Pictured: Collage of money and golden bull and bear/Nicole Bean for BioSpace

图为《金钱与金牛熊》/妮可·比恩（NicoleBean）为BioSpace创作的拼贴画

Skyrocketing weight-loss drug sales characterized the first quarter of 2024, with some companies beating Wall Street analysts’ earnings estimates, giving a clue to the current business environment and where things might be headed during the rest of the year for the biopharma industry. While Q1 was a generally positive quarter with some notable standout performers, it also featured companies struggling with patent cliffs and falling revenue..

2024年第一季度，减肥药销售额飙升，一些公司的盈利超过了华尔街分析师的预期，这为当前的商业环境以及生物制药行业在今年剩余时间的发展方向提供了线索。虽然第一季度总体上是一个积极的季度，有一些表现突出的公司，但它也表现出公司在专利悬崖和收入下降方面的挣扎。。

“The results generally exceeded expectations and were received positively,” Emily Field, director, head of European pharmaceuticals equity research at Barclays, told BioSpace.

巴克莱欧洲制药股票研究主管艾米丽·菲尔德告诉BioSpace：“结果总体上超出了预期，受到了积极的欢迎。”。

Among European companies, Field noted that several drugmakers raised guidance, including GSK and Novo Nordisk. While AstraZeneca did not raise its outlook, “it had a strong quarter and there are expectations that it may raise guidance later in the year,” she said.

菲尔德指出，在欧洲公司中，包括葛兰素史克（GSK）和诺和诺德（Novo Nordisk）在内的几家制药商提出了指导意见。虽然阿斯利康没有提高其前景，“它有一个强劲的季度，预计它可能会在今年晚些时候提高指导，”她说。

With weight-loss treatments becoming a rapidly growing area of sales and R&D, the therapies were at the center of many companies’ discussions around their pipelines, including Eli Lilly and Novo Nordisk’s financial updates. For the companies that have recently bought into the space, such as Roche and AstraZeneca, the therapeutic area served as a focal point on investor calls, according to Field..

随着减肥疗法成为销售和研发领域的快速增长，这些疗法成为许多公司围绕其管道进行讨论的中心，包括礼来和诺和诺德的财务更新。Field表示，对于罗氏（Roche）和阿斯利康（AstraZeneca）等最近进入该领域的公司来说，治疗领域是投资者电话的焦点。。

Also developing weight-loss drugs, Amgen CEO Robert Bradway said during an investor call the company was “very encouraged” by Phase II data for its next-generation obesity treatment MariTide, and that it was “actively planning” a Phase III testing program for the injectable drug candidate. All told, Amgen reported total revenues 22% higher than Q1 2023 and the company’s share price rose as much as 13% in reaction to the news..

安进首席执行官罗伯特·布莱德韦（RobertBradway）也在开发减肥药物，他在一次投资者电话会议上表示，该公司对其下一代肥胖治疗药物MariTide的第二阶段数据感到“非常鼓舞”，并表示正在“积极计划”针对该候选注射剂的第三阶段测试计划。总的来说，安进报告的总收入比2023年第一季度高出22%，该公司的股价因该消息而上涨了13%。。

On the opposite end of the spectrum, Biogen reported that its Q1 revenue fell 6.9% year-over-year (YoY). The results were due to declining sales across its multiple sclerosis products, with Tecfidera hit by generic competition. When it comes to full-year guidance, the company said that it expects total revenue to decline by low- to mid-single digital percentage and for its core pharmaceutical revenue to be flat compared with 2023..

另一方面，Biogen报告称，其第一季度收入同比下降6.9%。结果是由于其多发性硬化症产品的销售额下降，Tecfidera受到仿制药竞争的冲击。当谈到全年指导时，该公司表示，预计总收入将以中低单位数百分比下降，其核心制药收入与2023年持平。。

Here is BioSpace’s roundup of the winners and losers based on Q1 results:

以下是BioSpace根据第一季度结果对赢家和输家的总结：

Winners

优胜者

Amgen

安进

In addition to providing an update on MariTide, Amgen reported solid Q1 financial results that saw total revenues of $7.4 billion, reflecting growth of product sales by 22%, on the back of 25% volume growth. One of the growth drivers was the integration of sales from its $27 billion takeover of Horizon Therapeutics, which provided an additional $914 million in sales.

除了提供MariTide的最新信息外，安进还报告了第一季度稳健的财务业绩，总收入达到74亿美元，反映出产品销售额增长了22%，而销量增长了25%。增长驱动因素之一是其以270亿美元收购Horizon Therapeutics带来的销售额整合，这又增加了9.14亿美元的销售额。

The acquisition provided Amgen with rare disease sales from Tepezza ($424 million), Krystexxa ($235 million) and Uplizna ($80 million)..

此次收购为安进提供了来自特佩扎（4.24亿美元）、Krystexxa（2.35亿美元）和Uplizna（8000万美元）的罕见病销售额。。

AstraZeneca

阿斯利康

AstraZeneca reported total revenue increased by 19% to $12.6 billion, which was driven by a 26% jump in total revenue from its oncology business and a 23% rise in its cardiovascular, renal and metabolism (CRM) division. One of the strongest regions for growth for AstraZeneca was in emerging markets, excluding China, where total revenue grew by 27%.

阿斯利康报告总收入增长19%，达到126亿美元，这是由于其肿瘤业务总收入增长26%，心血管，肾脏和代谢（CRM）部门增长23%。阿斯利康增长最强劲的地区之一是新兴市场，不包括总收入增长27%的中国。

AstraZeneca’s shares rose immediately after the release of its financials by over 5%..

阿斯利康公布财务数据后，股价立即上涨5%以上。。

Novo Nordisk

诺和诺德

The Danish drugmaker posted a 27% increase in operating profit, with sales in its diabetes and obesity care growing by 25%. This was driven by the sales of its GLP-1 products, Ozempic and Wegovy, as the latter product (approved for weight loss) saw sales double. Novo Nordisk updated its full-year guidance for 2024 to sales growth of between 19% and 27%, marking a 1% increase on previous statements..

这家丹麦制药商的营业利润增长了27%，糖尿病和肥胖症护理的销售额增长了25%。这是由其GLP-1产品Ozempic和Wegovy的销售所推动的，因为后者（批准用于减肥）的销售额翻了一番。诺和诺德将2024年全年销售增长率更新为19%至27%，比之前的报告增长了1%。。

Despite the growth of sales, the company saw its share price drop by 3% after the release of its Q1 results. When asked why shareholders held a negative view of earnings, Field said it may have been due to Novo Nordisk not raising its guidance based on increased projected sales specific to its diabetes and obesity portfolio, unlike Eli Lilly, which increased guidance by $2 billion on the back of strong first quarter sales of weight-loss drug Zepbound.

尽管销售额有所增长，但在公布第一季度业绩后，该公司股价下跌了3%。当被问及股东为何对收益持负面看法时，菲尔德表示，这可能是由于诺和诺德没有根据其糖尿病和肥胖症投资组合的预期销售额增加而提高指导，而礼来则不同，礼来在减肥药Zepbound第一季度销售强劲的背景下，将指导增加了20亿美元。

She also noted that Novo Nordisk’s decision to reduce the net price of Wegovy to chase greater volume may have been misinterpreted as a sign of weakness, despite the list price not changing..

她还指出，诺和诺德降低Wegovy净价以追求更大交易量的决定可能被误解为疲软的迹象，尽管标价没有变化。。

Losers

失败者

Biogen

Biogen

Biogen is in a transition period. The decision to axe its Alzheimer’s treatment Aduhelm and to undertake a cost-reduction program led Biogen CEO Chris Viehbacher to characterize the efforts as a “redesign” of the company in a Q1 investor call, as sales of its Alzheimer’s therapy Leqembi started to pick up.

Biogen正处于过渡期。削减阿尔茨海默氏病治疗公司Aduhelm并实施成本削减计划的决定，导致Biogen首席执行官克里斯·维赫巴赫（ChrisViehbacher）在第一季度的投资者电话会议上将这一努力描述为该公司的“重新设计”，因为其阿尔茨海默氏病治疗公司Leqembi的销售额开始回升。

In the short term, the company posted a Q1 product revenue drop of 3%. In the long term, Biogen is looking to Leqembi, approved in 2023, to drive revenue as sales tripled in the quarter to $19 million..

短期内，该公司第一季度产品收入下降了3%。从长远来看，Biogen希望2023年获得批准的Leqembi能够推动收入增长，因为该季度销售额增长了三倍，达到1900万美元。。

Bristol Myers Squibb

百时美施贵宝

Shares of BMS fell by nearly 8% despite bringing in almost $11.9 billion in Q1, a 5% increase from the same period the prior year and beating consensus estimates in its results. However, the company downgraded its 2024 diluted earnings per share to a range of $0.40 to $0.70, after previously guiding for an EPS of $7.10 to $7.40 in February..

BMS的股价下跌了近8%，尽管在第一季度带来了近119亿美元的收入，比上年同期增长了5%，其业绩超出了普遍预期。然而，该公司将2024年稀释每股收益下调至0.40至0.70美元，此前该公司2月份的每股收益为7.10至7.40美元。。

BMS stated that the guidance update was due to the impact of three recent acquisitions—Karuna Therapeutics, Mirati Therapeutics and RayzeBio—in addition to the financial impact of its collaboration with SystImmune. BMS used its Q1 update to announce plans to lay off 2,200 employees this year, as part of a cost-cutting plan to save approximately $1.5 billion by the end of 2025.

BMS表示，指南更新是由于最近三次收购Karuna Therapeutics，Mirati Therapeutics和RayzeBio的影响，以及与SystImmune合作的财务影响。BMS利用其第一季度最新消息宣布今年裁员2200人的计划，作为到2025年底节省约15亿美元成本削减计划的一部分。

Looming on the horizon for BMS are the patent cliffs the company is facing for some of its top-selling drugs..

BMS即将面临一些畅销药物的专利悬崖。。

Johnson & Johnson

强生公司

Johnson & Johnson’s Q1 results missed analysts’ estimates, with sales of $21.38 billion, a 2.3% growth over 2023 figures but just short of Wall Street expectations of $21.4 billion. Still, the company reported better-than-expected income while also narrowing its full-year guidance. When broken down into the company’s two segments, innovative medicine and medtech, the former division grew sales by 1.1% and the latter by 4.4% YoY.

强生公司第一季度的业绩未达到分析师的预期，销售额213.8亿美元，比2023年的数字增长2.3%，但略低于华尔街214亿美元的预期。尽管如此，该公司报告的收入好于预期，同时也缩小了全年的指导范围。将公司分为创新医学和医疗技术两个部门后，前者销售额同比增长1.1%，后者同比增长4.4%。

The company’s blockbuster immunosuppressive drug Stelara is facing biosimilar competition as it loses patent protection, and its sales were flat in Q1, bringing in $2.45 billion..

该公司的重磅免疫抑制药物Stelara因失去专利保护而面临生物仿制药竞争，第一季度销售额持平，收入24.5亿美元。。

Ben Hargreaves is a freelance science journalist based in Tosse, France. Reach him on LinkedIn.

本·哈格里夫斯（BenHargreaves）是一名自由科学记者，总部位于法国托斯。通过LinkedIn联系他。