美股焦點
2026年06月13日
The Next Phase Of The Obesity Drug Race
CNBC Television
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🤖 AI 重點摘要
- 五年後衛諾（Wegovy）獲 FDA 核准，醫療肥胖藥物市場進入高速發展期。
- 諾和利（Novo Nordisk）與礼隆（Eli Lilly）本年推出 GLP-1 oral 藥片，Structure Therapeutics、Zealand Pharma 等新進者爭奪市佔。
- 在美國糖尿病協會會議上，記者 Angelica Peebles 探討了市場竞争的加剧與未来创新方向。
- 專家預言下一波創新將聚焦於更具成本效益的口服 GLP-1 類似物以及長效注射劑。
- CNBC 透過《The Next Phase Of The Obesity Drug Race》深入剖析產業鏈格局與投資機會。
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It's been five years since
the FDA approved Novo Nordisk GLP one shot with
Govee for weight loss, and that shot in a similar
one from Eli Lilly called
已經過去五年了，自從FDA批准Novo Nordisk的GLP‑1注射劑（與Govee合作）用於減重開始以來，而這支注射劑來自Eli Lilly的類似藥物名為……
Zepbound, have transformed
the treatment of obesity, helping people lose a
significant amount of weight.
Zepbound已徹底改變肥胖症的治療面向，協助人们減掉大量體重。
The drugs are also
used now to treat other conditions like sleep apnea
and heart problems.
這些藥物現亦用於治療其他疾病，如睡眠呼吸暫停症與心血管問題。
Behind these shots,
Lilly and Novo have just started rolling out pills,
and there are dozens more drugs behind them,
including the most powerful
在這些注射劑背後，Lilly與Novo剛開始推出口服藥丸，並在其背後研發了數十種藥物，其中最強效者是……
drug we've seen yet,
Lilly's Retatrutide.
…目前我們看到的最強效藥物是Lilly的Retatrutide。
I went to the premier
obesity meeting the American Diabetes Association's to
get a look at what else is inside the pipeline.
我前往美國糖尿病學會主辦的頂尖肥胖會議，旨在了解管線內的其他創新。
Novo and Lilly introduced
GLP one pills earlier this year, and signs of the
competition between those two heavyweights were all
over the conference.
此年初，Novo與Lilly推出了GLP‑1口服藥丸，會議中充斥著兩大公司之間的競爭跡象。
Novo had cars decked out
with Wegovy pill ads driving outside the convention
center while Lilly's phone ads were plastered on the
floor and more pills could
Novo在會場外以Wegovy藥丸廣告裝飾車輛，而Lilly的手機廣告則貼於會場地板上，顯示更多藥丸即將上市。
be coming.
即將問世。
I caught up with
Ray Stevens, the CEO of Structure
Therapeutics, which shared phase two data
showing that its pill could
我與Structure Therapeutics的CEO Ray Stevens會面，了解其在第二期臨床試驗中展示的數據，顯示其藥丸可…… 11. 其藥效可使人們減掉約體重的16%。
help people lose about 16%
of their body weight.
這效果與另一家公司的藥丸相似。
That's similar to the pill.
這效果與另一家公司的藥丸相似。
Those structures pill is
closer to Lilly's pill form and that it's a small
molecule, not a peptide.
該結構藥丸更接近Lilly的藥丸形態，且為小分子而非肽類。
So those are
easier to make and they can be taken like most other
pills that people are familiar with.
因此這類藥丸更易於製造，且可像其他人熟悉的藥丸般口服。 15. 我在問Stevens，當Structure的藥物問世時，是否仍有空間推出新藥丸，而這需要數年時間。
I asked
Stevens if there's really going to be room for new
pills by the time structure reaches the market in a few
years,
誰在最後贏得競爭患者的青睞？
assuming that drug succeeds
in the phase three trial, that will start later this
year.
假設該藥物在第三期臨床試驗成功，試驗將於今年稍後開始。
Who wins at the end of the
day with competition patients.
誰在最後贏得競爭患者的青睞？
And that's really
what this is all about.
而這正是當前的核心所在。
We're pushing really hard to
get into that second position behind
Orforglipron.
我們正全力爭取在Orforglipron之後奪得第二名。
What I'm also excited about
is besides the GLP one space, we're continuing to
see innovation.
我亦期待在GLP‑1領域之外持續創新。
We think that oral small
molecules are really the solution.
我們認為口服的小分子才是真正的解決方案。
The data that stole the
show, Lilly's Retatrutide,
that experimental drug is a triple agonist,
so it turns on three hormone
奪取焦點的數據是Lilly的Retatrutide，這款實驗藥物是三激動劑，能激活三個激素受體。
receptors GLP-1,
GIP, and glucagon.
受體包括GLP‑1、GIP以及膵高血糖素。
Lilly's current shot,
Zepbound, is a dual agonist that
activates the GLP one and GIP receptors,
and the thinking was that
雪納貝（Zepbound）目前的注射劑是雙激動劑，能激活GLP‑1和GIP受體，而先前的設想是加入膵高血糖素，以得到更大幅度的減重，而且Retatrutide已實現。
adding glucagon would result
in even more weight loss, and retatrutide delivered.
若加入膵高血糖素，就能在減重方面取得更大的效果，Retatrutide已實現。
People lost an average of
28% of their body weight at the highest dose when they
stayed on the treatment, and nearly half of people lost
more than 30% of their body
當人們以最高劑量持續使用治療時，平均減重28%體重，且近一半的人減重超過30%。
weight.
體重。
And that's the level
that's associated with bariatric surgery.
這就是與減重手術相關的那個減重程度。
That's the most weight loss
that we've ever seen a drug produced to date.
這是我們到現在為止，藥物所產生的最多減重。
And I
could hear someone behind me audibly reacting to the
results.
我可以聽到身後有人對這些結果發出明顯的聽覺反應。
But the drug is so powerful
it probably won't be used as broadly as Zepbound and
Wegovy.
但這種藥物作用如此強大，恐怕不會像Zepbound和Wegovy那樣被廣泛使用。
People with higher body mass
index, higher body weight,
where a product like Zepbound is incredibly
effective.
身體質量指數較高、體重較大的患者，對於像Zepbound這樣的藥物特別有效。
But 8% of our country is BMI
over 40.
我國有8%的人的BMI在40以上。
And even if you're at that
level and you have an average response to
Zepbound, you're not going to be
healthy.
即使你在這個水平且對Zepbound的反應是平均的，你仍將不會健康。 35. 透過Register，我們展示了可能性，這是一件具有意義的事。
Body weight with Register, we showed what's
possible, which is a meaningful.
近一半的人減重超過30%。
Almost half the people lose
more than 30% of their body weight.
近一半的人減重超過30%。
So if you do start
at a higher level, you can really get to a more
healthy state, which is everyone's goal,
I think.
因此，如果你從更高的起點開始，就能真正達到更健康的狀態，這正是大家的目標，我認為。
Now, the question facing all
the other companies developing obesity drugs is
how much room there really is for more medicines.
現在，其他開發肥胖藥物的公司面臨的問題是，市場真正能容納多少更多藥物。
In the presentation for
Pfizer's experimental monthly GLP one shot,
a doctor showed a slide of dozens of drugs in the
pipeline that could be
在Pfizer的實驗性每月一次GLP‑1注射劑的展示中，醫生展示了一張管線中有數十種可能於2029年上市的藥物，正好與Pfizer的藥物可能上市的時間相吻合。
available in 2029,
around the time when Pfizer's drug might launch.
在2029年，正好是Pfizer的藥物可能上市的時機。
Novo CEO Mike Doustdar
shared some of his thoughts on how the treatment of
obesity might change in the coming years,
and what that means for
Novo 首席執行官 Mike Doustdar
Novo.
Novo.
Most people consider obesity
as synonymous with weight loss.
大多數人把肥胖等同於減重。
I think that that is
too narrow and too simplistic.
我認為這太過狹隘且過於簡化。
If I think about
20, 30, 40 years ago,
if you would have said mental health,
people would have probably
如果我想想 20、30、40 年前，如果你說過「心理健康」，
labeled that as one thing.
把那視為一件事。
Um, today that's depression
to bipolar, to schizophrenia to many,
many different issues with very distinct different
medications and,
嗯，如今那涵蓋了抑鬱症、雙相情緒障、精神分裂症，以及許多其他問題，每個問題都有非常不同的藥物和。
and support for,
for the patients.
以及患者的支援。
We review obesity that way.
我們以同樣的方式審視肥胖。
I think we're going to be
very diversified, but all of it within the
area of cardiometabolic, um, per se diabetes,
obesity,
我認為未來我們會非常多元化，但所有領域都屬於心代謝範疇，例如糖尿病、肥胖，
cardiometabolic and some of
the adjacencies.
以及一些相關的邊緣領域。
One angle that some
companies are pursuing is drugs with fewer side
effects.
有些公司正在追求的方向是開發副作用較少的藥物。
And that's the premise of a
drug from Zealand Pharma and its partner Roche called
Petrelintide.
而這正是澤蘭德製藥與其合作夥伴羅氏公司所稱的藥物 Petrelintide 的基礎。
That experimental drug is an
amylin analog, meaning that it mimics
amylin, which is another hormone
that's produced in the
那款實驗藥是一種胰高素類似物，意指它模仿會在
pancreas and it makes you
feel full.
在第二期臨床試驗中，每週注射一次的劑量幫助參與者減重約 11% 的體重。
In a phase two study,
the weekly shot helped people lose about 11% of
their body weight.
這數字低於 Wegovy 和 Zeebound，但澤蘭德認為其在副作用方面有優勢，特別是嘔吐。
That's lower than Wegovy and
zepbound, but Zealand thinks that it
has the edge on side effects, particularly
vomiting.
他認為可耐受性將是未來十年關鍵所在。
And he thinks that that
tolerability will be crucial in the next decade.
當這些 amylin 药物上市時。
When these amylin launches.
我們可以像我所描述的那樣，迎來一個 iPhone 式的轉折點，因為患者對於在 GLP-1 受體激動劑上的體驗都非常敏感。
We can have that what I've
described as an iPhone moment, because patients are
so aware of the experience they have on a GLP one.
我們以同樣的方式審視肥胖。
And once you you launch a
new modality that gives you a better experience.
一旦推出能带来更好体验的新模态，
We
think people will queue up to get access to that new
weight loss medication, rather than staying on the
more cumbersome medicines.
我们认为人们会排起长队去使用这款新的减重药物，而不是继续使用更繁琐的药物。
Then you have companies like
Pfizer and Amgen pursuing shots that don't need to be
taken as frequently.
然后像辉瑞和阿玛根这样的公司也在研发不需要频繁注射的注射剂。
Amgen's testing monthly and
quarterly dosing of its experimental drug called
maritime.
阿玛根正在测试每月和季度给药方案，其实验性药物名称为 maritime。
There's many different
reasons why patients come off therapy and injection,
of course, once a week or even like I
know there's benefits out of
患者停止治疗和注射的原因有很多种，当然，有时每周一次甚至更少，我知道其中的好处。
orals, but again,
that's a daily burden of remembering your disease.
口服药物虽然方便，但仍然是每天记住自己的疾病的负担。
And so we think being able
to dose less frequently may give an advantage there.
因此，我们认为能够更少频繁给药可能带来优势。
There's so much happening in
the weight loss space.
减重领域近期发生的事情很多。
And we'll be tracking updates on
all of these developments in the years to come.
未来我们会持续关注这些发展的最新动态。