盘前重挫12%！礼来Q2营收大增38%并上调全年指引，但口服减肥药效果不及预期

华尔街见闻08-07

礼来交出了一份亮眼的Q2财报，但与此同时公布的减肥口服药效果不及预期，引发股价盘前重挫12%。周四，礼来公布了Q2业绩，具体财务表现： Q2营收155.6亿美元，同比增长38%，超出市场预期的147亿美元，主要由Zepbound和Mounjaro销量增长驱动报告EPS为6.29美元，同比增长92%；非GAAP EPS为6.31美元，上年同期的3.92美元，同比增长61% 毛利率84.3%...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2557563631?lang=en_US&edition=fundamental","thumbnail":"","is_english":false,"pubTime":"2025-08-07 20:11","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2557563631","market":"sh","top_or_hot":-1,"title":"盘前重挫12%！礼来Q2营收大增38%并上调全年指引，但口服减肥药效果不及预期","media":"华尔街见闻","content":"<div>\n<p>礼来交出了一份亮眼的Q2财报，但与此同时公布的减肥口服药效果不及预期，引发股价盘前重挫12%。\n周四，礼来公布了Q2业绩，\n具体财务表现：\n\n\nQ2营收155.6亿美元，同比增长38%，超出市场预期的147亿美元，主要由Zepbound和Mounjaro销量增长驱动\n报告EPS为6.29美元，同比增长92%；非GAAP EPS为6.31美元，上年同期的3.92美元，同比增长61%\n毛利率84.3%...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3752873\">Source Link</a>\n\n</div>\n","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>盘前重挫12%！礼来Q2营收大增38%并上调全年指引，但口服减肥药效果不及预期</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n盘前重挫12%！礼来Q2营收大增38%并上调全年指引，但口服减肥药效果不及预期\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-08-07 20:11 北京时间&nbsp;&nbsp;&nbsp;<a href=https://wallstreetcn.com/articles/3752873><strong>华尔街见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>礼来交出了一份亮眼的Q2财报，但与此同时公布的减肥口服药效果不及预期，引发股价盘前重挫12%。\n周四，礼来公布了Q2业绩，\n具体财务表现：\n\n\nQ2营收155.6亿美元，同比增长38%，超出市场预期的147亿美元，主要由Zepbound和Mounjaro销量增长驱动\n报告EPS为6.29美元，同比增长92%；非GAAP EPS为6.31美元，上年同期的3.92美元，同比增长61%\n毛利率84.3%...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3752873\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LLY","symbol_name":"礼来","start_time":0,"source_url":"https://wallstreetcn.com/articles/3752873","article_id":"2557563631","we_media_id":"1084101182","thumbnails":[],"rights":{"source":null,"url":"https://wallstreetcn.com/articles/3752873","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2557563631","pubTimestamp":1754568689,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"华尔街见闻","introduction":"追踪全球财经热点，精选影响您财富的资讯，投资理财必备神器！","home_visible":1,"id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"summary":"礼来Q2营收155.6亿美元，同比增长38%，超出市场预期的147亿美元，同时上调全年营收预期至600亿-620亿美元。其中Mounjaro的表现相对稳健，全球营收52亿美元，增长68%。特别值得注意的是其海外市场的爆发式增长。但公司减肥药丸orforglipron在三期临床试验中仅帮助患者减重约11%，低于华尔街预期，引发投资者失望情绪。","collect":0,"end_time":0,"defaultTopTitle":"","property":["earning"],"viewcount":null,"language":"zh","relate_stocks":{"LLY":"礼来"},"translate_title":"It fell 12% before the market opened! Eli Lilly's Q2 revenue surged 38% and raised its full-year guidance, but the effect of oral diet pills was not as good as expected","themeId":"354707914f8b173c27b2fcf83d65ef5b","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"LLY":1},"content_text":"礼来交出了一份亮眼的Q2财报，但与此同时公布的减肥口服药效果不及预期，引发股价盘前重挫12%。\n周四，礼来公布了Q2业绩，\n具体财务表现：\n\n\nQ2营收155.6亿美元，同比增长38%，超出市场预期的147亿美元，主要由Zepbound和Mounjaro销量增长驱动\n报告EPS为6.29美元，同比增长92%；非GAAP EPS为6.31美元，上年同期的3.92美元，同比增长61%\n毛利率84.3%，同比提升3.5个百分点，受益于生产成本改善和产品结构优化\n基于强劲的业绩表现，公司上调全财年营收预期至600亿-620亿美元，此前预期为580亿-610亿美元。\n\n\n\n核心业务进展：\n\n\nMounjaro全球营收52亿美元，同比增长68%；美国市场33亿美元，海外市场19亿美元\nZepbound美国营收33.8亿美元，同比暴增172%，需求强劲但价格承压\nVerzenio营收14.9亿美元，同比增长12%，保持稳定增长\n\n\n\n然而，礼来实验性减肥药丸orforglipron在三期临床试验中仅帮助患者减重约11%，低于华尔街预期，引发投资者失望情绪。该结果远逊于诺和诺德Wegovy注射剂14%-15%的减重效果。\n消息公布后，礼来股价在周四纽约盘前交易中暴跌超12%。如果这种跌势持续到开盘，那么这将是自2000年8月9日暴跌29%以来的最大单日跌幅。 相比之下，竞争对手诺和诺德股价在哥本哈根交易所大涨8.4%，创近四个月来最大涨幅。\n\n\n营收增长强劲，但价格压力显现，上调全年指引\n\n155.6亿美元的季度营收确实令人印象深刻，38%的同比增长主要得益于42%的销量增长。然而，价格因素拖累了6个百分点的增长，在美国市场，这种价格压力更加明显，价格下降了8个百分点。\n这种价格下滑主要来自于公司的两大明星产品——Zepbound和Mounjaro。虽然需求依然强劲，但保险公司和政府医保项目显然在价格谈判中变得更加强硬。这可能预示着GLP-1药物市场的竞争格局正在发生微妙变化。\n减肥药业务方面，Mounjaro的表现相对稳健，全球营收52亿美元，增长68%。特别值得注意的是其海外市场的爆发式增长，从去年同期的6.77亿美元跃升至19亿美元，几乎翻了三倍。这主要得益于新市场准入和销量增长。\nZepbound则呈现出典型的新产品增长曲线，营收33.8亿美元，同比暴增172%。但这种增长很大程度上建立在基数较低的基础上，而且同样面临价格压力。两款产品合计贡献了超过85亿美元营收，占总营收的55%。\n值得一提的是，研发费用支出增至 33.4 亿美元，同比增长 23%，略高于32亿美元的预期，表明在管线开发方面继续保持高投资趋势。\n此外，公司将2025年全年营收指引上调15亿美元至600-620亿美元区间，这显示出管理层对业务前景的信心。EPS指引也相应上调至报告基准下的20.85-22.10美元。但是，税率指引从17%上调至19%，这反映了美国税收政策变化的影响。\n礼来减肥药丸三期试验结果不及预期\n礼来公司实验性减肥药丸orforglipron在关键三期试验中帮助患者减重约11%，低于华尔街预期，为明年减肥药市场新增竞争者设定基调。\n据彭博报道，该试验结果落在华尔街预期的低端区间。投资者原本希望orforglipron能够匹敌诺和诺德的重磅减肥针剂Wegovy的疗效，后者在关键试验中帮助用户减重14%-15%。\n但肥胖症医生Katherine Saunders表示，只要药物安全有效，医生就会开具处方，无论是否达到投资者期望的减重基准。该药物有望明年上市，为预计到2030年将增长至950亿美元的减肥药市场提供更便宜的口服选择。\n礼来计划年底前向监管机构提交这项涉及超过3100名成人的18个月试验结果申请批准。公司已为预期需求进行\"大量投资\"，包括储备价值至少6亿美元的药丸和原料。\norforglipron最常见副作用为恶心、呕吐和腹泻，发生率与现有GLP-1类药物相似。值得注意的是，orforglipron未引起肝脏问题，这是其他在研减肥药丸的一个担忧。约10%的患者因副作用退出试验。\n该药物比礼来的Zepbound注射剂更易生产，预计将为患者提供更便宜的选择。在orforglipron的早期试验中，2型糖尿病患者在40周内减重7.6%，血糖水平也有所下降。\n虽然礼来和诺和诺德的注射剂已彻底改变肥胖症治疗方式，但投资者认为药丸是触达更多患者的关键，该市场预计到2030年将增长至950亿美元。然而，口服减肥药的科学研发充满挑战。辉瑞和阿斯利康等公司在竞相开发强效药丸的过程中都遭遇挫折。","kind":"highlight","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":0,"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 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.35.12","shortVersion":"4.35.12","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2557563631","isCrawlerRequest":true}