力、口服化突破等。在国内市场，2月24日，辉瑞中国与杭州先为达生物达成战略合作，获得了新一代偏向型GLP—1药物埃诺格鲁肽在中国大陆的独家商业化权益。埃诺格鲁肽注射液已于2026年1月获得国家药品监督管理局（NMPA）批准上市，用于成人2型糖尿病的治疗，其成人长期体重管理适应症的上市许可申请也已正式获得NMPA受理。关于该药品的定价，辉瑞中国相关人士向《华夏时报》记者表示目前还不方便透露。据摩根士丹利预测，到2035年，全球减肥药物市场规模将达到1500亿美元，成为医药行业最具增长潜力的赛道之一。辉瑞拿到“下半场”的入场券，未来双寡头市场或将演变为群雄逐鹿。　　在与宿敌礼来的较量中还未稳住阵脚，辉瑞便已强势入局。在新药失利、专利悬崖、竞争加剧的三重压力下，诺和诺德的自救之路注定充满挑战。（文章来源：华夏时报网）","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":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":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; 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GLP—1 下半场生变：辉瑞抢跑 诺和诺德与药王渐行渐远？

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GLP—1 下半场生变：辉瑞抢跑诺和诺德与药王渐行渐远？