<p><strong>諾和諾德</strong>（NVO 2.88%）在 2021 年 6 月首次獲得美國對其著名的體重管理藥物 Wegovy 的批准。這標誌着該公司在股市上強勁表現的開始。然而，這家總部位於丹麥的製藥公司在過去一年中放棄了大部分這些收益；自 1 月以來，股價下跌了 40%。</p>
<p>儘管最近遭遇不幸，諾和諾德的股票仍可能為耐心的投資者帶來豐厚的回報。原因如下。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/f21217b33d3c1d77bd318adc0c701ff4.png?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://media.ycharts.com/charts/f21217b33d3c1d77bd318adc0c701ff4.png"/></p>
<p>NVO 總回報水平數據來自 YCharts。</p>
<h2>體重管理的機會</h2>
<p>諾和諾德主要開發用於糖尿病的藥物，近年來也專注於體重管理。由於其財務業績未能達到市場的預期，導致其股票在過去一年中暴跌。同時，其在核心市場的最大競爭對手 <strong>禮來</strong> 獲得了一些重要勝利。</p>
<p>然而，事情並不止於此。抗肥胖藥物的市場可能會以驚人的速度增長。一些分析師估計，到 2035 年，該市場的價值將達到 1500 億美元，而去年僅為 150 億美元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjk0NDMvcGhhcm1hY2lzdC10YWxraW5nLXRvLXBhdGllbnQuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjk0NDMvcGhhcm1hY2lzdC10YWxraW5nLXRvLXBhdGllbnQuanBnJnc9NzAw"/></p>
<p>圖片來源：Getty Images。</p>
<p>諾和諾德仍然擁有行業中最深厚的產品線之一。事實上，除了禮來，很難找到其他公司擁有更有前景的產品。最近，諾和諾德通過各種許可協議擴展了其產品線。</p>
<p>還有一件最近對其有利的事情：禮來的口服 GLP-1 候選藥物 orforglipron 在三期研究中的表現遠不如預期。這為諾和諾德追趕其長期競爭對手打開了大門。</p>
<p>該公司的口服 Wegovy 目前正在等待美國監管機構的批准。口服版本在三期臨牀試驗中導致平均體重減少 13.6%，略高於 orforglipron 在其晚期研究中最近公佈的 12.4%。</p>
<p>雖然在臨牀試驗之間進行比較總是很困難，但數據至少表明口服 Wegovy 與 orforglipron 相當——但只有前者正在接近批准。諾和諾德還有另一種有前景的抗肥胖候選藥物 amycretin，目前正在進行三期研究，該丹麥製藥巨頭正在測試其皮下和口服制劑。</p>
<p>為什麼開發口服減肥藥物的競爭如此重要？藥丸的生產、儲存和運輸更容易且成本更低。因此，與注射型減肥療法相比，口服版本將使製藥公司能夠以更具成本效益的方式生產，並擴大減肥療法的覆蓋面。此外，一些患者對針頭非常反感。由於當前領先的體重管理藥物是皮下注射的，口服選擇可能會佔據相當大的市場份額。</p>
<p>諾和諾德可能會率先進入市場。該公司可能會在 amycretin 上跟進這一勝利。</p>
<h2>價格合理</h2>
<p>讓我們回到諾和諾德最近令人失望的財務業績。在上半年，收入同比增長 16%，達到 1549 億丹麥克朗（242 億美元），淨利潤為 555 億丹麥克朗（87 億美元）。也許這並不是市場所期待的，但對於一家制藥巨頭來説，這仍然是優秀的業績——大多數規模的製藥公司都樂於以高單位數或低雙位數的速度增長收入。</p>
<p>與此同時，股票的估值似乎合理，交易的前瞻性市盈率為 13 倍，而醫療行業的平均市盈率為 16.2 倍。</p>
<p>結論是什麼？考慮到諾和諾德在體重管理方面強大的產品線以及持續帶來穩定利潤的產品組合，當前水平的諾和諾德看起來很有吸引力。儘管最近遭遇挫折，但該股票在長期內有望實現出色的業績。</p>

諾和諾德公司

<p>諾和諾德公司的股票今年下跌了 40%，儘管其收入增長強勁，且在體重管理方面有着良好的產品管線。該公司在不斷擴大的抗肥胖市場中處於有利位置，預計到 2035 年市場規模將達到 1500 億美元。競爭對手禮來公司的近期挫折可能為諾和諾德提供了追趕的機會，尤其是其口服版 Wegovy 正在等待批准。該股票目前的估值合理，對於尋求長期收益的耐心投資者來説，是一個具有吸引力的買入機會</p>

<p><strong>Novo Nordisk</strong>(NVO 2.88%) first earned U.S. approval for its now-famous weight management medicine Wegovy in June 2021. That marked the beginning of a strong run for the company on the stock market. However, the Denmark-based drugmaker has given up most of these gains over the past year; the stock is down by 40% since January alone.</p>
<div class="lb-trans"><p><strong>諾和諾德</strong>（NVO 2.88%）在 2021 年 6 月首次獲得美國對其著名的體重管理藥物 Wegovy 的批准。這標誌着該公司在股市上強勁表現的開始。然而，這家總部位於丹麥的製藥公司在過去一年中放棄了大部分這些收益；自 1 月以來，股價下跌了 40%。</p>
</div><p>Despite its recent misfortunes, Novo Nordisk's shares could still deliver strong returns to patient investors. Here's why.</p>
<div class="lb-trans"><p>儘管最近遭遇不幸，諾和諾德的股票仍可能為耐心的投資者帶來豐厚的回報。原因如下。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/f21217b33d3c1d77bd318adc0c701ff4.png" alt="" original-src="https://media.ycharts.com/charts/f21217b33d3c1d77bd318adc0c701ff4.png"/></p>
<p>NVO Total Return Level data by YCharts.</p>
<div class="lb-trans"><p>NVO 總回報水平數據來自 YCharts。</p>
</div><h2>The weight management opportunity</h2>
<div class="lb-trans"><h2>體重管理的機會</h2>
</div><p>Novo Nordisk primarily develops medicines for diabetes and, in recent years, weight management. Its stock has plunged over the past year because its financial results haven't been as impressive as the market had hoped. It also faced some clinical setbacks, while its biggest rival in its core markets, <strong>Eli Lilly</strong>, earned some important wins.</p>
<div class="lb-trans"><p>諾和諾德主要開發用於糖尿病的藥物，近年來也專注於體重管理。由於其財務業績未能達到市場的預期，導致其股票在過去一年中暴跌。同時，其在核心市場的最大競爭對手 <strong>禮來</strong> 獲得了一些重要勝利。</p>
</div><p>However, there's more to the story. The market for anti-obesity medications could grow at an incredibly rapid rate. Some analysts estimate that it will be worth $150 billion by 2035, compared to $15 billion last year.</p>
<div class="lb-trans"><p>然而，事情並不止於此。抗肥胖藥物的市場可能會以驚人的速度增長。一些分析師估計，到 2035 年，該市場的價值將達到 1500 億美元，而去年僅為 150 億美元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjk0NDMvcGhhcm1hY2lzdC10YWxraW5nLXRvLXBhdGllbnQuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F829443%2Fpharmacist-talking-to-patient.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><p>Novo Nordisk still has one of the deepest pipelines in the industry. In fact, it's challenging to find a company other than Eli Lilly that has more promising products. Recently, Novo Nordisk expanded its pipeline through various licensing deals.</p>
<div class="lb-trans"><p>諾和諾德仍然擁有行業中最深厚的產品線之一。事實上，除了禮來，很難找到其他公司擁有更有前景的產品。最近，諾和諾德通過各種許可協議擴展了其產品線。</p>
</div><p>Here's one more thing that recently broke its way: Eli Lilly's oral GLP-1 candidate, orforglipron, did not perform nearly as well as expected in a phase 3 study. This opens the door for Novo Nordisk to catch up to its longtime rival.</p>
<div class="lb-trans"><p>還有一件最近對其有利的事情：禮來的口服 GLP-1 候選藥物 orforglipron 在三期研究中的表現遠不如預期。這為諾和諾德追趕其長期競爭對手打開了大門。</p>
</div><p>The company's oral version of Wegovy is currently awaiting approval from regulators in the U.S. The oral version led to an average weight reduction of 13.6% in a phase 3 clinical trial, slightly higher than the 12.4% that orforglipron recently posted in its late-stage study.</p>
<div class="lb-trans"><p>該公司的口服 Wegovy 目前正在等待美國監管機構的批准。口服版本在三期臨牀試驗中導致平均體重減少 13.6%，略高於 orforglipron 在其晚期研究中最近公佈的 12.4%。</p>
</div><p>While it's always hard to compare across clinical trials, the data at the very least suggests that oral Wegovy is comparable to orforglipron -- but only the former drug is closing in on approval. Novo Nordisk also has yet another promising anti-obesity candidate in phase 3 studies, amycretin, which the Denmark-based pharmaceutical giant is testing in both subcutaneous and oral formulations.</p>
<div class="lb-trans"><p>雖然在臨牀試驗之間進行比較總是很困難，但數據至少表明口服 Wegovy 與 orforglipron 相當——但只有前者正在接近批准。諾和諾德還有另一種有前景的抗肥胖候選藥物 amycretin，目前正在進行三期研究，該丹麥製藥巨頭正在測試其皮下和口服制劑。</p>
</div><p>Why is the race to develop an oral weight loss option so important? Pills are easier and cheaper to manufacture, store, and transport. So, compared to injectable weight loss therapies, oral versions would allow drugmakers to produce them more cost-effectively and to expand the reach of weight loss therapies. On top of that, some patients are strongly averse to needles. Because the current leading weight management drugs are administered subcutaneously, an oral option would likely take a decent share of the market.</p>
<div class="lb-trans"><p>為什麼開發口服減肥藥物的競爭如此重要？藥丸的生產、儲存和運輸更容易且成本更低。因此，與注射型減肥療法相比，口服版本將使製藥公司能夠以更具成本效益的方式生產，並擴大減肥療法的覆蓋面。此外，一些患者對針頭非常反感。由於當前領先的體重管理藥物是皮下注射的，口服選擇可能會佔據相當大的市場份額。</p>
</div><p>Novo Nordisk is likely to be first to market. And the company could follow up that win with another oral product in amycretin.</p>
<div class="lb-trans"><p>諾和諾德可能會率先進入市場。該公司可能會在 amycretin 上跟進這一勝利。</p>
</div><h2>The price is right</h2>
<div class="lb-trans"><h2>價格合理</h2>
</div><p>Let's go back to Novo Nordisk's recent and disappointing financial results. In the first half of the year, revenue rose by 16% year over year to 154.9 billion Danish kroner ($24.2 billion), while net profit came in at 55.5 billion DKK ($8.7 billion). Perhaps that's not quite what the market expected to see, but these are still excellent results for a pharmaceutical giant -- most drugmakers of that size would be happy to grow their revenue at high-single-digit or low-double-digit rates.</p>
<div class="lb-trans"><p>讓我們回到諾和諾德最近令人失望的財務業績。在上半年，收入同比增長 16%，達到 1549 億丹麥克朗（242 億美元），淨利潤為 555 億丹麥克朗（87 億美元）。也許這並不是市場所期待的，但對於一家制藥巨頭來説，這仍然是優秀的業績——大多數規模的製藥公司都樂於以高單位數或低雙位數的速度增長收入。</p>
</div><p>Meanwhile, the stock appears reasonably valued, trading at 13 times forward earnings, compared to the healthcare industry's average of 16.2.</p>
<div class="lb-trans"><p>與此同時，股票的估值似乎合理，交易的前瞻性市盈率為 13 倍，而醫療行業的平均市盈率為 16.2 倍。</p>
</div><p>What's the verdict? Novo Nordisk looks attractive at current levels, given the company's strong pipeline in weight management and a lineup that continues to deliver consistent profits. Despite recent setbacks, the stock is well-positioned to deliver excellent results over the long term.</p>
<div class="lb-trans"><p>結論是什麼？考慮到諾和諾德在體重管理方面強大的產品線以及持續帶來穩定利潤的產品組合，當前水平的諾和諾德看起來很有吸引力。儘管最近遭遇挫折，但該股票在長期內有望實現出色的業績。</p>
</div>

今年下跌 40% 的股票，值得買入並長期持有