华泰证券：国产GLP-1产品有望抢占全球市场份额

财中社2025-02-24

2月24日，华泰证券发布医药健康行业深度研究报告称，GLP-1已展现较大的市场潜力，而目前海外MNC仅诺和诺德和礼来两巨头销售领先，但尚未形成完整产品矩阵，其他MNC产品仍处于临床阶段，竞争格局尚未定型，产品空缺较大。而2023年至今国产GLP-1出海交易频现，华泰证券认为国产GLP-1产品竞争力不输海外，其中GLP-1口服小分子、GLP-1/GIP、GLP-1/GIP/GCGR、GLP-1/...

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Pharma），且由于适应症多、人群基数大、用药时间长，华泰证券预期未来GLP-1市场规模有望持续攀升；2）迭代类型多：不同于PD-1/PD-L1的单一靶点，GLP-1系列除已上市的单靶点GLP-1司美格鲁肽和GLP-1/GIP双靶点替尔泊肽外，可衍生出GCGR、FGF21、CB1、胰淀素、ActRII、MSTN等多靶点，满足更多临床需要；3）全球竞争格局尚未确立：目前仅诺和诺德和礼来两巨头的周制剂GLP-1销售领先，但产品布局不全，其他MNC均处于临床阶段，呈现百舸争流态势。GLP-1并购方向：长效+口服小分子+多靶点+组合疗法+拓展适应症。1）长效化：安进MariTide每月一次给药，石药集团每月一次长效司美格鲁肽进入临床；2）口服小分子：礼来率先进入全球3期，国产厂家诚益、恒瑞、闻泰、翰森相继授权海外权益；3）多靶点：礼来替尔泊肽率先上市，国内信达玛仕度肽获批在即；乐普医疗和联邦制药GLP-1/GIP/GCGR临床2期；华东医药FIC靶点GLP-1/GCGR/FGF21进入临床2期；4）组合疗法：GLP-1联用胰淀素/CB1有望提高安全性并保留瘦体重；GLP-1联用ActRII和MSTN有望增肌；3）适应症拓展：除减重和降糖外，GLP-1亦有望降低心血管风险、治疗心衰、MASH、慢性肾病、阻塞性睡眠呼吸暂停等。具备全球竞争力的国产GLP-1系列产品出海正盛，未来可期。尽管以司美格鲁肽为代表的GLP-1单靶点已进入白热化竞争，但市场仍缺乏创新性GPL-1多靶点组合、口服小分子等。近期安进MariTide、诺和诺德胰淀素和CB1等临床数据不及预期，市场亟需减重效果更好、安全性更优、可保留瘦体重、并获得降脂等其他获益的新型GLP-1产品组合，认为创新靶点、创新适应症及创新给药方式是MNC或海外投资机构重点关注方向，而国产GLP-1有望凭借优异的临床疗效、卓越的临床效率和高性价比，进军全球市场。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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