<p>目前，醫療保健投資者最關注的領域是減肥方面的進展。被稱為胰高血糖素樣肽-1（GLP-1）受體激動劑的重磅藥物，如 Ozempic、Wegovy、Mounjaro、Zepbound 等，正在徹底重新定義對糖尿病患者或需要體重管理的患者的護理方式。</p>
<p>雖然總部位於丹麥的製藥公司 <strong>諾和諾德</strong>（Novo Nordisk，NVO -1.90%）在 GLP-1 市場中處於領先地位（這在很大程度上得益於其開創性的 Ozempic 藥物受到的熱情），但其主要競爭對手 <strong>禮來</strong>（Eli Lilly，LLY -1.79%）由於對其 Mounjaro 和 Zepbound 配方的需求激增，正在迅速獲得市場份額。</p>
<p>以下是禮來在增強其減肥市場地位方面所做的一些重大舉措。瞭解禮來如何為長期可持續增長奠定基礎，可以幫助投資者判斷該股票目前是否值得購買。</p>
<h2>關注禮來的三百億理由</h2>
<p>儘管對 GLP-1 治療的需求激增，但匹配供需一直是一個艱鉅的任務。雖然這可以被視為一個好問題，但公司需要解決並修復此類問題。處於無法跟上供應的狀態，給競爭對手的干擾打開了大門。</p>
<p>在四月份，禮來從 Nexus Pharmaceuticals 收購了一家制造設施。這筆交易是對 Mounjaro 和 Zepbound 需求上升的直接回應，投資者對禮來擴大基礎設施的努力感到鼓舞。本月早些時候，禮來加大了其製造投資的力度，宣佈將再投入 30 億美元用於 Nexus 設施的進一步擴展。禮來專注於增強制造能力是一個好兆頭，將導致其藥物的生產增加。</p>
<p>但這只是公司最近發佈的一個值得注意的公告。</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>圖片來源：Getty Images。</p>
<h2>禮來在下棋，而不是玩跳棋</h2>
<p>除了諾和諾德，禮來還面臨來自遠程醫療公司 <strong>Hims &amp; Hers Health</strong>（HIMS -8.26%）的競爭。雖然 Hims &amp; Hers 並不開發自己的藥物，但該公司確實維護着複合藥物的生產，以滿足政府允許其他公司幫助填補的高需求藥物。Hims &amp; Hers Health 本質上為患者提供這些熱門藥物的仿製版本，通常以更合理的價格出售。</p>
<p>在過去的一年裏，Hims &amp; Hers 通過銷售複合的 semaglutide 在減肥領域取得了一定的影響力。Semaglutide 是諾和諾德的 Ozempic 和 Wegovy 的主要活性成分。需要注意的是，複合藥物並未獲得食品和藥物管理局（FDA）的批准，但符合某些州的要求和安全標準。</p>
<p>使用複合藥物的主要價值主張在於，它可以提供與主流治療相似的副產品，但價格更為實惠。在減肥的情況下，缺乏足夠保險覆蓋或可能無法承擔 Ozempic 自費費用的患者，可能會選擇使用 Hims &amp; Hers 的複合 semaglutide。</p>
<p>雖然 Hims 的減肥業務仍處於初期階段，但其進入減肥市場的嘗試已獲得了令人矚目的需求趨勢。隨着複合 tirzepatide（禮來 Mounjaro 和 Zepbound 的主要成分）可能很快上市，禮來需要做出回應。</p>
<p>在九月份，禮來降低了 Zepbound 的價格，並在新聞公告中明確表示，推動這一舉措的動力是為了獲取增量市場份額——特別是針對那些選擇非 FDA 批准的減肥產品的患者。</p>
<p>與其製造投資類似，禮來似乎也在加大其增加減肥藥物分銷的戰略力度。12 月 11 日，該公司宣佈與直接面向消費者的醫療應用 Ro 達成戰略合作。</p>
<p>根據公告，Ro 將作為禮來的一個額外渠道，以 “簡化對 Zepbound 的獲取”。通過這項合作，禮來現在可以接觸到 Ro 的客户羣，不僅可以進一步滲透減肥市場，還可以潛在地識別新的患者需求並交叉銷售其他產品和服務。</p>
<h2>那麼，禮來值得購買嗎？</h2>
<p>自 10 月 30 日公佈第三季度財報以來，禮來股票變得有些波動——在財報發佈後下跌了多達 14%。正如財報發佈時常見的情況，僅僅查看財務數據的頂部和底部，並將其與華爾街的預期進行比較是不夠的。儘管禮來發布了盈利不及預期，但其中一個驅動因素源於 Zepbound 和 Mounjaro 的供需不匹配。</p>
<p>這可能是一個因禍得福。儘管這些不匹配在短期內可能會持續，但禮來顯然在通過持續投資於更多製造能力來認真對待這個問題。</p>
<p>與 Ro 的交易為禮來的減肥計劃提供了短期催化劑，而製造設施的投資則代表了公司的長期機會。總體而言，我對管理層所做的決策感到鼓舞，並對禮來的長期前景持樂觀態度。</p>

禮來

<p>禮來在減肥市場上正在採取重大舉措，特別是其 GLP-1 藥物 Mounjaro 和 Zepbound，因需求上升。該公司已收購一家制造設施，並投資額外的十億美元以擴大生產能力。為了與諾和諾德和 Hims & Hers Health 等競爭對手競爭，禮來降低了 Zepbound 的價格，並與醫療應用程序 Ro 建立了合作伙伴關係，以增強分銷能力。儘管在財報發佈後股票波動較大，禮來的戰略投資使其在減肥領域的未來增長中處於良好位置</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，醫療保健投資者最關注的領域是減肥方面的進展。被稱為胰高血糖素樣肽-1（GLP-1）受體激動劑的重磅藥物，如 Ozempic、Wegovy、Mounjaro、Zepbound 等，正在徹底重新定義對糖尿病患者或需要體重管理的患者的護理方式。</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>雖然總部位於丹麥的製藥公司 <strong>諾和諾德</strong>（Novo Nordisk，NVO -1.90%）在 GLP-1 市場中處於領先地位（這在很大程度上得益於其開創性的 Ozempic 藥物受到的熱情），但其主要競爭對手 <strong>禮來</strong>（Eli Lilly，LLY -1.79%）由於對其 Mounjaro 和 Zepbound 配方的需求激增，正在迅速獲得市場份額。</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>以下是禮來在增強其減肥市場地位方面所做的一些重大舉措。瞭解禮來如何為長期可持續增長奠定基礎，可以幫助投資者判斷該股票目前是否值得購買。</p>
</div><h2>3 billion reasons to keep an eye on Lilly</h2>
<div class="lb-trans"><h2>關注禮來的三百億理由</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>儘管對 GLP-1 治療的需求激增，但匹配供需一直是一個艱鉅的任務。雖然這可以被視為一個好問題，但公司需要解決並修復此類問題。處於無法跟上供應的狀態，給競爭對手的干擾打開了大門。</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，禮來從 Nexus Pharmaceuticals 收購了一家制造設施。這筆交易是對 Mounjaro 和 Zepbound 需求上升的直接回應，投資者對禮來擴大基礎設施的努力感到鼓舞。本月早些時候，禮來加大了其製造投資的力度，宣佈將再投入 30 億美元用於 Nexus 設施的進一步擴展。禮來專注於增強制造能力是一個好兆頭，將導致其藥物的生產增加。</p>
</div><p>But this is just one noteworthy announcement the company has made lately.</p>
<div class="lb-trans"><p>但這只是公司最近發佈的一個值得注意的公告。</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>圖片來源：Getty Images。</p>
</div><h2>Lilly is playing chess, not checkers</h2>
<div class="lb-trans"><h2>禮來在下棋，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>除了諾和諾德，禮來還面臨來自遠程醫療公司 <strong>Hims &amp; Hers Health</strong>（HIMS -8.26%）的競爭。雖然 Hims &amp; Hers 並不開發自己的藥物，但該公司確實維護着複合藥物的生產，以滿足政府允許其他公司幫助填補的高需求藥物。Hims &amp; Hers Health 本質上為患者提供這些熱門藥物的仿製版本，通常以更合理的價格出售。</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>在過去的一年裏，Hims &amp; Hers 通過銷售複合的 semaglutide 在減肥領域取得了一定的影響力。Semaglutide 是諾和諾德的 Ozempic 和 Wegovy 的主要活性成分。需要注意的是，複合藥物並未獲得食品和藥物管理局（FDA）的批准，但符合某些州的要求和安全標準。</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>使用複合藥物的主要價值主張在於，它可以提供與主流治療相似的副產品，但價格更為實惠。在減肥的情況下，缺乏足夠保險覆蓋或可能無法承擔 Ozempic 自費費用的患者，可能會選擇使用 Hims &amp; Hers 的複合 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>雖然 Hims 的減肥業務仍處於初期階段，但其進入減肥市場的嘗試已獲得了令人矚目的需求趨勢。隨着複合 tirzepatide（禮來 Mounjaro 和 Zepbound 的主要成分）可能很快上市，禮來需要做出回應。</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，禮來降低了 Zepbound 的價格，並在新聞公告中明確表示，推動這一舉措的動力是為了獲取增量市場份額——特別是針對那些選擇非 FDA 批准的減肥產品的患者。</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>與其製造投資類似，禮來似乎也在加大其增加減肥藥物分銷的戰略力度。12 月 11 日，該公司宣佈與直接面向消費者的醫療應用 Ro 達成戰略合作。</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>根據公告，Ro 將作為禮來的一個額外渠道，以 “簡化對 Zepbound 的獲取”。通過這項合作，禮來現在可以接觸到 Ro 的客户羣，不僅可以進一步滲透減肥市場，還可以潛在地識別新的患者需求並交叉銷售其他產品和服務。</p>
</div><h2>So is Lilly a buy?</h2>
<div class="lb-trans"><h2>那麼，禮來值得購買嗎？</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 日公佈第三季度財報以來，禮來股票變得有些波動——在財報發佈後下跌了多達 14%。正如財報發佈時常見的情況，僅僅查看財務數據的頂部和底部，並將其與華爾街的預期進行比較是不夠的。儘管禮來發布了盈利不及預期，但其中一個驅動因素源於 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>這可能是一個因禍得福。儘管這些不匹配在短期內可能會持續，但禮來顯然在通過持續投資於更多製造能力來認真對待這個問題。</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>與 Ro 的交易為禮來的減肥計劃提供了短期催化劑，而製造設施的投資則代表了公司的長期機會。總體而言，我對管理層所做的決策感到鼓舞，並對禮來的長期前景持樂觀態度。</p>
</div>

這對禮來投資者來説是一個重大消息