Danuglipron

随着肥胖药物市场预计在2034年突破1300亿美元大关，众多制药巨头正加速推进研发管线，以抢占这个堪称行业内最具活力的市场先机。为甄别最具发展潜力的企业，FENIX重磅推出了"肥胖药物实力排名"，遴选出十大行业领军者。该榜单基于对20余家企业的深入评估，通过研发管线深度、临床差异化程度、商业基础设施等15项加权指标进行综合评分（满分5分）。 1.礼来 礼来稳居肥胖药物市场无可争议的领导者地位。其替尔泊肽系列产品在2025年超越默沙东的Keytruda，成为全球最畅销药物，年营收突破360亿美元。虽然礼来强大的后期管线有望巩固其领先地位，但近期市场关注焦点将集中在2026年第二季度推出的orforglipron。考虑到诺和诺德的口服Wegovy在疗效上略占优势，礼来的商业团队可能需要首次尝试"逆风翻盘"的策略。 2.诺和诺德 作为凭借司美格鲁肽开创现代肥胖药物市场的先驱，诺和诺德在2026年面临着执行层面的挑战和创新乏力的双重压力，这导致公司发布了自司美格鲁肽崛起以来的首次负增长年度销售预期。诺和诺德现在寄望于注射用7.2mg Wegovy、口服Wegovy以及CagriSema的强劲上市表现，以稳定其美国市场份额并重建投资者信心。尽管这些新产品的推出可能缓解短期压力，但诺和诺德是否真正找到了司美格鲁肽的长期继任者，仍存在不确定性。 3.辉瑞 在2025年完成100亿美元收购Metsera并与YaoPharma达成授权协议后，辉瑞的竞争力排名显著跃升。尽管此前在肥胖药物领域遭遇多次挫折（如danuglipron和lotiglipron的研发终止），辉瑞似乎终于构建起差异化的研发管线，能够充分利用其成熟的商业和制造基础设施。 4.罗氏 尽管罗氏在心代谢领域的历史布局有限，但已公开表明其立志成为肥胖药物市场前三强的雄心。随着近期CT-388二期临床数据公布，市场关注点已转向2026年上半年即将公布的petrelintide二期临床结果。这一关键数据很可能决定其与Zealand Pharma合作的发展轨迹，进而影响罗氏在肥胖领域的整体战略布局。 5.阿斯利康 有充分理由认为，阿斯利康凭借其管线深度，有望成为实力排名中第三位的黑马竞争者。公司在2025年悄然推进了广泛的中期研发管线；随着多个二期临床结果预计在2026年公布，其与石药集团的授权协议（为其增添了每月一次的双激动剂）进一步强化了其竞争实力。 6.安进 安进正在下一场集中赌注，押注MariTide的延长给药周期将成为其在未来肥胖市场的关键差异化优势。尽管季度维持剂量具有差异化特点，但公司能否克服在2025年美国糖尿病协会会议上引发投资者担忧的二期临床耐受性问题，仍有待观察。 7.勃林格殷格翰 随着survodutide三期临床试验数据预计在2026年上半年开始公布，勃林格殷格翰有望成为挑战当前礼来+诺和诺德双头垄断格局的首个竞争者。即使survodutide的三期数据表现积极，勃林格殷格翰可能仍需将其研发管线扩展到当前的二期三激动剂之外，才能在长期竞争中保持优势地位。 8.再生元 尽管此前外界认为再生元在肥胖药物市场采取的是边缘策略，专注于开发保留肌肉质量的药物，但其在2025年6月引进olatorepatide的授权协议揭示了公司在肥胖领域更宏大的战略布局。然而，与勃林格殷格翰和安进类似，再生元也需要进一步多元化其产品组合，才有望成为肥胖领域的未来领导者。 9.Zealand Pharma 在CEO Adam Steenburg立志终结他所称的"减重奥运会"的雄心引领下，Zealand Pharma正战略性地押注于胰淀素将成为下一代抗肥胖药物的基石。继与罗氏就petrelintide达成合作后，即将公布的二期ZUPREME-1临床结果将首次验证petrelintide是否能够兑现其目标产品概况的承诺。 10.Kailera Therapeutics Kailera从中国恒瑞医药引进了已在华裔人群中展现出强劲后期减重效果的GLP-1/GIP双激动剂（ribupatide），并已启动自己的三期临床项目，评估更高剂量（>6毫克）在更长治疗周期内的效果。Kailera将选择与传统大型制药公司合作的路径，还是采用新型美国商业化模式（即直接面向患者）独立发展，值得市场持续关注。 参考资料 1.https://www.fiercepharma.com/sponsored/obesity-power-rankings-who-will-challenge-lilly-and-novo? 往期阅读推荐 点击标题跳转到对应原文 01-《临床成功，是被设计出来的！》 02-《生物医药人才变动信息》（26年03月06日-03月12日） 03-《生物医药领域融资动态及行业观察》（26年02月28日-03月06日） 04-《基因编辑新工具，如何赋能新药研发？》 05-《抗体药物偶联物的发展前景》 06-《罗氏重磅乳腺癌药物关键研究未达预期》 07-《2026年2月国内外药企裁员情况汇总》 08-《生物医药领域融资动态及行业观察》（26年02月28日-03月06日） 09-《生物医药人才变动信息》（26年02月27日-03月05日） 10-《2026年2月全球5000万美元以上融资事件盘点》 11-《2025年生物医药十大顶级融资盘点》 12-《精准狙击GLP-1，副作用大减！》 13-《生物医药领域融资动态及行业观察》（26年02月07日-02月27日） More exciting content is continuously being updated. 免责声明 “会会药咖”文章旨在传递信息，我们力求提供准确资讯，但对其完整性、准确性不做担保，所有内容仅供参考，不构成任何商业或医疗建议，使用者自行承担风险。如对内容有疑议，请及时联系我们。本声明与法律法规冲突时，以法律法规为准。 会会药咖建群啦！ 分 享 生 物 医 药 行 业 讯 息  、 专 业 知 识 扫 码 审 核 进 群 Cooperation 如有合作需求，欢迎随时与我们联系~ 会 务 合 作 微  信丨柏鳌创新 电  话丨18000558050 媒 体 合 作 微  信丨会会药咖 电  话丨15828041131 喜欢这篇文章，别忘了点一点文章末尾的“点赞”“分享”“喜欢”。 把我们设为星标，让我们之间的深度链接不会错过。

iStock, Anant_Kasetsinsombut While Johnson & Johnson retains the top revenue rank across the major pharma companies, Eli Lilly last year established itself as the clear leader in the obesity market, in the process capturing investors’ attention and enthusiasm. 2025 was Lilly’s year. While the company wasn’t able to topple any record-holders—Merck’s Keytruda technically remains the top selling drug and Johnson & Johnson holds the overall sales crown—the giant from Indiana has been the year’s biggest buzz-maker. In November, Lilly became the first pharma company to enter the trillion-dollar club , joining the tech-dominated pantheon of companies such as NVIDIA, Apple, Microsoft and Alphabet with a market cap over $1 trillion. Pharma’s second-largest company is J&J, which as of writing has a market cap of $585 billion—far behind Lilly. J&J does more than just pharma, with a robust medtech section that contributes heavily to earnings. While Lilly has consistently been a strong performer, its rise in 2025 was no doubt driven by strong execution in the cardiometabolic space, particularly for the obesity and diabetes drug tirzepatide. In a recent interview, CEO David Ricks claimed that Lilly captures 70% to 75% of new patients starting their GLP-1 journeys—“almost three-to-one” versus its main competitor Novo Nordisk. That’s not to say other pharmas didn’t have a strong 2025. J&J and Pfizer stand out, for instance, for keeping earnings afloat despite persistent headwinds—be it an impending patent cliff, a continued post-pandemic slide or the antagonistic rhetoric of a high-ranking health official. Others, still, have chosen to focus their efforts on building out their pipelines, paving the path for sustainable growth into the future. Here, BioSpace reviews the top five pharma companies in terms of revenue, looking at what’s behind their strong market performance in 2025 and how they plan to maintain their momentum moving forward. J&J Keeps Crown Despite Stelara Loss of Exclusivity 2025 Revenue: $94.19 billion YoY Growth: 6% With money flowing in from both the pharma and medtech industries, Johnson & Johnson is consistently among the top-earning drugmakers—and 2025 was no different. With $94.19 billion in sales , J&J holds a comfortable lead over its Big Pharma peers (Roche is the closest challenger, more than $10 billion behind), despite the biosimilar erosion that immunology blockbuster Stelara endured in 2025. The product lost key market protections early last year and saw sales nosedive 41% from 2024. J&J was well-prepared , however. In recent years, the pharma started cutting back on spending in some areas, such as infectious diseases and vaccines , and diverted these resources into immunology. The result is that newer products, including Tremfya and Simponi, have helped soften the blow of the Stelara cliff. Last year, these drugs surged nearly 40% and 22% year-on-year, respectively. Meanwhile, J&J’s cancer division continues to be the cornerstone of the pharma’s business. In 2025, oncology accounted for more than a quarter of the company’s revenue, bringing in $25.4 billion—almost 21% growth from the previous year. The myeloma drug Darzalex was the pharma’s top-selling product last year, with $14.35 billion in earnings. Medtech contributed $33.8 billion to J&J’s topline in 2025. Patents How J&J Kept Growing Amid the Erosion of Cornerstone Drug Stelara The company cut back in areas while investing in internal and external opportunities to offset the loss of exclusivity on a product that until recently accounted for 20% of innovative medicine sales. October 22, 2025 · 5 min read · Nick Paul Taylor Read more Roche Maintains Second-Place as Dealmaking Ramps Up 2025 Revenue: $79.48 billion YoY Growth: 7% Also racking up revenue from two industries—pharma and diagnostics—is Roche, which kept its second-place spot from the 2024 ranking. The group brought in CHF 61.516 billion ($79.48 billion) last year, representing 7% year-on-year growth. Ocrevus, a monoclonal antibody indicated for multiple sclerosis, continued to be Roche’s top-selling product, making CHF 7.01 billion ($9 billion) in 2025, a 9% increase. The hemophilia A therapy Hemlibra likewise had a strong year, growing 11% to hit CHF 4.754 billion ($6.12 billion) in sales. Beyond these products, Roche attributed its revenue growth to the asthma drug Xolair, which surged 32% year-on-year to hit sales of CHF 3.075 billion ($4.78 billion). Beyond its commercial performance, 2025 turned out to be a big dealmaking year for Roche. In September, the group acquired 89bio for $3.5 billion , obtaining its late-stage FGF21 analog pegozafermin for the treatment of metabolic dysfunction-associated steatohepatitis. Roche in March 2025 also dropped $1.65 billion upfront —and promised up to $3.6 billion more in milestones—to partner with Zealand Pharma on its long-acting amylin analog petrelintide for obesity. In October that year, during the pharma’s third quarter earnings call, CEO Thomas Schinecker said that despite these hefty investments, Roche “ is not done with BD .” The company has made good on that promise, with hundreds of millions poured into back -to- back cancer deals, as well as an RNA interference alliance . Earnings ‘We’re Not Done’: Roche Plans To Sustain Dealmaking Pace After 89bio Roche has already signed several high-ticket deals this year, including the $3.5 billion acquisition of 89bio and Genentech’s $2.1 billion molecular glue pact with Orionis Biosciences. October 23, 2025 · 2 min read · Tristan Manalac Read more Eli Lilly Skyrockets To Third on Back of Obesity Rush 2025 Revenue: $65.179 billion YoY Growth: 45% With a 45% increase in revenue from the year prior, Eli Lilly is by far 2025’s fastest-growing pharma, jumping six spots to land in third place on this list. The Indianapolis powerhouse’s 2025 sales hit $65.18 billion . Behind the company’s blockbuster year is the tirzepatide franchise. The drug, a dual agonist of the GLP-1 and GIP receptors, is marketed as Mounjaro for type 1 diabetes and Zepbound for weight loss. Mounjaro nearly doubled sales in 2025 to $22.97 billion, while Zepbound surged 175% year-on-year to make $13.54 billion. Despite being a late entrant to the GLP-1 game—tirzepatide was first approved as Mounjaro in May 2022, while Novo Nordisk’s Ozempic was cleared in January 2020 —Lilly has cleanly overtaken its competitor with a rapid ramp-up in sales that outpaced even Merck’s long-time cancer blockbuster Keytruda. Also helping boost tirzepatide’s case are studies that show the drug to have better weight-loss and glucose control profiles than Novo’s semaglutide. The future continues to look bright for Lilly’s business, as the lead over Novo extends in the obesity space. While the Danish competitor brought a weight-loss pill to the market first—the FDA signed off on an oral formulation of Wegovy late last year —Lilly’s own tablet, a GLP-1 analog called orforglipron, is close behind, with an FDA target action date of April 10 . Orforglipron also appears to have an efficacy edge over oral semaglutide, with the Phase 3 ACHIEVE-3 study demonstrating that Lilly’s pill elicited better sugar control and greater weight reduction . Obesity Lilly’s Weight Loss Trio Could Top $100B in Revenue Thanks to Oral Option If Eli Lilly’s obesity pill orforglipron is approved and priced around $200 per month, analysts at Truist predict patients will flock to it. November 19, 2025 · 1 min read · Annalee Armstrong Read more Merck Slows Down, Focuses on Pipeline as Keytruda’s Cliff Approaches 2025 Revenue: $65.01 billion YoY Growth: 1% During Merck’s full-year 2025 earnings call, an analyst at TD Cowen pressed the pharma on its relatively slow growth last year: “Is this what we should expect from Merck going forward, a company that grows modestly in good times and is significantly pressured in less good times?” Merck in 2025 was bogged down substantially by a slowdown in vaccine sales. Its HPV vaccine Gardasil made $5.23 billion globally last year—a 39% decrease from 2024. Pneumovax 23, the pneumococcal vaccine, cratered 37% year-on-year and brought in just $166 million in 2025. Thankfully for Merck, the blockbuster PD-1 inhibitor Keytruda, which by now has become a cornerstone cancer therapy, continued its strong market performance, growing 7% to bring in $31.64 billion. Keytruda remains the industry’s top-selling drug , but it’s on a timer. Key protections for Keytruda are set to expire in 2028 , after whichsales are expected to erode as biosimilars enter the market. Merck has been preparing for this, however, and last year secured an FDA approval for Keytruda Qlex, a subcutaneous formulation of the cancer therapy, which the pharma—and analysts—say will help cushion Keytruda’s fall off the patent cliff. The under-the-skin injection made $40 million worldwide last year in its initial months. The approval of Keytruda Qlex is part of why CEO Robert Davis pushed back against the TD Cowen comment during the pharma’s investor call. “I’m not sure I agree with your characterization,” Davis told the analyst, insisting that 2025’s modest growth was being taken “out of context.” In particular, Davis pointed to the pharma’s strong push to expand its pipeline—an effort that may not immediately reflect on the topline, but will nevertheless help keep earnings high past Keytruda’s lifespan. In July 2025, the company scooped up Verona Pharma for $10 billion , gaining the commercial drug Ohtuvayre for chronic obstructive pulmonary disease. Then, in November, Merck paid $9.2 billion to acquire Cidara Therapeutics for a late-stage antiviral drug. These deals have helped Merck build what Davis said is “probably the broadest and widest pipeline we’ve had in years.” Earnings Keytruda Hangs On to Best Seller Crown as GLP-1s Gain Ground Merck’s Keytruda will soon lose exclusivity, just as weight-loss giants Eli Lilly and Novo Nordisk press in with their blockbuster GLP-1s. March 4, 2026 · 9 min read · Tristan Manalac Read more Pfizer Pivots Focus to Obesity as Sales Continue Slide 2025 Revenue: $62.579 billion YoY Growth: -2% Rounding out this list is Pfizer, which continues to struggle to regain its footing in a post-pandemic market. The pharma reported an overall 2% year-on-year sales slip to $62.6 billion, but taking its COVID-19 products—the antiviral Paxlovid and the vaccine Comirnaty—out of the equation reveals 6% operational growth. Comirnaty nevertheless remains Pfizer’s best-selling product, making $2.27 billion worldwide. Close behind are the blood thinner Eliquis, which grew 8% year-on-year to bring in $2.02 billion, and the Prevnar family of conjugate vaccines, which racked up $1.71 billion in sales. Notably, with vaccines accounting for much of earnings, Pfizer has been particularly exposed to policy headwinds in the U.S., driven by continued critical rhetoric and controversial vaccine policies from Health Secretary Robert F. Kennedy, Jr. So much so, in fact, that Pfizer CEO Albert Bourla felt the need to speak up about it at the World Economic Forum in January. To return to growth, Pfizer is leaning heavily into the already-lucrative but increasingly competitive obesity market. The pharma previously tried to advance its own GLP-1 drug danuglipron, but was forced to pull the plug amid safety issues. Late last year, Pfizer won over Novo in a public bidding war for Metsera, ultimately paying $9.8 billion to acquire the biotech. The pharma has since put more money into its weight-loss pipeline, including a potential $1.9 billion deal with China’s YaoPharma in December 2025 for an investigational GLP-1 drug, as well as a $495 million partnership with Sciwind Biosciences in February to license a GLP-1 injection called ecnoglutide, which is approved in China for diabetes. .responsive-container { display: flex; flex-wrap: wrap; border: 1px solid #ededed; font-family: Helvetica, Arial, Sans-Serif; padding: 20px 20px 10px 20px; } .column-left { flex: 1; max-width: 45%; padding: 20px 20px 10px 20px; } .column-right { flex: 2; padding: 20px 20px 10px 20px; } @media (max-width: 768px) { .column-left, .column-right { max-width: 100%; flex: 100%; padding: 10px 0; } } Subscribe to BioPharm Executive! 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