<p>被称为 GLP-1 的减肥药物正在逐渐重塑医疗和制药领域，礼来和诺和诺德成为该领域的两大主导力量。2025 年发布的一项由礼来资助的对比研究显示，Zepbound 在减肥效果上优于诺和的 Wegovy，包括更大的腰围减少和患者在 72 周内至少减轻 25% 体重的更高可能性。这些数据帮助礼来在短期内获得了更多的动力，尽管诺和诺德在获得首个口服 GLP-1 减肥药的监管批准后似乎有望重新夺回市场份额，这一进展可能会显著扩大药物的可及性，因为口服药物预计比注射药物便宜。</p>
<p>这两家公司还在超越肥胖症的领域扩展到相关疾病，这可能会增强长期投资的理由。Wegovy 仍然是唯一被证明能减少心脏病和肥胖患者心脏病发作及其他心血管事件的 GLP-1 药物，而 Zepbound 则成为首个获得批准的睡眠呼吸暂停治疗药物。礼来还在推进一种新一代疗法 retatrutide，该药物结合了 GLP-1、GIP 和胰高血糖素，在一项涉及膝关节骨关节炎患者的晚期试验中实现了 23% 的体重减轻，同时膝痛减少超过 62%。该公司表示正在进行与肥胖相关的疾病（如心脏病和慢性肾病）的额外试验，预计明年将开始出现更多结果。</p>
<p>定价和可及性现在正成为竞争叙事的核心。11 月，礼来和诺和诺德与特朗普政府达成协议，降低美国医疗保险和现金支付客户的价格，包括即将推出的药物最低剂量的每月 149 美元的价格，而医疗保险的覆盖范围预计将在明年中期扩大，患者自付费用约为每月 50 美元。诺和诺德计划在 1 月开始在美国销售其 FDA 批准的减肥药，Oasis 4 试验结果显示在 64 周内平均减重 13.6%，而礼来的口服替代药物 orforglipron 在新的 2025 年凭证计划下获得了 FDA 的快速审查，首席执行官 Dave Ricks 表示可能在 3 月获得批准。随着辉瑞和 Structure Therapeutics 等公司也在开发口服减肥药，随着供应限制的缓解和可及性的逐步扩大，GLP-1 市场的竞争可能会加剧。</p>

诺和诺德公司

礼来

<p>礼来和诺和诺德公司正在降低 GLP-1 药物的价格，因为口服药物的批准扩大了获取渠道。礼来的 Zepbound 在减重效果上优于诺和的 Wegovy。诺和的口服 GLP-1 药片预计会更便宜，从而扩大了获取渠道。两家公司都在向相关疾病领域扩展，增强了长期投资前景。定价和获取渠道是核心，双方达成了降价协议并扩大了医疗保险覆盖范围。随着辉瑞等新进入者的加入，GLP-1 市场的竞争将加剧</p>

<p>Weight-loss drugs known as GLP-1s are increasingly reshaping healthcare and the pharmaceutical landscape, with Eli Lilly  and Novo Nordisk  emerging as the two dominant forces in the category. A Lilly-funded head-to-head study published in 2025 showed Zepbound delivering stronger weight-loss outcomes than Novo's Wegovy, including greater waist reduction and a higher likelihood of patients losing at least 25% of their body weight over 72 weeks. That data has helped tilt near-term momentum toward Lilly, even as Novo appeared positioned to regain ground following regulatory approval of the first oral GLP-1 pill for weight loss, a development that could meaningfully broaden access as pills are expected to be cheaper than injections.</p>
<div class="lb-trans"><p>被称为 GLP-1 的减肥药物正在逐渐重塑医疗和制药领域，礼来和诺和诺德成为该领域的两大主导力量。2025 年发布的一项由礼来资助的对比研究显示，Zepbound 在减肥效果上优于诺和的 Wegovy，包括更大的腰围减少和患者在 72 周内至少减轻 25% 体重的更高可能性。这些数据帮助礼来在短期内获得了更多的动力，尽管诺和诺德在获得首个口服 GLP-1 减肥药的监管批准后似乎有望重新夺回市场份额，这一进展可能会显著扩大药物的可及性，因为口服药物预计比注射药物便宜。</p>
</div><p>Both companies are also expanding beyond obesity into adjacent conditions, which could reinforce the long-term investment case. Wegovy remains the only GLP-1 drug proven to reduce heart attacks and other cardiovascular events in people with heart disease and obesity, while Zepbound became the first approved treatment for sleep apnea. Lilly is also advancing a next-generation therapy, retatrutide, which combines GLP-1, GIP and glucagon and delivered 23% weight loss in a late-stage trial involving patients with knee osteoarthritis, alongside a more than 62% reduction in knee pain. The company has indicated it is running additional trials in obesity-related conditions such as heart disease and chronic kidney disease, with further results expected to begin emerging next year.</p>
<div class="lb-trans"><p>这两家公司还在超越肥胖症的领域扩展到相关疾病，这可能会增强长期投资的理由。Wegovy 仍然是唯一被证明能减少心脏病和肥胖患者心脏病发作及其他心血管事件的 GLP-1 药物，而 Zepbound 则成为首个获得批准的睡眠呼吸暂停治疗药物。礼来还在推进一种新一代疗法 retatrutide，该药物结合了 GLP-1、GIP 和胰高血糖素，在一项涉及膝关节骨关节炎患者的晚期试验中实现了 23% 的体重减轻，同时膝痛减少超过 62%。该公司表示正在进行与肥胖相关的疾病（如心脏病和慢性肾病）的额外试验，预计明年将开始出现更多结果。</p>
</div><p>Pricing and access are now becoming central to the competitive narrative. In November, Lilly and Novo agreed with the Trump administration to cut US prices for Medicare and cash-paying customers, including a $149 monthly price for the lowest doses of their forthcoming pills, while Medicare coverage is set to expand around the middle of next year with patient out-of-pocket costs of about $50 a month. Novo plans to begin selling its FDA-approved weight-loss pill in the US in January following Oasis 4 trial results showing 13.6% average weight loss over 64 weeks, while Lilly's oral alternative, orforglipron, received expedited FDA review under a new 2025 voucher program and could be approved as soon as March, according to CEO Dave Ricks. With companies such as Pfizer  and Structure Therapeutics also developing oral weight-loss drugs, competition in the GLP-1 market could intensify as supply constraints ease and access gradually expands.</p>
<div class="lb-trans"><p>定价和可及性现在正成为竞争叙事的核心。11 月，礼来和诺和诺德与特朗普政府达成协议，降低美国医疗保险和现金支付客户的价格，包括即将推出的药物最低剂量的每月 149 美元的价格，而医疗保险的覆盖范围预计将在明年中期扩大，患者自付费用约为每月 50 美元。诺和诺德计划在 1 月开始在美国销售其 FDA 批准的减肥药，Oasis 4 试验结果显示在 64 周内平均减重 13.6%，而礼来的口服替代药物 orforglipron 在新的 2025 年凭证计划下获得了 FDA 的快速审查，首席执行官 Dave Ricks 表示可能在 3 月获得批准。随着辉瑞和 Structure Therapeutics 等公司也在开发口服减肥药，随着供应限制的缓解和可及性的逐步扩大，GLP-1 市场的竞争可能会加剧。</p>
</div>

随着药片的批准扩大了可及性，礼来和诺和诺德公司削减了 GLP-1 药物的价格