Pacific Securities Daily Pharma Report: Lilly's Oral GLP-1 Small Molecule Succeeds in Phase 3 Trial

(Source: Research Report Tiger)

Report Summary

Market Performance:

On September 18, 2025, the pharmaceuticals sector rose/fell by -0.50%, outperformingCSI 300 Index0.66pct, ranking 6th in terms of change among the 31 Shenwan sub-industries. Among various pharmaceutical sub-sectors, pharmaceutical distribution (+1.65%), other biologics (+0.57%), and blood products (-0.74%) performed relatively well, while hospitals (-2.45%), in vitro diagnostics (-1.50%), and medical R&D outsourcing (-1.47%) lagged behind. In terms of individual stocks, the top three performers in daily gains were:Mabwell(+13.21%)、China Meheco(+10.05%)、TRUKING(+9.33%); The top three on the decline list areShanghai Model Organisms Center,inc.(-5.93%)、Sunnyou(-4.81%)、Innovative Medical(-4.75%)。

Industry News:

Recently, Eli Lilly announced that its investigational small molecule Orforglipron met the primary and all key secondary endpoints in the ACHIEVE-3 Phase 3 clinical trial, showing greater improvements in glycated hemoglobin (A1C) and body weight compared to the active control drug. Orforglipron is an investigational, once-daily small molecule oral GLP-1 receptor agonist that can be taken at any time of the day without dietary or hydration restrictions. The company expects to submit a marketing application for the treatment of type 2 diabetes by 2026.

Company News:

Biokin(688506): The company announced that it has issued shares to 18 specific issue targets, with an issuance quantity of 11,873,817 shares at a price of RMB 317.00 per share. The total amount of funds raised is RMB 3,763,999,989.00, and the proceeds will be used for innovative drug research and development projects.

Tonghua Dongbao(600867): The company announced that it will implement an employee stock ownership plan for 77 employees, with the proposed number of shares to be transferred not exceeding 11,077,820 shares, accounting for approximately 0.566% of the total share capital. The transfer price is 4.29 yuan per share. The unlocking period is divided into three phases, with proportions of 30%, 40%, and 30%. The performance evaluation targets are based on 2024: 1) If the revenue growth rate for 2025-2027 is greater than or equal to 40%, 60%, 80%, or the non-GAAP net profit is greater than or equal to 500 million, 700 million, and 900 million yuan, then the unlocking proportion will be 100%; 2) If the revenue growth rate for 2025-2027 is less than 32%, 48%, 64%, and the non-GAAP net profit is less than 400 million, 560 million, and 720 million yuan, then the unlocking proportion will be 0%; 3) In other cases, the unlocking proportion will be the higher of the actual revenue growth rate or the ratio of the non-GAAP net profit to the target value.

Hengrui Pharma(600276): The company announced that the injectable SHR-1501 developed by its subsidiary, Shanghai Hengrui, has been included in the list of proposed breakthrough therapies by the Center for Drug Evaluation of the National Medical Products Administration. It will be used in combination with Bacillus Calmette-Guérin (BCG) for patients with BCG-unresponsive non-muscle-invasive carcinoma in situ (CIS).

Hengrui Pharma (600276): The company announced that its subsidiary, Guangdong Hengrui, has recently received the "Drug Clinical Trial Approval Notice" issued by the National Medical Products Administration for the SHR-1139 injection. A clinical trial for the indication of ulcerative colitis will be initiated soon.

Risk Warning: The R&D and marketing of new drugs may not meet expectations; risks from intensified market competition, etc.