<p>丹麦制药巨头 <strong>诺和诺德</strong>(NVO -0.16%) 最近因其抗肥胖治疗药物 Wegovy 的令人振奋的消息而引起了广泛关注。</p>
<p>Steer 研究的结果显示，与 <strong>礼来</strong>(LLY 0.25%) 的 Zepbound 相比，Wegovy 治疗使患者心脏病发作、中风或因任何原因死亡的风险降低了 57%。</p>
<p>如此显著的风险降低引起了医生的关注，他们必须在开处方 Wegovy 或 Zepbound 之间做出选择。考虑到这一点，许多投资者认为 Steer 研究使诺和诺德成为当前的热门买入。</p>
<p>在登录您的经纪应用程序以填充诺和诺德股票之前，让我们来讨论一些新进入制药行业的投资者可能错过的重要细节。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE1NjIvaW52ZXN0b3ItY2hlY2tpbmctc3RvY2tzLWF0LWNvbXB1dGVyLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE1NjIvaW52ZXN0b3ItY2hlY2tpbmctc3RvY2tzLWF0LWNvbXB1dGVyLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>优越性的证明？</h2>
<p>Steer 研究并不是一个传统的临床试验，它招募了数千名患者并随机分配他们接受 Wegovy 或 Zepbound 的治疗。这是一项基于患者经验的 “真实世界” 研究。</p>
<p>Zepbound 以比 Wegovy 更快的速度减轻体重而闻名，但其增强的疗效是有代价的。作为 GLP-1 和 GIP 受体的双重激动剂，Zepbound 的耐受性不如仅作用于 GLP-1 受体的 Wegovy。观察到的好处可能更多与促使患者及其医生选择 Wegovy 或 Zepbound 的因素有关。</p>
<p>57% 的风险降低是在持续接受治疗的患者中观察到的。然而，由于 Zepbound 的耐受性较差，我们可以预期会有更高比例的 Zepbound 患者在获得任何心血管风险降低的好处之前就停止治疗。一旦 Steer 研究调整了治疗间隙，Wegovy 与 Zepbound 的心血管风险降低降至 29%。</p>
<p>最后，Steer 研究的结果包括 Zepbound 患者的随访观察时间为 4.3 个月，而 Wegovy 患者仅为 3.8 个月。在接受 Wegovy 治疗的患者中记录了 15 例心血管事件，而接受 Zepbound 治疗的患者中则有 39 例。Zepbound 患者的随访时间显著更长，至少部分原因是观察到的心血管事件率更高。</p>
<h2>Wegovy 的广阔空间</h2>
<p>美国食品和药物管理局于 2022 年批准了 Zepbound 的活性成分 tirzepatide。而 Wegovy 的活性成分 semaglutide 则在大约四年半前首次获得批准。</p>
<p>在 2025 年上半年，semaglutide 的总销售额达到了惊人的 177 亿美元。礼来的 tirzepatide 紧随其后，在上半年的总销售额达到了 147 亿美元。</p>
<p>尽管 tirzepatide 可能会继续获得市场份额，但 semaglutide 的销售仍有很大的增长空间。预计到 2030 年，GLP-1 药物的整体市场将达到 1500 亿美元，我们需要一种比 tirzepatide 更易耐受的选择。</p>
<p>这项真实世界的 Steer 研究对医生开处方 semaglutide 的说服力远不如几年前的 Select 临床试验。随机接受 semaglutide 治疗的患者与安慰剂组相比，心脏病发作或中风的风险降低了 20%。semaglutide 也是目前唯一获得批准用于治疗代谢功能障碍相关性脂肪肝炎的 GLP-1，这是一种影响数百万美国人的与肥胖相关的肝脏疾病。</p>
<h2>现在是个便宜的选择</h2>
<p>在 2025 年上半年，诺和诺德报告的销售额同比增长了 16%。更令人鼓舞的是，营业利润同比飙升了 25%。</p>
<p>诺和诺德的股价受到打压，因为管理层警告称增长放缓。在 8 月，该公司告诉我们，如果忽略汇率因素，预计 2025 年的营业利润将增长 10% 至 16%。</p>
<p>在经历了今年的剧烈下跌后，诺和诺德的股票以仅 14.6 倍的前瞻性收益预期的低估值交易。这对于一家预计长期收益增长中个位数百分比的公司来说是一个合适的估值。诺和诺德虽然发出了放缓的信号，但在未来几年内，双位数百分比的收益增长仍然似乎是可能的。在其被打压的价格下购入一些股票似乎是大多数投资者的正确选择。</p>

礼来

诺和诺德公司

<p>诺和诺德公司的股票因其抗肥胖药物 Wegovy 的 Steer 研究结果而受到关注，该研究显示与礼来公司的 Zepbound 相比，心血管风险降低了 57%。然而，该研究的现实世界性质引发了对其结果的质疑。尽管预计 GLP-1 药物市场将增长，诺和诺德的股票目前以 14.6 倍的预期市盈率被低估，未来几年有潜在的两位数盈利增长。投资者可能会发现这是在较低价格下购买股票的良好机会</p>

<p>Danish pharmaceutical giant <strong>Novo Nordisk</strong>(NVO -0.16%) recently turned a lot of heads with exciting news regarding Wegovy, its anti-obesity treatment.</p>
<div class="lb-trans"><p>丹麦制药巨头 <strong>诺和诺德</strong>(NVO -0.16%) 最近因其抗肥胖治疗药物 Wegovy 的令人振奋的消息而引起了广泛关注。</p>
</div><p>Results of the Steer study showed that treatment with Wegovy reduced patients' risk of heart attack, stroke, or death from any cause by 57%, compared with <strong>Eli Lilly</strong>'s (LLY 0.25%) Zepbound.</p>
<div class="lb-trans"><p>Steer 研究的结果显示，与 <strong>礼来</strong>(LLY 0.25%) 的 Zepbound 相比，Wegovy 治疗使患者心脏病发作、中风或因任何原因死亡的风险降低了 57%。</p>
</div><p>A big risk reduction is the sort of thing that gets the attention of physicians who must choose between prescribing Wegovy or Zepbound. With this in mind, many investors are assuming the Steer study makes Novo Nordisk a screaming buy right now.</p>
<div class="lb-trans"><p>如此显著的风险降低引起了医生的关注，他们必须在开处方 Wegovy 或 Zepbound 之间做出选择。考虑到这一点，许多投资者认为 Steer 研究使诺和诺德成为当前的热门买入。</p>
</div><p>Before logging in to your brokerage application to fill your portfolio with Novo Nordisk shares, let's cover some important details that investors new to the pharmaceutical industry might have missed.</p>
<div class="lb-trans"><p>在登录您的经纪应用程序以填充诺和诺德股票之前，让我们来讨论一些新进入制药行业的投资者可能错过的重要细节。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE1NjIvaW52ZXN0b3ItY2hlY2tpbmctc3RvY2tzLWF0LWNvbXB1dGVyLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F831562%2Finvestor-checking-stocks-at-computer.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>Proof of superiority?</h2>
<div class="lb-trans"><h2>优越性的证明？</h2>
</div><p>The Steer study was not a traditional clinical trial that enrolled thousands of patients and randomized them to receive either Wegovy or Zepbound. It was a &#34;real world&#34; study gathered from patient experiences.</p>
<div class="lb-trans"><p>Steer 研究并不是一个传统的临床试验，它招募了数千名患者并随机分配他们接受 Wegovy 或 Zepbound 的治疗。这是一项基于患者经验的 “真实世界” 研究。</p>
</div><p>Zepbound is known to reduce weight faster than Wegovy, but the increased efficacy comes with a cost. Zepbound, as a dual agonist of GLP-1 and GIP receptors, isn't as easily tolerated as Wegovy, which only acts on GLP-1 receptors. The benefit observed could have more to do with factors that persuaded patients, and their physicians, to choose Wegovy or Zepbound in the first place.</p>
<div class="lb-trans"><p>Zepbound 以比 Wegovy 更快的速度减轻体重而闻名，但其增强的疗效是有代价的。作为 GLP-1 和 GIP 受体的双重激动剂，Zepbound 的耐受性不如仅作用于 GLP-1 受体的 Wegovy。观察到的好处可能更多与促使患者及其医生选择 Wegovy 或 Zepbound 的因素有关。</p>
</div><p>The 57% risk reduction was observed among patients who stayed on treatment. As it's a less easily tolerated drug, though, we can expect a significantly higher percentage of Zepbound patients to discontinue treatment before receiving any cardiovascular risk reduction benefit. Wegovy's cardiovascular risk reduction compared with Zepbound fell to 29% once the Steer study adjusted for treatment gaps.</p>
<div class="lb-trans"><p>57% 的风险降低是在持续接受治疗的患者中观察到的。然而，由于 Zepbound 的耐受性较差，我们可以预期会有更高比例的 Zepbound 患者在获得任何心血管风险降低的好处之前就停止治疗。一旦 Steer 研究调整了治疗间隙，Wegovy 与 Zepbound 的心血管风险降低降至 29%。</p>
</div><p>Finally, the Steer study results include 4.3 months of follow-up observation for patients on Zepbound but just 3.8 months for patients on Wegovy. There were 15 cardiovascular events recorded among patients taking Wegovy compared to 39 among patients on Zepbound. A significantly longer follow-up period for patients on Zepbound is at least partly responsible for the higher rate of observed cardiovascular events.</p>
<div class="lb-trans"><p>最后，Steer 研究的结果包括 Zepbound 患者的随访观察时间为 4.3 个月，而 Wegovy 患者仅为 3.8 个月。在接受 Wegovy 治疗的患者中记录了 15 例心血管事件，而接受 Zepbound 治疗的患者中则有 39 例。Zepbound 患者的随访时间显著更长，至少部分原因是观察到的心血管事件率更高。</p>
</div><h2>Plenty of room for Wegovy</h2>
<div class="lb-trans"><h2>Wegovy 的广阔空间</h2>
</div><p>The Food and Drug Administration approved tirzepatide, the active ingredient in Zepbound, in 2022. Semaglutide, the active ingredient in Wegovy, was first approved about four and a half years earlier.</p>
<div class="lb-trans"><p>美国食品和药物管理局于 2022 年批准了 Zepbound 的活性成分 tirzepatide。而 Wegovy 的活性成分 semaglutide 则在大约四年半前首次获得批准。</p>
</div><p>In the first half of 2025, total semaglutide sales reached a whopping $17.7 billion. Eli Lilly's tirzepatide is hot on semaglutide's heels, with total sales that reached $14.7 billion in the first half.</p>
<div class="lb-trans"><p>在 2025 年上半年，semaglutide 的总销售额达到了惊人的 177 亿美元。礼来的 tirzepatide 紧随其后，在上半年的总销售额达到了 147 亿美元。</p>
</div><p>While tirzepatide will probably continue to gain market share, there's going to be plenty of room for semaglutide sales to continue climbing. The overall market for GLP-1 drugs is expected to reach $150 billion by 2030, and we're going to need an option that's more easily tolerated than tirzepatide.</p>
<div class="lb-trans"><p>尽管 tirzepatide 可能会继续获得市场份额，但 semaglutide 的销售仍有很大的增长空间。预计到 2030 年，GLP-1 药物的整体市场将达到 1500 亿美元，我们需要一种比 tirzepatide 更易耐受的选择。</p>
</div><p>The real-world Steer study won't do half as much to persuade physicians to prescribe semaglutide as the Select clinical trial from a couple of years ago did. Patients randomized to receive semaglutide showed a 20% reduction in their risk of heart attack or stroke compared with the placebo group. Semaglutide is also the only GLP-1 currently approved to treat metabolic dysfunction-associated steatohepatitis, an obesity-related liver condition that affects millions of Americans.</p>
<div class="lb-trans"><p>这项真实世界的 Steer 研究对医生开处方 semaglutide 的说服力远不如几年前的 Select 临床试验。随机接受 semaglutide 治疗的患者与安慰剂组相比，心脏病发作或中风的风险降低了 20%。semaglutide 也是目前唯一获得批准用于治疗代谢功能障碍相关性脂肪肝炎的 GLP-1，这是一种影响数百万美国人的与肥胖相关的肝脏疾病。</p>
</div><h2>A bargain now</h2>
<div class="lb-trans"><h2>现在是个便宜的选择</h2>
</div><p>In the first half of 2025, Novo Nordisk reported sales that rose 16% year over year. More encouraging was an operating profit that soared by 25% year over year.</p>
<div class="lb-trans"><p>在 2025 年上半年，诺和诺德报告的销售额同比增长了 16%。更令人鼓舞的是，营业利润同比飙升了 25%。</p>
</div><p>Novo Nordisk's stock price has been beaten down because management warned of a slowdown. In August, the company told us to expect operating profit to grow by 10% to 16% in 2025 if we ignore currency exchange rates.</p>
<div class="lb-trans"><p>诺和诺德的股价受到打压，因为管理层警告称增长放缓。在 8 月，该公司告诉我们，如果忽略汇率因素，预计 2025 年的营业利润将增长 10% 至 16%。</p>
</div><p>After falling hard this year, Novo Nordisk stock is trading at the low valuation of just 14.6 times forward-looking earnings expectations. That's an appropriate valuation for a company you expect to grow earnings by a mid-single-digit percentage over the long run. Novo Nordisk signaled a slowdown, but earnings growth at a double-digit percentage still seems likely over the next several years. Scooping up some shares at their beaten-down price seems like the right move for most investors.</p>
<div class="lb-trans"><p>在经历了今年的剧烈下跌后，诺和诺德的股票以仅 14.6 倍的前瞻性收益预期的低估值交易。这对于一家预计长期收益增长中个位数百分比的公司来说是一个合适的估值。诺和诺德虽然发出了放缓的信号，但在未来几年内，双位数百分比的收益增长仍然似乎是可能的。在其被打压的价格下购入一些股票似乎是大多数投资者的正确选择。</p>
</div>

诺和诺德公司的股票现在是否值得购买？