Kaiyuan Securities: Tracking Global Cutting-Edge Progress in the Weight Loss Sector (II) — Orforglipron Leads the Global Small-Molecule GLP-1RA Race as Domestic Pipeline Value Gradually Emerges

Small molecule GLP-1RA offers numerous advantages such as low cost, unrestricted usage scenarios, and no need for cold chain transportation, showcasing broad development prospects. In the small molecule GLP-1RA field, Eli Lilly's Orforglipron has completed global Phase III trials for both glycemic control and obesity, maintaining a leading global position. AstraZeneca's AZD5004, Roche's CT-996, Eli Lilly's NAPERIGLIPRON, and Terns’ TERN-601 have entered Phase II, with overall progress moving rapidly. Among domestic companies, Hengrui Medicine, Huadong Medicine, Ascletis Pharma, and others are heavily investing in small molecule GLP-1RA pipelines. This track has witnessed several major BD transactions in recent years, with its popularity continuously increasing.