诺和诺德(NVO)今日盘前股价大跌5.13%，引发了市场的广泛关注。此次下跌主要受到竞争加剧与公司自身业绩展望疲软的双重压力影响。
消息面上，直接触发因素是数字健康平台Hims & Hers Health Inc.推出了一款与诺和诺德旗下明星减肥药Wegovy药丸成分相同的仿制版本，月费定价仅为49美元，远低于品牌药价格。这一举措加剧了市场对减肥药市场竞争白热化以及价格压力的担忧。
更深层次的原因在于诺和诺德自身发布的疲软业绩指引。公司在发布2025年财报的同时，预计2026年销售额按固定汇率计算将较2025年水平下降5%至13%，远低于分析师预期。公司指出，销售展望受到价格下降、美国“最惠国”协议、司美格鲁肽分子在部分市场的专利到期以及市场竞争加剧等多重因素影响。此外，近期财报显示，礼来的替尔泊肽以365亿美元营收超越诺和诺德司美格鲁肽的361亿美元，成为全球新“药王”，凸显了诺和诺德在核心市场面临的激烈竞争压力。
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