如何理解GLP-1减肥药大降价?高盛:战略性“以价换量”,礼来占优、诺和诺德承压

华尔街见闻
Nov 11, 2025

高盛称,协议通过大幅降低药品月费,成功解锁了此前不确定的数千万医保和医疗补助患者市场,预示着销量的巨大增长潜力,维持2030年950亿美元市场规模预测。礼来凭借更高市场份额和口服药提前上市占据优势,诺和诺德则面临多重增长压力,2027年IRA谈判可能使其价格劣势扩大至18%。近期,礼来和诺和诺德与美国政府达成GLP-1减肥药大幅降价协议。高盛认为,这本质上是一场战略性的"以价换量"交易,尽管价格...

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