<p>目前，医疗保健投资者最关注的领域是减肥方面的进展。被称为胰高血糖素样肽-1（GLP-1）受体激动剂的重磅药物，如 Ozempic、Wegovy、Mounjaro、Zepbound 等，正在彻底重新定义对糖尿病患者或需要体重管理的患者的护理方式。</p>
<p>虽然总部位于丹麦的制药公司 <strong>诺和诺德</strong>（Novo Nordisk，NVO -1.90%）在 GLP-1 市场中处于领先地位（这在很大程度上得益于其开创性的 Ozempic 药物受到的热情），但其主要竞争对手 <strong>礼来</strong>（Eli Lilly，LLY -1.79%）由于对其 Mounjaro 和 Zepbound 配方的需求激增，正在迅速获得市场份额。</p>
<p>以下是礼来在增强其减肥市场地位方面所做的一些重大举措。了解礼来如何为长期可持续增长奠定基础，可以帮助投资者判断该股票目前是否值得购买。</p>
<h2>关注礼来的三百亿理由</h2>
<p>尽管对 GLP-1 治疗的需求激增，但匹配供需一直是一个艰巨的任务。虽然这可以被视为一个好问题，但公司需要解决并修复此类问题。处于无法跟上供应的状态，给竞争对手的干扰打开了大门。</p>
<p>在四月份，礼来从 Nexus Pharmaceuticals 收购了一家制造设施。这笔交易是对 Mounjaro 和 Zepbound 需求上升的直接回应，投资者对礼来扩大基础设施的努力感到鼓舞。本月早些时候，礼来加大了其制造投资的力度，宣布将再投入 30 亿美元用于 Nexus 设施的进一步扩展。礼来专注于增强制造能力是一个好兆头，将导致其药物的生产增加。</p>
<p>但这只是公司最近发布的一个值得注意的公告。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDExNzcvZ2V0dHlpbWFnZXMtMjAyNDUxNDA5Mi5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDExNzcvZ2V0dHlpbWFnZXMtMjAyNDUxNDA5Mi5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>礼来在下棋，而不是玩跳棋</h2>
<p>除了诺和诺德，礼来还面临来自远程医疗公司 <strong>Hims &amp; Hers Health</strong>（HIMS -8.26%）的竞争。虽然 Hims &amp; Hers 并不开发自己的药物，但该公司确实维护着复合药物的生产，以满足政府允许其他公司帮助填补的高需求药物。Hims &amp; Hers Health 本质上为患者提供这些热门药物的仿制版本，通常以更合理的价格出售。</p>
<p>在过去的一年里，Hims &amp; Hers 通过销售复合的 semaglutide 在减肥领域取得了一定的影响力。Semaglutide 是诺和诺德的 Ozempic 和 Wegovy 的主要活性成分。需要注意的是，复合药物并未获得食品和药物管理局（FDA）的批准，但符合某些州的要求和安全标准。</p>
<p>使用复合药物的主要价值主张在于，它可以提供与主流治疗相似的副产品，但价格更为实惠。在减肥的情况下，缺乏足够保险覆盖或可能无法承担 Ozempic 自费费用的患者，可能会选择使用 Hims &amp; Hers 的复合 semaglutide。</p>
<p>虽然 Hims 的减肥业务仍处于初期阶段，但其进入减肥市场的尝试已获得了令人瞩目的需求趋势。随着复合 tirzepatide（礼来 Mounjaro 和 Zepbound 的主要成分）可能很快上市，礼来需要做出回应。</p>
<p>在九月份，礼来降低了 Zepbound 的价格，并在新闻公告中明确表示，推动这一举措的动力是为了获取增量市场份额——特别是针对那些选择非 FDA 批准的减肥产品的患者。</p>
<p>与其制造投资类似，礼来似乎也在加大其增加减肥药物分销的战略力度。12 月 11 日，该公司宣布与直接面向消费者的医疗应用 Ro 达成战略合作。</p>
<p>根据公告，Ro 将作为礼来的一个额外渠道，以 “简化对 Zepbound 的获取”。通过这项合作，礼来现在可以接触到 Ro 的客户群，不仅可以进一步渗透减肥市场，还可以潜在地识别新的患者需求并交叉销售其他产品和服务。</p>
<h2>那么，礼来值得购买吗？</h2>
<p>自 10 月 30 日公布第三季度财报以来，礼来股票变得有些波动——在财报发布后下跌了多达 14%。正如财报发布时常见的情况，仅仅查看财务数据的顶部和底部，并将其与华尔街的预期进行比较是不够的。尽管礼来发布了盈利不及预期，但其中一个驱动因素源于 Zepbound 和 Mounjaro 的供需不匹配。</p>
<p>这可能是一个因祸得福。尽管这些不匹配在短期内可能会持续，但礼来显然在通过持续投资于更多制造能力来认真对待这个问题。</p>
<p>与 Ro 的交易为礼来的减肥计划提供了短期催化剂，而制造设施的投资则代表了公司的长期机会。总体而言，我对管理层所做的决策感到鼓舞，并对礼来的长期前景持乐观态度。</p>

礼来

<p>礼来在减肥市场上正在采取重大举措，特别是其 GLP-1 药物 Mounjaro 和 Zepbound，因需求上升。该公司已收购一家制造设施，并投资额外的十亿美元以扩大生产能力。为了与诺和诺德和 Hims & Hers Health 等竞争对手竞争，礼来降低了 Zepbound 的价格，并与医疗应用程序 Ro 建立了合作伙伴关系，以增强分销能力。尽管在财报发布后股票波动较大，礼来的战略投资使其在减肥领域的未来增长中处于良好位置</p>

<p>The hottest area among healthcare investors right now revolves around advancements being made in weight loss. Known as glucagon-like peptide-1 (GLP-1) receptor agonists, blockbuster drugs such as Ozempic, Wegovy, Mounjaro, Zepbound, and others are completely redefining how care is provided to patients with diabetes or in need of weight management.</p>
<div class="lb-trans"><p>目前，医疗保健投资者最关注的领域是减肥方面的进展。被称为胰高血糖素样肽-1（GLP-1）受体激动剂的重磅药物，如 Ozempic、Wegovy、Mounjaro、Zepbound 等，正在彻底重新定义对糖尿病患者或需要体重管理的患者的护理方式。</p>
</div><p>While Danish-based pharmaceutical company <strong>Novo Nordisk</strong>(NVO -1.90%) leads the GLP-1 market (thanks in large part to enthusiasm for its pioneering Ozempic drug), its chief rival <strong>Eli Lilly</strong>(LLY -1.79%) is quickly gaining steam thanks to surging demand for its Mounjaro and Zepbound formulations.</p>
<div class="lb-trans"><p>虽然总部位于丹麦的制药公司 <strong>诺和诺德</strong>（Novo Nordisk，NVO -1.90%）在 GLP-1 市场中处于领先地位（这在很大程度上得益于其开创性的 Ozempic 药物受到的热情），但其主要竞争对手 <strong>礼来</strong>（Eli Lilly，LLY -1.79%）由于对其 Mounjaro 和 Zepbound 配方的需求激增，正在迅速获得市场份额。</p>
</div><p>Here are some big moves Lilly is making to strengthen its position in the weight loss market. Knowing how Lilly is laying the groundwork for long-term sustained growth can help investors determine whether the stock is a good buy at the moment.</p>
<div class="lb-trans"><p>以下是礼来在增强其减肥市场地位方面所做的一些重大举措。了解礼来如何为长期可持续增长奠定基础，可以帮助投资者判断该股票目前是否值得购买。</p>
</div><h2>3 billion reasons to keep an eye on Lilly</h2>
<div class="lb-trans"><h2>关注礼来的三百亿理由</h2>
</div><p>Although demand for GLP-1 treatments is soaring, matching supply and demand has been daunting. While this could be considered a good problem to have, companies need to address and fix such issues. Operating from a position where one can't keep up with supply opens the door to competitive disruption.</p>
<div class="lb-trans"><p>尽管对 GLP-1 治疗的需求激增，但匹配供需一直是一个艰巨的任务。虽然这可以被视为一个好问题，但公司需要解决并修复此类问题。处于无法跟上供应的状态，给竞争对手的干扰打开了大门。</p>
</div><p>Back in April, Lilly acquired a manufacturing facility from Nexus Pharmaceuticals. This deal was a direct response to rising demand for Mounjaro and Zepbound, and investors were encouraged by Lilly's efforts to scale its infrastructure. Earlier this month Lilly doubled down on its manufacturing investment campaign, as the company announced that it's pouring in another $3 billion for further expansion of the Nexus facility. Lilly's focus on augmenting manufacturing capabilities is a good sign and will lead to higher production of its medicines.</p>
<div class="lb-trans"><p>在四月份，礼来从 Nexus Pharmaceuticals 收购了一家制造设施。这笔交易是对 Mounjaro 和 Zepbound 需求上升的直接回应，投资者对礼来扩大基础设施的努力感到鼓舞。本月早些时候，礼来加大了其制造投资的力度，宣布将再投入 30 亿美元用于 Nexus 设施的进一步扩展。礼来专注于增强制造能力是一个好兆头，将导致其药物的生产增加。</p>
</div><p>But this is just one noteworthy announcement the company has made lately.</p>
<div class="lb-trans"><p>但这只是公司最近发布的一个值得注意的公告。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDExNzcvZ2V0dHlpbWFnZXMtMjAyNDUxNDA5Mi5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F801177%2Fgettyimages-2024514092.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>Lilly is playing chess, not checkers</h2>
<div class="lb-trans"><h2>礼来在下棋，而不是玩跳棋</h2>
</div><p>In addition to Novo Nordisk, Lilly also faces competition from telemedicine company <strong>Hims &amp; Hers Health</strong>(HIMS -8.26%). While Hims &amp; Hers does not develop its own medications, the company does maintain compounding operations for drugs deemed to be in such high demand that the government allows other companies to help fill the demand. Hims &amp; Hers Health essentially offers patients generic versions of these highly popular drugs, often sold at a much more reasonable price point.</p>
<div class="lb-trans"><p>除了诺和诺德，礼来还面临来自远程医疗公司 <strong>Hims &amp; Hers Health</strong>（HIMS -8.26%）的竞争。虽然 Hims &amp; Hers 并不开发自己的药物，但该公司确实维护着复合药物的生产，以满足政府允许其他公司帮助填补的高需求药物。Hims &amp; Hers Health 本质上为患者提供这些热门药物的仿制版本，通常以更合理的价格出售。</p>
</div><p>Over the last year, Hims &amp; Hers has managed to make a splash in the weight loss realm by selling compounded semaglutide. Semaglutide is the main active ingredient in Novo Nordisk's Ozempic and Wegovy. It is important to note that compounded medications are not approved by the Food and Drug Administration (FDA) but do meet certain state requirements and safety standards.</p>
<div class="lb-trans"><p>在过去的一年里，Hims &amp; Hers 通过销售复合的 semaglutide 在减肥领域取得了一定的影响力。Semaglutide 是诺和诺德的 Ozempic 和 Wegovy 的主要活性成分。需要注意的是，复合药物并未获得食品和药物管理局（FDA）的批准，但符合某些州的要求和安全标准。</p>
</div><p>The primary value proposition of using a compounded medication is that it can essentially offer a similar by-product of a mainstream treatment, but is far more affordable. In the case of weight loss, patients who lack adequate insurance coverage or may not be able to afford out-of-pocket expenses for Ozempic might choose to use compounded semaglutide from Hims &amp; Hers.</p>
<div class="lb-trans"><p>使用复合药物的主要价值主张在于，它可以提供与主流治疗相似的副产品，但价格更为实惠。在减肥的情况下，缺乏足够保险覆盖或可能无法承担 Ozempic 自费费用的患者，可能会选择使用 Hims &amp; Hers 的复合 semaglutide。</p>
</div><p>While still a nascent part of Hims' overall business, its foray into weight loss has been met with its own impressive demand trends. With compounded tirzepatide (the main ingredient in Lilly's Mounjaro and Zepbound) potentially coming to the market soon, it's time for Lilly to respond.</p>
<div class="lb-trans"><p>虽然 Hims 的减肥业务仍处于初期阶段，但其进入减肥市场的尝试已获得了令人瞩目的需求趋势。随着复合 tirzepatide（礼来 Mounjaro 和 Zepbound 的主要成分）可能很快上市，礼来需要做出回应。</p>
</div><p>Back in September, Lilly lowered the price for Zepbound and made it pretty clear in the press announcement that the driving force was to capture incremental market share -- particularly for those patients who are opting for non-FDA-approved weight loss products.</p>
<div class="lb-trans"><p>在九月份，礼来降低了 Zepbound 的价格，并在新闻公告中明确表示，推动这一举措的动力是为了获取增量市场份额——特别是针对那些选择非 FDA 批准的减肥产品的患者。</p>
</div><p>Similar to its manufacturing investments, Lilly also appears to be doubling down on its strategy to increase the distribution of its weight-loss drugs. On Dec. 11, the company announced a strategic partnership with direct-to-consumer healthcare application, Ro.</p>
<div class="lb-trans"><p>与其制造投资类似，礼来似乎也在加大其增加减肥药物分销的战略力度。12 月 11 日，该公司宣布与直接面向消费者的医疗应用 Ro 达成战略合作。</p>
</div><p>Per the announcement, Ro will act as an additional channel for Lilly in order to &#34;streamline access to Zepbound.&#34; Through this partnership, Lilly can now tap into Ro's customer base and not only further penetrate its presence in the weight loss market, but also potentially identify new patient needs and cross-sell additional products and services.</p>
<div class="lb-trans"><p>根据公告，Ro 将作为礼来的一个额外渠道，以 “简化对 Zepbound 的获取”。通过这项合作，礼来现在可以接触到 Ro 的客户群，不仅可以进一步渗透减肥市场，还可以潜在地识别新的患者需求并交叉销售其他产品和服务。</p>
</div><h2>So is Lilly a buy?</h2>
<div class="lb-trans"><h2>那么，礼来值得购买吗？</h2>
</div><p>Since reporting third-quarter earnings on Oct. 30, Lilly stock has gotten a bit volatile -- falling by as much as 14% following the report. As is often the case with earnings reports, it is not sufficient to simply look at top- and bottom-line financials and compare them to Wall Street's expectations. While Lilly posted an earnings miss, one of the driving factors stems from a mismatch between supply and demand for Zepbound and Mounjaro.</p>
<div class="lb-trans"><p>自 10 月 30 日公布第三季度财报以来，礼来股票变得有些波动——在财报发布后下跌了多达 14%。正如财报发布时常见的情况，仅仅查看财务数据的顶部和底部，并将其与华尔街的预期进行比较是不够的。尽管礼来发布了盈利不及预期，但其中一个驱动因素源于 Zepbound 和 Mounjaro 的供需不匹配。</p>
</div><p>This could be a blessing in disguise. Although these mismatches are likely going to continue in the near term, Lilly is clearly taking the issue seriously through its continued investments in more manufacturing capabilities.</p>
<div class="lb-trans"><p>这可能是一个因祸得福。尽管这些不匹配在短期内可能会持续，但礼来显然在通过持续投资于更多制造能力来认真对待这个问题。</p>
</div><p>The deal with Ro serves as a near-term catalyst for Lilly's weight loss campaign, while the manufacturing facility investments represent a long-term opportunity for the company. Overall, I am encouraged by the decisions management is making and am optimistic about Lilly's long-term prospects.</p>
<div class="lb-trans"><p>与 Ro 的交易为礼来的减肥计划提供了短期催化剂，而制造设施的投资则代表了公司的长期机会。总体而言，我对管理层所做的决策感到鼓舞，并对礼来的长期前景持乐观态度。</p>
</div>

这对礼来投资者来说是一个重大消息