Carmot Therapeutics, Inc.

Is it a coincidence the most valuable pharmaceutical company by market capitalization is also the one with the CEO rated highest by employees? Maybe not.Eli Lilly, which just became the first trillion-dollar pharmaceutical company, also holds another distinction: CEO David Ricks is ranked No. 1 among big pharma with regard to employee approval, according to reviews on Glassdoor.Employee approval of a CEO correlates with company performance, studies show, with top leaders boosting worker efficiency, improving recruitment and lifting customer perception.That certainly seems to be the case for Lilly, where 89% of roughly 6,100 reviewers on Glassdoor approve of the job Ricks is doing in the captains chair.Lillys financial performance matches that high approval rating thanks to blockbuster GLP-1 drugs Zepbound and Mounjaro, which together raked in more than $10 billion in the third quarter to top the pharmas sales charts. Lilly also raised full-year forecasts and touts a deep pipeline of closely watched research projects.With Ricks at the peak, how do other top pharma CEOs measure up?PharmaVoice searched the top 20 pharma companies by 2024 revenue on Glassdoor and sorted by the percentage of employees who approved of the current CEO. U.S.-based Merck & Co. and Germanys Merck KGaA were not included due to insufficient or unreliable Glassdoor data.Among the bottom-ranked CEOs, just over half of employees approved of the job they were doing, including Pfizers Albert Bourla at 52%, CSLs Paul McKenzie at 53% and Bayers Bill Anderson at 58%Bristol Myers Squibbs Chris Boerner and Takeda Pharmaceuticals Christophe Weber fared a little better, with 65% and 73% approval, respectively.The top-ranked CEOs, on the other hand, scored much higher, each with no fewer than 87% of employees approving of their performance. Heres a look at the top CEOs by approval rating.Eli LillyCEO: David RicksEmployee approval: 89%Recently named CEO of the year by Chief Executive magazine, David Ricks led Lilly to a string of wins this year, topped off with the tirzepatide franchise usurping Mercks Keytruda as the worlds best-selling drug and overtaking Novo Nordisk's Ozempic in the GLP-1 revenue race.Ricks, who also nabbed a spot on this years Time100 Health list, joined Novos CEO earlier this month to strike a deal with the White House to lower U.S. prices for GLP-1 drugs. Its part of a larger price-cutting and access strategy, which also includes a recent deal with Walmart to expand to direct-to-consumer pricing for Zepbound through LillyDirect, offering the drug for pick-up at the retail giants pharmacies.Looking to the future, Ricks says hes all-in on artificial intelligence. At least one or two AIs, are running during every meeting, according to the CEO. That enthusiasm is reflected across the whole of the company, with Lilly announcing plans to work with chip-maker Nvidia to build the most powerful supercomputer owned and operated by a pharmaceutical company that could power an “AI factory.Roche GroupCEO: Thomas SchineckerEmployee approval: 87%Thomas Schinecker started the year by taking over as president of the global pharma trade body, the International Federation of Pharmaceutical Manufacturers and Associations.Hes also remained an impactful leader at Roche, inking bigger-ticket deals like the $3.5 billion acquisition of 89bio and subsidiary Genentechs $2.1 billion pact with Orionis Biosciences to discover small-molecule glue medicines for cancer. Schinecker plans to keep up that business development clip, saying were not done during a third-quarter earnings call last month.Schinecker is rolling the dice elsewhere, too. Roche is betting big on its obesity pipeline, aiming to compete with Lilly and Novo, despite scrapping one of the early-stage assets from its $2.7 billion acquisition of Carmot Therapeutics.The company is also in talks with the U.S. government to lower drug costs, with Schinecker floating the possibility of selling prescriptions directly to consumers.Boehringer IngelheimCEO: Hubertus von BaumbachEmployee approval: 87%When Hubertus von Baumbach in 2015 took the reins of Boehringer Ingelheim, the largest private drugmaker in the world, he became the first CEO from the companys founding family in 25 years. Von Baumbach, a great-grandson of Boehringer Ingelheims founder, stepped into the role after serving as finance chief.In the decade since, von Baumbach has led the company in deals ranging from a multibillion-dollar business swap with Sanofi to an agreement with Google Quantum AI for R&D.Boehringer also scored two FDA approvals in the second half of 2025. Its Jascayd approval marked the first new idiopathic pulmonary fibrosis treatment in more than a decade, and the company entered the oncology market with the kinase inhibitor Hernexeos.In addition to the CEO role, von Baumbach was recently appointed as chairman of the companys shareholders committee.NovartisCEO: Vas NarasimhanEmployee approval: 87%Another Time100 Health honoree, Vas Narasimhan recently boasted of the companys firepower to ink big deals like a $12 billion acquisition of Avidity Biosciences announced in October, thanks to Novartis free cash flow approaching $20 billion a year. He also said Novartis wont step away from the M&A table in the quest for the next great asset.Avidity marked Novartis largest deal since Narasimhan took the helm as CEO in 2018. Still, the company faced criticism for the acquisition, with investors raising questions about the effectiveness of the biotechs antibody-oligonucleotide conjugates.Novartis also faces pressure to strike deals with the White House to lower drug prices, similar to those brokered by Pfizer, Lilly, AstraZeneca and Novo. However, while Narasimhan acknowledged the drugmaker is engaged in ongoing talks with the Trump administration, he said such deals dont get to the root of the problem.I think the pharma industrys view is that the proposed negotiations or proposed actions are not going to address the underlying issues here, he said during a recent earnings call.AstraZenecaCEO: Pascal SoriotEmployee approval: 87%After Pascal Soriot struck a deal with the White House to lower drug prices and avoid tariffs, Reuters called the AstraZeneca CEO something of a Trump whisperer who went on a charm offensive to reach the agreement, including meeting at a royal banquet in the U.K., where the company is based.Just a week after Trump won the 2024 election, AstraZeneca said it would invest $3.5 billion in R&D and manufacturing in the U.S. Then in July, the company said it would pour an additional $50 billion into the U.S. by 2030.Todays announcement underpins our belief in Americas innovation in biopharmaceuticals and our commitment to the millions of patients who need our medicines in America and globally, Soriot said in a statement.Soriots dealings with the U.S. are in stark contrast to how its approaching affairs in its home country, saying that if the U.K.s NHS doesnt spend more on new drugs, and if things continue to deteriorate the way they do, the nation could someday only be able to afford cheap generics. '

在当今制药行业，如何在激烈的竞争中脱颖而出，成为了各大药企面临的重要挑战。你是否好奇，罗氏制药是如何在2025年前三季度以459亿瑞士法郎的营收和9%的高增速展现其强大实力的？这背后隐藏着哪些创新的秘密？近年来，神经科学和免疫炎症领域一直被视为药物研发的“死亡谷”，尤其是血脑屏障（BBB）这一终极壁垒，令许多药物的研发受阻。罗氏以数十年的持续投入为基础，通过战略性“补强”，勾勒出一幅清晰的战略蓝图，尤其在神经科学领域的“脑穿梭”技术（BrainShuttle™）的开发，正是这一战略的成功体现。该技术巧妙地利用蛋白质工程，使抗体能够“搭乘”转铁蛋白受体，主动穿越BBB，成为突破神经药物研发的重要一环。在这一领域，Trontinemab作为该技术的代表项目，正在进行的临床试验中显示出卓越的效果。在用药3-6个月内，几乎所有患者的淀粉样蛋白水平均有所下降，91%的患者实现了完全清除，而这一效果远超同类药物。这一成功的临床数据不仅提升了罗氏的行业地位，更为阿尔茨海默病的治疗带来了新的希望。然而，罗氏的雄心并未止步于此。在帕金森病的治疗上，Prasinezumab单抗的推进，以及小分子药物Fenebrutinib在多发性硬化症中的优异表现，都彰显了罗氏在神经科学领域的深厚积累与创新能力。此外，罗氏还积极将人工智能（AI）技术与药物研发相结合，以期在神经系统疾病的基因疗法上实现更大的突破。在免疫炎症领域，罗氏通过收购Telavant，构建了以TL1A为核心的平台化布局，成为攻占炎症性肠病（IBD）市场的关键筹码。通过不断拓展TL1A的应用范围，罗氏不仅在溃疡性结肠炎和克罗恩病上取得进展，还在特应性皮炎及代谢相关脂肪性肝炎领域展开新的探索。这一系列布局显示了罗氏在免疫领域的深远眼光。除了神经和免疫领域，罗氏还在减重与心血管代谢（CVRM）赛道上进行了一系列有力布局。通过收购Carmot Therapeutics，罗氏获得了多项新药资产，其中GLP-1/GIP双受体激动剂CT-388在肥胖人群中展现出优异疗效，且正在推进至II期临床。同时，罗氏针对GLP-1类药物面临的挑战，与Zealand Pharma达成合作，引入了长效胰淀素类似物Petrelintide，以期实现更好的减重效果与肌肉质量的保留。在药物研发的过程中，罗氏展现出的理性取舍与资源优化配置的智慧同样令人瞩目。2025年Q3，罗氏果断终止了10个临床项目，确保资源集中于更具潜力的候选药物。这一“有进有退”的策略不仅提升了研发效率，更确保了企业的持续创新能力。综上所述，罗氏制药通过在神经科学、免疫炎症及代谢疾病等领域的深入布局，结合前沿的技术与科学研究，展现出其强大的行业实力。这种持续的创新与优化策略，正是其在未来挑战中立于不败之地的关键所在。返回搜狐，查看更多

作者｜momo 2025年前三季度，罗氏以459亿瑞士法郎的营收和制药业务9%的高增速，向全球展示了其硬核实力。 这身“肌肉”的练成，源于其在神经科学、免疫炎症、减重与心血管代谢几大核心赛道的全面发力。 罗氏，已经亮出了肌肉。   01   “补强”神经、免疫管线 CNS领域长期被视为药物研发的“死亡谷”，BBB是CNS药物递送的“终极壁垒”，而免疫炎症疾病虽靶点明确，却面临疗效与安全性平衡的挑战。面对双重困境，罗氏以数十年持续投入为基础，通过战略性“补强”行动，勾勒出免疫与神经领域的战略蓝图。 在神经科学领域，罗氏开发的“脑穿梭”技术（Brain Shuttle™）通过巧妙的蛋白质工程，在抗体上添加特定结构域，使其能够“搭乘”转铁蛋白受体（TfR）的天然转运系统，主动、高效穿越BBB。 其中，Trontinemab是该技术进展最快的代表项目，该药物将靶向Aβ的单抗与能结合TfR的蛋白结构域融合，从而协助其穿越BBB（图1），在用药3-6个月便可快速有效地清除大脑中的淀粉样蛋白沉积。 图1、Trontinemab作用机制 1/2期临床中，所有患者均实现Aβ减少，91%的患者达到完全清除，高剂量组平均降幅达-99 CL，相比之下，同类药物donanemab和aducanumab在TRAILBLAZER-ALZ 4试验中治疗6个月后平均降幅仅为-62 CL和-16 CL，实现清除的患者比例也远低于Trontinemab（38%和2%）。基于临床数据，罗氏于2025年9月登记启动两项三期临床试验，该药物已迈入上市前的最终阶段。 罗氏雄心远不止于此。在帕金森病领域，靶向α-突触核蛋白（α-Syn）的单抗Prasinezumab正稳步推进。Prasinezumab是罗氏2013年6亿美元从Prothena引进，基于前期数据。2025年6月，罗氏宣布开展 prasinezumab的III期临床研究。 同时，小分子药物Fenebrutinib作为非共价BTK抑制剂，在多发性硬化症治疗中表现优异。其入脑能力比其他BTK抑制剂（evobrutinib、tolebrutinib、remibrutinib）更强，是唯一一个实现脑脊液中药物浓度高于小胶质细胞IC90的BTK抑制剂。相关II期研究数据显示（图2），fenebrutinib在复发性多发性硬化症患者中几乎完全抑制疾病活动和残疾进展长达48周。 图2、Fenebrutinib的II期FENopta开放标签扩展（OLE）研究结果 另外，罗氏正逐渐将CNS领域与AI进行深度整合。继首次合作后，罗氏于2024年10月再次与Dyno Therapeutics签署价值10.5亿美元协议，利用其CapsidMap™ AI平台设计下一代AAV载体，用于针对神经系统疾病的基因疗法； 2025年11月，罗氏进一步与Manifold Bio达成潜在里程碑付款超20亿美元战略合作，运用其AI驱动引擎开发新一代血脑屏障穿梭药物。 在免疫炎症领域，罗氏构建了以TL1A为核心的平台化布局。 2023年以71亿美元收购Telavant获得的抗TL1A抗体RVT-3101成为其攻占IBD市场的关键筹码。该靶点作为赛道最热门的新方向，直接对标默沙东tulisokibart及赛诺菲duvakitug等竞品。 然而，罗氏并未将TL1A局限于单一药物，而是将其拓展为平台级资产。 RVT-3101正从溃疡性结肠炎和克罗恩病向特应性皮炎及代谢相关脂肪性肝炎领域延伸，并将克罗恩病推进至III期临床； 同时，p40/TL1A双抗RG6730已进入溃疡性结肠炎II期试验，通过协同靶向TNF-α、IL-23等通路，有望突破单药疗效瓶颈。 此外，2025年4月，罗氏与Repertoire Immune Medicines达成协议，开发T细胞靶向免疫药物，进一步直指自免疾病根源性治疗。   02   “瞄准”减重、CVRM赛道 除了“补管线”，近年来，罗氏还通过一系列紧密衔接的动作，构建了一个以肥胖为入口，融合MASH、高血压以及心肾并发症的CVRM平台。 2023年末，罗氏以27亿美元收购Carmot Therapeutics，获得了包括CT-388、CT-868和CT-996在内的多项资产。其中，GLP-1/GIP双受体激动剂CT-388在肥胖人群中展现出优异疗效，Ib期数据显示，该药物治疗24周可实现平均18.8%的体重下降，目前已被整合至罗氏研发管线并推进至II期临床。此外，用于治疗肥胖的口服小分子GLP-1受体激动剂CT-996和用于1型糖尿病的GLP-1/GIP双重受体激动剂CT-868的加入，也为其产品组合提供了更便捷的给药选择。 然而，罗氏的视野并未局限于肠促胰素通路。为了应对GLP-1类药物面临的肌肉流失、体重反弹及耐受性等挑战，罗氏在今年3月与Zealand Pharma达成了最高53亿美元的合作，引进了长效胰淀素（Amylin）类似物Petrelintide。该药物单药治疗16周即显示8.6%的减重效果，且具有保留肌肉质量的潜力。Petrelintide的引进旨在与CT-388形成固定剂量组合，打造出具有BIC潜力的GLP-1/GIP//amylin三靶点疗法，直接对标礼来的替尔泊肽。 据Evaluate Pharma预测，到2030年，全球MASH药物市场规模有望达到约350亿美元。罗氏再次看准这一潜力市场，于2025年9月以高达35亿美元收购了89bio，将其核心资产Pegozafermin收入囊中，以加强其在MASH治疗领域的布局。 Pegozafermin是一种处于III期临床的全球首创FGF21类似物，直接瞄准MASH的中重度纤维化及肝硬化患者群体。鉴于全球数亿患者深受MASH困扰且当前治疗选择匮乏，该药被认为具备BIC潜力，并有望实现超过50亿美元的销售峰值，此次收购被视为罗氏补强CVRM业务的重要一步棋。 此外，在心血管领域，罗氏斥资28亿美元从Alnylam引进了Zilebesiran。Zilebesiran是一款靶向血管紧张素原（AGT）的siRNA疗法。联合利尿剂用于两种药物仍难以控制的高血压。该疗法一年仅需注射两针，即可实现长效平稳的血压控制，极大地改善了患者的用药依从性。目前，该药物已启动首个III期临床试验。   03   “优化”研发资源 在药物研发领域，及时止损同样是一种智慧，2025年Q3，罗氏向市场传递了一个明确信号，理性取舍比盲目扩张更为重要。当季度，罗氏一举终止了10个临床项目的开发，范围从早期探索到后期试验阶段。在削减部分项目的同时，罗氏正在将资源重新配置到更具战略价值的领域（图3）。 图3、罗氏2025Q管线更新 对于早期资产，罗氏会进行长期持续评估，一旦数据不不达标，便立即终止，以避免后续更大的资源投入。 在早期研发阶段，共有五个新分子实体从I期临床管线中被移除，包括靶向TGF-β1的单抗SOF10、CD137开关抗体STA551、泛RAS抑制剂paluratide等。STA551因其未能实现在理想剂量下的耐受性目标被终止。paluratide则因治疗窗口较窄，其开发资源被转移至更具潜力的KRAS抑制剂AUBE00。 在II期临床阶段，罗氏的“优化”并非简单的“砍掉”，而是有选择性地收缩战线，确保资源流向核心和优势领域。 PiaSky在镰状细胞病领域的退出，是罗氏将资源更集中地投入其在阵发性睡眠性血红蛋白尿症和非典型溶血性尿毒症综合征等补体介导疾病中的开发。vamikibart在糖尿病黄斑水肿上的终止，则是为其他机制的候选药物让路，其本身在葡萄膜炎领域因数据积极仍继续推进。 对于进入后期临床阶段的项目，罗氏的执行标准更为明确，只要在硬终点上看不到增量，即使组合潜力再大也果断放弃。 TIGIT单抗tiragolumab与Tecentriq的联合方案在多个大适应症上面临折戟。在非小细胞肺癌的SKYSCRAPER-03研究中，该组合相较于对照组在无进展生存期和总生存期上均未显示优势；在肝癌一线治疗的三联方案中也未能改善患者生存。基于III期失败数据，罗氏在2025年Q2和Q3果断地将这些适应症从管线中移除。 同样，Tecentriq联合BCG用于高危非肌层浸润性膀胱癌的ALBAN试验，因无法显著改善无事件生存期且毒性更高而被放弃；Venclexta联合阿扎胞苷治疗一线高危骨髓增生异常综合征的VERONA研究，尽管提高了缓解率，却未能达到总生存期的主要终点，导致项目被剔除。 另外，罗氏不追求形式上的管线繁荣，只认可那些能带来真实临床获益的改进。 Ocrevus高剂量方案用于原发进展型多发性硬化的III期研究，其疗效未能超越已上市的标准600mg剂量，在残疾进展等关键终点上未见额外增益。因此，该高剂量方案被迅速移除，罗氏转而将资源集中于探索与布鲁顿酪氨酸激酶抑制剂等新机制的联合疗法。   结语   通过有针对性的收购与合作，罗氏快速填补了在神经、免疫和代谢疾病等领域的关键管线；同时，又果断大规模终止前景不明的项目，将资源集中于最具潜力的候选药物上。这种“有进有退”的策略，确保了研发投入的精价值最大化。行动，正是罗氏应对未来挑战最有力的宣言。 参考资料 [1]https://medically.roche.com/content/dam/pdmahub/restricted/neurology/ctad-2024/CTAD-2024-presentation-kulic-latest-interim-results-from-brainshuttle-ad-study.pdf [2]https://assets.roche.com/f/176343/x/6d66b8d069/neurology-ir-event_adpd_04-apr2025-finalfinal_wo-speaker-notes.pdf [3]https://www.repertoire.com/about/press-releases/repertoire-immune-medicines-enters-into-collaboration-and-license-agreement-with-genentech-for-the-development-of-t-cell-targeted-therapies-for-an-autoimmune-disease [4]https://assets.roche.com/f/176343/x/1025ff0e1f/irp251023-a.pdf [5]方正证券、财通证券、华泰证券研报、各种公开资料等 共建Biomedical创新生态圈！ 如何加入BiG会员？